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Worth Reading

Ask an Accountant: Reporting Affiliate Income Under $600

by Dana Zeliff on September 10, 20112011-09-10
in Worth Reading

Disclosure: This post may contain an affiliate link.

Thanks to Mom on Dealz for sharing her series, Ask an Accountant!  Sharon is married to an experienced accountant.  Although tax season is over, tax questions arise year round.

Question:
I am a blogger who works with various affiliate companies and vendors. Is it true that if one of them pays me less than $600 a year then I don’t have to claim that income?

Answer:
No, that is not true. You have to claim everything you make. However, if you earn less than $600 from a company, they do not have to send you a 1099.  Basically the company is not required to report it but you still should.

*Please keep in mind this post is for informational purposes only and answers given are very general. Many things depend on individual circumstances. Please contact your personal accountant or financial advisor for your particular situation.

photo credit: austinpost.org

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Ask an Accountant: Paying Estimated Taxes

by Dana Zeliff on September 3, 20112011-09-03
in Worth Reading

Disclosure: This post may contain an affiliate link.


Thanks to Mom on Dealz for sharing her series, Ask an Accountant!  Sharon is married to an experienced accountant.  Although tax season is over, tax questions arise year round.

Question:
I have an at home business that has started making me a small amount of income. Should I be paying estimated taxes on what I am making?

Answer:
You need to pay in at least 90% of your prior year tax through withholding and estimated payments by January 15th. If your income is expected to be the same as last year and more than $150k, then you need to pay in at least 100% of last year’s tax. If your income is higher than last year and greater than $150k you must pay in 110% of last year’s tax by January 15th. Now is an excellent time to discuss year end taxes with your accountant.

*Please keep in mind this post is for informational purposes only and answers given are very general. Many things depend on individual circumstances. Please contact your personal accountant or financial advisor for your particular situation.

photo credit: austinpost.org

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Ask an Accountant: Claiming Blog Sponsorships

by Dana Zeliff on August 28, 20112011-08-28
in Worth Reading

Disclosure: This post may contain an affiliate link.


Thanks to Mom on Dealz for sharing her series, Ask an Accountant!  Sharon is married to an experienced accountant.  Although tax season is over, tax questions arise year round.

Question:
I am a blogger and frequently attend conferences. I accept sponsorship from companies for these conferences. How would these sponsorships be taxed?

Answer:

The sponsorship would be recorded as ‘Other Income’ and the costs related to the conference would be an written off as an expense. If the amount of the sponsorship and the amount of the conference were equal, there would be no taxable profit from the transaction. If the sponsorship did not cover the total expenses of the trip, there would be a net loss on the transaction. If the sponsorship exceeded the expenses of the trip the difference would be ordinary income(profit) and included in the Net Profit of the business, thus taxed at the appropriate income tax rate

*Please keep in mind this post is for informational purposes only and answers given are very general. Many things depend on individual circumstances. Please contact your personal accountant or financial advisor for your particular situation.

photo credit: austinpost.org

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Dating on a Dime: Anniversary on a Budget

by Dana Zeliff on August 27, 20112011-08-27
in Worth Reading

Disclosure: This post may contain an affiliate link.

Creating quality time in a marriage or with a significant other is imperative to the strength of a relationship.  But how to you stay on budget with everything else going on in your lives?  Living on Love and Cents & Madame Deals have put together a great article for this weeks Dating on a Dime series:

This week’s post is from Heather at Living on Love and Cents. She is talking about celebrating your anniversary on a budget.

Next week my husband and I will be celebrating our ninth wedding anniversary. This weekend we have a babysitter and will be celebrating. WOOHOO! This month was one that was tough on the budget. We didn’t have alot left for a big weekend trip out of town, So I had to get creative for our celebration. Usually we head to a small bed and breakfast somewhere.But this year we are doing something different!

This year we are having a stay-cation. We are heading to the beach, which is about an hour from our house. I will be packing a picnic basket with our favorites and a blanket. A nice relaxing evening eating and spending time on the beach sounds very romantic. Since we are close to home we can come home afterwards.

No matter where you live you can create a romantic stay-cation. There is no need to spend money on a hotel or long road trip. You can have a romantic evening and make moments to treasure without the added expenses. Cut costs on your date by staying close to home.

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Dating on a Dime: Memories

by Dana Zeliff on August 13, 20112011-08-13
in Worth Reading

Disclosure: This post may contain an affiliate link.

Creating quality time in a marriage or with a significant other is imperative to the strength of a relationship.  But how to you stay on budget with everything else going on in your lives?  Living on Love and Cents & Madame Deals have put together a great article for this weeks Dating on a Dime series:

This week Madame Deals is bringing us a great idea!

[Read more…]

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Dating on a Dime: Beach Picnic Under the Stars

by Dana Zeliff on August 7, 20112011-08-07
in Worth Reading

Disclosure: This post may contain an affiliate link.

 

Creating quality time in a marriage or with a significant other is imperative to the strength of a relationship.  But how to you stay on budget with everything else going on in your lives?  Living on Love and Cents & Madame Deals have put together a great article for this weeks Dating on a Dime series:

 

This week Madame Deals is bringing us a great idea!


[Read more…]

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Ask An Accountant: Purchasing Items for a New Business

by Dana Zeliff on August 6, 20112011-08-06
in Worth Reading

Disclosure: This post may contain an affiliate link.


Thanks to Mom on Dealz for sharing her series, Ask an Accountant!  Sharon is married to an experienced accountant.  Although tax season is over, tax questions arise year round.

Question
:
I am in the process of registering the blog as a business and wanted to know if I am going to be able to claim all of the stuff I have already purchased for it from the time I started or if I cannot start claiming until it is registered.

Answer:

If you are operating the blog as a business and your intent in purchasing the items was to have a blog as a business than yes. You can claim items purchased as long as they are solely for the business.

*Please keep in mind this post is for informational purposes only and answers given are very general. Many things depend on individual circumstances. Please contact your personal accountant or financial advisor for your particular situation
.

photo credit: austinpost.org

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About The Coupon Challenge

Hi! I'm Dana, the writer behind the scenes of The Coupon Challenge, a Hampton Roads, VA based coupon blog. I'm a wife and mother of 2. After getting out of debt we started using our savings to travel together as a family and create memories.

Are you looking for ways to save your family money? I strive to help you save on the products you need, so you can spend more on the things you want. Read More about Dana & Family

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