taxes as a affiliate

[normanbaites]

i assume we need to pay taxes right?... any pointers on how to go about this,...getting a federal tax id etc.

[RikaKazak]

Since I cash out affiliate stuff to neteller, and I use neteller for my poker winnings, I just pay "affiliate money" taxes just like they were poker winnings.

[rt1]

get a lawyer and accountant.... little late to be asking this question?

[morgant]

you may be missing a lot of deductions that you incurred in generating the affiliate income, like your computer, advertising, etc.......

[Nicholasp27]

u can do it as a sole proprietorship and not get a fed tax id

just fill out the Schedule C when doing your taxes; be sure to deduct internet service bill, computer, desk, % of apt/home being used for office, mileage if u do offline advertising, marketing materials cost, etc etc

[RikaKazak]

[ QUOTE ]
u can do it as a sole proprietorship and not get a fed tax id

just fill out the Schedule C when doing your taxes; be sure to deduct internet service bill, computer, desk, % of apt/home being used for office, mileage if u do offline advertising, marketing materials cost, etc etc

[/ QUOTE ]

Make sure you only deduct if it's 100% for the business. If you use your "office" as an "affiliate workplace" a computer gaming center, a place to watch DVD's then you can't take the deduction. (hope that makes sense, but overall, I recomend talking to a GOOD CPA, not some H&R Block person)