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Welcome Room? Lol. IM Tax Questions

by Salina
7 replies
Hi everyone! I'm Salina. I'm brand spankin' new to Warrior Forum and and fairly new to Internet Marketing (1.5 - 2yrs). I think I'm finally getting the hang of it... haven't made "much"... YET:p!

I couldn't find a "Welcome Room" so I guess I decided to make my own . Lol.

Ok, so down to business. I'm really curious about taxes and IM. It's something I kind of wonder about, I'm sure others do too.

Do you set aside money to pay your taxes at the end of the year? If so, how much (%)? I'm asking because I hear different things. I asked and HandR guy one time. He said 15.3%. I figured I ask here... well b/c you all ARE making it. Lol.

There's my question... BE NICE! You guys can be cut-throat!
#lol #questions #room #tax
  • Profile picture of the author RobinSkeen
    Hi Salina and


    How's that for not being cut throut?? LOL


    Taxes . . . UGH. I found the best way FOR ME when I started was to pay the taxes when I did the return and then pay quarterlies. Quarterlies keep you from being so much in the hole.
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  • Profile picture of the author Salina
    LOL Thanx Robin! It's Gorgeous... my favorite color is blue! I've heard of that before the quarterly. It makes a lot of sense to do it that way so it's not so daunting.
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  • Profile picture of the author R Hagel
    Welcome, Salina. Sorry, I don't have a big glittery sign like Robin.

    Best place to get tax info is from a tax professional -- or go to irs.gov. Here's the page you're seeking:

    Estimated Taxes

    That's an overview page. Here's something a little more in-depth:

    http://www.irs.gov/publications/p505/ch02.html#d0e6371



    Cheers,
    Becky

    ETA -- I see you did ask a tax pro (I didn't connect the HandR thing at first -- I read it as Hand R). Anyway, it seems you don't really trust his opinion, so I suggest you find a tax professional that you do trust.
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  • Profile picture of the author Dave Lianelli
    R Hagel said it there: always consult a professional.

    Back where I live we got two percentages: 19% for physical goods and 6% for digital goods. So whenever I do coaching, teleseminars, eBooks or whatever - it's much cheaper then delivering a DVD set.

    And our 'taxhunters' as I like to call them, I think it's called the IRS in the USA - they're really checking what has been physical and what has been digital.
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  • Profile picture of the author lisag
    Originally Posted by Salina View Post

    Hi everyone! I'm Salina. I'm brand spankin' new to Warrior Forum and and fairly new to Internet Marketing (1.5 - 2yrs). I think I'm finally getting the hang of it... haven't made "much"... YET:p!

    I couldn't find a "Welcome Room" so I guess I decided to make my own . Lol.

    Ok, so down to business. I'm really curious about taxes and IM. It's something I kind of wonder about, I'm sure others do too.

    Do you set aside money to pay your taxes at the end of the year? If so, how much (%)? I'm asking because I hear different things. I asked and HandR guy one time. He said 15.3%. I figured I ask here... well b/c you all ARE making it. Lol.

    There's my question... BE NICE! You guys can be cut-throat!
    Hi. Welcome to WF. I hope you make a lot of money!
    Click the tax link in my sig for some free tax tips.
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    -- Lisa G

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  • Profile picture of the author Salina
    Wow, thanks to everyone for the welcome and the great information. I will check out the links provided to get a clearer view.

    Happy Money Making Guys! :}
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    • Profile picture of the author dljmktg1
      The 15.3% that is referred to is for the self-employment tax. In other words, the social security and medicare tax. You pay the employer and the employee part of it (if you are a sole proprietor).

      The good news is that half of the self-employment tax is deductible from your total income in determining your adjusted gross.

      The bad news is that the 15.3% does not include the actual income tax. How much you should set aside for this will depend on your tax bracket. But, at least 10%. As said in another post, paying quarterly estimated taxes will be your best bet as your income grows.

      The best thing is to go to a tax professional. I am one, but probably too far away. The tax pro can be sure everything is set up correctly. Then maybe you can take it over next year. Remember, the fees associated with the business part of the tax preparation are deductible on next years schedule c.


      Dan
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