So you blog, and you make a little money doing it. It's official. You're self-employed (and in great company, I might ad).
What does that mean for your taxes? Deductions, of course. Here are some expenses you may be able to deduct:
- Office supplies like stamps, printer paper, business cards, etc. that I use for promotion
- Hosting and domain-related expenses
- Advertising costs
- Premium or "charter" memberships at websites like Photobucket and Flickr
- Stock photo expenses
- Travel-related expenses for blogging conferences (see the IRS guide below for more info)
- Magazine subscriptions, journals and books you purchase for research
- Cost of trademarking your domain name / blog name
- The portion of internet costs you use for business (see the IRS guide below for more info)
- Home office deduction (see the IRS guide below for more info)
- Computer equipment that you use expressly for blogging (and any repairs made to the equipment)
- Expenses related to giveaways: shipping, any prizes you purchased, etc.
- State income taxes and other taxes (see the IRS guide below for more info)
- Blogging and Uncle Sam (Make Estimated Tax Payments) @ BlogCoach.org
- 7 Things that Every Blogger Should Know about Tax @ProBlogger
- Bloggers, Designers and Inventors: Three Ways to Expand Business Deductions @ June Walker
- There are also a ton of great reference books about small business taxes. I'm a fan of the "For Dummies" books (don't laugh!). Check your library!
Disclaimer: The above post should not be construed as tax advice. I'm not a tax professional. Nor do I play one on TV.