Was this video helpful? Let me know in the comments! 👇🏼 Check out our FREE CLASS on 3 Secrets for Growing Your UA-cam Channel in 2023 here!: ThinkMasterclass.com
*Yeah I got my First 1099 Misc for UA-cam so I used Turbo Tax Deluxe, I didn't even know you COULD write off stuff. So for Good Record Keeping are we talking like Receipts for things I purchase that help me on My UA-cam channel like SD Cards. What about if I go too Conventions like My Up Coming Trip too Vidcon which is well you've been to Vidcon could that be considered a Write off? Should I use Turbo Tax Business and Quickbooks also? *
That was extremely helpful, I have a question let say you pay 2 different freelancers overseas in some places like India or Philippine and you live in the US, let say you pay them around 5 thousands dollar for things like video editing and thumbnails via a marketplace like Upwork. How do I duduct that $5000 dollars. Also is that classify as contractor labor? if yes, how do I report that on my tax return.
1-I have to have the LLC to deduct for taxes? 2-Once I do that I can write off my rent and utilities even if I’m not making money but consistently posting to UA-cam in the pursuit of money? 3-Say I get my LLC today, Dan I deduct from January on or j my from the date my LLC began? 4-I am working on videos that are kind of blog style but I review play places I take my kids to. Gas there and tickets to entry are wrote offs because I made a video about it?
I set up a call with someone from his team and they specifically told me there is no way for your business expenses to reduce your w2 tax liability. And here he is saying that is one of his favorite things. So what the heck...
I wish they had made this video when I first began my UA-cam channel because it is so incredible. The finest part is how simple it is to analyze your tax status, your deductions, your appropriate filings, and your record-keeping. ThinkMedia, thank you! 🙋
Thank you for this. I had some aha moments around percentages and meals. I'm going to get my books set up straightaway and even if this year isn't "profitable," I will have practiced record keeping skills and be in that much better a position in 2024. 🌸 Michele
This video is perfect for my situation. I’ve just started an LLC and now have my EIN. How do I switch my UA-cam channel ownership from my personal SS number to my business EIN for income reporting?
If you are the sole owner of the LLC, it may be a matter of transferring all assets and liabilities/OE from your personal books to the LLC books. However, you may want to consult a tax strategist. Depending on your situation and if there are buildings, vehicles, or tools involved in your YT channel, you may have more ability for write offs. For example, if you have an old car you personally own but use for business trips (like going to the store for another hard drive to store all your videos), you may want to keep the car personally and write off the mileage deduction rather than transfer the car to the business and only be able to depreciate its value and expenses. Sometimes mileage write offs are worth more than the vehicle and maintenance (especially good for older well running vehicles). You may also have the ability to "rent" buildings and tools to your UA-cam LLC. It is usually argued that you are just transferring revenue/expenses between yourself and your LLC, but there are ways to get around extra taxes depending how you handle it. It all boils down to record keeping and what is ordinary and reasonable to your type of business. A good tax strategist is worth their fees. There are so many strategies and it varies depending on your assets, marital status, company or companies structure(s), etc. Make sure it is a true tax strategist and not just a tax filer. There is a world of difference between these types of professionals. Good luck in your venture!
@@Jen-Chapin That’s my main concern. 🤦🏻 I have not found a cut and dry way to change this. I thought it would be as simple as changing a few tax forms and clicking submit. Everything I’ve found so far comes with serious potential risks of loosing monetization. It’s almost as if I have to close my existing personal Adsence account then resubmit for monetization with my business Adsence account and “hope” it’s approved. It’s frustrating that there’s not a clear path do do this. There has to be hundreds or even thousands of accounts that would like to do this.
@@PioneerMountainHomestead Thank you very much for taking the time to share this information. I believe everything outside of my actual UA-cam channel has been competed and set up correctly. It’s just my channel itself that I can not figure out how to change so it’s owned and controlled by my LLC with earnings reported under my business EIN number instead of my personal SS number.
@@baldeagle242 i just keep my Adsense on my personal name and my accountant does a pass through to my s Corp. I’m not willing to lose thousands of dollars to change it!
I hope you can answer my question Team! My tax account said my UA-cam income is not Royalty income because I am still working on my channel and running it myself. He said once I stopping working on it, anything after that is considered royalty . but since I am still running the channel my self he said this is active income not royalties. Do you know how that works?
Your video has helped me rethink my whole YT journey/strategy. We started our channel on 1/21/23 and are absolutely nowhere close to monetizing and likely won’t be for a long time; however, we just sent a note to our CPA on how to prepare for it. Thanks again for helping us think big and think beyond.
