Howard Grad here and I’ve been creating for years BUT with this amazing video ❤🎉 you gained a sub and i will be financially free, creating content FULL TIME with this advice. I admire your teaching style, and this is free game. I truly believe the only way to financial freedom is starting a business since inflation killed the middle class. Thank you so much
Just wanted to say thanks you, hope this comment contributes to the algorithm in a positive way. This video helped me understand that I need to take certain precautions. Thanks.
Thank you for this excellent & informative video! 👍 We're new creators who upgraded some recording equipment last year and your video got us just the info we needed to know 😎
If you are investing in equipment for a YT channel where your goal is to be monetized, but you're not YET monetized, can you count those expenses as business losses?
Capitalize as start up costs (IRC section 195) then place capitalized intangible asset in service when you become operational. You become operational when your first video is posted. Unfortunately you have to recover start up costs via amortization over 15 years, but you may be able you may be able to deduct a portion 1st year of operations. State rules vary. Consult tax pro if worried.
That's good content... You don't need luck in business... it comes with sensible rationale and the discipline to finish your books before you go out. great work.
Bro you killed it! Thanks for the helpful info. I have another yt channel that is on the verge of monetizing and I’m trying to grow it more. So this is helpful !
I don’t pay self employment taxes….my company is an organized as an LLC, but I don’t pay myself a salary (but do receive military retirement and VA disability). I use the revenue to grow the business.
I was worried about taxes as an upcoming content creator and couldn’t find a clear explanation ANYWHERE! this video TRULY is a life saver and touches everything clearly on how to handle it. tysm😭💟 God Bless
God willing I will be monetized in the next few days and I have always wondered about this topic. I am a CPA and I still don't know lol. Thank you for this video!
I have a few channels and tbh I have been writing off everything that I've spent money on to create a video. Gas, food, 10% of my rent, my car, travel, internet, phone, etc. and I haven't run into an issue. But of course the % is the main thing. Just be honest with that. I keep track of business miles and personal miles in my car as an example. Just keep evidence or proof, if your being honest, all your proof will be in the videos you create or linked to those
Thanks for sharing! Yes, you can write almost anything as long as it’s ordinary and necessary for your business. And your channel isn’t classified as a “hobby”
I often wondered why all these completely useless unboxing videos are constantly poping up on TH-cam. It's just to dodge paying taxes.!!! In fact - dodging taxes is what most businesses are set up for.
Question: Im am and outdoor adventure photographer and need to register my business. Im wanting to start up a YT channel that is a blog style of my adventures. It will also talk about hiking/camping gear, and my photography equipment. 1) Would my photography & YT channel count as one business? Or do I need to register my YT channel as a separate business? 2) Would camera equipment & hiking/camping gear be considered tax deductable if I am talking about these items (like reviews) - Or certain gear is necessary to perform certain trips, etc.
My children are always part of my video and photo content creation for brands, I know I can "pay them" a rate for being my models. Do I pay them through a bank account? or do I have to create 1099 for them too? How does that deduction work when they are your children?
I'm mostly concerned with "transferring" equipment I already own to partial business use. Let's say I use my camera for hobby purposes. Then I start a content creation business using that camera for business 50% of the time. How much of the original cost of that camera can I deduct as a business expense, and how quickly? So you have a video about that?
8:00 How does the IRS define "Used on a regular basis"? The term regular seems subjective. Do they define it so it's not so subjective and is more measurable? 4:45 ordinary and necessary...again seems subjective to me?
I started a utube channel: 62 or better. It discussed the concerns of folks who are newly retired. I want to focus on looking out for your parents who are in their 90;s. And also senior travel: what to visit and how to travel on a budget. This year I will show a loss. Im expecting to show a loss next year. HECK! I will receive no utube income until I have 1000 subscribers, yes? I am going to Hawaii in May. I want to shoot some videos. Where we got the best budget meal. How we got the best deal on our Road to Hana trip. What can I write off? And what percentage. EG, my flight? If I spend 25% of my waking hours researching and shooting videos of my wife and I in Hawaii, can I write off 25% of the travel?
