Got tax questions about your online biz?

Attention coaches, eBay sellers, affiliate marketers, and other online business owners…

• As an online business owner, do you know what your tax responsibilities are?
• Did you know that as an online business owner, you can save money on your taxes by deducting expenses? Do you know which type of items qualify for these
  deductions?
• Do you want to learn how to pay fewer taxes and keep more of your profits?

Announcing a new ebook & audio program… ‘Your Top Online Biz Tax Questions Answered’!

Someone recently asked me what they could do now to make tax time easier for this upcoming tax season.

The best thing you can do is to think about taxes before then year ends.  Most people wait until the tax filing deadline before they ask how they can reduce their income taxes.  Unfortunately, once 2007 ends, there’s very little you can do to minimize your taxes for 2007. 

To start your tax planning, you should review your income, deductions and withholdings before the year ends.  Which means you need to get your bookkeeping caught up!  You should use a software program, such as QuickBooks, Quicken Home and Business, or spreadsheets to keep track of your income and expenses for your business.

If you have your own business, then you’re probably aware that the third quarter tax estimate is due very soon (Sept 17).

If you just started your business, you may not be aware of how tax estimates work.

Basically, in the United States, we operate on a pay-as-you-go tax system.  That means you pay taxes as you earn income throughout the year.

If you are an employee, you pay taxes through withholding.  If you are self employed, you pay taxes by making estimated tax payments.