There are a number of Internet Marketers that consider the funds they make from their online ventures as tax free. This certainly is not the case. Regardless of where or how you generate income, you are responsible for filing with the IRS. If you deliberately refrain from following government guidelines, you will likely be sorry down the road. This is something that would be most regrettable. Fortunately the process for reporting your taxes as an Internet Marketer is fairly easy. Here are a couple of useful hints that will help you with a trouble free process.
When you pay for things, do not throw away the receipt. Did your meeting with a client involve coffee? Did you get new writing pens for your business ventures? Did you have to get a new software package in order to keep up with the latest program on your computer? Each of these expenses are allowed as tax deductions, but you must hold on to your original receipts to do it. This is why all purchases must be tracked. Write down why you made the purchase and then store the receipt in a secured spot. If the amount you claim on your taxes is different than what would be added up from the receipts you have on hand you'll get in trouble. So keep all receipts. It might feel cluttered but it's worth it!
Make sure that you report your income accurately. You will be audited if your income does not match the income reported by your clients. If you are worried about your math, enter all of the numbers into an Excel spreadsheet and let it do the math for you. Don't be tempted to round your numbers up or down. The Internal Revenue Service will monitor things such as this, so do not get caught doing the wrong thing.
Keep track of your medical expenses. Because you are an online marketer, you may not have access to health insurance. But, you are still paying out of pocket for medical expenses. Maintain a log of the cash that is spend on dentists and doctors. A lot of rules are different when it comes to medical expenses, so clarify them with the Internal Revenue Service. Don't make the assumption that everything can be written off. But, you might be able to deduct some of it. When Internet Marketing is how you make your living; it is critical to that you report your income to the IRS when they ask for it. The good news is that this doesn't have to be overly complicated. More often than not, a person will attempt too much, before they fully understand the process. You should have no problems if you study up on all of the aspects of the process. Don't worry; taxes don't have to be a hassle!
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