Do you make enough to care about Tax Benefits

21 replies
Working from home has it perks

whether you are a full time imer or part time, you can write of certain expenses come tax time.

My uncle writes books regarding tax laws and is interested in doing a WSO special for internet marketers...

Do you think the majority of imers are making enough online revenue to care about this issue?
#benefits #care #make #tax
  • Profile picture of the author Chrismiksen
    Well, anyone who makes more than a few hundred can take advantage of the numerous tax write offs, so I'd imagine that the majority of people making money from home could use such information.
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  • Profile picture of the author Lori Kelly
    There was a WSO here recently from idoquickbooks, a very good, detailed report on tax deductions.

    Yes, many IMers are or should be very concerned about tax issues, especially allowable deductions.
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  • Profile picture of the author pizzatherapy
    Whether you make a few hundred or a few thousand: every IM'er should be concerned about taxes.

    I have an accountant who goes over all of my deductions and he has found a few gems I was not even aware of...

    For example your costs for web hosting, domain purchases, computers, hardware, software and even your e-books are all tax deductible.

    If you make over $600 via Amazon, Google or any other affiliate program, this is all reported to the IRS.

    It is in your best interest to use as many deductions as you possibly can...

    Remember meals where you discuss Internet Marketing as well as all of your expenses of traveling to live events may all be deductible.

    To answer your question: I think anyone who makes money on-line should be concerned with how to save money on their taxes.
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  • Profile picture of the author timpears
    Weather you make a few hundred a year, or tens of thousands per month and more, you should be aware of the tax implications. It is always better to be prepared than to learn about it when the tax auditor contacts you.
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  • Profile picture of the author Ryan David
    I would assume most people who make enough to be concerned with taxes already employ a CPA.

    If your accountant is just a paper-pusher, then maybe you have to lead them in the right direction (or fire him), so it's good to have some ideas. But a lot of those are covered in some pretty popular books.
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  • Profile picture of the author laurencewins
    It also depends on where you live. I live in Australia and I believe the rules are different here to the US but I still have to keep meticulous records and see my accountant each year. But at this stage I don't earn enough to pay any tax.
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  • Profile picture of the author funkynassau
    As a Canadian our tax laws interest me. We have our own small biz offline and so I know the things I can deduct at tax time. Also we have a farm which gives us other perks. The online biz doesnt make big bucks yet, but hopefully some day it will.
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  • Profile picture of the author Cardiologist
    Tax implications are a very serious matter; an interesting note I have have realized, is just as with the knowledge of medicine, with regards to taxation: the more you learn, the less you realize you actually know.

    Offshore accounts should be a no-brainier for the seasoned IM'er that earns a substantial amount and has no ties to a brick-and-mortar entity.

    I know many physicians who utilize the services of off-shore financial services.

    Taxation, and accompanying laws are becoming even more severe and draconian under the ideology the pushes the vehicle of the Democrats. My opinion is get off-shore before it is too late and will have to overcome major hurdles and navigate through bureaucratic red tape.
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  • Profile picture of the author Alexa Smith
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    Originally Posted by goneebo View Post

    Do you think the majority of imers are making enough online revenue to care about this issue?
    No, I think the majority don't.

    But the minority who do may still be a huge number of people.

    Are the books he writes international in their scope, or limited to the laws of just one country?
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  • Profile picture of the author dadamson
    Originally Posted by goneebo View Post

    Working from home has it perks

    whether you are a full time imer or part time, you can write of certain expenses come tax time.

    My uncle writes books regarding tax laws and is interested in doing a WSO special for internet marketers...

    Do you think the majority of imers are making enough online revenue to care about this issue?
    I would definitely be interested in this WSO if it is a decent guide to tax for internet marketers.

    My tax guy doesn't know all the ins and outs of my business.

    Problem is, I am in Australia.

    With a WSO like this I guess it would only be country specific for one tax law?
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    • Profile picture of the author sal64
      It's pretty straight forward.

      I run everything through a Pty Ltd company.

      GST only applies to expenses incurred in AUD such as office, phones etc.

      GST only applies to services sold in AUD.

      Any sales made in USD are not subject to GST.

      You can look at all sorts of deductions through the company. Just be wary of CGT issues if you claim part of mortgage as home office.

