[CLOSED]I'm making $10,000 from Adsense monthly, how should I do my taxes?

You'll have to file a so-called "Schedule C" as part of your tax return. The first time you do this, get help from a qualified tax preparer IN YOUR STATE. Depending on where you live, you may need to file a tax return not only federally but also with your state.

After you do it the first time, you may not need professional help if your business income hasn't changed.

Find out what would count as legitimate business expenses, such as your home office, office supplies, magazine subscriptions, Internet account, etc. and start keeping track of them carefully as you can deduct them from your Adsense income.

Set up systems for all this now, and it won't be so onerous when tax time comes.

Marcia Yudkin

Are you doing this from a tiny one bedroom apartment?

Hey xbeta404, I am not from the States but my advice is universal and will apply to anyone with your problem (nice problem to have mind you) in virtually any country. Simply search for a local accountant in your city or state. Then review their website and short list at least 3 accountants that you feel will cater to your needs.

I usually look for for a small, medium and large firm. You will generally see that the larger the firm, the more expensive their fees are but it seems cost will not be one of your over-riding factors for your short list. Then call each one and if they are in your town or city schedule a free consultation with each. Go to the consultation with any questions not answered from their website.

Then after the meetings (if they are not in your city suggest a skype call or telephone conference with a partner/lead accountant that you can record) decide which company would best cater for your needs and importantly do they want your business. This selection process has always yielded good results for me in the past.

Mike

10k only?

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Hi,

Good Day!

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