What Can YouTube Creators Write Off On Their Taxes?

Youtube Creators Write Off

As many content creators are learning, owning a YouTube channel is a business. It is a modern-day media company, and to succeed as a media company, one must take finances and taxes seriously. But that isn’t bad news. There are a ton of financial advantages. 

Let me give you an example. Perhaps you have a golfing channel. Your audience has been asking you for weeks to play a new golf course in a different state. If you travel to that golf course, pay to play there, film it and create a video with the intent of monetizing it, that is a business expense! And business expenses can be deducted from your taxable income to varying degrees. 

That said, taxes get tricky fast, and it can be incredibly costly if you make mistakes. So we highly recommend finding a tax professional who understands media content creation businesses. Fortunately for you, our friends at Karat have you covered. In the past, you may have seen us shout out Karat, the credit card company for content creators. We’re both mission-aligned businesses that are designed to support the needs of content creators financially. Where InfluenceLogic focuses on helping creators connect with brands, Karat supports the back-office finance needs of creators. 

Earlier this month, Karat launched their new product called Books, which gives creators access to finance experts who will complete your monthly bookkeeping, create clear reporting, optimize and prepare your 1099s and even submit your taxes at the end of the year. 

Karat’s creator-finance experts know everything there is to know about taxes for YouTube, OnlyFans, and every platform in between. With Karat Books, you will see all your financial statements in your Karat dashboard: balance sheet, P&L, cash flow statements, and year-end tax docs.

As you likely know, creators’ income is anything but steady. Karat’s back-office platform gets the ups and downs of your business and is designed to help you navigate through those variances. And my favorite part – Karat finance professionals are always on call once you sign up. A team of creator-focused finance pros is always available to walk you through any issues or questions.So if you have a growing YouTube business and want to align yourself with tax and finance help from a company that understands content creators’ business, consider trying Karat Books. Check it out here.

Share This Article:

Download Our Mobile App

Partner With Us:

Grow Your Revenue with Brand Partnerships

More Posts:

Comedy

The Power of Comedy on Social Media

Many brands may have recently taken a humorous approach to their social media presence. The comedic tone works well for Netflix, Wendy’s, and Old Spice. Whether they are interacting with Twitter users or creating memes to repost, some brands have that funny factor and use it to their advantage.

hashtag campaign

A Guide to Hashtag Campaigns

It’s no secret that hashtags have an influential role on social media. According to The Small Business Blog, 125 million hashtags are tweeted daily. Because of their success, brands have used hashtags to their advantage for marketing efforts. Thus, hashtag campaigns were born. But what are they? And why should I care? Here is a quick guide to hashtag campaigns:

Performance Partnerships
for Creators & Brands