#QOTD: What Do You Want to Know About UA-cam Business? Try TurboTax Self-Employed intuit.me/2KMk5rk (Sponsored) 00:00 Intro 00:20 Does UA-cam Take Out Taxes for You? 01:29 Can You Deduct Purchase for UA-cam From Your Taxes? 02:00 How Much Do You Need to Earn to Pay UA-cam Taxes? 02:59 What I Can You Deduct From Your UA-cam Taxes? 03:34 How Much Money Do You Need to Set Aside for UA-cam Taxes? 04:28 Should You Pay UA-cam Taxes Quarterly or Yearly? 5:08 Do You Need to Set Aside Money Besides UA-cam Taxes? 06:10 Do I Need to Incorporate as a Business? 06:40 How Should You Separate Business from Personal Finances?
Hello Roberto, If I have a cooking channel I do want to remodel my kitchen and buy new appliances, can I deduct 100% of these expenses when I file my taxes? Thank you!
Does one need a business license to to start up an online UA-cam or affiliate marketing business or after you start making more than a $1,000?? I’m learning as much as I can to successfully start my own UA-cam videos without any issues down the line.
Such great tips! You sounded like a CPA Roberto. For anyone overwhelmed by this, the important points are to keep all income and expenses related to UA-cam in a separate bank account, using separate debit or credit cards dedicated to UA-cam Expenses and keep all receipts. If you do that any book keeper will sort it out for you. Just hand over the monthly statements plus all receipts. Keep those receipts for a minimum of 3 years, sometimes longer!
Thank you! I am trying to get my channel going for a long time now but I only have 70 subscribers after like 4 years and I'm about to just give up on it. As small a gesture this was it helps me. I'm sorry if this is hard to read I have traumatic brain injuries and can't think straight to type it right. Thank you again!
All good to know! In at least the US, if you set up your account on AdSense as a business, you have to have a business bank account and an EIN to get paid anything anyway, so be sure to set that up!
i think you're supposed to enter your parents tax information but you loose so much money through that because yt thinks you have another job even tho it's your parents job if yk what i mean?
wow such fun in Canada it’s a extra 15% and in USA it’s 24% and it adds on ur parents my dad owns a store so it adds up to 30% of his money Taken away if I wanted to do this
Thank you!! I had no idea about SEP IRA. I’d wondered what else to do for something like that. Just shows you don’t know what you don’t know. Great advice on all the others stuff, too. I do that already but I’m gonna go check out the SEP IRA! Thanks, Roberto
You can be an LLC and register as an S-Corp with the IRS. You can also pay in to the IRS as you earn. There is an IRS app so that you can pop into the app on the day you get your UA-cam "check" to make a payment. For some people, this is a great tool. Get it paid right away to avoid mishaps. :)
Thank you Roberto! I didn't even think about taxes. I'm not there yet. But, God willing I will get there. These tips will help me to stay organized and to keep taking UA-cam seriously. I've always used Turbo Tax. They have not failed me yet.
This is a video you need to watch all the way through. Each tip is vital to keeping your taxes in order for your UA-cam business. I'm 100% with keeping separate accounts for taxes and expenses.
I was scared to even imagine monetizing my channel, but if YT sends me a 1099 form and all I really have to do is give that to my tax representative then that's such a relief (of course id take the convert to business advice if I ever get that far 😅)
This is huge! Not a lot of people really talk about the other end of YT income. Appreciate the content and definitely holding on to this vid when Desi Dad Reviews has a strong enough fan following to be monetized!
Notif gang! This is an important topic that I haven’t really considered much of lately, thanks for the awesomely helpful insight yet again roberto😁🙏🏻 keep it up
1:29 Can You Deduct Purchase for UA-cam From Your Taxes? note: To be deductible, a business expense must be both ordinary and necessary. Roborto did a great job explaining this. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. Mr Beast is writing off CRAZY things because that is ordinary for him. it will depend person to person and business to business. Gaming channels can deduct purchases of video games while other types of youtubers might not be able to.
