Does Click Bank send out tax forms at the end of the year? Or is this something we just have to keep track of personally?
pcwork is correct. Off the top of my head, I think it is about $500 but I haven't double checked that. They will send you a 1099 - misc if you exceed the limit, whatever it is. Then you will have to file for self-employment tax on that money unless our business is an LLC or Corporation, etc.
Quoting: opendomainI believe it is anything over 599.99 and they have to report your income to the feds. This is what I do, but I haven't received any tax form from clickbank. Not yet anyway.
Probally they will send out a 1099 form~ if it is over a certain amount. But I think it is actually probally more like $900 I am leaving here to research that though.
Taxpayer ID Number Requirement for US Based affiliates Earning Over $600 ClickBank highly encourages US based affiliates earning over $600 a year to obtain an IRS issued Employer Identification Number (EIN) to input into your account as a taxpayer ID number. If you do not have one already, you may click HERE to get yours at the IRS web site. Note that this is a free process. The IRS will either provide your number online, or mail it to you. Once you have obtained your EIN please be sure to key it in to all of your ClickBank accounts, in this 9-digit format: 12-3456789. This helps to simplify the year-end 1099 reporting requirement. In any event, US based affiliate accounts earning over $600 are required to have a taxpayer ID number of some kind linked to their account, at a minimum a social security number. If inputting a social security number, be sure to use the proper 9-digit format including dashes: 123-45-6789. Note: The taxpayer ID number input to your account must match the payee name on the account. If you are utilizing a business payee name but reporting under an individual social security number, you will need to fax a completed IRS W-9 form to us at 208-342-3934. Be sure to include a cover sheet that indicates your account nickname. Second note: If you are utilizing a US address but are a beneficial resident of a foreign country, you will instead need to fax a completed IRS W-8ben form to us at 208-342-3934. Be sure to include a cover sheet that indicates your account nickname.
You have to file with the IRS, I received a form that had my earnings for the year and I had to file them and pay taxes. Another question. Can you also claim on your taxes the laptop you use to make money online and the internet service at home and a room or area in your home? Thank you
Last I heard it was anything over $600.00. Disclaimer: I am not an a tax attorney and I accept no liability for any tax statements I have made or will make in the future. Do your own research regarding taxable income. Newbie Shield
I worked at a CPA firm for a while and have a little tax experience, but I am no expert either. I do know the amount for a 1009-MISC is $600, just as Newbie and JCP said earlier. You can claim business use of your home, or part of your home, but if you are ever audited, you better not have anything personal hanging around your computer or you will be in trouble. They want it to be exclusively used for business. You can take a % of a room, which may be a safer route. I have a home office, but I only take a small % of it as a write off because I don't want to get in trouble. I do write off laptops, printers, and DSL service monthly, BUT I do not know if this is accurate or not becasue I've never been audited. Again, the IRS will want to make sure that your internet service is being used strictly for business. I'm sorry I don't have better advise. I am very conservative when it comes to filing my taxes, I alwasy go the safest route. My husband wants to write off everything so we disagree a lot. Just think about what you would tell the IRS agent if he asked about certain expenses. You might even want to make soem notes, as they can audit you 7 years back and who can remember why they did somethign 7 years ago?
Yeh my husband wants to write off everthing also... I was self employeed for 12 years as a Hair stylist. Every time I did my taxes I crossed everything that could be crossed.
I just lost $50 advertising click bank products in Adwords. May be this will be useful for me in the days to come.
Don't feel like the lone ranger... I spent 190.00 advertising TattooMeNow.com sent 289 clicks to them and didn't make a dime... Needless that they are off my clickbank list. I've found that a LOT of clickbank products are either scams or borderline scams... and some that I would think were ...aren't -- Go Figgure!
Wow Dennis that's a lot of clicks to not get any sales. You have to be careful with adwords or you will lose a lot of money. Sonni
I was reading your post and go very curious about what you said re: clickbank since I just signed up with them.. So you didn't make any sales using clickbank products? I understand they also have ebooks.... Has anyone in the forum had a good experience with clickbank?
I'm starting to get it. I'm using very targeted adwords now and I test the ad with cheap click on ezanga.com... I've pulled in abouyt $700.00 this week on click bank using that technique and really researching the product and adwords for it before I post a ad on google.
