i'm new at affiliate marketing and started a month ago. So i know for the future/next year, what kind of things do you guys write off/itemize in regards to your affiliate marketing "business". Do most networks send you the tax return form where it states how much you generated on their network during tax time or you would have to declare how much you made/lost yourself? Do you need to declare yourself as an LLC before you can write off expenses in this business?
Also - what did you write off this year, if you dont mind telling us ofcourse
The networks will send you a 1099 that lists the revenue you've made with them.
You don't have to register an LLC to write off expenses. If you're a sole proprietor, you can write off anything reasonable (definitions vary).
Things to write off include (but are not limited to)...
advertising expenses
office supplies
meals
percentage of mortgage for home office
gasoline
utilities
services (i.e. CPA)
vehicle depreciation
Understand that you should run most of this stuff by a trained tax professional. Even CPAs have different definitions of what is a reasonable write-off. Some are milquetoasts and some are cowboys.
One CPA may say, "you want to write off WHAT?!" Another will say "Do it. I'll be there if you get audited."
