Should bloggers file for taxes ?
Unfortunately, once you start receiving income from your blog, it becomes a small business.You are considered in the eyes of the government a self employed. Keep in mind that full-time bloggers are not the only ones who should file taxes. Income can be anything from affiliate links, gift cards from brands, adsense , your network income (if you are with one), sponsored posts, collaboration with brands income and the list goes on…. Most of time when a brand pays you, they do not deduct taxes. Which means that you have to give Uncle Sam it’s share.
When bloggers file for taxes ?
According to Lisette from Northern belle diaries , if your net income for the year exceeds $400 then you must file taxes.This applies only to the US bloggers. Canadians and every country have different policies. Check out her full post about how to track your blog income and expenses. She even has an excel sheet ready for you to download. Because blogging is new a thing, there aren’t many resources out there. I know this is not the type of post you read around here, but I thought maybe the resources I found could help someone out there.
Don’t forget these often overlooked tax deductions for bloggers: 40 Tax Deductions Bloggers Miss