      Originally Posted by dadamson View Post

      I would definitely be interested in this WSO if it is a decent guide to tax for internet marketers.

      My tax guy doesn't know all the ins and outs of my business.

      Problem is, I am in Australia.

      With a WSO like this I guess it would only be country specific for one tax law?
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  • Profile picture of the author sal64
    Well... anyone who approaches this correctly as a business must have a vested interested in taxation.

    Tax laws do vary from country to country os it depends on whom his target audience is.
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  • Profile picture of the author mattlaclear
    I just got hit with having to come up with $$$ in tax payments. SO at this time I am very interested in learning everything I can to shore up on some write offs and tax shelters. I did see someone already had such an offer in place though in the WSO section.
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    • Profile picture of the author The Lawyer
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      Originally Posted by mattlaclear View Post

      I just got hit with having to come up with $$$ in tax payments. SO at this time I am very interested in learning everything I can to shore up on some write offs and tax shelters. I did see someone already had such an offer in place though in the WSO section.
      I don't know what offer you are talking about but, be careful, this sounds like something just waiting to put you in deep-water.
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  • Profile picture of the author Marco P
    This will definitely be an interesting WSO
    to say the least.
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  • Profile picture of the author Gouldmine
    Well the great thing about having a worldwide online business is you don't have to have to have your money based in your resident country.

    A good way to get an idea is take a look at a site like www.thetaxwizards.com. I would love to hear about other services similar to this.
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    • Profile picture of the author idoquickbooks
      I'm a Certified Public Accountant with over 30 years experience working with small business owners and the author of the WSO that Lori mentioned. It's only been out for a week and is getting great reviews. You can find the offer here:

      http://www.warriorforum.com/warrior-...-too-late.html

      This report details five extremely powerful strategies you can use to turn non-deductible personal expenses into legitimate business tax write-offs. The beauty of these strategies is that they're not one-time deductions. You can continue using them to generate big tax savings year after year after year.

      This report does NOT discuss all the items that are tax deductible when you own your own business and work from home, but you can look for that in another WSO I'll be publishing soon (hint, hint). The next one will be a detailed line-by-line guide for your Schedule C.

      Sheryl
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  • Profile picture of the author BIG Mike
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    • Profile picture of the author mattlaclear
      Originally Posted by The Lawyer View Post

      I don't know what offer you are talking about but, be careful, this sounds like something just waiting to put you in deep-water.
      The more you make the more you owe. Fact of life that cannot be avoided. But something waiting to put me in deep water? You just have me confused with the protesters. I work for a living and have no problem paying my share.

      Originally Posted by BIG Mike View Post

      I'd gladly trade tax situations with just about anyone in the US right now. We're getting hammered in Greece beyond all reason.

      Unfortunately, a book wouldn't help us as there's no way out - everything is handled electronically through the banking system.

      This is including payroll (business owners are paying up to 43% of gross payroll), sales tax (VAT jumped from 11% to 23%), a new property tax (a levy this month for 1100 euros and the same next month and repeated next year), A levy on businesses last month (900 euros), a luxury tax on my 3 year old SUV (800 euros) two months ago, plus forced into a 45% tax bracket on all gross earnings. On top of that I'm paying 10% on every euro I bring into the country and there's some new solidarity tax coming up.

      Sorry...taxes are a sore subject with me right now and I'm just venting.

      It's gotten so bad we've begun tentatively planning to relocate to either Switzerland, Luxembourg or the UK next summer. If it were solely my choice, we'd be on a plane back to the US right now.

      [/rant]
      I hear you bud. What happens when an olive runs out of oil to squeeze out of it? What happens then? The answer scares the living hell out of me and has put me into a sense of mourning I have not felt before.

      What we need to do is get folks together that understand Internet commerce and brainstorm our asses off looking for ways to put people back to work working for themselves on the Internet.

      There is enough commerce taking place on the Internet that whatever community can get their citizens working online efficiently the fastest will absolutely change that community's revenue storehouses in a blink of an eye.

      There may not be enough jobs online to put the world back to work but the community to jump first on building "Internet Farms" will be the ones to reap the largest rewards for it's citizens.

      [/rant] as well
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  • Profile picture of the author goneebo
    WOW thanks for the Feedback! You guys are great

    As an imer what would you ask a tax professional if you could ask anything?
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