'Affiliate Marketing'
- What You NEED To Know.
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Read the amazing true story of how one woman, with no
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Self help guide on how to make money by promoting affiliate programs via pay per click search engines, such as Google AdWords and Overture
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Skip The Internet Marketing Learning Curve In Instant And Learn From The Pros with "The Website Marketing Bible!
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The-rich-jerk - Get Your Roadmap to Riches. 100% Guaranteed. Act Now & Dream Big!
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Accounting for Affiliate Marketers
Author: Charles Waters
If you are an affiliate marketer, then you are in business. Therefore, you should treat it like a business. Keep in mind that Linkshare, Clickbank, Commission Junction and all the other affiliate marketplaces are going to report your earnings to the IRS.
Each of them requires that you provide a Social Security Number or EIN number when you apply with them. These numbers are used to report your earnings. At the end of the year, you'll receive a 1099 form which is the IRS earnings document given to Independent Contractors.
Since you have to pay taxes on your income, you should take care to make sure that your income is properly calculate. Remember, gross adjusted income is going to be the total amount that you earned - your expenses. For this reason, you really need to keep track of all of your affiliate marketing expenses.
Keep receipts and track all the following:
* Web Hosting Costs
* Affiliate marketing tools (such as your WordTracker membership fees, the cost of products like Adwords Analyzer, etc.)
* Any PPC advertising that you purchase.
Don't do as I have been prone to do and wait til the end of the year before you start putting these numbers together. You'll forget many and you won't be able to gain access to others.
For example, with PPC advertising, Google seems to keep records online forever. Great. But Overture only keeps the last 90 days and you can't - I repeat - You CAN'T get those records older than 90 days. (Ask me how I know :(
Getting receipts means that you'll have to think ahead. When you buy something online, print the receipt page. When you subscribe to a service that may pull a fee from your checking account or credit card account on a monthly basis, make sure to opt in to any e-mail notification of transactions that you might be able to get.
Print everything out and put it in a folder for that years tax records. You won't regret it when tax season comes along.
You will also get a much better picture of how much money you're earning. I think a lot of affiliate marketers brag about their checks, but conveniently forget that out of the $10,000.00 they earned last month, they spent $8,000.00 for PPC advertising, $27.00 for Wordtracker, $100.00 for their web host, ect, etc, reducing their actual profit to enough to buy some bubble gum.
There's great software that makes all of this easier of course. Quicken or MS Money Home and Business editions or PeachTree accounting would all make the whole process of tracking these numbers much less painful.
Finally, there are real benefits (and some costs) to incorporating yourself. Incorporating changes the tax rules and create scenarios that let you put more of your profit into your pocket. They also help to shield you from liability. I'm not a lawyer, so I'd recommend talking to an tax law lawyer. I incorporated in Florida and the entire expense was about $495.00.
About the Author
Charles Waters discovered the wonderful world of affiliate marketing in 2003 and has never looked back. Today, he operates several successful money making web pages, including The Affiliates Home.
Article Keywords:
'Affiliate Marketing'
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As you may know, I have a very deep passion for Affiliate Marketing. In
fact, this website is a true labor of love for me.
As publisher, one my many duties is to review the many books, programs,
ebooks, and courses about Affiliate Marketing that are on the
market today. I’ll be honest with you. Most of
them are garbage. (Although I do strongly recommend the programs
in the “Must Have” box to the left).
But, let me tell you, when I came upon the following headline,
I new I found a winner…
"Earning Extra Income With Affiliate Marketing –
Having
Your Cake and Eating it Too!”
Now, the reason I knew it was a winner was because of the name behind
the headline. James Martell.
Many consider James to be
one of the true geniuses in our field. I have a lot of respect
for him, and I
urge you to drop what you are doing right now and read this.
I’m going to leave this note up for a few days, but will probably
take it down soon, so if you are interested in saving a few bucks,
go
here now.
Talk to you soon!
-Bob
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