Don’t Worry, Be Happy!

Most people in the self-employed world tend to be more conservative about what they deduct in the way of business expenses. (I said most.) It’s good to have someone in the know to share these things and make you feel more comfortable about what you’re doing.

Back in September, Kelly Phillips Erb from Tax Girl wrote a guest post on Problogger.net and offered:

46 Tax Deductions that Bloggers Often Overlook

Figuring out what constitutes income in the blogging world is pretty easy. But what constitutes a proper deduction is another story – and bloggers usually err on the side of not deducting enough (and not the other way around).

Don’t get caught leaving money on the table. Here’s a list of potential deductions that you might have overlooked. Consider:

  1. Monthly Hosting Fees
  2. Annual Domain Costs
  3. Design/Logo Fees…

…Now you have to go here to get the rest of the article and Kelly’s (the Tax Girl’s) disclaimer… and to keep me from being on the wrong end of their ire! Besides, the comments are full of even more useful information and idea sharing!

There are 43 other items on that list so you have to go see it and print it or bookmark it or whatever! These guys don’t need any help from me from a link-love standpoint, but in the interest of my tax-paying, American readers, I’m sending you guys there to see for yourselves!

I thought this was a wonderful post and have been sitting on it since September. It is interesting to note that a lot of these deductible expenses are applicable to just about any line of business, provided they aren’t Blog specific. April 15th is creeping up on us quickly, just like it does every year, so I thought I would do my blog-specific, civic duty. If all else fails, call the IRS and ask them!

Garran, if you’re still there, and anyone else who’s interested, the Tax Girl addresses the AMT (Alternative Minimum Tax) issue as well.

Or, you can do what I do every year — depend on TurboTax! They will walk you through your return (self-employed or not) and answer questions for you and keep you informed about changes in the Tax Laws that may or may not apply to you!

TurboTax is Easy, Free Edition, Fast Refund

The beauty of taking the TurboTax route is that they hold on to your information from year to year so you can refer back to it while you’re there and as you complete your current-year return. My biggest suggestion… DO NOT FORGET YOUR PASSWORD!

They will keep your return, but not your login information. It’s part of their security. If you forget it, it’s gone. So don’t forget it!

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