Dreading Tax Season

Every year around this time, I start getting nervous. The fear of getting audited constantly crosses my mind. No accountants around me have a clue about internet marketing. It really is a special niche that most have zero experience with. This is the conversation I had with the last 3 places I called:

ME: Hi, I’m looking to chat with someone experienced with internet marketing income to help me with my taxes.
ACCOUNTANT: ohh, so you run a store?
ME: No, I get paid 1099-misc by many 3rd parties for running their ads and marketing for them.
ACCOUNTANT: Wait, you make money without selling anything?
ME: Yes, I run ads for them on my forums, blogs, and other websites promoting their products, services, etc, of which I get a cut if there’s a sale or a click, depending on the type of ad.
ACCOUNTANT: So you don’t have an inventory?
ME: Thanks for your time.

While I’m sure they are smart with numbers, I simply can’t trust in good faith someone who doesn’t have a clue about the type of business I’m in to make the best business tax choices for me.

On top of all my web income and expenses, I also work W2 with a ‘real’ 9-5 type job. Then, there’s my 401k, my stocks that i’ve bought, sold, and earned dividends on, bank account interest, mortgage interest, my local/state income, property, and car taxes, the percent sq.ft of my dedicated office on my house that I get to write off for a business expense and so on and so forth. At the end of the day, my taxes suck.

To make matters worse, I have an ever-growing pile of tax forms on the floor of my home office.

Tax Forms

The worst part is that I’m still expecting a couple forms in the mail.

Do you dread Tax season as much as I do?

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5 Responses to Dreading Tax Season

  1. I dont see how it matters if the accountant has any idea as to your type of business as long as he knows how much you have earned and how much you have spent.

    I have 4 very different businesses and use the same accountant for all without any problems and pay minimum tax compared to my income.

    I would be more interested in ensuring your accountant is good at what he does and qualified.

  2. kolchak says:

    You are dead wrong Rob!

    In order for the accountant to do his or her job correctly, they need to understand fully the nature of doing business on the internet, specifically adsense, pubcenter, yahoo, etc.

    Far too many times have I sat down to meet with a new accountant only to end up being quizzed on how I can possibly make money and not sell anything, and always, no thinking outside the box!

    Find the right accountant and you can legally save a ton of money!

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  4. brian says:

    Well, it;s almost that time again… A few W2′s already came in, and i’m expecting a bunch more forms. *shiver*. I hate this time of year. :(

  5. Christoph says:

    Hi Brian,

    Saw the link to your blog from VBSEO. Thanks for the help over there. Yeah, tax season is here. I got the same situation as you do. W2, 1099′s, IRA, 401K – the whole enchilada. Still missing some 1099s from several affiliate networks. arghhh

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