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Making 2k+ a month through a combination of Amazon/Adsense/Other Affiliates

Discussion in 'Business & Tax Advice' started by Dennyy, Sep 4, 2013.

  1. Dennyy

    Dennyy Regular Member

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    Hi there,

    I am hoping that someone can give me an insight of what I should do with the way I'm earning money online. Right now, I have a few websites that are making me a combined income of over 2 thousands a month Overall for the year of 2013, I have made a total of around 7 grand I believe, and I should be making at least 10 grand by the end of the year.

    My question is, what should I do in order to not be taxed so high? Should I call what I do online a "business" that is LLC or the likes?

    I'm not sure what else should be added, but please let me know if you guys need more info from me.

    Thank you so much, hope to hear any advice!
     
  2. Reyone

    Reyone Elite Member

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    The most reasonable thing - Go to a consultant and learn about it.
    Asking on a forum might not bring you the most precise answer.
     
  3. Terry913

    Terry913 Newbie

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    Hire an attorney/consultant for an hour and talk to him, he'll know what's best to do in your situation in your area.
     
  4. makinsales

    makinsales Regular Member

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    I agree that you should talk to a tax advisor/cpa.

    But - I also think that this is a good place to ask what you're asking. ..Since most people on bhw that are making money have experience in this area.

    What I would say is - just keep track of everything.. You can write off a ton..
    If you buy links - write off
    If you pay for logo/web design/seo - write off
    hosting - write off
    etc..

    I file taxes as a sole proprietor, I've looked into LLC.. and for me it just didn't make sense at the time.
     
  5. cowboyhaze

    cowboyhaze Registered Member

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    You can write off part of your house/apartment if you work at home.
     
  6. imaginos

    imaginos Junior Member

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    Other than talking to a good CPA, reading books of 'Rich Dad Poor Dad' series is good as well.
    The books have good tax advice here and there.
    According to the author (I tend to agree with him), sometimes it's more important to take care of tax skillfully and legally rather than just working hard and being ignorant of tax system.
     
  7. Ming the Merciless

    Ming the Merciless Jr. VIP Jr. VIP Premium Member

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    Can you write off things like proxies and purchasing accounts (think: FB, YouTube, etc.)? I was wondering about this. If you were audited, wouldn't they question why you need these type of things?
     
  8. makinsales

    makinsales Regular Member

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    Yes you can write them off - as long as they are for your business.
    Just keep receipts.
    If you use paypal to pay for proxies/links/fb/youtube - print paypal confirmation or receipt etc..
    When someone sells you FB accounts - the invoice or receipt that you get won't say "Facebook Accounts"
     
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