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

6 replies
Hey guys,

I'm a college student, currently making around 10K from Adsense on a monthly basis. I don't know much about taxes but I do know Google report my income to the IRS.

Anyone with experience about taxing in the U.S? Thanks
#$10 #adsense #making #monthly #taxes
  • Profile picture of the author marciayudkin
    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
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    Check out Marcia Yudkin's No-Hype Marketing Academy for courses on copywriting, publicity, infomarketing, marketing plans, naming, and branding - not to mention the popular "Marketing for Introverts" course.
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  • Profile picture of the author yukon
    Banned
    Originally Posted by xbeta404 View Post

    Hey guys,

    I'm a college student, currently making around 10K from Adsense on a monthly basis. I don't know much about taxes but I do know Google report my income to the IRS.

    Anyone with experience about taxing in the U.S? Thanks


    Are you doing this from a tiny one bedroom apartment?
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    Hi
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    • Profile picture of the author AnniePot
      Originally Posted by yukon View Post

      Are you doing this from a tiny one bedroom apartment?
      No, from the back of his car parked in the Walmart parking lot.
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  • Profile picture of the author mikerj
    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
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  • Profile picture of the author lhlouiscom
    10k only?

    ...
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  • Profile picture of the author Mike Alfred
    Hi,

    Good Day!

    Greetings from the Warrior Forum Team.

    This is to inform you that we will be closing this thread because it does not contribute anything to the forum.

    Thanks.
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