Question. Can I do these type of write offs if my income comes from a full time job, but I use part of it as investment for my youtube channel? (TH-cam channel not being connected to my full time job)
I loved your video, thank you so much for sharing your knowledge One doubt, Amazon through its Twitch platform withholds 30% on Brazilian content producers, and these revenues are royalties on advertisements, but these advertisements are from Brazilian companies and the public that consumes them are also Brazilians, in its interpretation there would be leeway to claim a refund of withheld taxes ?
Telling millions of Millenials and Gen Z that they have to file as businesses was one of the worst things to happen during Trumps presidency. Filing my taxes has been a nightmare. Influencers making less than $25,000 should have been exempted and allowed to file at a flat tax rate with the standard exemption. Now millions of Americans are at risk of being arrested for tax fraud for making the slightest mistake because we dont want to spend hundreds of dollars on attorneys and accountants for a small youtube channel.
I made a purchase to build up my pc last year, didn't start business until this year where i'm now making money. Am i able to somehow find the statements of the purchases and claim them for this year's taxes?
Hi this is suuuuper helpful info! I am an Amazon Influencer focusing specifically on fashion so most of my business revolves around clothing hauls/reviews. I do make commission on the items that people end up buying directly from my storefront. Would this be considered a write-off? TY!
Theoretically; could I start a TH-cam channel about life improvement and then right off everything I spend on improving myself as I am using it for contact for my “business”?
HELP! in past years, my YT income statement from google came as a 1099 NEC and Turbo tax treated it as personal income. This years 1099-NEC was treated by turbo tax as a business and so had to pay business taxes. I earned $20,000 less in 2021 than in 2020, but my 2021 income tax was about $6000 higher. Does this sound right?? Did all TH-camrs have to list income as a business income rather than personal income???
Hey! @LYFE Accounting Can I lease a Tesla Model S and use it for content for my business and tax write off it in full? I'm 99% sure I can but just want to double check! Thanks!
Hi, Interesting Info. you gave Thanks for that but i have one question if you can answer briefly will be helpful because i am TH-camr too - If we are US citizen or any other country and creating content in our country and register my channel under a business adsense account with a LLC in some TAX haven country like Dubai or may be Cayman Islands etc. and recieve YT Income there from Google. Do i need to pay TAXES in my own country or i just need to pay TAXES to country my TH-cam channel LLC is registered according to their TAX % ?
What about a vlogging couple who vlog date nights at various restaurants on weekends and who travel on seasonal holidays and vlog it. Since its mix of business and pleasure is it 50% deduction or 100% for supplies!
Surprised this doesn't have more views. I was thinking about starting a channel and giving 0 F's about views or subs just to be able to write off cool stuff and trips lol. (still uploading vids of course, but no expectation of getting popular)
Me too lol, I put alot of effort into this video. But if you're going to do that, make sure your business isn't defined as a "hobby" and it's something that you are actually trying to turn a profit with
@@LYFEAccounting Is there also IRS(?) definition of "hobby" that they may pick on? As long as videos are uploaded to TH-cam, can it be considered as "content" and any expenses incurred to create that content including trips as Bruce mentioned as well as home-office expense for video-editing? Is there also any rules how many videoes need to be created/uploaded to be considered to take tax benefits as TH-camr/Influencer?
Hi, We are in our first year as TH-camrs. What if you're a small channel and you're not monetized yet? But have expenses/startup costs. Example: Laptop, camera, audio gear, meal expenses for food reviews, travel expenses, hotel stays, editing software, theme park annual passes, all for the channel. TIA
Yes, it counts as an investment. But no need to buy tons of gear to get started, focus on making useful videos, get subs, and then start buying better gear
See I have things to write off but everything I purchased is online ther for I don’t necessary have “receipts “ just like proof that I did order them if that makes sense. So I’m not sure what to do this is my first time doing this
hello thank you very much very good video. I work full time. I have a small TH-cam channel. For 1 year I have an income on TH-cam of 500 pounds. Should I not pay taxes on TH-cam? thank you very much for your reply. I live in England
Hi all, If my husband and I have full time jobs making over 250K and we want to start up a business on the side as content creators. I know that we won't make money the first few years as it takes a while. Can I reduce my tax from my regular job for the losses/write offs of my business?
