blogging and taxes

Blogging + Taxes

 Just a reminder that this is the last week to use the current discount on ad spots!  Now through the end of February all Land of Marvels ad spots will be 25% off with code "landofmarvels" so head on over and get yours now! It's that time of year: taxes.  I did my taxes last week and while going through, something I think that isn't so talked about in this wonderful blogging community is how the income side of blogging needs to be recorded and worked into your personal income.  So as I went through this year and did my taxes, I asked my accountant a few questions about blogging income and how it needs to be tracked to accurately measure how much you're making and what the cut offs are for what you need to show on your income statements for your taxes.  So if you're making a little bit of money blogging and wondering the same things I was about how to record it, here's how! Keep Track of All Expenses One thing I didn't do when I first started blogging was to keep track of all the expenses for this website, which though often misleading, there are a lot of expenses!  Blogs are expensive to run and upkeep if you're in it to make money; from website design to advertising to any other services you subscribe to, blogging can be an expensive hobby.  That's why you want to make sure to track every expense so you can write it off.  After all, if you're running your blog like a business, tracking expenses is incredibly important.  This includes everything from any sponsorship spots … [Read More...]