Internet Marketing and Taxes

k0zm0zs0ul · 09-12-2009, 04:39 PM

Does anyone know of a reputable tax company in the Orlando area that has experience with Internet marketing and the like?

I need to find someone to handle my accounting and taxes each quarter, but need to find someone that I can trust, and that knows what they are doing when it comes to Internet marketing and income via atypical avenues.

Also, I outsource a bit to other countries, (SA and Philipines) and have NO idea how that works in regards to my taxes here. lol

help!!!!

Cori

timpears · 09-12-2009, 04:48 PM

It shouldn't matter if you hire contractors in your own country or anywhere in the world, their cost should be a tax deductible expense, just the same. It is best of course that you have receipts to document these expenses.

I am not an accountant of CPA so please don't take this as professional advice. But am fairly familiar with tax law and this is just basic knowledge as I see it.

Sorry I can't help you with a referral as I am on the other side of the country. But most any competent professional should know enough to serve your needs. I don't think that internet brings up any real complicated issues.

k0zm0zs0ul · 09-12-2009, 04:58 PM

Thanks Tim! I don't have receipts, but I have all transactions recorded in my Paypal and alert pay accounts..I am hoping that is sufficient. I just really don't know, lol I've never had to worry about this stuff until I started my business. So I need someone reliable around my city that I can trust, and have NO idea where to look. lol

Anyway, thanks for the insight, I am just going to start calling around next week I think..

Regards,

Cori

melanied · 09-12-2009, 05:05 PM

I'm no accountant either. but what I've done is just form an LLC and then have an accountant do my taxes. It's easier. After all, there's no seperate law for the internet - we're just businesses. It all comes down to profits and expenses, and I document them exactly as I would if I were running a brick and mortar.

timpears · 09-12-2009, 05:18 PM

You can print out any of your PayPal transactions. That SHOULD serve as a receipt. And as long as you have an accountant do the taxes, they will probably not lead you astray. As long as you are honest, you should have nothing to worry about.

I used to run a home business and kept lousy records and got audited by the IRS. It was a scramble and I never could document everything. I managed to slide through eventualy. I got duplicates of everything I could, and came close to what I needed and I think the auditor could see that I tried my best. She was probably in a good mood that day too. But my point is that if you are honest, then you should have little if anything to worry about. But the best practice is to document everything as best as you can. Even if you have to resort to a diary, that is better than nothing. But if you pay for most things with PayPal, then you shouldn't have any problems as those receipts are kept for ever I think.

k0zm0zs0ul · 09-12-2009, 05:28 PM

Ok, thanks guys. I will have to look into forming the LLC, I have heard of that from a few people before.

I appreciate the advice!

C

Maria Gudelis · 09-12-2009, 05:38 PM

Quote:

Originally Posted by k0zm0zs0ul

Does anyone know of a reputable tax company in the Orlando area that has experience with Internet marketing and the like?

I need to find someone to handle my accounting and taxes each quarter, but need to find someone that I can trust, and that knows what they are doing when it comes to Internet marketing and income via atypical avenues.

Also, I outsource a bit to other countries, (SA and Philipines) and have NO idea how that works in regards to my taxes here. lol

help!!!!

Cori

I just did a bonus conference call for my students addressing set up structures, taxes, JV agreements, etc. with Wealth Expert Tax Attorney JJ Childers (he has written a few best sellers as well, one with Donald Trump) and you may have heard of him..

...he also has a company that can handle your acct. taxes/ and he is very experienced representing IM'rs.

I'll pm you the recording of that call as it was extremely informative. All I ask is a 'testimonial' back from you as I'll be creating a product from that...

k0zm0zs0ul · 09-12-2009, 05:51 PM

Hey Thanks Maria! I appreciate that. Will check my PM's now.

Regards,

Cori

yamalukey · 09-12-2009, 09:44 PM

Hi Maria,

I am in the same boat as the OP, and would love a PM as well.

I've read on the canadian .gov site that a stipulation for registering multiple businesses is that they cannot be "alike". which makes sense since it is my understanding that a company does not have to collect/pay gst if their annual gross income is less than 30k. obviously it would be easy, and advantageous to register several businesses and only "earn" 29,000 under each of them.
this is just one reason i can think of as to why you are not allowed to register several like businesses. im sure there are many more

Quote:

Originally Posted by Maria Gudelis

I just did a bonus conference call for my students addressing set up structures, taxes, JV agreements, etc. with Wealth Expert Tax Attorney JJ Childers (he has written a few best sellers as well, one with Donald Trump) and you may have heard of him..

...he also has a company that can handle your acct. taxes/ and he is very experienced representing IM'rs.

I'll pm you the recording of that call as it was extremely informative. All I ask is a 'testimonial' back from you as I'll be creating a product from that...

