7 Tax Tips For Bloggers

If you are blogging with the intent to earn money then there are some provisions in the tax code you should be aware of and also certain tax benefits that you may be able to tax advantage of:

1.  If you barter your services in exchange for goods or services in return, you are required to
  report the fair market value of those goods and services in income on your income
  tax return.
2.  If certain conditions are met and your blogging income exceeds your expenses you may  
  be entitled to a home office deduction.
3.  You may be able to take the Child and Dependent Care Credit on your tax return for
  enrolling your child in summer camps if your blogging activity is showing a profit.
4.  You may claim business use of auto deductions if you drive to either acquire or test 
  products or services that you blog about.  Mileage records should be maintained to
  account for business usage of your auto.
5.  You may take a portion of the cost of computers, accessories and supplies and internet
 access fees as they relate to your blogging.  Any other out-of-pocket expenses incurred in
 your blogging business are also deductible on your tax return.
6.  The costs of developing websites and blog content are also deductible expenses in
  determining your net taxable income from blogging.
7.  Even if you are not yet generating revenue from blogging and are in the development
  stage of building your blog site, you may still be able to deduct certain blogging related
  expenses.

In determining which expenses are and are not deductible on your income tax returns you should consult a CPA knowledgeable in tax matters.