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.
There 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.
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.