What counts as your official start day to the business? Can you write off expenses prior to your youtube channel creation, or do you need to create the channel first? I assume all write offs need to be reported every year, so if you did not qualify to monetize your channel in 2022 and therefore made zero money, then you cannot write off anything on your tax return (I assume because in the eyes of the IRS you don't actually have a business yet...right?).
I'm confused why if you are a food reviewer, why can't you writeoff a trip somewhere, perhaps not Mt Everest (not aware of restaurants there :) ), but some other vacation destination if you are also reviewing food while you are there?
So am I understanding the $300 charitable donation for singles this year? So say if I owe $500 in taxes on my 2021 tax return, would it get reduced to 200 by the 300 that went to the qualifying charity I chose and paid in 2021?
I just watched two of your videos. Not that you asked for advice, but I recommend you find a mentor, as he/she can give you guidance/direction on what to do differently. For example, you may want to consider learning the fundamentals of storytelling. Best of luck with your channel Ty! Hope you do well 👍🏼
do these tax deductions occur as to the business, then what is left is your income, and that income itself can receive the standard deduction? like if i have a single person LLC? or are these deductions competing with the standard deduction, and i don't actually realize any benefit until i've actually spent quite a bit on expenses?
Great information. Question say I am small content creator and make for example 100 dollars in one year can I still right of expenses even if the expenses where 1000 for example?
I’m a content creator who makes videos of crafts, wreaths, art, etc., and I’m building a “craft shack” to for making my crafts and videos in so I can get out of my house. How would I write off materials and equipment I buy for building the craft shack?
That sounds like something that would qualify as an ordinary and necessary expense for your company. Keep a record of your transaction. Do you work with a good accountant now?
@@LYFEAccounting another question, I’m a content creator so I get paid for videos I make around my home. If I shoot videos in front of my home showing how to decorate and buy a pressure washer to make it look good for my videos, is that a tax write-off?
@@tinascountrydoor yes it can be but you're getting into murky waters. You'll need to get an accountant bc you're not a house washing business. You're a crafting business so you'd need an entirely new EIN #, etc. Waialua an entirely different business to justify that purchase under your current crafting business.
@@LYFEAccounting is there any good tax credits from TH-camrs or ones that do well for them? I would like recommendations and once again I would appreciate it if you reply to me.
I take weird deductions like that to my accountant all the time and ask if it's legit. In this case probably not but always sit down with someone when you do your taxes and have a list of questions like this and the data to back it up. "You can write off anything you're bold enough to" just make sure you can explain yourself when the tax man asks why you did it
I have one question How often do i have to pay taxes? I mean i have to hape to pay taxes every month . The next year i have to file my anual tax statement on April of last year . Is it right?
You mean every three months . Thank you ..Also i have another question . If i.am a TH-camr and i buy a custom for my videos . Is that custom is deductible ?
What about the subscription fees for the networks like Netflix, Hulu or Spotify if you are a musician or entertainer? face-red-heart-shape They are my personal pleasure but also it's a part of our job to watch and study them at the same time.
What type of business license should I apply for as a content creator. I have two yt channels on separate interests. Can I use the same license for both?
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
![Everyday Tax Write Offs for Small Businesses! [24 hr Challenge]](http://i.ytimg.com/vi/vtbh6QJBqzs/mqdefault.jpg)
Howard Grad here and I’ve been creating for years BUT with this amazing video ❤🎉 you gained a sub and i will be financially free, creating content FULL TIME with this advice. I admire your teaching style, and this is free game. I truly believe the only way to financial freedom is starting a business since inflation killed the middle class. Thank you so much
Fantastic tips on what to keep track of for write-offs. I just got an EIN and Google Adsense is not easy to navigate now as a creator.
