Hello fellow clickbank users, I and a friend who live in seperated country's have a great clickbank product plan. We want to work this out together and make it a success. Now our problem is that we have no clue how to split the check money. If I will cash the full check I would be the one paying taxes over it and then sent him his share. That wouldn't work because we would lose a good ammount of money. I would be paying tax over the full ammount instead of just my share. We need to figure a way out to split this check. So he get's his share and can pay taxes over that and I get my share. Is there a system in clickbank that allows us to get seperated checks? Any ideas on this?
It's rather simple actually, your friend needs to give you invoices for half of the amount. Only thing you might want to check with an accountant is how to tax it (i.e. if you're in the US/Canada, he might have to add +tax, he might not)... When you do your taxes at the end of the year, those invoices become expense/which balances out your gross and determines your tax bracket. Best thing to do at this point is for both of you to register a real business not just invoice each other with your real names. This will also allow you to write off a good chunk of your life on your business (office space, gas, dinners/outings, - your accountant will get creative just save all your receipts - ALL). Sole-proprietership status is like $70 (I'm in Canada - probably similar in the US) - A business bank account is $x/month or $xx/month (also a write off - open a US $ account!), then you will sign up to CB again with your business name as the payee... And you will pay your partners share in checks/wire transfers, and again he will invoice you from his company (or personal name) in US funds. It's a complex scenario re taxes at clickbank depending on where you live, and now that you're splitting it all - it gets more complex - TALK TO AN ACCOUNTANT - they may not have clear answers as even they are sometimes green to CB and how it all works as you as the publisher do not invoice them - yet get huge paychecks (hopefully)... so perhaps talk to more than one accountant (all those expenses are a write off too)... Cheers and good luck, N.