Taxes and blog income
I’ve gotten all of my mail out of the snowbank, and since it’s January there were some tax documents waiting for me. I haven’t received all of my 1099s for my blog income, but the rest will be coming in soon. I’ve lost quite a bit of money in stocks, but that’s just on paper as I didn’t take anything out while the stock market is down… in fact, I bought more stock in companies I am sure of and I know I’ll gain in the future. But anyways, I am actually excited about tax time this year because it means I can prove to my accountant that “You can make money with blogs”!
When I bought MomsCashBlog, I had to tell my financial advisor about it since she holds most of my money. I knew she would not understand or agree with my decision. I met her when I was on the Trade Commission in an affluent city where I was the co-owner of a retail store. She was the accountant/financial advisor/broker to all of the successful business owners on the Trade Commission, so when I decided to get serious with my money, I went to her. It didn’t take me long to realize how she made everyone else so wealthy… she doesn’t let her clients spend money! lol She makes them put everything away and invest it, and weighs every decision for it’s potential risk before she makes a move.
As you can imagine, it was not easy telling her that I wanted money to buy a blog. After all, I got her to help me save my money and make it grow. From the very first meeting when she looked at my finances, she told me to stop the “impulsive spending”. I had 72 hours to buy the blog, and I’m sure that seemed “impulsive” to her. lol She told me I was basically throwing my money away and I told her I had a good feeling about it. She pursed her lips and shook her head and said “No, I can’t let you do this, it’s too risky”. In the end she said that she always knew me to have a good head for business, but this wasn’t good business. I put my foot down and said “I’m buying it”, and she cut me the check… reluctantly!
After that, whenever I mentioned the blog or blogs, she changed the subject and would actually tense up. She thought of it as a hobby and a foolish move on my part. To her it was just some crazy idea I had and she expected to one day say “I told you so!” From then on, I never tried to convince her that blogs can make money. Sometimes when you try too hard to convince someone, they hold even tighter to their views. I’m old enough to know that I don’t have to convince anyone of anything… all that matters is that I’m happy with my decisions and I take responsibility for them. But I think she’s catching onto the fact that I’m making money with the blog because she called me in November and asked why I haven’t used any money from my funds. I told her I haven’t needed any money — that I’m using the money I make from my blog(s). After a long pause, she said “Well, you’ve got to come in sometime so we can talk about that blog thing. If you’re making money, we need to make a budget and put some away.” (Oh yeah, now she’s interested! lol) I told her I’d see her at tax time. She called me again at the end of December to tell me I should make some transactions on one of my accounts so I wouldn’t have to pay any fees…and then she said “How’s that blog thing doing?” (she’s warming up to it and she’s curious!)
So if like me, you have someone who doesn’t believe in your ventures with monetized blogging, or any other dreams you have, you’re certainly not alone. Monetized blogs are in their infancy, and not everyone knows or understands how online advertising works. Also, not everyone will go along with your ideas or your dreams, and they may even be envious of you for having good ideas! Sometimes it’s smarter to just keep quiet about it and wait them out. Before you know it, you’ll get a chance to prove yourself to others. You’ll be the one to say “I told you so, I knew I could do it” just like I will be doing with my financial advisor/accountant when she does my taxes. She will see that in a few short months, I made my investment back and I’m still making money. Keep the faith and don’t ever let others deter you from doing what you want. or what you truely believe in!
Comments
You made a good desicion now. Happy with you to join the internet marketing world and make money from blogs.
I tried my first four months ago, and knew nothing about internet marketing, and now, I already made some money. It is a good start. So keep trying new ideas and making a test will let you safe and happy!
Good luck!
She sounds like a very good financial adviser. I can really use a good one myself. =)
Hi Grissom, I didn’t know much about internet marketing either, but I had a good feeling about it and took the chance. It’s been quite a learning process, but I am making money and I see many great possibilities online. As you said, we do have to test and experiment and that’s the fun of it. Good luck to all of us!
Hi plin… Yes, she is a very good adviser. But she is strict. lol Since I’ve had her my money has grown and I’m careful with my spending. glad I did it.
Now that I’ve gotten in the groove of blogging, I’m starting to focus my attention to monetizing it. I enjoy it even though I’m not making anything right now so imagine how much more I’ll love it when I am making something!! LOL
Way to go JJ!
I know that it is possible. I am able to stay home and write and make more money that way then working part time. So I get to be with my kids and still work. It’s totally possible to make money from it. You just have to stick with it…and be willing to put yourself out there. 
tell my financial advisor about it since she holds most of my moneyI’m glad that she let you have some money to buy this blog, but I would never let any advisor have access to my money. An advisor should only give advise not have access to the actual money.
I personally only listen to my advisors, but I take all the decisions myself (and really don’t care if the advisors like it or not
). So far it’s been working fine since my company is still active and kind of wealthy after almost 13 years in the Internet biz. If I would have followed my advisors suggestions all the time I would have bought shares in a “wealthy” and “profitable” company called Enron (if you remember them 
).
Good luck with your future projects.