Couple questions: 1-I have to have the LLC to deduct for taxes? 2-Once I do that I can write off my rent and utilities even if I’m not making money but consistently posting to UA-cam in the pursuit of money? 3-Say I get my LLC today, Dan I deduct from January on or j my from the date my LLC began? 4-I am working on videos that are kind of blog style but I review play places I take my kids to. Gas there and tickets to entry are wrote offs because I made a video about it?
In short: As a business owner you can get tax deductions on soft- and hardware you do not need to buy as an employee. Although this is exaggerated most of it is true, as some employees I have talked too had the opinion that I can write off all soft and hardware and therefore get it for free which sadly is not true at all.
Has he given the expense template to you guys yet? or is this something that can easily be found online, like there's no difference between his and all the others?
While this information may be helpful for creators in the USA, many of the strategies discussed during this video don't apply outside the USA. Examples: LLCs don't exist in most countries, deducting home office expenses can be catastrophic in countries where homeowners enjoy the principle residence exemption, etc. Respectfully, I strongly recommend that you include some sort of disclaimer in the video description as I doubt that this CPA is even licensed to provide advice outside the USA.
Thank you for the great information If you cannot have an LLC (Canada does not have LLC structures). Would you say second best choice is a partnership or sole proprietorship if you are just starting your channel and getting equipment ? I am documenting everything but I am not sure how far back from the moment you start to the moment you incorporate you are allowed to deduct business expenses.
I am new youtuber and notice a huge drop in views sinds friday..is this something that happens around easter? People are doing other stuff…and I wonder how this is around the year.? Could you make a video about it? Thank u so much!
Love videos like this. Working in Finance and having a very basic level knowledge on some of these topics really motivates me to stay organized as I go about my content creation endeavor. Would love to see more of this! Also, Matt is the goat!
I have been thinking about this topic. If my channel is mostly showing content about my new life here is Vietnam, if I feature a dinner in a video is that a deduction? Even if it's just a Short? I recently traveled to Thailand and showed some of almost every day? At what point would my flights and hotels become deductions?
Same here I uploaded my first animated video as a UA-cam shorts . And I just made my channel . So there is no montization yet . Every thing is just in biggning process . So how does it work ? Do I have to start working on tax stuff right away .
You’re not trying to get a return. You’re trying to not pay any tax. Why would they pay you a return if they have not taken any text from? It’s not a W-2.
Your expenses will help offset income in other areas if your financial life. You don't need to be making money to be a business, actually you want it to run in the red to offset taxes you pay from your day job. After some years you have to start making money or IRS will say your venture is a hobby, not a business.
Was this video helpful? Let me know in the comments! 👇🏼
Check out our FREE CLASS on 3 Secrets for Growing Your UA-cam Channel in 2023 here!: ThinkMasterclass.com
*Yeah I got my First 1099 Misc for UA-cam so I used Turbo Tax Deluxe, I didn't even know you COULD write off stuff. So for Good Record Keeping are we talking like Receipts for things I purchase that help me on My UA-cam channel like SD Cards. What about if I go too Conventions like My Up Coming Trip too Vidcon which is well you've been to Vidcon could that be considered a Write off? Should I use Turbo Tax Business and Quickbooks also? *
How to get 1000 subscribers on a gaming cannel fortnite
That was extremely helpful, I have a question let say you pay 2 different freelancers overseas in some places like India or Philippine and you live in the US, let say you pay them around 5 thousands dollar for things like video editing and thumbnails via a marketplace like Upwork. How do I duduct that $5000 dollars. Also is that classify as contractor labor? if yes, how do I report that on my tax return.
1-I have to have the LLC to deduct for taxes?
2-Once I do that I can write off my rent and utilities even if I’m not making money but consistently posting to UA-cam in the pursuit of money?
3-Say I get my LLC today, Dan I deduct from January on or j my from the date my LLC began?
4-I am working on videos that are kind of blog style but I review play places I take my kids to. Gas there and tickets to entry are wrote offs because I made a video about it?
I set up a call with someone from his team and they specifically told me there is no way for your business expenses to reduce your w2 tax liability. And here he is saying that is one of his favorite things. So what the heck...
This subject is going to blow up. Thanks for breaking things down for us. Can’t wait to see the other parts.
I wish they had made this video when I first began my UA-cam channel because it is so incredible. The finest part is how simple it is to analyze your tax status, your deductions, your appropriate filings, and your record-keeping. ThinkMedia, thank you! 🙋
We can all achieve our dreams! Health and Happiness to all!