Question #11 - Should I be using a monthly Profit & Loss Statement for my YT business? YES!!! Solid video man - very well done. Why in the world would anyone give this content a “👎”?...I saw four. Sheesh 🙄
Hi from England, to Roberto and everyone else. Love this channel. Roberto is awesome. I was so exhausted the other day. I just couldn't stay up for the live. Hope to make the next one Roberto.
Such valuable tips, thanks Roberto! My plan is to formulate a strategy and expand my knowledge on this and other business topics regarding my channel so I can hopefully turn it into something profitable by the end of the year :) more videos like this are very welcome!
Separate bank accounts at the very least. That is SO important and simple and I am blown away how many people don't even get that one done. PLEASE PLEASE at least do that.
Roberto Blake How do you manage to socialise with your Goliath sized audience Roberto? As an introvert it must take extra effort on your part. What pushes you to do it ?
One interesting thing I recently discovered: if you're trying to find out your total income for the year(like maybe you haven't been saving and realized that you need to catch up), you should actually look up from December 1 of the previous year up through November 30 of the current year. This is because you receive December's earnings in January so it's counted as income earned in January, so you would owe December's taxes in the following tax year
I searched the whole month to get that informatin everywere i just get it here.Thank you so much for doing that video and your helpfull explanation.From France.
Thank you sir you really helped me at this time I’m on ssdi but I’m considering making content in the future and you never know if I could be a success so this made me feel a lot more comfortable.
Question see when you get paid on you from adsense where to you find the vats with payment cause I just get paid they show me how I get paid for the month but I don’t see no vat with the paycheque which I need so I can see the vat plus the payment ( Where do you find the payment with the vat ?
Your explanation was very clear. Roberto, when you grew financially so that you were then an EIN, did you cancel your personal Google adsense and create a business Google adsense acct? Thank you for your time!!
Do you have to fill the tax info if you are not getting paid? Like ... if you have monetized your channel, but you haven’t filled out any account info for them to send you the money to.
Question - I purchased a PC for my UA-cam channel. My old laptop broke so I needed a new one so I can livestream and edit videos. Can I ask for that to be deducted even if I have not labeled my channel as a business if that makes sense ?
Hi man great video. I have a couple questions:, 1. At the start of the video you explain I am not an employee of UA-cam and am actually an independent contractor getting a 1099 form (in the case of a U.S. resident. The 1042-S is the form I received) and that I must file that with the tax agency in my country. Now I’ve received this for the past 2 years and ignored it so I hope I’m not in trouble or anything. I just pay taxes through my accountant to my local IRS in Ireland. Would love your advice on this. Another point you raised at 4:35 in this video, is that if I am earning over $1000 a month, I should pay my taxes quarterly (only if it makes sense and my accountant recommends it). I do earn that but pay them yearly. Would also seek advice on this, thank you 😊
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
#QOTD: What Do You Want to Know About UA-cam Business?
Try TurboTax Self-Employed intuit.me/2KMk5rk (Sponsored)
00:00 Intro
00:20 Does UA-cam Take Out Taxes for You?
01:29 Can You Deduct Purchase for UA-cam From Your Taxes?
02:00 How Much Do You Need to Earn to Pay UA-cam Taxes?
02:59 What I Can You Deduct From Your UA-cam Taxes?
03:34 How Much Money Do You Need to Set Aside for UA-cam Taxes?
04:28 Should You Pay UA-cam Taxes Quarterly or Yearly?
5:08 Do You Need to Set Aside Money Besides UA-cam Taxes?
06:10 Do I Need to Incorporate as a Business?
06:40 How Should You Separate Business from Personal Finances?
GREAT info for UA-camrs!
Thanks 4 sharing!
bold subject too -- taxes! ack! unavoidable
Hello Roberto,
If I have a cooking channel I do want to remodel my kitchen and buy new appliances, can I deduct 100% of these expenses when I file my taxes?
Thank you!
Does one need a business license to to start up an online UA-cam or affiliate marketing business or after you start making more than a $1,000?? I’m learning as much as I can to successfully start my own UA-cam videos without any issues down the line.
Has someone who has filed UA-cam taxes for over 5 years I can attest all these tips are legit.
Thank you!
