3. PayPal Business Best Tools to use for

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3. PayPal Business
Best Tools to use for Taxes - PayPal Business
The first thing I tell new bloggers to use to manage payments and organize their taxes is the PayPal business account. Many affiliates use PayPal to pay you, and PayPal business keeps track of many important financial documents, transaction information, and revenue data for you.

PayPal charges fees for transactions, but you can use their Business Account for free. There are no setup fees, monthly fees, or cancellation fees.

A PayPal business account allows you to operate under a business name and gives access to multiple members (if you’re starting a blog with other people). You can create & export tax documents within PayPal and even armenia phone number library financial summaries for your accountant or file your own blog taxes online through a tool like TurboTax.

Bonus: Hiring a Professional
When to Hire a Professional to Help with Your Taxes for Bloggers
Calculating and paying taxes for bloggers can be confusing, frustrating, and even scary at times (I know, I’ve been there). Another “tool” you can use is to hire a professional to help. This is particularly important as your blog grows and makes more money.

I’d still highly recommend setting up a simple tool like Sage 50cloud or QuickBooks Self-Employed that can (at the bare minimum) keep careful track of all your income, automatically categorize your expenses and generate reports that an accountant can quickly work with.

If you need a CPA to talk with, my accountant Leo Leydon has 25+ years of experience and has been very helpful in safely maximizing the tax deductions for my business and I couldn’t recommend him more highly.

Taxes for Bloggers: Are You Ready For the Coming Tax Year?
Whether you’re a hobby blogger, side-hustle blogger, or full-time blogger… the big takeaway is to keep detailed records of your profits and expenses.

It may not feel important today to track all of your transactions if you’re making a relatively small amount each month, but even tracking the patterns will help you with your tax liabilities and help you better monitor the health of your blog business over time.

How do you keep track of your own taxes for bloggers? What are some of your favorite tools to help?

Share with us in the comments below!

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