Feb 14 2011

Our 2010 taxes, and filing taxes for bloggers

I finished our taxes over the weekend, using TurboTax and getting 25% off  by clicking through from my bank’s web site first.

It was a fairly straightforward process, as usual. We had income from my husband’s job, interest income from savings accounts, and my blogging/freelance income (that’s the tricky part).

I keep good records in a spreadsheet for all my earnings so I can easily track income and have an idea of what we’ll owe for our taxes.

For my business deductions, I took a portion of our internet bill, my tax prep software from that year, and PayPal fees. This was the first year I thought to do PayPal fees and it’s like — duh! It’s an expense. It’s money that was never mine. I wish I thought to deduct it in previous years. I know I could go back and fix it somehow, but it sounds like too much of a headache and I don’t think it would be enough money to be worth my time.

Since I bought my web hosting as a two-year package, I’ll be able to deduct that expense next time.

I adjusted our tax withholdings with Shane’s employer earlier in the year to account for Vivienne’s birth, and also to take out enough taxes to probably cover my blog earnings. I kinda take a shot in the dark with it, but somehow it works out. Other freelancers might be better off paying estimated taxes on their earnings separate from their spouse’s. I dunno. I’m no tax expert.

We got a small refund from federal and we owed a little to Pennsylvania. After tax prep fees, we’re netting something like $200. I prefer to keep it around this or less, rather than getting a $1k or bigger refund. It’s our money anyway, and I’d rather it be in OUR accounts for the year instead of in the government’s pocket.

Here’s some links across the web that I found helpful:

Have you done your taxes yet? Fun stories to share?


Posted under Uncategorized | 1 Comment »


One Response to “Our 2010 taxes, and filing taxes for bloggers”

  1. we’re bad with money so for us we like the big returns. we like seeing big chunks of money go toward debt we normally pay off bills, one year we paid off our car, this year we are getting caught up on bills that were neglected while my husband was unemployed. This year we’re also able to spend a little on each other as a combined b-day, anniversary, Christmas present since we skipped all that last year.
    Jes´s last post ..River Trail

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Hey! I'm Kacie, wife to Shane and mother to Jonathan (7), Vivienne (5) and Amelia (2) . I write about my family's finance: how we save money, improve our spending, and plan for the future.

I hope I can inspire and encourage you to improve your situation. See disclosure.

I'm adopting a much slower-paced posting schedule, and treating this as a hobby blog now.

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