1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Just Hit 6 Figures for the Year...Need Tax Advice

Discussion in 'BlackHat Lounge' started by tjtigers14, May 18, 2013.

Thread Status:
Not open for further replies.
  1. tjtigers14

    tjtigers14 Jr. VIP Jr. VIP Premium Member

    Joined:
    Feb 7, 2012
    Messages:
    200
    Likes Received:
    84
    Occupation:
    making money
    Location:
    Metro Detroit
    ---- THREAD CLOSED 05/18/2013 ----
    Okay so I just hit 100K for 2013 and could use some tax advice. The main company I affiliate for will send me a 1099 and puts my earnings in the "Non-Employee Compensation" box. I know I'm looking at 25-30% taxes (fuck that, seriously) but is there any way I can minimize that? I know there are work-at-home write-offs I can look into.

    I have digital email receipts for all business expenses, but are there any other tricks anybody could recommend? Also, I should be paying quarterly taxes right, not just at the end of the year?

    Thanks for your help!
     
    • Thanks Thanks x 1
  2. Jonny Quick

    Jonny Quick BANNED BANNED

    Joined:
    Aug 26, 2010
    Messages:
    231
    Likes Received:
    340
    At that level, you should have a paid accountant. Last thing you want to do is fuck-up with the IRS. Look at what they did to the Tea Party.
     
  3. tjtigers14

    tjtigers14 Jr. VIP Jr. VIP Premium Member

    Joined:
    Feb 7, 2012
    Messages:
    200
    Likes Received:
    84
    Occupation:
    making money
    Location:
    Metro Detroit
    Yeah I am going to find an accountant next week but I was just wondering if there were any BHW tips considering this community probably knows more about affiliate marketing than your average accountant.
     
  4. Known

    Known Regular Member

    Joined:
    Jan 27, 2013
    Messages:
    266
    Likes Received:
    187
    Occupation:
    IM
    Location:
    OH CANADA!!!!
    The BHW tip is not to listen to any BHW tips, find a good accountant that knows the laws in your state.
     
    • Thanks Thanks x 4
  5. Jonny Quick

    Jonny Quick BANNED BANNED

    Joined:
    Aug 26, 2010
    Messages:
    231
    Likes Received:
    340
    Thats an argument to find an accountant that specializes in affiliate marketing. Bet they exist, if you start flipping over rocks. Might not make any difference. I like to do business with people that, if things go wrong, horribly wrong, I can always jump in the truck, drive to their house and pay them a visit.
     
    • Thanks Thanks x 1
  6. tjtigers14

    tjtigers14 Jr. VIP Jr. VIP Premium Member

    Joined:
    Feb 7, 2012
    Messages:
    200
    Likes Received:
    84
    Occupation:
    making money
    Location:
    Metro Detroit
    Already said I was going to do that
     
  7. WorkHardL0veLife

    WorkHardL0veLife Regular Member

    Joined:
    Mar 14, 2011
    Messages:
    219
    Likes Received:
    423
    No advice, but just wanted to say congrats :cool: you've achieved something a very small number of us actually do.
     
  8. iampresent

    iampresent Junior Member

    Joined:
    Jul 10, 2012
    Messages:
    164
    Likes Received:
    53
    I think any good accountant will know how to help you to keep your money in your pockets.

    Btw nice avatar
     
  9. jgf213

    jgf213 BANNED BANNED

    Joined:
    Sep 23, 2012
    Messages:
    205
    Likes Received:
    75
    here's a tip, run with the money, and say fuck the irs.
     
    • Thanks Thanks x 1
  10. IamNRE

    IamNRE Jr. VIP Jr. VIP Premium Member

    Joined:
    Aug 18, 2010
    Messages:
    4,663
    Likes Received:
    7,108
    Occupation:
    Generate Leads With FB Ads For Just $1
    Home Page:
    Here is a tip create a C corporation and pay yourself in dividends that's only taxed at 15-25 %.

    But like it was said before, don't go to your hairstylist and ask him for marriage advice.
     
    • Thanks Thanks x 1
    Last edited: May 18, 2013
  11. systematic

    systematic Regular Member

    Joined:
    May 2, 2013
    Messages:
    240
    Likes Received:
    158
    Location:
    Wine Country
    Shouldn't this thread have been posted a few months ago?
     
    • Thanks Thanks x 1
  12. GoForJacob

    GoForJacob Junior Member

    Joined:
    Apr 2, 2013
    Messages:
    182
    Likes Received:
    177
    I just shit a brick. You can guarantee I'm going to research all of your posts. Haha.

    Now, is the check written to you personally, or a company like and LLC or S-Corp?
     
  13. meannn

    meannn Supreme Member

    Joined:
    Apr 22, 2009
    Messages:
    1,461
    Likes Received:
    1,896
    Occupation:
    Unemployed Winner
    Location:
    TR
    Just a curiosity, from where do you know that ?!
     
    • Thanks Thanks x 2
  14. prab1996

    prab1996 Elite Member

    Joined:
    Jan 8, 2013
    Messages:
    3,496
    Likes Received:
    2,028
    Occupation:
    your gf's <3 ♥♥♥♥
    Location:
    Prab1996.com
    Home Page:
    bro , op has written $100k in thread . read it full .

     
  15. tjtigers14

    tjtigers14 Jr. VIP Jr. VIP Premium Member

    Joined:
    Feb 7, 2012
    Messages:
    200
    Likes Received:
    84
    Occupation:
    making money
    Location:
    Metro Detroit
    I believe he meant: "How do you know that very few BHWers have achieved that level of success"

    Thank you for the advice everyone, I am going to seek an accountant out ASAP. I wish I had sooner but I didn't expect this level of success 2 months ago and haven't worked in 2 months due to personal issues. Now it's time to get back on the saddle.
     
    • Thanks Thanks x 1
  16. WorkHardL0veLife

    WorkHardL0veLife Regular Member

    Joined:
    Mar 14, 2011
    Messages:
    219
    Likes Received:
    423
    You really think it's a large number of members on this forum breaking 100k + a year in revenue from Internet Marketing? I'd say its not even 1%.
     
    • Thanks Thanks x 1
  17. Nigel Farage

    Nigel Farage BANNED BANNED

    Joined:
    Feb 8, 2012
    Messages:
    563
    Likes Received:
    1,495
    That's a BRILLIANT idea. Rep+. BTW, is "JGF213" your inmate ID#?

    ZING !!!!

    Pretty much accepted common knowledge. I've seen the comment before and it never gets challenged. I thin income here runs the gamut from very little but consistent to one-off major scores to big-time regular income. The more money you make, the less you want to publicize it. OP is going to have to trouble trying to persuade the IRS that he only made $24,534.88 last year. If he's a member of an organization that has the word "patriot" in it, they are going to audit him no matter what he does.
     
Thread Status:
Not open for further replies.