ADVERTISEMENT
For those who have a blog that sbring in income (from advertisers or whatnot), how you are handling this? Any of you formed an LLC for tax purposes?  I'm debating on what is best to handle this for this upcoming year.  I know you cannot offer official advice and I should speak to an accountant or tax attorney, but I just want to know where to go from here and would appreciate any advice from your past experience on this.

Views: 26

Reply to This

Replies to This Discussion

I have had a home business since 2001 and have always declared my business on our taxes.  IF you want the benefits of running a business you must declare all income.  Definitely best to speak with a tax adviser (of which I'm NOT LOL) or consult with Turbo Tax Home and Business ha ha  We have used that every year!  I have not personally formed an LLC.
Thanks for the info.  I definitely plan on claiming the income, I wasn't trying to to say otherwise :-)    I am trying to figure out if its best to officially form a business, get a tax ID for it and claim the income that way instead of claiming in personally, that way a lot of expenses involving the blog could be written off, reducing the taxable income and tax liability.

Angie said:
I have had a home business since 2001 and have always declared my business on our taxes.  IF you want the benefits of running a business you must declare all income.  Definitely best to speak with a tax adviser (of which I'm NOT LOL) or consult with Turbo Tax Home and Business ha ha  We have used that every year!  I have not personally formed an LLC.

Oh didn't mean to imply that you were. Just mentioned it because a lot of people think that if they don't make over $600 they don't have to claim but if they want the benefits of a home business they have to.  I am going to be getting a tax id but have been using my social since the beginning and it's been fine BUT it's not the safest way so I would probably say a tax id is recommended.

Hubby my tax man so I don't know too many specifics *wink*  I just make the dough and this year he'll tell me what I owe ha ha


Rachel Anderson said:

Thanks for the info.  I definitely plan on claiming the income, I wasn't trying to to say otherwise :-)    I am trying to figure out if its best to officially form a business, get a tax ID for it and claim the income that way instead of claiming in personally, that way a lot of expenses involving the blog could be written off, reducing the taxable income and tax liability.

Angie said:
I have had a home business since 2001 and have always declared my business on our taxes.  IF you want the benefits of running a business you must declare all income.  Definitely best to speak with a tax adviser (of which I'm NOT LOL) or consult with Turbo Tax Home and Business ha ha  We have used that every year!  I have not personally formed an LLC.

Oh I am curious about this also - I made under $600 (WELL under LOL) and I was planning on claiming it as "hobby" income... If you get a tax ID you have to pay estimated taxes, and that is hard to do when you're never sure when you'll have a paid post or campaign, etc. I am curious if anyone else claims their as hobby or "other" income. Of course, I will be using H&R block premium service where I have contact with a live tax professional and I'll discuss this with her as it's my first year making any cash.

 

Another question - what about "cash" that is sitting in affiliate accounts or like Sponsored Tweets - if I haven't cashed out, do you know if I have to claim that?

Oh that is a good question on the affiliate accounts - I hadn't thought of that!  I am going to be calling my tax guy soon to see how I should claim my blog earnings.  It would be incredibly difficult to do estimated taxes...ugh.
That is a good question. If the money has not been paid out to you and isn't in your bank account it shouldn't count yet because it's not officially yours until your paid. That's my thoughts. What does everyone else think?

JenReg said:
Oh that is a good question on the affiliate accounts - I hadn't thought of that!  I am going to be calling my tax guy soon to see how I should claim my blog earnings.  It would be incredibly difficult to do estimated taxes...ugh.

RSS

Our newest members. Join us + 23,000 fellow mom bloggers

ADVERTISEMENT

MBC CUTIES

Our current cutie was uploaded by Stephanie WentworthUpload a photo of your cutie. They may be featured here. See all of the cuties.

Our Latest Food, Travel & Lifestyle Posts

Has Blogging Become One Big Chore?

Have you ever looked at your blog’s dashboard and whimpered to yourself, “Oh, I just cannot in any way, shape, or form write a blog post today?”

We have all been there, right? Or, is it just me?

After eight years of blogging I have whimpered that more times than I…

How to Get Your Kids to the Dentist Without Tears, Tantrums or Throwing

Growing up, you might remember a time in your life when the only thing scarier than the boogeyman was your dentist. Over the years, you grew to appreciate your dentist and his or her service to your dental health, however, it did take you some time to grow into that mentality. Give your kids a…

ADVERTISE

© 2016   Created by Mom Bloggers Club.   Powered by

Badges  |  Report an Issue  |  Terms of Service