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Actually - Im set up a little different as I have always had personal income from other work ( a real paycheck even though I dont work for them LOL) and had a wife that was bringing in a paycheck, so I set up my corp as a LLC Partnership which is a separate classification from a normal LLC.
It allows me to count losses from either personal or biz agains either income - the income kinda gets lumped together - and also allows me to use the other LLC Partnerships I have to interact with each other for tax purposes. That was setup back in 2000 and its worked out great as I have added businesses that always seem to lose money the first three years and those losses always count against all the others profits.
As far as the question about the reportable income level - yes the income will get reported to the IRS by the affilate program (in most cases) if you have over $600 income in a year - but you are really supposed to report all income whether it met that mark or not - you should get a 1099 form from each co. that you made over $600 with - they are supposed to send them out by Jan31st. I dont think Ive ever had all of the 1099s I needed till just before the filing date for corps which I believe is still a month earlier than personal taxes?
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2005-01-19, 09:27 PM
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