Folks kept PMing me to ask how I did it. I just Frankensteined a bunch of WF advice and WSOs together and made my own hacky method that's working for me. I have no idea if it'll work for anyone else. I explained the bulk of it down below in Comment #15
I started my IM journey Dec 11th and have turned a profit of $672 as of midnight (breakdown below). That pales in comparison to the pros and many of the ppl on WF that have given such amazing and helpful advice and how-to's, but I'm proud of what I've done with what I've learned. I'm really loving exploring and applying and tweaking so in that regard I believe I'm off to a good steady start.
However, I think I may have shot myself in the foot with regards to taxes and incomes. :confused:
I did NOT register an LLC or anything, and all payouts from Clickbank and Amazon came to me (linked with my personal SSN rather than a company/LLC's Tax ID).
AND my payments to FB and Adsense/words came from my personal account.
Have I completely mucked up or will I be able to deduct my advertising expenses from my individual taxes?
My total income was $1861, but my expenses were $1189. Because I am not officially a business/dba yet, will I be eligible to deduct my advertising and hosting expenses?
How would you approach this? Form an LLC now?
And yes! I fully realize and appreciate that ya'll are giving help based on your own experience and NOT as legal counsel
I will consult with an accountant, but as most of you that have them know, you have to know your approach before you can pick a good accountant/advisor. So I'm trying to understand my approach
My expenses/income from when I started 12/11 up to now 1/5 if it helps clarify anything:
My accounting is all done via Excel... here are my column breakdown totals
Paid Ads (FB, Google Adsense/Words, Ad networks)
(I wasted a LOT of money at first before I cracked down and started obsessively micro-segmenting and monitoring all of my campaigns and only going with the ones that turned hella profit. I'm paying a LOT less for better results than I was two weeks ago, so I'm definately learning.)
Hosting (includes GoDaddy, AWS,etc...)
WSO (catchall for any WSOs/JVs/coaching/shiny objects I've bought)
($197 of that was a scam I fell for my first week. Glad I got burned early though because it made me vigilant and STRICTLY analytical - no emotional or gut actions, I research and test the hell out of everything now).
Memberships (WF or network membersip sites)
Outsource - Creative (Articles, graphics, editing, non-tech)
Outsource - Tech (code or setup)
Support - (GetResponse, bud.url, etc... free trials won't last long)
Thank you so much in advance for any tips/advice/commiseration and feel free to chide me on any glaring errors or oversights i've done business-wise, I can take it!