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Welcome to Part 6 of the Filing as a Series!

This series will go through tax season and will cover tax preparation for different life stages and occupations.

I will cover types of income, tax deductions, tax credits, filing requirements, new tax law impacts, tax tips, tax forms, how to file and preparation costs for life stages and occupations. Check out the whole series. 

Occupation

Blogger/Influencer

Tax Due Date

Apirl 15th

Tax Form

Form 1040.  Schedule C. 

This is the most common way for Bloggers to report their income.  If your blogging business is set up as an LLC you are still able to report your income on Schedule C.  When you get an EIN from the IRS, you would choose single member LLC/ disregarded entity. 

You can also choose to file as an entity- C Corporation, S Corporation, or Partnership. This is for more established businesses and is not necessary for most. If you chose to go this route I would definitely consult with an accountant. 

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Hobby???

The IRS wants to know if you are running your blog as a business or hobby. Are you in this to make a profit? How much time are you investing? Can you reasonably make a profit in this business in the future? 

The easiest way to show this is by making a profit! 

If this is not a business venture for you then your expenses are nondeductible. 

Income Types

Income from ads, ecourse, affliates, sponsorship and the like. Reported on a Form 1099 if over $600.  Even if you do not get a 1099 for a source of income, you are still required to report it on your tax return.

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Form 1099: This will report your self-employment income, interest, dividends and more. Side hustling? You will get one of these from any source you earn income from. So again, keep this sucker! Don’t lose it.  A copy of this is sent to the IRS. Soo it is very important that you report this on your Form 1040.

Get your biggest tax refund guaranteed with TurboTax. The #1 best selling tax software. Start for free.

TurboTax Self-Employed. Every deduction found. Every dollar you deserve. Start for Free.

Tax Deductions

You are able to deduct expenses that are ordinary and necessary in your profession.  For example, advertising, office supplies, software, training, and subscriptions. 

Definitly things like: 

TurboTax or E-file.comyes! you can deduct tax prep fees paid in 2018

FreshBooks – accounting software

LLC registration

ConvertKit

Tailwind

Siteground

New Tax Law Impacts

There have been soo many tax law changes this year. Lets just talk about the two changes that will impact you as a blogger.

Entertainment expenses are no longer deductible 

There is a new deduction that allows you to deduct 20% of your income from qualified business income.  This deduction is called the Section 199A qualified business income deduction. There are a ton of limitations and qualifications for this deduction.   Tax software like TurboTax will help you with this deduction!

Web Hosting

Self-employment tax

Self-employment tax will be assessed on your blog income.  This tax is paid on your personal return (Form 1040). You’ll need to put aside at least 15% of your net income to pay for self-employment tax.  This tax must be paid- regardless if you pay federal income tax. Meaning you cannot use credits or deductions against this tax. 

TurboTax Self-Employed. Every deduction found. Every dollar you deserve. Start for Free.

Tips

Tax Preparation

Preparation Cost

$100-$200 for self preparation

TurboTax has a Self-Employment version of their software that you will wanna use. This is their top tier version of their software so get all the benefits of their other versions. It has searches for industry specific expenses and is designed for taxpayers like you! You can check out the price here.

Remember you will also have to buy the state package as well, which is another $39.99.  

TurboTax Self-Employed. Every deduction found. Every dollar you deserve. Start for Free.

E-file.com has a Premium Plus version of their software that you will wanna use. This is their top tier version of their software so get all the benefits of their other versions. This software is typically cheaper than TurboTax. You can check out the price here.

Remember you will also have to buy the state package as well, which is another $25– use this link to save $6.  

$100-$700 for hiring a tax preparer

This will depend on your tax return complexity, location and type of tax preparer you hire. 

Thats it!

Well kinda. Enough to make you bored at least!

There is so much more to talk about but I tried to avoid the nitty gritty here! Stay tuned for my workshop you’re interested in learning more. Send me your email below 🙂

Also check out my post on filing as a college student, single adult, couple or parent for more tax tips!

Thank you for stopping by and checking out my Filing as a Series. I sincerely hope you learned something new! Let me know what you think 🙂

Coming Soon…filing as a ->

  • Fitness Instructor
  • Multilevel Marketing Consultant
  • Homesteader

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If you would like to know when the next post is released – sign up below and I will shoot you an email ->


This blog is for informational purposes only. This is not intended to be personalized tax, legal or accounting advice.  You should always receive tax advice from someone who is familiar with your unique situation

Want more tax tips – check out my free tax cheat sheets!


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