Thank you so much for this. I really needed this video.
Love how you keep your content upbeat and interesting. Thank you!
Thank you! Are you a creator as well?
Just wanted to say thanks you, hope this comment contributes to the algorithm in a positive way. This video helped me understand that I need to take certain precautions. Thanks.
this is amazing !! I would watch a whole series about this
Thank you so much this was the exact video I needed. I'm new to all of this.
Thank you for this excellent & informative video! 👍 We're new creators who upgraded some recording equipment last year and your video got us just the info we needed to know 😎
Thanks. Useful info!
If you are investing in equipment for a YT channel where your goal is to be monetized, but you're not YET monetized, can you count those expenses as business losses?
Yes. It’s an investment. Good luck
Capitalize as start up costs (IRC section 195) then place capitalized intangible asset in service when you become operational. You become operational when your first video is posted. Unfortunately you have to recover start up costs via amortization over 15 years, but you may be able you may be able to deduct a portion 1st year of operations. State rules vary. Consult tax pro if worried.
That's good content... You don't need luck in business... it comes with sensible rationale and the discipline to finish your books before you go out. great work.
Can I write off advertising & Equipment before I make money from my content?
Your videos is awesome, I just started up my LLC this next as a Licensed insurance agency, and I need a CPA that will truly help me with my tax.
Thanks so much! You should apply to become one of our clients.
@@LYFEAccounting how do I apply?
this is amazing! Thanks so much for these videos. I just started as a sole prop and have gotten into watching these videos-super helpful
Bro you killed it! Thanks for the helpful info. I have another yt channel that is on the verge of monetizing and I’m trying to grow it more. So this is helpful !
Great to know this bro! Thanks for the upload.
I don’t pay self employment taxes….my company is an organized as an LLC, but I don’t pay myself a salary (but do receive military retirement and VA disability). I use the revenue to grow the business.
Just curious - How do you show income if you need to get a loan for a vehicle or a home?
@@Jasonrcsd military retirement and VA Disability. Also, my wife earns almost $200K/year as an HR professional.
Just the video I've been looking for. Thanks!
This was amazing and so helpful! thank you thank you!!!
I was worried about taxes as an upcoming content creator and couldn’t find a clear explanation ANYWHERE! this video TRULY is a life saver and touches everything clearly on how to handle it. tysm😭💟 God Bless
Excellent timing! This is good!
Thanks! Are you a creator?
God willing I will be monetized in the next few days and I have always wondered about this topic. I am a CPA and I still don't know lol. Thank you for this video!
So helpful! This needs more views!
I have a few channels and tbh I have been writing off everything that I've spent money on to create a video.
Gas, food, 10% of my rent, my car, travel, internet, phone, etc. and I haven't run into an issue.
But of course the % is the main thing. Just be honest with that. I keep track of business miles and personal miles in my car as an example.
Just keep evidence or proof, if your being honest, all your proof will be in the videos you create or linked to those
Thanks for sharing! Yes, you can write almost anything as long as it’s ordinary and necessary for your business. And your channel isn’t classified as a “hobby”
Great content and good info for those getting started!!
I often wondered why all these completely useless unboxing videos are constantly poping up on TH-cam.
It's just to dodge paying taxes.!!!
In fact - dodging taxes is what most businesses are set up for.
Great video! Very informative!! Thank you!!!
Question:
Im am and outdoor adventure photographer and need to register my business. Im wanting to start up a YT channel that is a blog style of my adventures. It will also talk about hiking/camping gear, and my photography equipment.
1) Would my photography & YT channel count as one business? Or do I need to register my YT channel as a separate business?
2) Would camera equipment & hiking/camping gear be considered tax deductable if I am talking about these items (like reviews) - Or certain gear is necessary to perform certain trips, etc.
My children are always part of my video and photo content creation for brands, I know I can "pay them" a rate for being my models. Do I pay them through a bank account? or do I have to create 1099 for them too? How does that deduction work when they are your children?
theirs still employees to your business..
