The Business Behind Blogging

 

business behind blogging taxing FTC

 

 

This isn’t the sexiest of topics and, to be totally honest, I’ve found it to be a super boring topic most of the time. I’m a creator, a visualizer, a hands on kind of person so anything to do with numbers, analytics and things like that has just never really appealed to me.  Let’s put it this way, in school I thrived in Art, History, and English, I flopped in Math and Economics. You’re probably reading this thinking, then why tf are you touching on a boring subject. Shouldn’t you be writing about things you enjoy? Isn’t that the point of running your own blog? The short answer is yes but there’s more to running a business than just “having fun” and I think it’s important to share this with others in the industry so they are aware of the importance of taxing and I’ll do my best to make it an interesting read for you! So, without further ado, let’s dive into the business behind blogging.

When I first started blogging, for the first year or maybe even year and a half, I didn’t register my business, file taxes, or claim anything. Partially because I find that stuff extremely boring but also because I just simply didn’t know I had to! Kevin’s the guy who thinks logistically like that and he had asked me about it after a while into blogging and I had one of those “WTF” moments. I truly had no clue about any of this until I started reading up on the ways to file and how to go about it all. Truth is, if you want this to be your full time job, you need to treat it as such {something I’ve been inconsistent with for years, which I 100% admit isn’t good}.

Establishing your business is incredibly important if you want this to be your full time job, and if your blog is making money then paying taxes will definitely be a requirement. If you’ve been running your blog for a while and have made more than $600, the IRS states that you have to file. And while on the subject, the IRS has made it a law that no matter the form of payment {i.e. gifted products} the items all need to be reported. That’s another reason to be cautious and selective with what you seem worthy of a gift. Of course, with any business, there are deductibles such as home office necessities, hotel stays for business-related trips, hosting fees, etc. that you are able to write off.

 

 

Then there are the FTC guidelines that coincide with the IRS. I watch stories on Instagram and I read blog posts from other bloggers about recommending certain products. Will I buy them? Most likely, because I trust those that I follow. But I’m never worried about whether or not a product was sponsored because the FTC specifically ensures that these are disclosed. For example, there are bloggers who work with hotels or travel companies and are paid to say great things about their experiences so it might help readers to know if that stay was a sponsorship or not. I, of course, among many others within the industry, would never share or support something we didn’t 100% believe in. I mean, that’s the whole point of blogging- sharing things you love! But you never know, and knowing the relationship of such events helps readers have a clear understanding and gain the full amount of information they are looking for.

Whatever the product, taxing items, not just monetary compensation, is a necessity and disclosing them with your readership is a must; additionally, it’s a wonderful way to gain your readers trust!

 

 

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