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I've had a couple inquiries for advertising on one of my sites.
My question is, if I do go forward and start selling advertising spots, what documentation do a I need to save for tax purposes or any other legal purposes? I'm not real experienced in this area.
Require a signed insertion or purchase order from the ad buyer, that can be saved for your tax purposes.
What about receipts from PayPal (or however funds are received?)Quote:
Originally Posted by Chris
Personally I just keep the check stubs from checks I get or my Paypal received payment log. I just don't see the IRS arguing that I didn't receive the money. The most they are going to complain about is no receipts for expenses.
Ya, as Ken pointed out, keeping track of your expenses is far more important than being able to prove you really did earn some money. So in the end, it is whatever you need for your own records.
Thanks guys, I appreciate the input.