AdamLCasey · 09-18-2009, 11:25 AM

Me too Maria would love a PM too.

zapseo · 09-18-2009, 01:49 PM

Hey --

I wrote a 10% conversion sales letter a few years back for a product from
Eva Rosenberg, TaxMama: Ask TaxMama... the best tax and small business information and advice on or off the net

I'm sure that part of the reason we got such great conversions (on cold lists, no less!) was because of TaxMama's reputation, which included killer testimonials, one of them from our own Paul Myers.

Many, many IM people have used her -- and, even if you don't use her, she teaches tax and can recommend folks in your area who have gone thru her training.

She's a kick, and really wonderful.

As for creating an LLC? I don't know of any reason that having an LLC will make your taxes easier to do. A few DECADES back, I did taxes for H&R Block, and we did schedule C's. "Corporate" Taxes were done by a whole different division (meaning: cost more money. Not to mention the various meetings/reports/etc you need to have as an LLC.)

Live JoyFully!

Judy

Ilya Feynberg · 09-18-2009, 01:56 PM

Quote:

Originally Posted by k0zm0zs0ul

Ok, thanks guys. I will have to look into forming the LLC, I have heard of that from a few people before.

I appreciate the advice!

C

Don't just go out an form an LLC. Each company entity filing and corp. structure has it's advantages and disadvantages. You have to go with the entity that offers you the protection that you need, and the tax benefits that you need. The best way to really figure this out is to talk to a good attorney or accountant that has experience here.

BeanCounter · 11-19-2009, 04:58 PM

Tim makes a great point in that even if you do work overseas, just make sure the documentation that the IRS requires is in tact and you'll be fine. Tax law is different in every country, however, there aren't major differences. Taxes are taxes. I would recommend setting up an accounting software and consolidating your accounts as much as possible. You can literally do this yourself in less than 10 min per week if you set it up properly.

I recommend Intuit Quickbooks or Peachtree which are both very user friendly and you can even link up your bank account to download transactions daily.
Proper accounting is like insurance, it gives you that added peace of mind.

09-12-2009, 04:39 PM	#1
k0zm0zs0ul Cori Padgett-Ghost War Room Member Join Date: Jun 2008 Location: Sunshine, USA Posts: 324 Blog Entries: 4 Thanks: 23 Thanked 46 Times in 24 Posts Social Networking Contact Info	Internet Marketing and Taxes Does anyone know of a reputable tax company in the Orlando area that has experience with Internet marketing and the like? I need to find someone to handle my accounting and taxes each quarter, but need to find someone that I can trust, and that knows what they are doing when it comes to Internet marketing and income via atypical avenues. Also, I outsource a bit to other countries, (SA and Philipines) and have NO idea how that works in regards to my taxes here. lol help!!!! Cori
	Big Girl Branding- Dork Label Required 20 Premium PLR Articles on Blogging & Aff Marketing only $20- LIMITED to Next 30 Warriors!

09-12-2009, 04:48 PM	#2
timpears Senior Warrior Member War Room Member Join Date: Jul 2008 Location: Vancouver, WA, USA. Posts: 3,369 Thanks: 288 Thanked 527 Times in 380 Posts	Re: Internet Marketing and Taxes It shouldn't matter if you hire contractors in your own country or anywhere in the world, their cost should be a tax deductible expense, just the same. It is best of course that you have receipts to document these expenses. I am not an accountant of CPA so please don't take this as professional advice. But am fairly familiar with tax law and this is just basic knowledge as I see it. Sorry I can't help you with a referral as I am on the other side of the country. But most any competent professional should know enough to serve your needs. I don't think that internet brings up any real complicated issues.
	Tim Pears Niche blog, insurance, for sale. Plr rights. High CPC, plus low competition key words. Check it out here for just $19.

09-12-2009, 04:58 PM	#3
k0zm0zs0ul Cori Padgett-Ghost War Room Member Join Date: Jun 2008 Location: Sunshine, USA Posts: 324 Blog Entries: 4 Thanks: 23 Thanked 46 Times in 24 Posts Social Networking Contact Info	Re: Internet Marketing and Taxes Thanks Tim! I don't have receipts, but I have all transactions recorded in my Paypal and alert pay accounts..I am hoping that is sufficient. I just really don't know, lol I've never had to worry about this stuff until I started my business. So I need someone reliable around my city that I can trust, and have NO idea where to look. lol Anyway, thanks for the insight, I am just going to start calling around next week I think.. Regards, Cori
	Big Girl Branding- Dork Label Required 20 Premium PLR Articles on Blogging & Aff Marketing only $20- LIMITED to Next 30 Warriors!

09-12-2009, 05:05 PM	#4
melanied NicheChick.com War Room Member Join Date: May 2007 Location: Los Angeles, CA Posts: 1,031 Thanks: 43 Thanked 100 Times in 53 Posts Social Networking Contact Info	Re: Internet Marketing and Taxes I'm no accountant either. but what I've done is just form an LLC and then have an accountant do my taxes. It's easier. After all, there's no seperate law for the internet - we're just businesses. It all comes down to profits and expenses, and I document them exactly as I would if I were running a brick and mortar.

