<br/> <br/> <br/><br/>Any dollars made as a result of your Internet Marketing work counts as income. The IRS needs to be aware of that income and it is something on which you should pay taxes. Sadly, making income online is not tax-free. Don't trust any person who attempts to inform you anything that is different. After all, you do not need to get into trouble with the IRS do you? There are generally few things worse than getting audited! If you have not ever had to take care of your personal taxes before, it can be really confusing to have to deal with your own income, expenditures and what you owe. Here are a number of things that will help you.<br/><br/>You need to make sure that you hold very careful files of the amount of money you make. Make sure the records have lots of details. Record each payment that you get, whom paid it to you and what exactly the payment is for. Be certain to add the particular date as well. You can easily keep these details in a home accounting software like QuickBooks or in a technique you come up with on your own. For some people, a simple Excel spreadsheet works the best. Do not just toss out these types of records after you've filed your taxes. You should keep them available for no less than a few years just in case someone from the IRS wants to see them. Some say that, after three years, if you haven't yet been audited you should be okay, but check with the local tax rules of your state.<br/><br/>Keep all your invoices and receipts for each penny you spend. In Internet Marketing, many http://www.bna.com/april-2014-accounting-b17179890141/ items can be business relevant deductions. Website managing expenses, to work with one example, can generally be claimed on your taxes. The dollars you spend on office items is frequently also deductible. Do you go to meetings? You could be able to deduct some of your travel costs as well as the cost of the conference itself. Sometimes even some of the money you place toward your internet bill might be deducted as well. It is vital to hold records and duplicates of all of your receipts and payments so that you can prove what you have spent.<br/><br/>Pay taxes throughout the entire year. Internet Marketing is commercially deemed freelance work and freelancers often pay their taxes quarterly so that, when the end of the year arrives, they do not owe as much. A fine rule of thumb is 30% of your earnings for that quarter. There is also a system in position now that lets freelancers pay toward their taxes every month. Keep track of just how much you pay. When you file your yearly tax forms, if you have inadvertently paid too much into the system, you will be given a refund for what you have overpaid!<br/><br/>There are a lot of methods to help make tax time easier when you work in the IM market. The IRS web page is full of valuable tips that you can use to make your book keeping and tax preparation tasks easier. If you will have the money you might look at using the services of an accountant to take care of everything for you.