I need help bro
Such great tips! You sounded like a CPA Roberto. For anyone overwhelmed by this, the important points are to keep all income and expenses related to UA-cam in a separate bank account, using separate debit or credit cards dedicated to UA-cam Expenses and keep all receipts. If you do that any book keeper will sort it out for you. Just hand over the monthly statements plus all receipts. Keep those receipts for a minimum of 3 years, sometimes longer!
Amazing comment thank you.
I'm gonna watch this a couple times.. I need to absorb all this info. Thanx.
honestly same
I saved it to my watch later Playlist when it applies to us more we can go back to it 😊
Whoever is reading this comment right now. I want you to believe in yourself, you can and will do anything you set your mind to!!
Thanks 😊
Thank you! I am trying to get my channel going for a long time now but I only have 70 subscribers after like 4 years and I'm about to just give up on it. As small a gesture this was it helps me. I'm sorry if this is hard to read I have traumatic brain injuries and can't think straight to type it right. Thank you again!
@@JFreese thank you God bless you
Great video! My taxes are a mess and my CPA hates me lol!
If you're paying that bill I'm sure they are okay lol
All good to know!
In at least the US, if you set up your account on AdSense as a business, you have to have a business bank account and an EIN to get paid anything anyway, so be sure to set that up!
That’s a good point
Hi there, May I ask a question that if I‘m just a person of Adsense account, is there any difference with business one?
Strange.... I didn't hook up a business account. It never asked me for that, & I still get paid, with a personal normal bank account
@@HiChinachannel I'm wondering too
Loving the Dave Ramsey Total Money Makeover book on your desk!
Knowledge.
As a 17-year-old who's never had a job and never paid taxes..... I'm so confused
i think you're supposed to enter your parents tax information but you loose so much money through that because yt thinks you have another job even tho it's your parents job if yk what i mean?
Ivona Marina about how much do u lose
Ivona Marina about how much money would you say?
Ivona Marina omg I’m going to get monitezed but I’ve never done taxes I will have to put my parents
wow such fun in Canada it’s a extra 15% and in USA it’s 24% and it adds on ur parents my dad owns a store so it adds up to 30% of his money Taken away if I wanted to do this
Thank you!! I had no idea about SEP IRA. I’d wondered what else to do for something like that. Just shows you don’t know what you don’t know.
Great advice on all the others stuff, too. I do that already but I’m gonna go check out the SEP IRA! Thanks, Roberto
You can be an LLC and register as an S-Corp with the IRS. You can also pay in to the IRS as you earn. There is an IRS app so that you can pop into the app on the day you get your UA-cam "check" to make a payment. For some people, this is a great tool. Get it paid right away to avoid mishaps. :)
Thank you Roberto! I didn't even think about taxes. I'm not there yet. But, God willing I will get there. These tips will help me to stay organized and to keep taking UA-cam seriously. I've always used Turbo Tax. They have not failed me yet.
This is a video you need to watch all the way through. Each tip is vital to keeping your taxes in order for your UA-cam business. I'm 100% with keeping separate accounts for taxes and expenses.
I was scared to even imagine monetizing my channel, but if YT sends me a 1099 form and all I really have to do is give that to my tax representative then that's such a relief (of course id take the convert to business advice if I ever get that far 😅)
This is huge! Not a lot of people really talk about the other end of YT income. Appreciate the content and definitely holding on to this vid when Desi Dad Reviews has a strong enough fan following to be monetized!
Notif gang! This is an important topic that I haven’t really considered much of lately, thanks for the awesomely helpful insight yet again roberto😁🙏🏻 keep it up
This is gold! Thank you so much! This year is the year I make enough to worry about taxes from freelance / UA-cam! Cheers 🥂
1:29 Can You Deduct Purchase for UA-cam From Your Taxes?
note: To be deductible, a business expense must be both ordinary and necessary. Roborto did a great job explaining this. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business.
Mr Beast is writing off CRAZY things because that is ordinary for him. it will depend person to person and business to business. Gaming channels can deduct purchases of video games while other types of youtubers might not be able to.
