Question For +50k/month Affiliates

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Yes.

Send him income information (bank statements) and credit card payments. He sends me back pre-stamped folders with addresses and all the forms, just a couple "sign here" stickers. I sign, write the checks, put in envelopes, and mail to post office. The whole tax routine takes me about 30 minutes total (including driving to the post office), and I pay around $1,000. I save more than that by having him, so it's profitable.
 


It really depends on how complicated your business is. I have a checking account set up that is only used for business expenses. It's pretty easy to just take the numbers from that and put em in turbotax at the end of the year.

If it gets really complicated or you're just a retard and can't crunch a few numbers, then hire somebody i guess.
 
Anyone making more than 60k+ year, regardless of source, should really consider hiring a (creative) accountant. They are so worth it.
 
nickycakes said:
It's pretty easy to just take the numbers from that and put em in turbotax at the end of the year.
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I disagree. A good creative accountant does way more than that and should be worth his weight in gold to you if you are doing any serious revenue. They can do all sorts of creative things to lower your visible income and they know exactly how far to push certain deductions and when not to try to write off certain things that will draw a red flag (audit) from the IRS. They can also suggest different business structures such as setting up an s-corp or llc etc that will save you even more money come tax time. My CPA charges $285 an hour and he is worth every penny of it.
 
Get an accountant with film-industry experience. Those guys make a living writing off hookers and blow. Very creative and damn good for your bottom line!
 
I got an accountant the minute I started doing this full time. Got him to do my taxes from before that too. Why spend time learning accounting when you can spend the same time learning to become a better affiliate marketer?

If you are doing your job well, e.g. 10K a month, why spend your time learning something that will "save" you money? I think spending your time with things that will "make" you money is a better strategy. Especially considering what your time is worth compared to that of an accountant.
 
WayneDog said:
I disagree. A good creative accountant does way more than that and should be worth his weight in gold to you if you are doing any serious revenue. They can do all sorts of creative things to lower your visible income and they know exactly how far to push certain deductions and when not to try to write off certain things that will draw a red flag (audit) from the IRS. They can also suggest different business structures such as setting up an s-corp or llc etc that will save you even more money come tax time. My CPA charges $285 an hour and he is worth every penny of it.
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Honestly, when you aren't really spending much other than rent, utilities, food, and going out with your girl, it's not a very complicated return. Yeah, I know I can deduct crap like my internet bill and business trips, etc. Wow, so clever and creative.
 
Getting an accountant saves you time for one, and there are things they know and can do other than just write off your internet bill. He already paid for himself this year in things he did to save me money.

nickycakes said:
Honestly, when you aren't really spending much other than rent, utilities, food, and going out with your girl, it's not a very complicated return. Yeah, I know I can deduct crap like my internet bill and business trips, etc. Wow, so clever and creative.
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@ WayneDog "They can also suggest different business structures such as setting up an s-corp or llc etc that will save you even more money come tax time."

Corporate structure won't really save you any money on taxes. You'll want an s-corp if you plan on generating serious revenue with the business (that's what my accountant told me at least).
 
SUP3RNOVA said:
Corporate structure won't really save you any money on taxes. You'll want an s-corp if you plan on generating serious revenue with the business (that's what my accountant told me at least).
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I agree, an S-Corp is the way to go. My business has been as S-Corp since day one, some 10 years ago...
 
nickycakes said:
Yeah, I know I can deduct crap like my internet bill and business trips, etc. Wow, so clever and creative.
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The "clever and creative" part is making shit up and knowing what the unstated limits are -- the kind of things that you as an individual would never get away with filing through TurboTax but are happily overlooked by the IRS if signed off on by a grizzled and battle-tested CPA.

Finding an aggressive accountant will increase your return over TurboTax by AT LEAST 50% (mine more than doubled when I switched to an accountant 5 years ago). If it doesn't, you hired the wrong guy.
 
nickycakes said:
Honestly, when you aren't really spending much other than rent, utilities, food, and going out with your girl, it's not a very complicated return. Yeah, I know I can deduct crap like my internet bill and business trips, etc. Wow, so clever and creative.
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Knowing how much of what to write off before the IRS thinks something is suspicious is a great asset, and it also helps if your tax guy used to work for the IRS.

I use the same CPA that does taxes for my whole family and my father's business, so I get a great deal. My father's business also has him on retainer for dealing with tax and employee issues throughout the year, so I'm able to take advantage of those services as well. I pretty much just send him my statements for my business, and all of my personal tax forms from my jobs, investments, etc., and he takes care of it all. Not having to figure out anything for my taxes (especially estimated taxes) is more than worth the expense.
 
AlexJames said:
For everyone who is grossing over 50k/month (SUP3RN0VA, Cakes, etc) -

Did you guys hire a CPA?

I talked to one of my business consultants today and she told me I should be hiring a CPA immediately to assist me with my bookkeeping and write offs.

I have a few friends that work as CPAs and was planning on hiring one of them.

Any other tips for taxes or the like would be extremely helpful. Thanks!
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great Q man, I had the same question myself, + rep.

Whats a good rate to pay a CPA?
 
Some dude I met at PPC Classroom live said to look up Drew Miles Asset protection. I have never used him or his services. He went on to say something like you make two companies with different ending fiscal years and when the year is up for one you flip the money into the other corp. I don't know if this is good info.....Just passing it along.

Peace,
O
 
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