affiliate earnings taxes

Discussion in 'General Business' started by aras, Oct 30, 2009.

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  1. #1
    Im assuming id have to declare my affiliate earnings to pay taxes on them, through my personal tax statement. But ideally, the earnings are not pure profit, im spending money on advertising. Can i write these expenditures off through my personal tax filing or do i have to setup a company to gain an advantage?
     
    aras, Oct 30, 2009 IP
  2. jNorth

    jNorth Peon

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    #2
    no, just attach a schedule c to you 1040. Income and expenses are covered on the form
     
    jNorth, Oct 30, 2009 IP
  3. Pixelrage

    Pixelrage Peon

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    #3
    Having a company won't do anything in terms of alleviating taxes. Just prepare to get raped. I must have lost nearly half of what I made in 2008 from all affiliate sales. Gotta help politicians afford those high cost prostitutes.
     
    Last edited: Oct 30, 2009
    Pixelrage, Oct 30, 2009 IP
  4. aras

    aras Active Member

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    #4
    Can i use Schedule C if im a personal entity, not an LLC or Sole Proprietorship

    Lol, im ready to be raped on profit. But not on the expenses, at least.. i hope?
     
    aras, Oct 30, 2009 IP
  5. toycat

    toycat Well-Known Member

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    #5
    but then what do the high cost prostitutes do with all your taxes? :D

    Anyway, i think you can claim its an expense if you have all the adsense receipts or whatever you need
     
    toycat, Oct 30, 2009 IP
  6. organicCyborg

    organicCyborg Peon

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    #6
    I couldn't help notice your location said NYC. I'm sure that has something to do with it, right? I've heard from some friends that NY state taxes are ludicrous.

    I'm really lucky to live in one of a few states where I don't have personal income tax on top of federal. It saves more money that I care to think about when tax season comes around.
     
    organicCyborg, Oct 30, 2009 IP
  7. kabuoeu

    kabuoeu Peon

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    #7
    Set up company when your income threshold has reached the corporate tax rate equivalent
     
    kabuoeu, Oct 30, 2009 IP
  8. jNorth

    jNorth Peon

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    #8

    You are probably a Sole Proprietorship (whether you know it or not). your ssn is your tax id.

    You could just use a program like turbotax - Home and Business. you will be able to enter your expenses (and deduct them). The schedule c has further schedules for advertising expenses, depreciation of assets, cost of goods, etc.... The software really helps putting it all together and guides you through the steps. This particular software will even convert the return for your state. and it is deductible as well
     
    jNorth, Oct 31, 2009 IP