Thank you for this. I had some aha moments around percentages and meals. I'm going to get my books set up straightaway and even if this year isn't "profitable," I will have practiced record keeping skills and be in that much better a position in 2024. 🌸 Michele
Divine appointment here ; ). I was just asking several friends that are content creators these questions yesterday. Thanks! Another great video.
Wow - great episode! How did I miss this! Thank you for covering all of the bases!
Amazing content. Totally loved it!!
This is very helpful information! Thank you I learned a few things I didn't know before!
This video is perfect for my situation. I’ve just started an LLC and now have my EIN.
How do I switch my UA-cam channel ownership from my personal SS number to my business EIN for income reporting?
If you are the sole owner of the LLC, it may be a matter of transferring all assets and liabilities/OE from your personal books to the LLC books. However, you may want to consult a tax strategist. Depending on your situation and if there are buildings, vehicles, or tools involved in your YT channel, you may have more ability for write offs. For example, if you have an old car you personally own but use for business trips (like going to the store for another hard drive to store all your videos), you may want to keep the car personally and write off the mileage deduction rather than transfer the car to the business and only be able to depreciate its value and expenses. Sometimes mileage write offs are worth more than the vehicle and maintenance (especially good for older well running vehicles). You may also have the ability to "rent" buildings and tools to your UA-cam LLC. It is usually argued that you are just transferring revenue/expenses between yourself and your LLC, but there are ways to get around extra taxes depending how you handle it. It all boils down to record keeping and what is ordinary and reasonable to your type of business. A good tax strategist is worth their fees. There are so many strategies and it varies depending on your assets, marital status, company or companies structure(s), etc. Make sure it is a true tax strategist and not just a tax filer. There is a world of difference between these types of professionals. Good luck in your venture!
Be careful with this. I’ve seen people lose monetization trying to do this
@@Jen-Chapin That’s my main concern. 🤦🏻
I have not found a cut and dry way to change this. I thought it would be as simple as changing a few tax forms and clicking submit. Everything I’ve found so far comes with serious potential risks of loosing monetization. It’s almost as if I have to close my existing personal Adsence account then resubmit for monetization with my business Adsence account and “hope” it’s approved.
It’s frustrating that there’s not a clear path do do this. There has to be hundreds or even thousands of accounts that would like to do this.
@@PioneerMountainHomestead Thank you very much for taking the time to share this information. I believe everything outside of my actual UA-cam channel has been competed and set up correctly. It’s just my channel itself that I can not figure out how to change so it’s owned and controlled by my LLC with earnings reported under my business EIN number instead of my personal SS number.
@@baldeagle242 i just keep my Adsense on my personal name and my accountant does a pass through to my s Corp. I’m not willing to lose thousands of dollars to change it!
Fantastic! This is so helpful! My channel's not monetized yet, but this tip will save me! Thanks a lot!
I hope you can answer my question Team! My tax account said my UA-cam income is not Royalty income because I am still working on my channel and running it myself. He said once I stopping working on it, anything after that is considered royalty . but since I am still running the channel my self he said this is active income not royalties. Do you know how that works?
THIS PART!!!! I NEED A CPA NOW!!!! Any recommendations for Content creators please?
Your video has helped me rethink my whole YT journey/strategy. We started our channel on 1/21/23 and are absolutely nowhere close to monetizing and likely won’t be for a long time; however, we just sent a note to our CPA on how to prepare for it. Thanks again for helping us think big and think beyond.
Thank you for this! Really helpful!
So good guys! Im fairly good with this stuff but It 100% helped and I learned some stuff! Keep up the good work!
Couple questions:
1-I have to have the LLC to deduct for taxes?
2-Once I do that I can write off my rent and utilities even if I’m not making money but consistently posting to UA-cam in the pursuit of money?
3-Say I get my LLC today, Dan I deduct from January on or j my from the date my LLC began?
4-I am working on videos that are kind of blog style but I review play places I take my kids to. Gas there and tickets to entry are wrote offs because I made a video about it?
What a valuable and awesome video. Thank you for that
Thank you for uploading nice one....Very good
So important On listen alway is another how to make growth is very hard to express!
Thanks for the tip! 🙌🙌
Very interesting topic 👌🏼👌🏼✨✨👌🏼
So when's the next Think Media Conference in Vegas?? ✈ 😁
Thank you!!💪🏿👏🏿🙌🏿⚙️
This is so usefull thank you for this. I had a question what about what you spend on transportation or a car for work.
So if my videos are about travel, then I can write off my travel expenses and food for locations I'm filming and creating content on?
the vid was nice but can you guys make a 500 dollar youtube studio budget build????
