What Can YouTube Creators Write Off On Their Taxes?
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.