Comments on: Tax Considerations for Online Income

By: Dreamer

Dreamer — Thu, 02 Apr 2009 04:25:08 +0000

Wish I saw this post last year… oh well, next year’s taxes will be less I hope

By: daria369

daria369 — Mon, 16 Mar 2009 03:24:05 +0000

Good and timely advice as always, thank you!!

By: Teddi

Teddi — Sun, 11 Jan 2009 00:17:20 +0000

I don’t think my post went through…this is a test.

By: Teddi

Teddi — Sun, 11 Jan 2009 00:16:04 +0000

Interesting reading. Great idea about the IRA…to save even more. Thanks for posting.

By: Iowa Freelance Writer

Iowa Freelance Writer — Fri, 02 Jan 2009 15:49:12 +0000

Great point. When I first started freelancing, I was stunned by how big the tax cut out was, but if you’re smart about it, you can buy the things you need (and usually want), save for retirement, and keep the govt from seizing 40%. Great post!

By: EbizTaxTips

EbizTaxTips — Fri, 02 Jan 2009 15:12:48 +0000

Great post Captain! For anyone reading this post after 12/31, it’s too late to buy supplies or equipment to reduce your taxes, but you still have time to contribute to an IRA or SEP IRA (you have until April 15). Btw, I am a tax pro who specializes in online businesses.

By: Susan52

Susan52 — Fri, 02 Jan 2009 15:11:47 +0000

Very good advice. Generally, you can make that IRA contribution anytime before April 15th and it is allowed to be claimed on last year’s tax form. We calculate our taxes and then increase our IRA contribution to reduce the portion that we owe. We have to pay it out anyway, so better to pay it to ourselves than to Uncle Sam, don’t you think?

By: MiMi

MiMi — Mon, 29 Dec 2008 18:45:27 +0000

Heedful. Nothing like thoughtlessly bringing in the dough then being hit with a whopping tax bill.

By: Noadi

Noadi — Mon, 29 Dec 2008 18:28:23 +0000

Great advice as always Joe! Also a good reminder to keep track of your business expenses when you’re self employed.

By: lakeerieartists

lakeerieartists — Mon, 29 Dec 2008 15:25:53 +0000

Excellent advice, Captain. Folks, this is a business like any other. Make sure to include it in your tax figuring for the end of the year. Companies like Squidoo are required by law to report your earnings.