My Income Taxes are Done – Plus Blog Updates



income taxesHow good does it feel to finally say you’re done with your income taxes and they are turned in? I’ll be honest: I wasn’t looking forward to it this year.

We had a lot of activity in the MMD household last year: Selling stocks, earning dividends, and the biggest one – having blog income to report. I thought for sure I was going to have to finally pay to have someone else figure all this out for me and prepare my taxes.

But thanks to a lot of help from my friend Lance over at Money Life and More, I got it under control and made it through. At least I think I did … If I get a knock on the door from the IRS, then you can disregard this.

I will say that in terms of reporting my blog income I think what helped was keeping track of everything throughout the year. This includes every transaction of income, Paypal fees, commission, hosting fees, and even Internet service expenses.

Overall, because you don’t pay income taxes on this stuff throughout the year, it resulted in a big decrease in my usual tax refund. But when you put the loss in perspective with how much extra income the blog and financial investments yielded, that makes it all worth it.

 

Blog Updates:

I was really impressed with the warm attention and interest everyone expressed in my Niche Site project. Now I just hope that my site meets all those expectations. I will have a post about my site on Monday where I will reveal it and go through my plans for it.

(Hint: If you were savvy, then you’d know that I actually already revealed it in one of the posts this week).

Operation de-over-optimize is progressing along. I finished January last weekend, so now it is time to move on to December.

Interestingly as I go back through to my older posts, I’m noticing that some of the internal pages are at a PR4 which is higher than my root domain being at a PR3. I realize that all this means is that a significant amount of link juice is being passed on from other sites linking to that page directly. To capitalize on this, throughout my updates I’m going to make sure that I link back to my homepage from those high ranking internal pages.

If you’re looking to help out your own PR, you may want to look back at your own pages and see about doing the same. Having a nice toolbar like SEO Quake installed in my browser really helps this process out because I can then quickly see what each page is ranked at the moment I pull it up.

 

Other Bloggers Who Got Their Income Taxes Done:

In case you missed them, here are a few great stories you should check out this weekend:

 

Carnivals & Mentions:

My Money Design was featured on the following sites this week:

Thanks to everyone for linking to my site and enjoying my posts. I really appreciate your support and hope you continue to visit!

 

Posts This Week:

1)      Starting the Next of My Extra Income Ideas – Building a Niche Website

2)      The Roth IRA Basics and What You Need to Know to Get Started Today!

3)      Ten Ways Stock Investments Can Be Used With Your Credit Card Debt Reduction Strategies

Image courtesy of eCards

Comments

  1. says

    I’m so jealous you have your taxes done already! It’s a chore I DREAD so much each year. And I’m a freelancer so I have that extra work like you do. I do pay someone to do it though. There is just no way around it for me. Totally worth it since it takes so much work to prepare it in the first place. Have a great weekend!
    Budget and the Beach recently posted..Link Love/Week in Review 2/22/13My Profile

    • MMD says

      I couldn’t imagine what that would be like if all my income was freelance and I had to turn in everything to justify it. You’re probably smart to just have someone else do them for you.

    • MMD says

      Its good getting your money back and all but it is so tedious to prepare. Plus when you’ve got complicated stuff like gains, dividends, and freelance income, it just gets even more complicated.

    • MMD says

      I’m sorry to hear about that Lance! I hope you can get those issues resolved soon. It really stinks when someone compromises your finances like that. Its unreal.

    • MMD says

      Good luck with them. Maybe its the cold this winter, but I think the general consensus is “ehh” when it comes to doing your taxes this year.

    • MMD says

      Thanks Pam, and welcome to the site. I’ll take it that the hesitation is because you OWE money? I’d wait until the last minute too if I knew I wasn’t getting anything back.

  2. says

    Ahhh…I’m so jealous all you guys have finished your income taxes. I’ve only barely started on mine! One thing that I’m not worried about though is having to pay a balance, because I set the money aside every time I got a payment or check from a freelancing client.

    Also, for this year I might start sending in quarterly payments so I can cover any additional balance without owing a penalty. If your income keeps going up this year from the niche/blog stuff, you might have to do the same! :) That will mean we’re are becoming more successful though — which is a good thing IMO.
    Carrie Smith recently posted..3 Ways to Increase Your Financial Savvy as a Female EntrepreneurMy Profile

    • MMD says

      Ha – that is the price you pay for success! In one way or another you still have to pay your taxes. If things continue to pick up, I may have to take your advice. Thanks Carrie.

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