About income tax...
- Thread starter Krtrzu
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Most ad networks will give you a 1099-MISC (independent contractor) form. You are responsible for reporting all of that income to the IRS and pay taxes for it. You can mark off business expenses such as hosting, advertising, web design, etc etc to reduce your gross income.
Thats a 3 sentence guide to income tax... you will obviously find a lot better information on sites like inc.com, forbes.com, entrepreneur.com, fastcompany.com, etc.
Hope that helps somewhat
Thats a 3 sentence guide to income tax... you will obviously find a lot better information on sites like inc.com, forbes.com, entrepreneur.com, fastcompany.com, etc.
Hope that helps somewhat
Not sure how much you've made so far but once you hit a certain income you will have to pay in quartly.
Talk to an accountant on what to do. I'm not making buttloads yet so I've prepared myself my doing the following.
First you figure your profit. Revenue - expenses = Profit
Then with hold 25% of your profit for taxes. ie: put it in a seprate savings.
Talk to an accountant on what to do. I'm not making buttloads yet so I've prepared myself my doing the following.
First you figure your profit. Revenue - expenses = Profit
Then with hold 25% of your profit for taxes. ie: put it in a seprate savings.
I would be far more worried about making money first and then figuring out the tax situation later.
If you are making enough money to have a tax problem, then a CPA is a minor deductible cost.
Just my personal experience, when I have bothered to structure a business tax efficiently, the business always seems to fail. When I just focus on making money, then I usually end up paying a little more than otherwise, but then after the first year, we get everything packaged as it should be.
If you are making enough money to have a tax problem, then a CPA is a minor deductible cost.
Just my personal experience, when I have bothered to structure a business tax efficiently, the business always seems to fail. When I just focus on making money, then I usually end up paying a little more than otherwise, but then after the first year, we get everything packaged as it should be.
Ok, thanks for the input guys. I just wanted to ask, since I'm new to this and all. I didn't want to get into any trouble, haha. But another question... It was said that "most" of them will supply me with a form. Of the places that I obtain income that do not provide me with any forms, I am then required to keep track of the income myself? Sorry if I'm getting ahead of myself, I just don't want to get into any trouble with the IRS, lol. Thanks guys.
That's like worrying about getting a girl pregnant, yet you're a virgin.
What I'm trying to say is... First, make the money. Then, worry about the taxes that go along with it. When you're paying taxes on your internet marketing income, you won't even care about losing a few pennies to the IRS.
What I'm trying to say is... First, make the money. Then, worry about the taxes that go along with it. When you're paying taxes on your internet marketing income, you won't even care about losing a few pennies to the IRS.
When you just start up, unless you structure yourself, you'll just be a sole proprietership. You count the income using the schedule C where you can deduct business expenses. Basically, your profit is counted as income. You'll need to pay both self employment and income tax on it.
As everyone else has said, focus on making money now, worry about taxes later.
As everyone else has said, focus on making money now, worry about taxes later.
Ya I hired a CPA to sort it out last few years. This year I hired ADP to take care of all taxing periods. (1st through 4th quarter). Highly reccomend if your making decent income.
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