As a responsible citizen, it’s your duty to pay your taxes. However, the taxes you pay are not usually fixed, depending on how much you make. Rather, your taxes will always be obtained from your “taxable income,” which can be reduced in one way or another and thereby lowering your tax bill quite significantly. Here are a few ways to lower your tax bill. [Read more…]
Tax season. Very few freelancers look forward to it, and do you know why? Mostly because they tend to be disorganized and leave taxes to the last minute.
They have to scramble to crunch all of their income sources, expenses, and worry if they’ll get audited. Sound familiar? Don’t worry. It’s more normal than you might think.[Read more…]
As a blogger, one of the last things you want to think about is your taxes. Unfortunately, the IRS doesn’t care if you’re a blogger or the CEO of a Fortune 500 company. If you earn revenue in any form or fashion, then you have to report it to the IRS and pay taxes. [Read more…]
Tax season is still three months away, but it’s good to start preparing now. After all, 2016 has been an incredible year for bloggers. There are more of us doing this professionally than ever before. With all the newcomers, it’s always good to remind them that the income you make from blogging or writing online is still taxable. Furthermore, if you aren’t careful–Uncle Sam can give you a nasty surprise at the end of the year.
So, how should we file taxes as bloggers? Here are a few quick and dirty tips for bloggers filing taxes.
Squirrel Away A Small Percentage Every Time You Get Paid
A fairly obvious little trick that we hope you’re already doing, setting aside a small percentage of each check you collect and depositing that money into a savings account is the easiest way to make sure you’re covered come tax season. Even ten to fifteen percent is more than enough, especially when compounding interest is added. [Read more…]