Tuesday, January 27, 2009

EBay Category Numbers Changing Again

Any affiliates using ePN should check the category numbers because they are changing once again.
In the past these Category changes have created havoc for some affiliates, but this update only seam to be updates, not a huge reconstruction of categories. I highly suggest you bookmark the page ePN announces category changes and check it every month. EBay is in constant transition and we need to be too. Be prepared and updates like this don't create huge issues as they did in the past

Thursday, January 8, 2009

Tax Time Is Coming Affiliate Marketers

Lots of people jump into affiliate marketing without thinking first. Remember making money on the Internet is a business and the government will want their cut.
Even knowing we have 3 months plus to file now is the time to gather your information. I always gather my income first. Many affiliate programs only go back one year in their reports sections. Be sure to download all your income from each and every program you have used over the last year. At the very least print the reports from your affiliates.
Gather your expenses. Remember you are a business like it or not. One good thing about being a money making business is that you can write off just about everything you have purchased over the last year. Just some examples would be computers, back up hard drives, scripts, hosting accounts and even pens and pencils. Any service you use to run your business online can be written off.
Hopefully you have saved all your invoices and email receipts from online purchases. Don't just leave them on your CPU, Print each and everyone of them.
One thing about the IRS is you must at least file by 4/15 each year. Even if you send a incomplete form you must atleast declare your income by then.
Now don't quote me on this, but if you are disabled and on disability Making Money Online as a hobby can be considered residual income which you don't need to report to SS, but you must claim it with the IRS for income tax. Thats how SS explained it to me, but call them yourself. You can't be a LLC or incorporated but you can earn money online. From what I was told is the rules about making money kick in when FICA starts. Thats when you get a job at a business and they start the process of deducting money from your pay check. SS told me if I found a Rolex Watch in the trash everyday and sold it online that would not affect a disability status, but it dose need to be reported as income with the IRS. Again if your making Money Online due to being disabled call Social Security and ask for yourself.
Try to remember the basics. Money comes in and money go's out. The money's that go out can be deducted from the money that comes in which is your income. The total income is what you use to determine the amount you pay tax on.
Start now and save yourself a huge headache in March or April