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Lets be honest! Just saying the word “taxes” can bring on some anxiety and stress, especially if you have complex tax needs, but I bring good news, it doesn’t have to be that way. I was in that place a few years ago, I was newly married, a freelance blogger, and then when I finally had those tax situations down, we added our daughter to our family. Taxes can get complex quickly, but that doesn’t mean they are impossible! Knowledge is key and I am here to share a few blogger tax prep tips with you today. I, of course, am no expert, but I can share my experience with you and I hope that it helps you.
Do Your Research
First things first, do your research. There are tons of books and resources out there that will help you know what you can write off as a blogger. I know that I write off my hosting fees, blog post supplies for sponsored posts, my office space, and any food from business meetings just to name a few. I also write of my miles to and from the store for blog post supplies. There are lots of different things you can write off to help your tax bill, so be sure that you are informed accurately.
Create Tracking
Next, you need a way to keep track of your income and expenses for your blog. I use an excel sheet I set up that has different columns for income and expenses. I track my income from sponsored posts, ad networks, affiliate networks and freelance creative jobs in separate columns just so that I can see how much I make from each. Then, I track my expenses by advertising, hosting fees, continuing education, supplies, and food business. Breaking these expense categories down help me when it comes time to separate them out when filing.
Keep Your Receipts
Always, always, always keep your receipts. I have a filing cabinet with folders I use for filing and I keep all of my receipts for the year in a folder. This way, I can easily find a receipt if I need it and I will have it for any reason. I am planning on keeping my blog receipts for five years just in case.
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I was selected for this opportunity as a member of CLEVER and the content and opinions expressed here are all my own.