You’re a blogger. Not an accountant, right? But the IRS doesn’t count that or an excuse like “I didn’t know” as viable when it comes to your blog and how you handle bookkeeping and tax documentation.
We get the fact that you’re busing writing, promoting, and connecting so here’s what we’d recommend when it comes to bookkeeping, taxes and then financial ins and outs for your blog.
Keep Receipts. At the very least find a large file folder or envelope and stash receipts from blog purchases there. Take it a little further and enter your receipts into a basic spreadsheet, include the date, to whom, and for what. If you’ve got multiple items on the receipt you may want to itemize it on your spreadsheet.
Create a System. If you’re not making a lot of money from your blog it may seem trivial, but it’s a good idea to put a system in place for bookkeeping and paying yourself and any employees you may have. Decide up front what percentage you’ll take home each month, and make sure to save out the appropriate amounts for taxes as well as investing money back into your business.
Set Up a Budget. This is part of the system we mentioned above. It’s hard to manage money, especially when you don’t keep on top of reoccurring expenses, like your blog hosting and renewing domain names or you forget to set some of your income aside to pay quarterly taxes. Budgets help with all that. You can go old school and use a piece of paper or a spreadsheet on your computer or try out a simple app – this one works well and is simple to use.
Bring in an Expert. If you’re really looking to be profitable it might be time to consider bringing in the experts. An accountant will save you hours when it comes to filing taxes and they can advise you on what you can and cannot write off. If you’re needing more than an advisor, consider hiring that expert to complete and file your state and federal taxes or even reconcile your accounts and provide you with a monthly report. Bringing in an expert will provide you with peace of mind, extra time, and hopefully save you a few dollars!
Here at Vyde we’ll do your bookkeeping and taxes and you won’t have to hardly lift a finger. Vyde clients simply upload their receipts and bank statements and we’ll take care of the rest – that way you’ll have more time to focus on what you do best!
It might seem like extra work up front, but following these 4 steps will keep you and your blog fiscally fit and save time in the log run so you’re not buried in piles of receipts and tax forms.
To learn more about accounting for bloggers, visit these posts:
Top 20 Items Bloggers can Deduct on their Taxes
Is My Blog a Business or a Hobby?
How Do I Legally Operate a Contest or Giveaway on My Blog?
3 Tips to Increase Blog Profits
How Do I Pay My Blog Employees?
Can I Pay My Family For Their Help?
Can I Deduct Conference Registration Fees, Travel, and Meals?
