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For example for the year I have been doing affiliate offers. For every 1000 dollars that I spend on advertising, I make maybe 1200. So I am making like 20% on whatever I spend. The money I am getting is going to the IRS from the affiliate agency under my SSN, so the IRS will see what I made and I have to claim it. Can I claim the expenses it's been taking to make this money? If not, could I end up actually paying out more money then I earned, or even cut into my OWN money if I can't claim expenses?
Someone recently told me I wouldn't be able to claim the expenses and would still have to pay the taxes which I hear is quite high. The profit margin is smaller then the tax rate if I cant claim expenses and if I cant claim I don't know what I'll do, I wont have enough to even pay taxes!
Someone recently told me I wouldn't be able to claim the expenses and would still have to pay the taxes which I hear is quite high. The profit margin is smaller then the tax rate if I cant claim expenses and if I cant claim I don't know what I'll do, I wont have enough to even pay taxes!