Awesome video! Thanks for this info 🤓
Glad it was helpful! 💯
😊 thanks for the valuable information
I'm mostly concerned with "transferring" equipment I already own to partial business use. Let's say I use my camera for hobby purposes. Then I start a content creation business using that camera for business 50% of the time. How much of the original cost of that camera can I deduct as a business expense, and how quickly?
So you have a video about that?
Thank you for the info!!
8:00 How does the IRS define "Used on a regular basis"? The term regular seems subjective. Do they define it so it's not so subjective and is more measurable?
4:45 ordinary and necessary...again seems subjective to me?
I started a utube channel: 62 or better. It discussed the concerns of folks who are newly retired. I want to focus on looking out for your parents who are in their 90;s. And also senior travel: what to visit and how to travel on a budget. This year I will show a loss. Im expecting to show a loss next year. HECK! I will receive no utube income until I have 1000 subscribers, yes?
I am going to Hawaii in May. I want to shoot some videos. Where we got the best budget meal. How we got the best deal on our Road to Hana trip. What can I write off? And what percentage.
EG, my flight? If I spend 25% of my waking hours researching and shooting videos of my wife and I in Hawaii, can I write off 25% of the travel?
THIS is some good stuff!
I think so too 😃
This helped us so much! Thank you
Question. Can I do these type of write offs if my income comes from a full time job, but I use part of it as investment for my youtube channel? (TH-cam channel not being connected to my full time job)
Did you get your answer?
Can I deduct my current youtube expenses when I am not monentized, for future income?
Yes! It would be considered start up costs (and typically when starting up a business you won’t make money the first year)
@@MikaelaCaronSo what if you never end up making money from it.
The IRS might then opt to treat your “business” as a hobby.
U have up to 5 years to show results
@@hardworker.9124would everything deducted have to be paid back?
v helpful! thank you for this!!!🙏🏼
I loved your video, thank you so much for sharing your knowledge One doubt, Amazon through its Twitch platform withholds 30% on Brazilian content producers, and these revenues are royalties on advertisements, but these advertisements are from Brazilian companies and the public that consumes them are also Brazilians, in its interpretation there would be leeway to claim a refund of withheld taxes ?
Telling millions of Millenials and Gen Z that they have to file as businesses was one of the worst things to happen during Trumps presidency. Filing my taxes has been a nightmare. Influencers making less than $25,000 should have been exempted and allowed to file at a flat tax rate with the standard exemption. Now millions of Americans are at risk of being arrested for tax fraud for making the slightest mistake because we dont want to spend hundreds of dollars on attorneys and accountants for a small youtube channel.
Nah that's there fault for not doing research
I made a purchase to build up my pc last year, didn't start business until this year where i'm now making money. Am i able to somehow find the statements of the purchases and claim them for this year's taxes?
Awesome video…thanks
Hi this is suuuuper helpful info! I am an Amazon Influencer focusing specifically on fashion so most of my business revolves around clothing hauls/reviews. I do make commission on the items that people end up buying directly from my storefront. Would this be considered a write-off? TY!
such a helpful video!!
Thank you for this! 💫
Thanks for watching!
Theoretically; could I start a TH-cam channel about life improvement and then right off everything I spend on improving myself as I am using it for contact for my “business”?
HELP! in past years, my YT income statement from google came as a 1099 NEC and Turbo tax treated it as personal income. This years 1099-NEC was treated by turbo tax as a business and so had to pay business taxes. I earned $20,000 less in 2021 than in 2020, but my 2021 income tax was about $6000 higher. Does this sound right?? Did all TH-camrs have to list income as a business income rather than personal income???
Hey! @LYFE Accounting Can I lease a Tesla Model S and use it for content for my business and tax write off it in full? I'm 99% sure I can but just want to double check! Thanks!
@6:11 for creators
I just want to start a channel to write off expensive fishing gear..
How does the new law AB5 affect content creators
Thank you Sean!!!!
Thanks! What is the difference between Office Expense and Supplies?
