Do You Make Money Online?
Or do you make money by working from home as an independent contractor? If you do and you’re a United States citizen, you might be in for a nasty tax surprise. Read on to see what it is and how to avoid it.
Telecommuters Pay 7.5% More—Automatically
If you’re earning money online through paid surveys or blogging or affiliate marketing or following telecommuting job leads, your tax bill most likely just jumped by at least 7.5% of earnings.
Why? Because when you work for someone else, your employer pays half of your Social Security tax. When you’re a telecommuter/independent contractor, you pay all of it. Even if you only make $100 per month, that’s $1,200 dollars additional income that you’ll have to pay taxes on. Just one of the taxes on that money, the Social Security tax, comes to $169. If you make more, you’ll have to come up with even more when you file your tax return.
Believe me, it bites to fill out your tax forms and realize you owe the IRS hundreds of dollars, or more. It happens to telecommuters because they don’t fully understand the tax implications of their situation and because they don’t know how to avoid it.
To Lower the Tax You Pay in 2009, Start Today
Another mistake telecommuters make is not thinking about taxes until February through March of the year. But by that time it’s too late to do anything to help yourself! If you want to avoid paying too much, the time to get started is now. You need to educate yourself, and I’ve Tried That is here to help.
Tax Tips for the Self Employed
We’re proud to present Tax Tips for Telecommuters, the first of a series of practical reports designed for our readers and anyone else who makes money as a non-employee (click here for a larger image. It’s no more legible, alas.). This 12-page report will teach you the basics you need to know so that you can avoid that unpleasant surprise next April 15. You’ll learn:
- Why your tax is higher
- What you can do about it (yes, legally!)
- Some basic deductions
- How your self employed income works with the rest of your return
But Taxes Are Scary!
Yeah, and so were monsters under the bed before you learned the truth that made them non-scary. It’s the same thing with taxes: you just need information. This report gives you the basic truth about working for yourself, starting from the first question you need to ask yourself: “Am I an employee or a contractor?”
It’s so easy to read and explains the steps so clearly that anyone can understand it. I’m 100% certain that if you don’t already know how to handle taxes as a telecommuter, our report will save you money, easily making up for the $9.95 purchase price.
Who Needs This Report?
We’re always straight with you here at I’ve Tried That. Not everyone can benefit from Tax Tips for Telecommuters. You need the report only if all of the following apply:
- You make more than $400 per year from non-employee sources (including making money online)
- You don’t understand why and how being a telecommuter matters to your taxes
- You have never filed a Schedule C or Schedule SE
- You don’t know what’s deductible or how deductions can help you
Who Does Not Need This Report?
Tax Tips for Telecommuters has nothing to offer you if:
- You already know a lot about Schedule C and the whole self employed tax thing
- You are dead
- You make less than $400 per year in non-employee income
- You are not an American citizen
- You are an anarchist who never intends to pay income taxes
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