The Blogger's Simple Guide to Taxes

By Sarah Korhnak

Updated for Current Tax Laws and Forms

 

Starting a blog is so exciting! Many bloggers start a hobby blog just for fun, but quickly realize the potential for blogging for profit. No matter what type of blogger you are, there can be tax ramifications of blogging. Earning even small amounts of income can trigger taxes for small business, and the need to file a tax return with the IRS. Don't let these concerns take away from the fun of blogging. With this easy to read guide you can quickly understand what you need to know in regard to taxes and your blog.

After reading this book you will know:
-If your blog is a hobby or a business
-What business structure to choose
-How to register your business with your state and the IRS
-Easy tax deductions you can take as a blogger
-What tax form to file as a blogger
-Where to record tax deductions on your tax form
-What blogging income to record as revenue
-If you need to pay self-employment tax
-And much more!

Although the information in this book is geared toward bloggers, it is also 100% applicable to anyone with a small business.

Who this book is for:
-Anyone with a hobby blog
-Anyone blogging as a business
-Anyone interested in understanding small business tax deductions
-Anyone interested in small business taxation
-Anyone interested in understanding taxes for self-employed
-Any small business owner in the United States

Blogging should be fun! Don't let taxes make your worried. Quickly understand all you need to know about taxes as a blogger so you can spend your time focusing on what you love most . . . blogging!

• Language: English
• Publisher: SBS Media LLC
• Release date: Mar 2, 2016
• ISBN: 9781386234319

Book preview

Sarah Korhnak

The Blogger’s Simple Guide to Taxes

A Guide to Saving Time and Money

Copyright © 2018 by Sarah Korhnak

All rights reserved. No part of this publication may be reproduced, stored or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise without written permission from the publisher. It is illegal to copy this book, post it to a website, or distribute it by any other means without permission.

Sarah Korhnak has no responsibility for the persistence or accuracy of URLs for external or third-party Internet Websites referred to in this publication and does not guarantee that any content on such Websites is, or will remain, accurate or appropriate.

Designations used by companies to distinguish their products are often claimed as trademarks. All brand names and product names used in this book and on its cover are trade names, service marks, trademarks and registered trademarks of their respective owners. The publishers and the book are not associated with any product or vendor mentioned in this book. None of the companies referenced within the book have endorsed the book.

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Contents

Introduction

1. So You Started a Blog

2. Choosing a Business Structure

3. Registering Your Business

4. Business Recordkeeping

5. Schedule C

6. Blogging Revenue

7. Blogging Expenses

8. Travel Expenses

9. Home Office and QBI Tax Deductions

10. Self-Employment

11. How to Pay Yourself and Filing Your Tax Return

Conclusion

More From Sarah Korhnak

Notes

Introduction

You have finally done it! Starting a blog has been on your To Do List for quite a while, and you just hit publish on your first post! Congratulations!

Before long, your blog will make its first dollar, and you have already incurred your first blog expenses. Eeeeeek! Now you wonder, What does the IRS expect me to do about this revenue and these expenses? Am I a business or a hobby? What is tax deductible? What counts as revenue? Is self-employment tax applicable?

Slow down, slow down. You have lots of questions, and this book will answer them simply and easily. The IRS and your state have lots of rules, but with a little information you can navigate those tax waters without capsizing.

You may be wondering if I’m the right person to help you, so let me tell you about myself. I graduated from college with a B.S. in Accounting, earned my CPA (Certified Public Accountant) license, and worked for 7 years for a public accounting firm that specialized in audit.

Throughout the last decade I have started several small businesses and have been a bookkeeper for many more. For better or worse, the IRS website and I have become well acquainted over the years!

Although the IRS attempts to clearly outline basic tax rules on their website (they actually do a decent job), the rules, exceptions, and accounting jargon can be confusing for people new to small business and the world of taxes and accounting. That’s where I come in.

This book will cut through the confusion and explain the tax rules for your blogging business in an easy to understand way. The guidance I provide comes directly from the IRS website, but is summarized for your ease of use, and tailored to your particular type of business. Throughout this book you will find links to the IRS website where a particular topic is discussed. Click on the links to see the IRS information or for additional details on a particular topic.

Like all good books about taxes and accounting, I need to give you a disclaimer! This book is for informational purposes only and does not constitute tax or legal advice. Every tax situation is