James Burt’s latest ‘e-Wealth Daily’ article is titled “One Part of Your Info Marketing Business Best Left to the Pros”. [‘e-Wealth Daily’ Article]


James Burt’s latest ‘e-Wealth Daily’ article:

One Part of Your Info Marketing Business Best Left to the Pros

It’s only February, but now is the time to start preparing for tax time.

The Beatles wrote songs about them, business people dread them, and often people go to jail because they didn’t pay them. Taxes — a one-syllable, plural word that is never read or heard of with any exuberance by anyone in any walk of life.

The truth is that taxes don’t necessarily have to be that brutal. They are really just another part of the yearly rituals just about everybody, info marketers or otherwise, have to attend to. It’s not fun paying them and most people aren’t always satisfied with the returns they get. But taxes are some thing you can prep for.

But you might want to get some help. I always recommend that info marketers get someone to help them. A good accountant, tax attorney or tax advisor can help you immensely, especially in your first tax filing year. Before you go looking for someone to help you with your taxes, here are some guidelines I recommend:

— Get out the records: I have mentioned the importance of keeping organized personal records in the past and now I can tell you why. When it comes to March or April and tax time rolls in, you have to be ready to account for everything that has been relative to your business in order to determine what taxes you will or will not pay. This includes all bills you have issued clients, all receipts you have kept from business expenditures, and all any other proof of financial interaction that is relevant to your business. Take some time and go through those wads of white paper and get all your info marketing bills together, putting them in chronological order.

— Get the expense reports, too: Most people think that since info marketers operate with so little, there is almost nothing, if nothing at all, to credit yourself on your tax form in order to get a deduction. Unlike a carpenter or other contracting pro who can write off a whole list of tools they have bought themselves. However, don’t pass up any possibilities to do so. Did you get a computer update or buy a new laptop that you use as part of your business? How about travel as part of your business? These can be considered as “relative business expenditures” and your accountant might know how you can use them to your advantage at tax time.

— Get a real pro to help you: At e-Wealth Daily, our in-house accountant is fantastic. His records are completely organized and his tips on tax filings have been invaluable time and again. While we can’t loan him out to you, there are others like him and I recommend getting a great accountant for your filing procedure. Take recommendations from associates or do some investigating, as you need one with a good track record. While you might be skilled in filing your own taxes by yourself, I would suggest getting an accountant for at least one fiscal year who knows all the ins and outs of filing taxes for self-employed professionals. A good tax attorney for consultation never hurts, either, just get a price quote beforehand.

— See what options lie ahead: Since you are now a self- employed pro and this may be your first time filing as one, take good notes from whatever tax advisor you get. You might learn of a new government tax break for entrepreneurs or your advisor might suggest ways of keeping your records better and in such a way that you can be guaranteed a return. Learn everything you can. The road ahead will be much easier.

Taxes usually bring about feelings of dread and anger in most people every year. Let’s face it: it’s just not fun. But, in my books, it’s just best to deal with it. The good news is that you can get help and that, if get the same professional help that you expect of yourself and your info marketing business, taxes truly can be a walk in the park for you.

e-Wealth Daily

About e-Wealth Daily

The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.

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