Taxes For Online Businesses Made Easy
Learn the easy way to prepare your taxes for online creators, affiliates and eCommerce entrepreneurs! This video reveals my simple system to prepare my taxes as an internet entrepreneur that only takes a couple hours per year!
In this video I mention my "Do You Need an LLC to Start Making Money Online" video which you can watch here: • Do You Need An LLC To ...
First you'll learn the differences in tax requirements for entrepreneurs vs. employees. This will help you understand what is required from you so you can hit all of the required deadlines.
Second, you'll learn my exact tax prep processes and you'll learn the tax software you can use to make this entire process of preparing your taxes easier every year.
Finally, you'll learn how to grow a small team of professionals who can help you manage your taxes every year that will save you countless hours of headaches compared to doing everything yourself.
Taxes isn't exactly a 'fun' topic but it is something that all online entrepreneurs need to deal with.
So learn how to make your tax preparation easy in this video.
Here are the timestamps for chapters:
0:00 Intro to taxes for online businesses
0:22 The 3 keys to making your tax prep easy
0:56 Tax differences between employees vs. entrepreneurs
1:50 Tax forms you'll need as an online entrepreneur
2:16 Differences between ad revenue vs. affiliate income or selling products
3:06 Required tax payments for online entrepreneurs explained
3:48 Tax deductions for creators, affiliates & side hustles
4:44 How internet entrepreneurs pay fewer taxes than employees
5:59 These tricks will save you dozens of hours in tax prep each year
7:48 How to use cash back credit cards to earn money and help your tax prep
8:40 This one tool will save you hours of headaches each year
10:21 What documents do you need each year to file your taxes
10:45 Growing your tax team to maximize deductions and minimize time spent
13:30 How to find a great local CPA who understands home-based businesses
14:46 The keys to remember when preparing your taxes as an online entrepreneur
Пікірлер: 21
I can relate to those times of frantically compiling expense reports before the 15th 😆... Awesome breakdown - just shared this with our list! Not the fun part, but needed.
@MilesB
3 ай бұрын
I appreciate that!
This is a super important topic that most content creators never talk about. It’s so key to understand your profit margin as well as your tax obligations.
@MilesB
4 ай бұрын
I totally agree. Not a 'viral' topic but a needed one. Thanks for the comment, Kareen!
@KareenKircher
4 ай бұрын
@@MilesB thank you for placing value above vitality.
Miles, thanks for sharing! Taxes are never spoken of by entrepreneurs on the "Tube."I have made several inquiries on this subject from affiliate communities, but everyone always says they don't give out tax advice talk to a professional. Telling others what you do , is not tax advice. Once again thanks for sharing what you do when tax time comes around yearly.
@MilesB
3 ай бұрын
My pleasure!
Great information, Miles! Just in Time Too. Tax Time. Love this kind of how-to content, 'the Business' side of a home based business.
@MilesB
3 ай бұрын
Cheers Mark!
Not making money yet but watched anyway, liked and commented to support the channel because I love your content!!
Thanks Miles. Great topic and very timely.
@MilesB
4 ай бұрын
My pleasure!
Thanks, Miles. 🙏 I've had good results using tax prep websites to file along with them showing which business deductions to take as a sole proprietor. Love that you mentioned how to keep everything organized throughout the year. And appreciate how you're dedicated to helping your audience. 💛💛✨
@MilesB
4 ай бұрын
Cheers Brenda! Thanks for the comment
An underappreciated part of making money online or as a business in general.
@MilesB
4 ай бұрын
100%
One day my son will be born. The moment he asks me about online business and internet marketing is the moment he'll learn about Miles Beckler.
@MilesB
3 ай бұрын
Cheers Anthony!
Really appreciate this! In the UK we have a similar structure Limited Companies, LLC and sole trader (self employed). The tax structure and benefits are different depending on how you setup. Question: Do you have a tax wrapper in the form of a financial product, where you can have a certain amount of money per year shield against tax? We have products here in the UK.
@MilesB
4 ай бұрын
Absolutely! Several tax advantaged ways to invest and get a write off through IRAs and 401ks for business owners in the US!
Hey miles I just have a quick question , I currently have an affiliate marketing blog and I advertise lot’s of different products. However, these products fluctuate lot’s in value and it’s hard to keep up to date with the prices and availability of the items. Do you have any suggestions? Thanks miles.