Aff Marketing / taxes / 1099's / where do i write off advertising expenses

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invisible777

invisible777

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Jul 3, 2007
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First year filing affiliate marketing income, have 2 1099's from 2 different networks.

No LLC or anything, just me for this year. Using TurboTax, and got the 1099's in correctly - but now I'm wondering where to indicate the advertising expenses?

can any of you tax people help this uber tax noob out? thx
 


Schedule C

Answer the appropriate questions in TurboTax that you are self-employeed and run a company under your name.
 
lol thanks

i was just having trouble navigating the intricacies of the consumer product "turbotax"
 
Accountant = key.

Send them your Amex business login and online banking login and they do the rest while you work on making more money.
 
Absolutely no reason to pay for an accountant.
Make sure you have a checking account set up for only your business expenses. At the end of the year, you just have to tally up all the transactions from that acct in turbotax and you're pretty much good to go.
 
nickycakes said:
Absolutely no reason to pay for an accountant.
Make sure you have a checking account set up for only your business expenses. At the end of the year, you just have to tally up all the transactions from that acct in turbotax and you're pretty much good to go.
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Have to disagree...

Accountant = god send.

Drop off 3 inches of paper w/ category totals..

They fill out the novel...


Accountant is your best friend, saves hassle.
 
My dad, brother, two uncles, and grandpa are all CPA's, and I'm happy to say I didn't continue that boring streak.

They do help me run the corporation though, things get a little more tricky when you move into that arena, and I really hate dealing with tax issues.

Basically I keep track of everything on Quickbooks all year, and hand off the file when they ask for it. Never tried turbotax, I'm sure if I didn't have a free copy of QB that's where I'd be as well.
 
bobby said:
My boy, its a matter of simple economics.

I pay the accountant because my time is more valuable then his.
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Ya, no shit. Beyond that, an accountant will know way more than you about hiding a few $ away from the tax man.
 
ffblueocean said:
don't forget to write off your ISP, phone, advertising, business license and all the other goodies.
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Good point! Cellphone bill!

Definitely get an account (tax write off for following year). Accountant can save you more money by getting you deductions that you are qualified for and had no idea they existed. You are paying for their expertise just like you would pay for dentist, doctor, etc...

After you learn how they do it, you can do it yourself next year.

Good accountant can fill out all the forms and quarterly estimated taxes you can mail out so you are not paying lump sum come April 15th.
 
hit me up if anyone wants a discounted tax return from efile

i'll create a few promocodes
 
Getting an accountant really depends on how much you are pulling in. If your doing less than 100k in profit, then it's not really going to be worth the cost. You'll have to spend a few hours researching and getting to know the tax system but fuck it's worth it. If you just pass everything over to the accountant, you don't really understand what you can claim back so you don't look for any tax saving pathways.
 
907Group said:
Good point! Cellphone bill!

Definitely get an account (tax write off for following year). Accountant can save you more money by getting you deductions that you are qualified for and had no idea they existed. You are paying for their expertise just like you would pay for dentist, doctor, etc...

After you learn how they do it, you can do it yourself next year.

Good accountant can fill out all the forms and quarterly estimated taxes you can mail out so you are not paying lump sum come April 15th.
Click to expand...

Finding the right accountant could pay for your taxes...they could find write offs that will save you more then you knew about and pay for the CPA expense -- not to mention that you have more time to surf porn or build more business.
 
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