Occasionally, I write tax-related articles for other sites. Below is a preview of an interview I had with Victoria of The Well: The B Bar Blog. Check it out for answers to the following questions:
- As a blogger, how do you know when your blog is actually a business, and when will you have to declare income and pay taxes on it?
- What are some of the common items bloggers forget to count as income?
- If you don’t pay estimated (quarterly) taxes throughout the year, how will that affect your annual return? Will you be in “trouble” with the IRS?
- What are common items that bloggers can deduct from their tax return? Can you deduct these items even if you made less than $400 a year from the blog?
- What are the major tax forms bloggers should remember to fill out, if they made more than $400 in 2013 from their blog?
- Finally, just to clarify, why is it that brands/companies on’t send you a 1099-MISC until they’ve paid you $600 or more, but you have to report income of $400 or more for self-employment tax to the IRS? It’s so confusing!
Read the full article here (and don’t forget to check out the “cocktails” I mixed for The B Bar: Accounting for Bloggers, A Blogger’s Guide to Giveaways, and Reporting Income from Gifted Items. Remember, any drinks purchased from The B Bar are business expenses for bloggers!)