Who knew that blogging would someday become a legitimate career choice? And that a blog could be classified as a real business? Ten years ago, blogging was considered something cat lovers did in their spare time, and now it’s a bonafide business venture.
As a small business accountant during those ten years, I’ve seen it
all. But the biggest thing I’ve noticed is the upswing in the amount of
online ventures, such as blogging.
It’s not just a hobby that makes a little money, it’s a main source of
income for many entrepreneurs — myself included. Unfortunately, there
not a lot of expert advice available for organizing the financial part
of running an online business.
We all know if you want any type of business to succeed, you’ve got to treat it like one!
But with the lack of expertise available, we’re left to be our own
financial experts — or at least have enough knowledge to stand behind
It’s hard enough to tell friends
and family that you’re a blogger, much less to find an accountant or
financial advisor who can understand what your business does.
Even the IRS is so outdated they don’t have proper schedules and
forms for income received through online ventures. So it’s up to us to
research the right financial terms — and decisions — for our
- Quarterly Estimated Taxes
- Self-Employment Tax
- Ordinary Income Versus Capital Gains
- Classifying Blogging Income