Affiliate marketing is a popular way for individuals and businesses to earn money by promoting products and services online. While it's an accessible and potentially lucrative income source, understanding the taxation of affiliate marketing income is essential to avoid unexpected tax liabilities.
Deducting Expenses
Winning a prize or receiving an award is an exciting achievement that comes with recognition and often some monetary benefit. However, it's important to be aware that the IRS (Internal Revenue Service) considers prize and award income as taxable.