If they make 300k/mo they will be paying 60% on SEP taxes
How much would you deduct? 1 car 1 home office? What else??
Hi, Interesting Info. you gave Thanks for that but i have one question if you can answer briefly will be helpful because i am TH-camr too - If we are US citizen or any other country and creating content in our country and register my channel under a business adsense account with a LLC in some TAX haven country like Dubai or may be Cayman Islands etc. and recieve YT Income there from Google. Do i need to pay TAXES in my own country or i just need to pay TAXES to country my TH-cam channel LLC is registered according to their TAX % ?
What about a vlogging couple who vlog date nights at various restaurants on weekends and who travel on seasonal holidays and vlog it. Since its mix of business and pleasure is it 50% deduction or 100% for supplies!
Can I exercise the startup deduction and depreciation on the same asset (e.g. camera equipment)
Surprised this doesn't have more views. I was thinking about starting a channel and giving 0 F's about views or subs just to be able to write off cool stuff and trips lol. (still uploading vids of course, but no expectation of getting popular)
Me too lol, I put alot of effort into this video. But if you're going to do that, make sure your business isn't defined as a "hobby" and it's something that you are actually trying to turn a profit with
@@LYFEAccounting Is there also IRS(?) definition of "hobby" that they may pick on? As long as videos are uploaded to TH-cam, can it be considered as "content" and any expenses incurred to create that content including trips as Bruce mentioned as well as home-office expense for video-editing? Is there also any rules how many videoes need to be created/uploaded to be considered to take tax benefits as TH-camr/Influencer?
do i need to use my NI number for my facebook page payout setup
This video and resources will greatly help me start my new year #RasStarTv
Good luck! 💯
Hi, We are in our first year as TH-camrs. What if you're a small channel and you're not monetized yet? But have expenses/startup costs. Example: Laptop, camera, audio gear, meal expenses for food reviews, travel expenses, hotel stays, editing software, theme park annual passes, all for the channel. TIA
Yes, it counts as an investment. But no need to buy tons of gear to get started, focus on making useful videos, get subs, and then start buying better gear
If not QuickBooks, how does your company handles expenses? Do you have your own software?
See I have things to write off but everything I purchased is online ther for I don’t necessary have “receipts “ just like proof that I did order them if that makes sense. So I’m not sure what to do this is my first time doing this
THANK YOU
Of course! Thanks for commenting!
Great video!
I have a question, giving TikTok gifts 🎁 etc to others and even donations through let’s say cash app counts as gifts and donations right ?
How do youtube expenses or write offs work with the new "royalties" payment that youtube is doing?
hello thank you very much very good video. I work full time. I have a small TH-cam channel. For 1 year I have an income on TH-cam of 500 pounds. Should I not pay taxes on TH-cam? thank you very much for your reply. I live in England
So helpful
Thinking about starting a home improvement youtube to writeoff my home improvement renovation. Is there a limit? No taxes for the year.
179 depreciation? Doesnt this only come out of current income? So if you show a loss, in your first year, you cant take 179?
Hi all, If my husband and I have full time jobs making over 250K and we want to start up a business on the side as content creators. I know that we won't make money the first few years as it takes a while. Can I reduce my tax from my regular job for the losses/write offs of my business?
I believe you only have to be genuinely trying to make money not be a successful small business
I’ve always used my social for my business. Should I get an EIN even if it’s after the fact?
Thumbnail 🔥
so you can only do this if you make 600 dollars minimum?
What counts as your official start day to the business? Can you write off expenses prior to your youtube channel creation, or do you need to create the channel first? I assume all write offs need to be reported every year, so if you did not qualify to monetize your channel in 2022 and therefore made zero money, then you cannot write off anything on your tax return (I assume because in the eyes of the IRS you don't actually have a business yet...right?).
You can still write it off, and if you didn’t make money, it’d be a business loss.
I'm confused why if you are a food reviewer, why can't you writeoff a trip somewhere, perhaps not Mt Everest (not aware of restaurants there :) ), but some other vacation destination if you are also reviewing food while you are there?