What type of write offs does he have
I just found your account and want to thank you so much for this video! This helped me so much!
Question #11 - Should I be using a monthly Profit & Loss Statement for my YT business? YES!!! Solid video man - very well done. Why in the world would anyone give this content a “👎”?...I saw four. Sheesh 🙄
He’s kind of contents. The world truly needs.
🙏🏾🙏🏾
Your B-roll of a drawer full of Washingtons. Solid.
I loved this as a person working towards making a living off youtube! This was extremely helpful thank you!
Better to treat it as a business instead of a hobby. In the US a hobby doesn't allow you to claim expenses.
Thank you for all this information!
Hi from England, to Roberto and everyone else. Love this channel. Roberto is awesome. I was so exhausted the other day. I just couldn't stay up for the live. Hope to make the next one Roberto.
Going to try to do them earlier
Such valuable tips, thanks Roberto! My plan is to formulate a strategy and expand my knowledge on this and other business topics regarding my channel so I can hopefully turn it into something profitable by the end of the year :) more videos like this are very welcome!
Separate bank accounts at the very least. That is SO important and simple and I am blown away how many people don't even get that one done. PLEASE PLEASE at least do that.
This is what I will need once I start getting paid from UA-cam. Another helpful and informative video. Keep it up!
As a CPA, I think you are giving sound advice. All monetized creators should certainly consult with a CPA/tax accountant.
Love your channel. Just getting started with UA-cam. Monetized one channel, working on this one...your videos have been a nice guide.
Thank you for always being so helpful Roberto! I needed this 😩🙌🏾
Happy to have found this channel. Spent 70k out of my own money for UA-cam and wish I knew I could have written it off. 🤦🏻♂️
Talk to your accountant and if you're doing your taxes yourself now is the time to stop...
WOw superb and interesting content Thanks for sharing buddy
Do you have to pay FICA taxes ?
Generally speaking yes.
Nice video and great tips. This is going to come in handy as my channel grows, so thank you Roberto.
Segregation of the different accounts is such a clean and clear strategy 👍🏼
It’s been invaluable to me and kept me sane
Roberto Blake How do you manage to socialise with your Goliath sized audience Roberto? As an introvert it must take extra effort on your part. What pushes you to do it ?
4:08 ... LOL 😆, that video clip was funny 🤣
Really Needed this video! Thanks Roberto!
Good advice! I have been doing things almost exactly how you stated! Nice video!
Thank you for this straight forward video sir.
You’re welcome ☺️
One interesting thing I recently discovered: if you're trying to find out your total income for the year(like maybe you haven't been saving and realized that you need to catch up), you should actually look up from December 1 of the previous year up through November 30 of the current year. This is because you receive December's earnings in January so it's counted as income earned in January, so you would owe December's taxes in the following tax year
I searched the whole month to get that informatin everywere i just get it here.Thank you so much for doing that video and your helpfull explanation.From France.
THANK YOU for some seriously helpful videos, as usual
Wow. Very helpful. Thank you!
Thanks so much for making this after fielding the tweets as well. Much appreciated. :)
Not monetized yet but definitely good to know information ahead of time..THANKS
Can you deduct say laptop purchase for making youtube videos if you are not monetizing yet? Thanks.
Fantastic video that answered all of my questions. Thank you!
Thank you sir you really helped me at this time I’m on ssdi but I’m considering making content in the future and you never know if I could be a success so this made me feel a lot more comfortable.
I keep records separate. I also incorporated my business. Great video Roberto. Precise too!
Question see when you get paid on you from adsense where to you find the vats with payment cause I just get paid they show me how I get paid for the month but I don’t see no vat with the paycheque which I need so I can see the vat plus the payment ( Where do you find the payment with the vat ?
Your explanation was very clear. Roberto, when you grew financially so that you were then an EIN, did you cancel your personal Google adsense and create a business Google adsense acct? Thank you for your time!!
No, since it wasn’t necessary I just linked it to the business bank account to avoid missing payments
Roberto Blake never disappoints! Easily one of the highest quality channels on UA-cam😊
*GREAT CONTENT*
At this point if you have a UA-cam channel and you're *not* subscribed to Roberto? You're doing yourself an injustice. Sub to this cat right meow.
