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5
Questions
1
Hi folks,
For those of you in the US, how/when do you report earnings from affiliate marketing, for tax purposes? I currently have one website that started producing som
You would still need to seek out professional advice.
IRS form W-9 I believe
https://www.irs.gov/forms-pubs/about-form-w-9
https://affiliatewp.com/be-prepared-for-upcoming-us-tax-reporting-deadlines/
(foreign individuals and businesses)
https://www.investopedia.com/terms/w/w8form.asp
Resource What do affiliates normally do about tax?
See more comments
Can you share your approach to doing taxes?
Hi folks,
For those of you in the US, how/when do you report earnings from affiliate marketing, for tax purposes? I currently have one website that started producing som
To expand on the great advice already given, when you see the professional you need to possibly be aware of this and make them aware of this.
If you have been receiving royalties to your PayPal account from a company who issues you a 1099, under the latest tax law payPal must also be issuing a 1099, in effect creating 2 separate 1099's for the same money.
I have book royalties this is going to be a problem for me on, and I'm unsure as of yet what the solution is.
Thank you Jason for contributing your advice! I am not receiving royalties, only affiliate commissions paid to me through direct deposit, so it looks like I may have avoided that potential complication for time being. Best of success getting your solution sorted out, I am definitely looking to get mine addressed while I'm still early in my earnings!
My understanding is the affiliate commissions (in the U.S.) require the companies to issue a 1099.
https://sidehustleacademy.com/is-affiliate-marketing-taxable/
So any who aren't direct deposit and instead pay via PayPal will result in duplicate submissions to the IRS from both companies. I've spoken with Kyle about this, since WA pays via PayPal and I might try being an affiliate with them. He told me that they offer the option here of wire transfer for balances larger than 1000.00.
Thanks so much for the well wishes, and if you have time perhaps after you meet with your tax professional you can share what they offer as a solution.
I've done my own taxes for years and have been up in the air for the upcoming season due to this tax law change. I'm sure there are many like myself uncertain how to proceed. Probably would be a great post for anyone in the tax niche, lol.
Best of luck to you moving forward. I love that you're already proactive planning ahead. I see great things for you due to such due diligence. :)
Thank you - I will be sure to inquire about the 1099 when I get a chance to speak with the tax professional. And that's a good idea, I'll come back and give an update here once I have some answers to my specific situation. I know this topic of taxes can be a big deterrent for many looking to create their own business (as it has been for me), so I'll pass along whatever info I can!
You would still need to seek out professional advice.
IRS form W-9 I believe
https://www.irs.gov/forms-pubs/about-form-w-9
https://affiliatewp.com/be-prepared-for-upcoming-us-tax-reporting-deadlines/
(foreign individuals and businesses)
https://www.investopedia.com/terms/w/w8form.asp
Resource What do affiliates normally do about tax?
See more comments
To expand on the great advice already given, when you see the professional you need to possibly be aware of this and make them aware of this.
If you have been receiving royalties to your PayPal account from a company who issues you a 1099, under the latest tax law payPal must also be issuing a 1099, in effect creating 2 separate 1099's for the same money.
I have book royalties this is going to be a problem for me on, and I'm unsure as of yet what the solution is.
Thank you Jason for contributing your advice! I am not receiving royalties, only affiliate commissions paid to me through direct deposit, so it looks like I may have avoided that potential complication for time being. Best of success getting your solution sorted out, I am definitely looking to get mine addressed while I'm still early in my earnings!
My understanding is the affiliate commissions (in the U.S.) require the companies to issue a 1099.
https://sidehustleacademy.com/is-affiliate-marketing-taxable/
So any who aren't direct deposit and instead pay via PayPal will result in duplicate submissions to the IRS from both companies. I've spoken with Kyle about this, since WA pays via PayPal and I might try being an affiliate with them. He told me that they offer the option here of wire transfer for balances larger than 1000.00.
Thanks so much for the well wishes, and if you have time perhaps after you meet with your tax professional you can share what they offer as a solution.
I've done my own taxes for years and have been up in the air for the upcoming season due to this tax law change. I'm sure there are many like myself uncertain how to proceed. Probably would be a great post for anyone in the tax niche, lol.
Best of luck to you moving forward. I love that you're already proactive planning ahead. I see great things for you due to such due diligence. :)
Thank you - I will be sure to inquire about the 1099 when I get a chance to speak with the tax professional. And that's a good idea, I'll come back and give an update here once I have some answers to my specific situation. I know this topic of taxes can be a big deterrent for many looking to create their own business (as it has been for me), so I'll pass along whatever info I can!