It's tax time again and we are all probably awaiting our 1099's from Izea. I have heard through the blogging grapevine that you don't need to report your income from blogging or you don't need to report it unless it is over $6000 (anyone making $6000 from blogging out there?), and other misconceptions.
Actually, the truth is that if you have income of ANY kind over $600 (six hundred) then you must report it to the IRS. You have to claim your blogging income on your taxes. Here's the good news though. You can offset a lot of that income by deducting expenses related to blogging. You can deduct part of your home office (kitchen, bedroom, etc...) as an expense. You can also deduct any domain name fees, hosting fees, etc... as expenses to offset your income as well. And there are many more. The IRS website has a lot of good information and I can also be a resource if you have any questions. I would recommend Turbo Tax as well as it will guide you through what you can and cannot deduct.
Don 't try to get out of paying taxes on your blogging income because it will come back to haunt you. The IRS may not find out right away, but they will find out. And one more thing, IZEA is required to send copies of ALL 1099's they mail out to the IRS. Feel free to ask any questions here or check out the IRS website for more information.
Joe Biden was wrong, paying more taxes is not a patriotic thing to do, it's the law. Patriotism is voluntary, paying taxes is mandatory.
3 comments:
oh i didn't know this! good thing u posted something about reporting blogging income for your taxes...on the other hand, i don't earn as much as $600 from blogging, even close to that hehehe :)
thanks a lot for sharing..very informative :)
kisses and hugs to pogi baby Daniel! :) thanks for the wonderful messages and for replying to my query..surely appreciate them :)
guess i might as well apply for Noah and Kaiden's dual citizenship when i apply for my passport renewal..great info! nice to have a good friend like u :)
I might get a 1099 form the Izea. I know as an ordinary citizen, we have to make sure to report every dime we earned. But Geithner and Daschle does not and still President Barrack Hussein Obama thinks they are the right guy for the job! Yea..whatever he he he
Take care
Hi Debbie and Dana, my husband kept asking when the 1099 from Izea will come. It's the only paperwork that's missing then he can start working on our taxes. He also use Turbo Tax but we had to upgrade for another kind because of my blogging.
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