Organizing for Taxes 101 – for Internet Marketers

Taxes 101 – for Internet Marketers

If you were organized during the year 2012 and kept good records and receipts, you shouldn’t have too much of a problem with the final steps of filing your taxes.  A good certified public accountant can lead you along the way, but if you’re planning to file taxes yourself, there are few items you’ll need to complete the process.

organizingfortaxes101forinternetmarketers2There are various worksheets and other information that you can easily find online and you can even find examples that fit your own special needs.  With all the tax changes that happen every year, you should plan on spending some time learning what changes will affect you and your return.

Filing receipts and pay stubs and/or bank statements and other pertinent records is paramount in the accuracy of your tax return.  You should keep a monthly accounting of all your business income and expenses for the entire year.

Some of the most important items for  internet marketers to have at tax time are:

  • Gross receipts or sales.

  • Advertising and fee expenses such as Internet hosting fees, Paypal fees and various subscriptions.

  • Contract labor expenses.

  • Legal and professional services.

  • Office expenses such as software, computer, printer, equipment and designated office space.

  • Repairs and maintenance of equipment.

  • Charitable and other contributions.

  • Documentation to support the figures you provide to the IRS.

  • W-2s and Form 1099s and Schedules K-1 showing income or loss from partnerships, estates, S-corporations or trusts.

  • Copy of your 2011 tax return.

  • Copies of proof of compensation that you may have received during the year.

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You can find online tax organizers that you can print and fill out as you locate the necessary papers or information.  They’re great guides that serve the purpose of helping you remember and have everything on hand when you fill out tax forms or deliver the information to a tax expert.

Take Care,

Internet Marketer - Coach with Heart
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  • Donald Thomas

    Hi Carol, Thanks for the post. FYI Yahoo has an app called Slice that tracks all of your online purchases and breaks them down in to categories.I use it and its pretty cool. That is part of the paperwork I will be handing over to my preparer this year. Thanks for the tip.


    • Carol Amato

      Hi Don,

      Thanks for sharing that tip, awesome! :)

      Have a great day.
      – Carol

  • Clyde

    No novel today.

    All I can say is this is very good advice. It seems like every year they come up with a new idea increase our taxes, unless you know which forms to complete in order to take advantage of the tax breaks.

    If you don’t file for it, you don’t get it.

    Many Blessings,

    • Carol Amato

      Hello Clyde,

      Yep, it pays to be pro-active, I’ve learned that the hard way.

      Have a blessed day. :)
      – Carol

  • Ruth Martin

    Hi Carol,

    The topic of taxes still has me a bit flurried – so far I am still taking the easy road and letting our tax preparer take care of it. However, I am hoping to get up my courage to do it on my own soon, so I’m trying to learn more about it. Thanks for the useful tips! ~ Ruth

    • Carol Amato

      Hello Ruth,

      We have a corporation for all of our business so we do have an accounting service handle it, but being organized is half the battle. :)

      You’re welcome, glad you stopped by to share your opinion.

      Have a blessed day.
      – Carol

  • Steven Stuart

    Hi Carol,

    This is great advice, especially the part about keeping all receipts. You don’t want to pay any more than you have to, and we’ve all heard the horror stories about being audited.

    I don’t know if a lot of people realize that you can deduct some of your home expenses including part of your rent, electricity, phone, etc. if you are working out of a home office. I guess a professional tax preparer would be the one who could best advise you on that, though.

    Thanks, Carol. – Steve

    • Carol Amato

      Hi Steve,

      You’re welcome! Yes, that deduction is often overlooked. We take about 1/3 of our utilities bills for calculating the amount for my home office.

      Gotta love it!

      Have a great day- Carol

  • Adrian

    This is advice is really good. Thanks for sharing this Carol. =)

    • Carol Amato

      Everyone dreads tax time – but being organized and having helpful tips can ease some of the stress.

      Take care,
      – Carol