I hit 20k on my main account all from the advice of this man. Don't know how he hasn't hit 1 mil yet with all the upcoming youtubers.
@@rogalos2459 Algorithms. 🙄
Facts!
I agree
Thank you for this video!
Love that you’re covering such an important topic 💙💙 taxes are something that freak me out about getting into UA-cam.
great video! thanks!
Thanks for sharing this Roberto!
Love your channel. Very helpful
Fell like you made this for me i appreciate it so much. Giving it a few watches to make sure i got it.
Well explained. Got my like.
This was very helpful and also very organized like your communications skills
Good vid man!!
Great advice Roberto! I’m starting to make some money on my channel now so this is becoming increasingly relevant for me.
Do you have to fill the tax info if you are not getting paid?
Like ... if you have monetized your channel, but you haven’t filled out any account info for them to send you the money to.
Always great info Roberto! I will have to save this in my important folder list. 😎👍
You’re the best!! this was informative and concise 💃🏼💯
Excellent Video! No nonsense and very informative. Thank you!!
Hi Roberto. This was very informative. Thanks a lot.
This is very helpful Roberto (just like your other videos). Thanks!
Thanks for these tips and advice 🤙🏾
Thank you for this informative video, it really helped a lot!
thanks man
You explain this so well. Its so hard to explain to people how all this works.
Very informative. You explained everything so well.
Question - I purchased a PC for my UA-cam channel. My old laptop broke so I needed a new one so I can livestream and edit videos. Can I ask for that to be deducted even if I have not labeled my channel as a business if that makes sense ?
If you have monetized the channel talk to your tax preparer but you should be able to
@@RobertoBlake thank you
WOW! I just started my channel Five days ago and thanks for the information.
So if my earnings is below 500$... i will be taxt free ?
You read my mind once again, I was thinking about this the other day. Get out of my head Roberto! Ha ha
This answers a lot of questions I had. Thanks for this!
Very welcome!
When setting up your adsense how do you know what to classify yourself as for tax purposes?
It would liken be under entertainment but you’ll want to ask an accountant
Hi man great video. I have a couple questions:,
1. At the start of the video you explain I am not an employee of UA-cam and am actually an independent contractor getting a 1099 form (in the case of a U.S. resident. The 1042-S is the form I received) and that I must file that with the tax agency in my country. Now I’ve received this for the past 2 years and ignored it so I hope I’m not in trouble or anything. I just pay taxes through my accountant to my local IRS in Ireland. Would love your advice on this.
Another point you raised at 4:35 in this video, is that if I am earning over $1000 a month, I should pay my taxes quarterly (only if it makes sense and my accountant recommends it). I do earn that but pay them yearly. Would also seek advice on this, thank you 😊
This is fantastic! I am about to be monetized and you answered all the questions I had!
This is so good. This is why Roberto is the BOMB.
Why did they approve my tax information before the ypp I don't understand and when can I verify identification with Google AdSense
Yes
He's a business, man.
Great info! Just subbed!
What was the most helpful thing in the video?
@@RobertoBlake How I should set money aside for taxes, fees right off the top of each paycheck. The importance of having 2 separate bank accts.
all these are really good ideas/ thanks Black.
I opened an LLC and it helps lots.
So every month i have to put aside 30% of that check for taxes?? ive never done my taxes before.
New stimulus plan:
No more youtube taxes 😁
If settle for a flat 10% on anyone making less than $5M
@@RobertoBlake I'll sign THAT Petition!
YESSS! Propose THAT stimulus plan!
Roberto Blake what is your UA-cam tax percent?
@@RobertoBlake yes please! I'll wait for an update
Wow Man this was completely legit advice.
Best video ever. Nice info. Helped a lot.
Thank you so much for this explanation .
Great advice! Especially about having a separate account for the tax money. Thanks for the video!
Fantastic video. Thank You!!!!!
Very helpful stuff roberto keep on keepin on my brother🙏🙏🙏
Great content man appreciate it 👍🏼
Good information to know. Thanks Roberto.