/Andreas
Mominator… If you’re enjoying it, you’ll definitely do well! I think that’s half the battle.
Taylor Blue… sooo true! I love the freedom it brings. No more going to the office and all of that jazz.
Andreas… True, she doesn’t actually “hold my money” but where she is a Certified Financial Planner and and licensed Stock Broker and my money is kept in mutual funds, stocks, bonds, trust fund, etc., I can loosely say “she holds it”! lol (and she submits herself to an ethics review every year, which is a “must”!)
JJ — you don’t get anywhere if you don’t take risks. You are lucky it was your financial adviser and not your husband that didn’t believe in you. Most women have to give up dreams because of a spouse. Good luck to you and thanks for the pep talk.
Good for you JJ. I’m so glad to see you’ve prospered with Mom’s Cash Blog and done so well with it. You might even convince your adviser to start a blog now
Sandy… I’m divorced so I don’t care what my husband thinks of my ideas or decisions anymore. lol (But I get what you’re saying.) Thanks and good luck with all of your plans, too!
Scott (ThePassiveDad) … if she does start a blog, she better use my MCB free blog tutorial.
ur blog is so nice!By the way at your free time try to visit my site.I’ll also visit yours often.I’ll add you in my blogroll as soon as you visit mine.Hope you’l visit soon.
Congrats JJ! Sometimes we have to follow our gut feelings and dare to take risks in order to fulfill our highest dreams. This internet marketing biz has had its up and downs but it’s a “no way back” for me (unless regulations begin to take an unbearable toll – taxes, among them, lol).
Congrats again and rub those checks from blogging on your advisors face (not literally, of course, lol).
Congrats on making $$ blogging!
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JJ, You are too funny, I thought you were married. LOL
Hi JJ,
Nice article. Do you have a stumble upon id? I posted a new article.
TD
JJ is in the hospital. I am at her house feeding her cat. My plan was to get a “post” in from her lap top. I found the blog but cannot find the place for WordPress. When did this before WordPress was already on her computer so I am rather confused. Whatever happens at least I tried. Later.
Great post and yes you can make money with a blog! Everyone can! Like the feel of your blog, it has something catchy to it. I hate taxes especially on a good month of blogging. Keep up the good work
Hi JJ, hope it isn’t anything serious. Get well soon
That is nice of you to say, I will tell her. She has kidney stones and should be out soon.
JJ has had complications in the hospital and is not doing well. Please keep her in your thoughts and prayers because she needs them now. I will try to keep you all posted.
I’m sorry to hear JJ is ill. I will send my prayers her way and hope for a speedy recovery.
Friends of JJ’s – Please let her know -
I truly wish you a strong recovery. I know all your readers will be patiently waiting for your return.
I am confident that you will have more “Wise” advice to share with the rest of us.
Thanks guys. She’s in an induced coma, but she is a fighter. We are keeping our hopes high that she will get through this. Please send some prayers and positive energy her way. Thanks.
Just found your blog through Google, and I have to say I thoroughly enjoy it. I’ve subscribed and I can’t wait for your next post! And those 1099′s are a killer (at least to me).
Get better JJ, we hope to see you back online here soon~! I am sending lots and lots of positive energy your way. Deb
Get well and come back soon JJ. We miss you a lot.
JJ and friend –
I know that you are getting better already
I pray for your recovery JJ. Hope to see you blogging again.
Hey, any update on JJ? I’m sending lots of prayers and really hope she’s doing better now.
GREAT NEWS!!! JJ is awake and off the respirator!!!! Thank you ALL for your prayers and good thoughts you sent to her. She’s a great girl with a big heart and we all love her and we are expecting for her to be home soon. Now that she is recovering I will put a post on.
Thanks again, you are all good people.
That is GREAT!!! Waiting patiently for her return
Hello JJ! How are you doing today? I hope you are fine always. I have not received my 1099s either this year. I was wondering when will I get them.
Take care.
JJ – I hope you are doing well…I was shocked to read the news about you. You are most definitely in my thoughts & prayers. You are a strong woman and will get through this tough time :0)
Look how far you’ve come and how many people care about you, and look forward to reading your posts everyday!
Wishing you a speedy recovery and many blessings – God Bless.
~Krysti~
Hi JJ, hope you are doing better any minute. We keep you in our prayers. Be strong, get well, come back soon
JJ where are you? I miss contact we have had, I hope you are ok?
Hello,
To earn income from your blog, content should be informative. If your site content doesn’t change often, your site needs a blog because search spiders like fresh text. Blog at least three times a week with good, fresh content to feed those little crawlers.
Can’t wait for your to return home JJ. Wishing you a speedy recovery.
Scott
that’s great..this year should make more from blog..im targeting to make $100 per month
I realize this post is a year old, but it definitely still applies today. I, too, have experienced the same “now way can you make money blogging…” Well, tax season proves us right. Best of luck with you endeavors!
Thanks so much Kathleen, Some posts are timeless especially ones about taxes. If nothing else we always have taxes, don’t we? Glad to see you back and hope you stop by again real soon. jj