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Tax Effective Strategies for IM

by bigoil
4 replies
Who knows any tax effective strategies for internet marketers?
#effective #internet marketing #strategies #tax
  • Profile picture of the author ksmusselman
    Originally Posted by bigoil View Post

    Who knows any tax effective strategies for internet marketers?
    I would seriously consider finding a good accountant who pretty much specializes in home-based businesses. Ours has saved us A LOT of money over the years.

    Plus, if you ever get audited, your accountant can go in on your behalf since he did your taxes, not you.

    I never thought having my own accountant would be necessary; I always did my own taxes, filed my own Schedule C, etc. But now with all the changes? No way.
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  • Profile picture of the author JohnMcCabe
    Originally Posted by bigoil View Post

    Who knows any tax effective strategies for internet marketers?
    As Ms. Musselman alluded to, the single most effective tax strategy you'll find is to consult with a bona fide expert regarding your own unique situation.

    While you do that, here's a couple of general principles that would serve you well.

    1. Keep your business and personal finances separate. That means, at a minimum, having a business bank account which you use to pay all business expenses, and into which all income goes.

    2. Keep good records. If you take a wonky deduction, and it gets questioned, you have a much better chance of keeping the deduction if you have the paper to back it up.
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  • Profile picture of the author bigoil
    Some great advice, thanks
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