So can you deduct the cost of food for recipe development?
The Tax Checklist for Food Bloggers will help you gather the necessary information needed to report the earnings and expenses from your parenting blog on your tax return. This 20 page PDF is delivered directly to your inbox and includes information about:
- Whether your blog is a business or a hobby
- Discussion about business entities and how they’re taxed
- How to pay yourself
- Paying independent contractors, plus a handy decision tree about issuing Form 1099-MISC
- Hiring your kids
- Common sources of income and expenses
- How to report expenses that are business-related and personal
- Where to report your blog’s net income on your tax return
- Recordkeeping, including a link to a Google Sheet for tracking income and expenses
- Quarterly estimated taxes, plus a printable worksheet
It does not cover every tax situation, and is best suited for businesses taxed as a sole proprietor. Use it as a guide in conjunction with your prior year tax return.