I wanted to share some tax tips for bloggers. This is a very important subject, to say the least.
Here are a few of my own tax tips.
First- DEDUCTIBLES: These are things that you are spending money on to better your blog. You pay taxes after deductibles, so it is important to keep track of these.
I use my separate PayPal account for all purchases, so it is easy for me to see where my blogging money goes. (I also have it linked to a separate bank account in a completely separate bank. More on this later.)
I have saved all of my blogging money until after tax time, (save at least 20% for this, maybe more, depending on which state you live in.) After taxes are completed, my remaining income will go right into our mutual fund. I only spend my google money, which tends to be between $500 & $750 a month– it pays for preschool & kid activities. Here is how to increase your google adsense earnings.) Its easier than you think!
- Website hosting
- Conference tickets
- Travel fees for conference
- Food/expenses while you are traveling
- E-books & Webinars (here are our favorites: Publish an ebook online course &Growing your blog while managing your home)
- Business Cards
- Giveaway fees
- Writing materials (laptops, notebooks…)
SAVE ALL RECEIPTS! I have a huge mailing envelope on my refrigerator, taped right to the side of it, and I just put my receipts right into it as soon as I get home. It is easy and always there. Plus, it is sort of hidden, so it isn’t an eye sore.
I plan on seeing an accountant because I am making a pretty significant income blogging (which I say not to be boastful, but to be encouraging), plus I am a Play Therapist, which requires similar paperwork as a blogger, but these tips are exactly what I need to be prepared. I will add more tips later, as a part two to for tax tips for bloggers.
PS- did you schedule your tax appointment yet? If you are making money blogging, you may want to book an extra hour- our accountant has us book for two solid hours because of my blog. Just a tip! 🙂