Blog Marketing Academy - Latest Comments in How a Problogger Handles Taxes

Re: How a Problogger Handles Taxes

troyeckhardt — Sat, 30 Jan 2010 00:59:27 -0000

The 1040 ES estimate is based on a part of last year's taxes, and it can include anything you want it to include (as far as the "self-employment" tax goes.)

Ask your CPA if you are paying penalties for not remitting estimated taxes - I bet you are. You should be, according to The Code.

How do I know? I'm an accountant who's trying to escape that mess and make some money blogging!

Re: How a Problogger Handles Taxes

Christian Russell — Thu, 29 Oct 2009 01:33:22 -0000

No doubt...use a CPA. Just don't even question it. Also don't question whether or not you should incorporate. Running a separate legal entity for your business is something any accountant is going to recommend, and for good reason. Get references, choose carefully, and keep them accountable, but use a CPA.

Re: How a Problogger Handles Taxes

kumo — Thu, 22 Oct 2009 23:02:45 -0000

I hate filing up taxes. Still we have to do it. Different country have different rules when it comes to filing tax. We just have to study them. I think online income taxing is still very new to 3rd world country. Some of them don't even have to details on how online income tax.

Re: How a Problogger Handles Taxes

Steve — Thu, 22 Oct 2009 18:53:18 -0000

I think the office in the home is a big deduction when you have an office setup for blogging and online activities.

Re: How a Problogger Handles Taxes

Dave Doolin — Thu, 22 Oct 2009 17:54:48 -0000

If you start paying quarterly estimated taxes, make sure you reserve enough to deal with self-employment tax at year's end, which - to the best of my knowledge - isn't covered in the computations for the 1040 ES form. I found this out the hard way. It was unpleasant.

Re: How a Problogger Handles Taxes

Zemalf — Thu, 22 Oct 2009 16:18:22 -0000

I haven't seen too many online "money-makers" talk about taxes, so it was refreshing to see someone keeping it real :) Great post David!

Re: How a Problogger Handles Taxes

Shannon O'Donnell — Thu, 22 Oct 2009 14:46:24 -0000

The end of the year tax bill nearly kills me with anticipation so just this year I have started paying quarterly to avoid any unpleasant surprises and so that I never over-estimate my travel fund :-) But I agree on the CPA, I leave the headache to them :-)