Paul L. Caron
Dean


Tuesday, July 9, 2013

Tax Planning for Bloggers

BloggerBlog World:  Financial Terms Every Serious Blogger Should Know:

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 our business.

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Even the IRS is so outdated they don’t have proper schedules and forms for income received through online ventures.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 unconventional businesses.

  • Quarterly Estimated Taxes
  • Self-Employment Tax
  • Ordinary Income Versus Capital Gains
  • Classifying Blogging Income

For more, see Paying Taxes on Your Blogging Income (Mar. 25, 2013). Prior TaxProf Blog coverage:

https://taxprof.typepad.com/taxprof_blog/2013/07/tax-planning.html

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