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Miami Bloggers April Meetup - South Florida Bloggers chapter of The Blogger Union discussed taxes and how to treat your blog as a business
South Florida Bloggers 0

Recap: Taxes & Treating Your Blog Like A Business

By Kimberly Pfaehler @https://twitter.com/kimpfaehler · On May 7, 2019

This past Saturday on April 27 we had the April meetup at Ironside Kitchen and Pizza with LeeBetsy Charon, a Certified Public Accountant (CPA), who gave us fantastic, useful, and insider tips on how to appropriately manage our businesses’ taxes. The meetup was setup entirely as a Q&A, which gave bloggers from various backgrounds the chance to hear valuable insight of how to stay true to IRS guidelines while maximizing deductions where possible. We are so grateful to Leebetsy for her detailed responses and our audience was so excited for her expertise it was agreed everyone would love to benefit from a workshop sometime soon on how to create an LLC and set-up an employee identification number (EIN). Here are some of the questions that were asked – if you find yourself asking these or other questions reach out to LeeBetsy directly on her Instagram page @thecraftaccountant

  1. What are some of the best ways to track expenses for deductions?
  • The application/websites for Wave and Quickbooks
  • What are the benefits of being an LLC vs. a C-Corp or S-Corp?
  • An LLC is better for bloggers since C-Corps and S-Corps are subject to payroll taxes and really are for businesses making significantly more money.
  • What tax rate should I always pay in Florida, at a minimum?
  • 15.3% at the very least to cover the federal minimum for Social Security and Medicare taxes. It’s best to pay this so that, even if you have many deductions that benefit your tax situation, in the worst case scenario you will get money back the following year.
  • How should I deduct food, if at all, from my taxes? What about clothes if I am a fashion blogger?
  • When purchasing food at events, it should be deducted as event-related deductions on your tax return. The major benefit here is that as an event-related deduction it’s 100% deductible, vs. if it’s listed as food alone it’s only 50%. Since this is in fact an event related expense, it would still be accurate to report this way.
  • For clothes, even if you use this for regular daily use after purchasing, if the original use was for blog/promotion or an event, then it is deductible. It can be deducted under the category “uniforms”.
  • Is it beneficial to have more than one person in my LLC? What does it mean for my taxes?
  • If it is someone you file taxes with (your legal spouse) then it’s still simple in terms of how you track your expenses and file your tax returns each year (you would file the same forms). However, if you do have one more person in your LLC that you do not file tax returns with (not your legal spouse) then it would be considered a partnership account and additional tax forms would have to be filed. In this case, it’s useful to speak to a tax professional about what’s best for your situation.
  • How do miles and gas contribute to deductions? Can I use both simultaneously?
  • You can only use one or the other when filing for deductions. Miles have a set formula and your actual auto expenses (gas + repairs due to business-related-use) typically vary depending on the type of business/blog you have. This is another item that is best to review with a tax professional in order to determine which one gives you the biggest deduction for your situation.
  • Should I have a separate bank account for my LLC?
  • This was a huge recommendation and LeeBetsy completely supported having a separate bank account for your LLC, since it’s easier to track both income and expenses in one account vs. having things pass through your personal account. That said, if you ever do have expenses in your personal account related to your business, always do your best to consistently track what those expenses are and have them on record for tax season. When in doubt, always keep record!

We were so happy with the turnout and very thankful to Ironside Kitchen and Pizza who served us with outstanding service, food, and beverage throughout the event. We highly recommend checking their spot out as well, it’s beautiful, rustic, open, and convenient for a variety of events. We’ll see you next month!

All photos courtesy of Nabila Verushka photography.

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Kimberly Pfaehler

Kimberly Pfaehler

Hola I'm Lola. I'm a Venezuelan new mom and I share my love for fashion and family adventures in www.oh-lola.com.

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Blogger Union Founder & Chapter Officer: Paola Mendez Hi! My name is Paola and I am the Founder of The Blogger Union. I believe that if we all work together we will all grow together! I help Blogger Union Members continue to improve as bloggers. If you have any questions, suggestions or ideas please let me know. I definitely want to hear from you! We can do this together. Oh, I also run the sites Coral Gables Love + Dapper Animals.

 

Nabila Verushka Miami Bloggers Chapter OfficerChapter Officer: Nabila Verushka Nabila Verushka is a freelance photographer who one day decided to make the blog One Tiny Dinosaur, about all the geek chic fashions she wears. When she’s not photographing people, weddings, engagements, birthdays, and other events; she likes to photograph and write about her geeky lifestyle, action figures in the wild, and her abuelita’s garden, amongst other things. She’s currently studying Business Administration at FIU and will be graduating next year.

 

Wendy Chapter Officer Miami BloggersChapter Officer: Wendy Abdulmesih

Wendy runs the bilingual lifestyle and food blog, Your Helpful Wendy.

Wendy helps people find places to eat, events to attend, and tips to follow.

Wendy is also an Elite Yelper with over 1,000 reviews who enjoys sharing her adventures with her followers.

 

Chapter Officer: Stephanie Arboleda My name is Stephanie, a social media enthusiast, food admirer, and travel expert.  I am currently the social media manager for the bloggers Union and freelance as a social media expert for small businesses. My passion for the right picture is what drives my passion for this industry. My blog I Am Her After focuses on life as a single mommy and reminds moms that they can still look good and have fun!

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