Preparing for Tax Day as A Blogger should start the day you create your blog. I always start thinking about Taxes in December and think I will get it done earlier than usual. Well, like I said tax day comes quicker than we are ready for it. I finally got all my information to my CPA a few weeks ago.
Being a blogger has its benefits and preparing for tax day as a blogger can have its challenges. You can enjoy many benefits by working at home. There are a lot of expenses that you can write off, and some you may not.
Preparing for Tax Day
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I find it easiest to work on your taxes every month so it doesn’t become overwhelming in April.
I recently bought an ebook that helps with all the expenses and what I can and can’t write off.
Becky Mansfield, Mickey Mansfield and Paula Rollo have put been doing this for years, and consulting with CPA professionals in their states and offer up their answers to the most pressing questions which many bloggers have.
- Can I hire my children to help me with my blog and can I write that off?
- Can I write off my car?
- I am a food blogger, can I write off my groceries?
- I have a home office – can I write off part of my mortgage or rent. What do I do?
Taxes can be so frustrating. Remember a good CPA is always important. This book answered many of my questions and gave me the knowledge of what to ask my accountant to help me save money on my taxes.
The book helped me ask questions to my accountant I would never have thought to ask. The book is 58 pages of tax tips and terminology that will give you the insight you need.
Tools and Checklist to Prepare for Taxes
I also use this Snap and Store File Box and these Chevron decorated folders. I keep them in my locked closet. The first folder is where I keep all my receipts for the month for our personal and one folder for business. Then at the end of the month I go through them and put them in the designated file. I have one for Automobile and mileage, in that I also keep my receipts for insurance, registration and repairs. Then I see what I can write off when it comes to filing.
I also keep a file for my paper receipts from the grocery store since I do food blogging. I keep all of these for the year and then find out what I can claim. Better safe than sorry. Here is a great tax checklist of things to bring, when you do see your accountant, or have ready when you do them yourself.
Claiming space in your home is always a sticky area. Read what Becky and Paula say about it and ask your CPA. In a locked file I keep my cell phone bill, any tools or receipts I may have bought including cameras, computers, software, etc.
Since I take everything to a CPA, (I don’t do my own taxes) I don’t use software, but if you are comfortable you can do it yourself with Turbo Tax, I just keep my files and also a blogging spreadsheet of all my blogging expenses, such as domain, website charges, VA services, Viral Tag, Buffer, and any website redesigns I may have.
I hope this information helps to make it a little easier at tax time.
Things you need for tax time that you can order now.
Tax Check List from Ramsey Solutions