Can we get a list or a template with percentages to point us in the right direction? I would gladly pay for that
In short: As a business owner you can get tax deductions on soft- and hardware you do not need to buy as an employee.
Although this is exaggerated most of it is true, as some employees I have talked too had the opinion that I can write off all soft and hardware and therefore get it for free which sadly is not true at all.
Can you please upload the link to the tax strategy video??
Good video - Cheers
As i have began my UA-cam journey . I really need help in this . Subject . How does taxes stuff work .
Don't worry small creators we got this,don't give up,our time will come. Believe in yourself and keep up the grind 🦍💪🏻🔥✌🏻+have a nice day !
Has he given the expense template to you guys yet? or is this something that can easily be found online, like there's no difference between his and all the others?
Good info.
My CPA said meal is not 100% any more, it was only 100% during covid.
While this information may be helpful for creators in the USA, many of the strategies discussed during this video don't apply outside the USA. Examples: LLCs don't exist in most countries, deducting home office expenses can be catastrophic in countries where homeowners enjoy the principle residence exemption, etc. Respectfully, I strongly recommend that you include some sort of disclaimer in the video description as I doubt that this CPA is even licensed to provide advice outside the USA.
Thank you for the great information
If you cannot have an LLC (Canada does not have LLC structures). Would you say second best choice is a partnership or sole proprietorship if you are just starting your channel and getting equipment ? I am documenting everything but I am not sure how far back from the moment you start to the moment you incorporate you are allowed to deduct business expenses.
Corporation with the small business exemption is powerful in Canada.
UA-cam kills it for me with these taxes. Don’t think I’ll be doing my channel anymore
If I get an LLC in the middle of the year, how complicated does that get for record keeping and current clients?
I am new youtuber and notice a huge drop in views sinds friday..is this something that happens around easter? People are doing other stuff…and I wonder how this is around the year.? Could you make a video about it?
Thank u so much!
wish they made more of these financial videos for other platforms 😂
Is 100% for business meals still valid for 2023? Thought it was just an exemption for 2021 and 2022.
I think back to 50% for this year.
@@ThinkMediaTV Great, thanks for the clarification. Lots of great info here since I just started my channel earlier this year.
Thank you for asking! I was under the impression that it changed back this year.
Love videos like this. Working in Finance and having a very basic level knowledge on some of these topics really motivates me to stay organized as I go about my content creation endeavor. Would love to see more of this! Also, Matt is the goat!
good 👍👍
I’m facing a problem with taxes for small business, you are only allowed to deduct $10,000 dollars per year, anyone face the same problem here?
Remember when trying to get your taxes to zero, there is no free lunch. Read the fine print.
So I need income from youtube to report on my Taxes?
Wish I knew this in 2019
Why Quickbooks and not Quicken
Wow nice! good sh** 👏👏👏 building my Horror channel this helps hard
I have been thinking about this topic. If my channel is mostly showing content about my new life here is Vietnam, if I feature a dinner in a video is that a deduction? Even if it's just a Short? I recently traveled to Thailand and showed some of almost every day? At what point would my flights and hotels become deductions?
You left out insurance/benefits on that $50k w2 job hero.
Good
Same here I uploaded my first animated video as a UA-cam shorts . And I just made my channel . So there is no montization yet . Every thing is just in biggning process . So how does it work ? Do I have to start working on tax stuff right away .
gemzzz
Uhm yeah if your not making money, even if your making less than 50k, self employment tax is ridiculous and expecting a return is unrealistic.
You’re not trying to get a return. You’re trying to not pay any tax. Why would they pay you a return if they have not taken any text from? It’s not a W-2.
Its the deductions you are going after
What if you aren’t monetized yet?
Your expenses will help offset income in other areas if your financial life. You don't need to be making money to be a business, actually you want it to run in the red to offset taxes you pay from your day job. After some years you have to start making money or IRS will say your venture is a hobby, not a business.
@@colonelmann how many years exactly ? And is there a limit uptonwhich we can deduct losses
@@kineticswithkashan3192 I think it's three years.
no 1 making video how drawing channel grow or artist niche
please make video on drawing channels growth....without face
PLEASE PLEASE PLEASE
please make video on drawing channels growth....without face
PLEASE PLEASE PLEASE
DON'T GET AN LLC!! Get an C Corp. Way better tax benefits, same protections on an llc, and much much much less likely to get audited
Hi Mingalar Par Familys
Hindi
💕💕🙏🙏💕💕
Super helpful! Thank you!