![\"6](\"https:\/\/heartifb.com\/images\/6-tax-tips-for-bloggers.jpg\")
\nHave you filed your taxes yet? In the business of blogging, taxes are the biggest drag. For most of us at least. In fact, you many be reading this post in procrastination of actually doing your taxes. But no matter how much you try to avoid the subject, you can't escape it.<\/p>\n
I'm in no way a tax accountant,<\/strong> but I've been a blogger operating as an independent contractor for over six years, plus I think I may have been an accountant in another life, so I've learned a few things about filing your taxes as a blogger. And regardless of whether you have a tax accountant file for you, file yourself, or use a service like TurboTax (which I just used for the first time and highly recommend), you should always have an understanding of the tax man. These six tips are a great starting point.<\/p>\n I can't stress this enough. Everything must add up, and if you get audited you'll be thankful you stayed organized. A few examples of things you should keep record of:<\/p>\n There are a few key forms you'll need to have a rough understanding of, and the 1099 is important.<\/p>\n Q: \u00a0I worked for someone and got paid over $600, but they never sent me a 1099. Do I need to claim this? A:\u00a0YES. You are legally obligated to claim all of your taxable income, even if it is under $600.\u00a0Other common forms:\u00a0Schedule C (Form 1040), W9, 1099K.<\/p>\n This is a tricky one, and a definite grey area. While there are some exceptions and all situations are different, in general, the IRS considers SWAG taxable income (which you are supposed to claim), not a gift. Some high-value ‘freebies' can actually warrant a 1099! So that pair of $500 shoes you received in the mail — there may be more than a giant heel attached. And then there is bartering, similar, but different …<\/p>\n “Bartering is an exchange of property or services. You must include in your income, at the time received, the fair market value of property or services you receive in bartering.” Says the IRS. similar to SWAG, if you put a banner up in exchange for a new handbag, that's income. Not just a perk of being a blogger. When does a ‘freebie' become a barter? Depends. But primarily it's when there is a will full interaction between the blogger and person providing the item, or some sort of communication. Be it for review, a giveaway, etc. Once you begin a conscious business interaction, your new pair of shoes becomes taxable income.<\/p>\n Regardless of whether you're operating your blog mainly as a hobby generating some side money, or a profitable business you should still itemize your deductions. Itemizing your deductions means claiming piece by piece your expenses. Common blogging expenses include:<\/p>\nKeep Records<\/strong><\/h3>\n
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\u00a0Know Your Forms<\/strong><\/h3>\n
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SWAG vs. Gifts<\/h3>\n
Bartering is Income<\/h3>\n
Itemize Your Deductions<\/h3>\n