09-12-2009, 05:18 PM	#5
timpears Senior Warrior Member War Room Member Join Date: Jul 2008 Location: Vancouver, WA, USA. Posts: 3,369 Thanks: 288 Thanked 527 Times in 380 Posts	Re: Internet Marketing and Taxes You can print out any of your PayPal transactions. That SHOULD serve as a receipt. And as long as you have an accountant do the taxes, they will probably not lead you astray. As long as you are honest, you should have nothing to worry about. I used to run a home business and kept lousy records and got audited by the IRS. It was a scramble and I never could document everything. I managed to slide through eventualy. I got duplicates of everything I could, and came close to what I needed and I think the auditor could see that I tried my best. She was probably in a good mood that day too. But my point is that if you are honest, then you should have little if anything to worry about. But the best practice is to document everything as best as you can. Even if you have to resort to a diary, that is better than nothing. But if you pay for most things with PayPal, then you shouldn't have any problems as those receipts are kept for ever I think.
	Tim Pears Niche blog, insurance, for sale. Plr rights. High CPC, plus low competition key words. Check it out here for just $19.

09-12-2009, 05:28 PM	#6
k0zm0zs0ul Cori Padgett-Ghost War Room Member Join Date: Jun 2008 Location: Sunshine, USA Posts: 324 Blog Entries: 4 Thanks: 23 Thanked 46 Times in 24 Posts Social Networking Contact Info	Re: Internet Marketing and Taxes Ok, thanks guys. I will have to look into forming the LLC, I have heard of that from a few people before. I appreciate the advice! C
	Big Girl Branding- Dork Label Required 20 Premium PLR Articles on Blogging & Aff Marketing only $20- LIMITED to Next 30 Warriors!

09-12-2009, 05:51 PM	#8
k0zm0zs0ul Cori Padgett-Ghost War Room Member Join Date: Jun 2008 Location: Sunshine, USA Posts: 324 Blog Entries: 4 Thanks: 23 Thanked 46 Times in 24 Posts Social Networking Contact Info	Re: Internet Marketing and Taxes Hey Thanks Maria! I appreciate that. Will check my PM's now. Regards, Cori
	Big Girl Branding- Dork Label Required 20 Premium PLR Articles on Blogging & Aff Marketing only $20- LIMITED to Next 30 Warriors!

09-18-2009, 11:25 AM	#10
AdamLCasey Active Warrior War Room Member Join Date: Dec 2008 Location: Manchester UK Posts: 92 Thanks: 12 Thanked 23 Times in 4 Posts Social Networking	Re: Internet Marketing and Taxes Me too Maria would love a PM too.
	Last edited by AdamLCasey; 09-18-2009 at 11:25 AM. Reason: spelling

09-18-2009, 01:49 PM	#11
zapseo Judy K - WSOTD Copywriter War Room Member Join Date: Jan 2004 Location: San Jose (Silicon Valley), CA , USA. Posts: 4,617 Blog Entries: 1 Thanks: 151 Thanked 238 Times in 162 Posts Social Networking Contact Info	Re: Internet Marketing and Taxes Hey -- I wrote a 10% conversion sales letter a few years back for a product from Eva Rosenberg, TaxMama: Ask TaxMama... the best tax and small business information and advice on or off the net I'm sure that part of the reason we got such great conversions (on cold lists, no less!) was because of TaxMama's reputation, which included killer testimonials, one of them from our own Paul Myers. Many, many IM people have used her -- and, even if you don't use her, she teaches tax and can recommend folks in your area who have gone thru her training. She's a kick, and really wonderful. As for creating an LLC? I don't know of any reason that having an LLC will make your taxes easier to do. A few DECADES back, I did taxes for H&R Block, and we did schedule C's. "Corporate" Taxes were done by a whole different division (meaning: cost more money. Not to mention the various meetings/reports/etc you need to have as an LLC.) Live JoyFully! Judy
	WSOTD Copy ... check the last usernote... ==> Kick Your Sales Copy Into High Gear -- "like having your own copywriting course" -- April Coggins Get Free 33 Amazing Marketing Reports by $250K+ marketers @@ Tweet Me! @@

11-19-2009, 04:58 PM	#13
BeanCounter Active Warrior War Room Member Join Date: May 2009 Location: Utah Posts: 85 Thanks: 8 Thanked 11 Times in 10 Posts Social Networking Contact Info	Re: Internet Marketing and Taxes Tim makes a great point in that even if you do work overseas, just make sure the documentation that the IRS requires is in tact and you'll be fine. Tax law is different in every country, however, there aren't major differences. Taxes are taxes. I would recommend setting up an accounting software and consolidating your accounts as much as possible. You can literally do this yourself in less than 10 min per week if you set it up properly. I recommend Intuit Quickbooks or Peachtree which are both very user friendly and you can even link up your bank account to download transactions daily. Proper accounting is like insurance, it gives you that added peace of mind.