I'm starting my 2010 tax return (I use Turbo tax) and I'm not sure what classification my AdSense & Amazon earnings fall under - freelance independent contractor or commissions from non-employer?? That is assuming it falls under the main subgroup of non-employee compensation...
Did you receive your 1099's from all your affiliate programs?
Anyway, you classify it on your 1040 as business income and attach schedule C or C-EZ but make sure you go through the worksheet so you can deduct all your expenses related to affiliate marketing.
No, I'm still waiting on the 1099s - just starting to prepare for it. What kind of expenses related to affiliate marketing can I deduct? I know computer depreciation falls in there ... what else?
1. Hosting and registration fees if you own your own site,
2. List building services. (aweber, getresponse, constantcontact)
3. Any purchased tools such as Market Samurai
4. Any outsourcing fees you paid out. (articles, blog templates, etc.)
5. As Habee pointed out, travel fees associated with any travel articles you have written.
6. Did you purchase a digital camera for the images you use in your articles? (Good reason to purchase one this year if you haven't)
You'll have to consult a tax professional on the amounts you can deduct for home computer use and internet service, especially if you use your computer for more than just affiliate marketing and other people in the house use the same computer.
You might also want to consult on whether items you purchased to review are deductible, how much of your phone bill is deductible if you are doing phone interviews.
You might want to review some of KeithTax's hubs, he's a tax guy and offers tons of great info http://hubpages.com/profile/KeithTax
Agree about Keith Tax, in particular this hub:
http://hubpages.com/hub/Online-Writing- … -and-Taxes
Lily Rose: this hub talks about how to classify yourself:
http://hubpages.com/hub/What-Kind-of-In … x-Purposes
From a link in the comments of the second hub:
http://www.brighthub.com/office/home/ar … 29683.aspx
Gives a list of 45 expenses that can be deducted for freelance writers, though I would consult with a tax pro on how much can be deducted. Every dollar helps and it also helps to be organized.
Me too! Now comes the fun part of being a paid writer. I wonder if inspirational beer is deductible?
Got mine, too. Beer? Nah...but how 'bout those trips we had to take to write travel hubs and take pics??
Thanks, guys! I was hoping to hear something from Keith, but he's probably pretty busy this time of the year - I'm going to go check out those hubs right now - thanks!
Thanks for that link - very interesting. Wish I would have kept notes - will take some time to document everything!
Good things to know for next year. I intend to make a ton of money...ha
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