Well it’s possible. The point is, it must be necessary to visit
As a TH-camr, is my haircut and any makeup cost included as tax write off because I'm presenting myself to the world?
So am I understanding the $300 charitable donation for singles this year? So say if I owe $500 in taxes on my 2021 tax return, would it get reduced to 200 by the 300 that went to the qualifying charity I chose and paid in 2021?
I'm not making money on youtube yet 😔..
I just watched two of your videos. Not that you asked for advice, but I recommend you find a mentor, as he/she can give you guidance/direction on what to do differently. For example, you may want to consider learning the fundamentals of storytelling. Best of luck with your channel Ty! Hope you do well 👍🏼
@@Spud_E_Buddy I Appreciate The Advice!!
do these tax deductions occur as to the business, then what is left is your income, and that income itself can receive the standard deduction? like if i have a single person LLC? or are these deductions competing with the standard deduction, and i don't actually realize any benefit until i've actually spent quite a bit on expenses?
Do you guys have a Canadian version of this??
No, but I’ve heard Canadian tax laws are very similar to US
Would my electic bill be covered under tax deduction
Great information. Question say I am small content creator and make for example 100 dollars in one year can I still right of expenses even if the expenses where 1000 for example?
Yuuup
Do I need to apply a business license for TH-camr ? So I can tax deductions for this business? Thanks in advance
.....I think I just want to pay a CPA tbh. 😂😅Great video though, thank you!
I’m a content creator who makes videos of crafts, wreaths, art, etc., and I’m building a “craft shack” to for making my crafts and videos in so I can get out of my house. How would I write off materials and equipment I buy for building the craft shack?
That sounds like something that would qualify as an ordinary and necessary expense for your company. Keep a record of your transaction. Do you work with a good accountant now?
@@LYFEAccounting Thank you for your response. I don't have an accountant yet.
@@LYFEAccounting another question, I’m a content creator so I get paid for videos I make around my home. If I shoot videos in front of my home showing how to decorate and buy a pressure washer to make it look good for my videos, is that a tax write-off?
@@tinascountrydoor yes it can be but you're getting into murky waters. You'll need to get an accountant bc you're not a house washing business. You're a crafting business so you'd need an entirely new EIN #, etc. Waialua an entirely different business to justify that purchase under your current crafting business.
Nice
What if
My channel made less than $600 can I still claim YTP expenses?
This is under a SP what about under a S corp
Do tax credits work for TH-camrs as well or only just deductions? That's what I really wanna know. I really appreciate it you reply to me.
Of course, TH-camrs (including myself) can definitely take advantage and of tax credits
@@LYFEAccounting is there any good tax credits from TH-camrs or ones that do well for them? I would like recommendations and once again I would appreciate it if you reply to me.
If I start a channel about divorce can I write off my alamony?
😂😂
I take weird deductions like that to my accountant all the time and ask if it's legit. In this case probably not but always sit down with someone when you do your taxes and have a list of questions like this and the data to back it up.
"You can write off anything you're bold enough to" just make sure you can explain yourself when the tax man asks why you did it
I have one question How often do i have to pay taxes? I mean i have to hape to pay taxes every month . The next year i have to file my anual tax statement on April of last year . Is it right?
You need to pay taxes quarterly
You mean every three months . Thank you ..Also i have another question . If i.am a TH-camr and i buy a custom for my videos . Is that custom is deductible ?
12:30 What are YOU giving us? 😁
I don’t understand how US can tax their citizens globally but still unable to balance their annual budget lol
Check to see if you qualify for foreign tax exclusion.
For the phone thing. buying a phone that's only used to business stuff only is better than having only 1 phone.
What about the subscription fees for the networks like Netflix, Hulu or Spotify if you are a musician or entertainer? face-red-heart-shape They are my personal pleasure but also it's a part of our job to watch and study them at the same time.
What type of business license should I apply for as a content creator. I have two yt channels on separate interests. Can I use the same license for both?