Below are the 2 most recent journal entries recorded in taylorcvbrenna's InsaneJournal:

Tuesday, February 21st, 2012
6:34 am	Internet Marketing Tax Hints and Tricks Any kind of business, offline or online, will present you with lots of alternatives with horse racing tips for today from which you must choose. All brand new IM marketers may find that fact difficult especially when first getting started. Maybe one of the smartest approaches is to simply accept what is with online business and continue to move forward. We understand the feeling of wanting to know it all, but the really good news is you do not have to know it all, right away or even ever. If you never make any mistakes at all, then we tend to believe you are not doing enough to stretch and grow. The difference is with more experience the mistakes are fewer. We usually offer a very small collection of ideas and suggestions that are based on what has been known to perform well. The belief that Web Marketing is a tax free industry is just about the worst and most dangerous myth in the market. People who get into it appear to think that just because they are earning money and being paid through, for instance, PayPal, they don't have to pay taxes on what they earn. This isn't true! More to the point, failing to pay taxes on this income can get you into a lot of trouble! Don't freak out, however: it isn't really hard to do taxes when you are an Internet Marketer. Below are great tips to help you out. 1. Set up a visit with the local Small Business Association. Just about every community has a Small Business Association (typically working through a community college) that employs professionals on both starting your business and making sure that all of the details (like taxes) are taken care of. The great thing is that this source of information is almost always free of charge. 2. Track everything. Let's repeat that since it is important: monitor each and every detail. You can do this simply enough using Excel. Begin a worksheet of every single penny you generate through your Internet Marketing efforts and another that documents each penny you spend on your Online Marketing efforts. Be sure to keep every single receipt and invoice for the money you pay out. 3. If you have money to afford it, hire an accountant. This will likely stop you from having to worry about the numbers and the taxes for your small business. You tell your accountant what you've made and expended (make sure you have documentation for proof) and they do the rest. 4. Put money towards the taxes you could possibly owe at the end of the year. A basic rule here is to pay in 30% of every sale. This can be done every three months or even every month by making Estimated Tax Payments to the IRS. The IRS is set up now to receive estimated tax payments anytime or think you should be making them. This way you'll not have an eye popping number that you owe at the end of the year (which will be particularly stressful if you haven't saved up for it). What is much better is that if you have somehow overpaid through your estimated tax payments, you'll receive a reimbursement just like you would if you were working for a traditional company. Be sure you consult with a person at the IRS to get this set up correctly. 5. Find out about your allowed deductions. When you manage your own business quite a lot of things such as your utility payments, etc are tax deductible (as is any money you spend on business equipment or supplies). An accountant or an IRS agent should be able to help you know what all you can deduct come tax season. It's easy to get intimidated by the idea of paying taxes as an Internet Marketer. Luckily, there are all kinds of resources available to help you observe the law and still keep yourself from losing your shirt to the IRS! Additional Resources: Online Marketing Tax Tips and Tricks Internet Marketing Tax Hints Tax Tips for Internet Marketers (Comment on this)
Monday, February 20th, 2012
7:52 am	Tax Advice for Internet Marketers How quickly and easily you are able to adapt to fluid business environments will work for or against you. Anyone with experience in horse racing tips for today will understand what we mean and maybe even have a chuckle about it. One very common strategy is hiring freelancers, but for most that is only possible with existing business profits. We understand if you are not quite at that point, though, but there is much available that is very low cost or no cost. As always, avoid rushing into anything that you have never done before, and at least do some solid due diligence on the matter. The simple reason is it will make you a better business person because you will know what is good and bad work from your freelancers. One of the biggest and most potentially risky fallacies about Online Marketing is that it is a tax free marketplace. Folks go into IM believing that because they are making money online and being paid through, mostly, PayPal--they don't have to pay taxes on that money. This isn't true! Most importantly, failing to pay taxes on this income could get you into a lot of trouble! Fear not, though: doing your taxes as an Internet Marketer doesn't need to be hard. Below are a few ideas that could help you. 1. Secure an appointment at your local Small Business Association. All communities have some form of small business helping association or organization (generally run via a local community or city college) that has plenty of trained experts on hand to help you both set up your business and make sure that all of your tax issues are carefully and properly taken care of. Furthermore, this resource is practically always free! 2. Monitor every little thing. Say it again: monitor every single last detail. You can do this quickly enough with the help of Excel. Start a spreadsheet of each penny you make through your Web Marketing efforts and another that documents each and every penny you spend on your Internet Marketing efforts. Be sure to keep receipts and invoices for all of the money that you pay out. 3. If you have money to afford it, hire an accountant. This way you do not have to worry about the numbers and taxes part of your small business. You tell your accountant what you've earned and paid out (make sure you can prove this with official proof) and they take care of everything else--especially during tax season. 4. Pay toward the taxes you are going to owe throughout the year. 30% of every single sale is the basic rule you should follow. This can be done every quarter or even each month by making Estimated Tax Payments to the IRS. The IRS is established now to receive estimated tax payments without notice or think you should be making them. This can save you from having to pay a really distressing amount of money all at once which, if you haven't been saving up for it, can be incredibly stressful. What's better is that if you overpay through your estimated tax payments, you're going to get a refund like you would by paying taxes with a regular job. Make sure to consult with a person at the IRS to get this set up the right way. 5. Learn about your allowed tax deductions. When you operate your own business a lot of things such as your utility payments, etc are tax deductible (as is any money you spend on business equipment or supplies). Your accountant or someone from the IRS can help you find out what all you can deduct once it's time to pay taxes. Becoming intimidated by the tax process when you are an Internet Marketer is quite normal. The great news is that there are quite a few resources that can help you ensure that you don't get in trouble with the IRS and that you could keep a healthy portion of the profits that you pull in. Additional Article: Online Marketing Tax Hints Online Marketing Tax Hints (Comment on this)