The way in which you get taxed is important as a YouTuber because all income you earn will be taxed due to the fact that you're self-employed. You must pay self-employment taxes, although some LLCs make an S-corp election to reduce their self-employment tax obligations. Working with a tax strategist can help you take advantage of the items that you are already spending money on for your business so you can receive tax write-offs.Īs a YouTuber, you will automatically be considered a sole proprietor however, you can also register your YouTube Channel as an LLC or partnership. Some of those items you are spending your money on, such as cameras and lighting, can also be written off, but only if you follow the tax guidelines and have a good understanding of the tax codes. Know The Benefits Of Your YouTube BusinessĪs a licensed tax accountant, I've seen that being self-employed and setting up the right entity structure can be beneficial to your taxes, as it can eliminate some of the self-employment tax. After all, one of the best parts about being a YouTuber is that you are working for yourself as a contractor, not a W-2 employee. As a YouTuber, you may consider yourself more of the creative type, but it's so important to be disciplined in establishing a business and tax strategy for your YouTube business. That can be frustrating, but if you want to break these rules, the only hope to monetize your video channel is to add a Patreon link or ask people for donations via Paypal. Whether you have a channel focused on reviewing children's toys or giving baking tutorials and regardless of the theme, you should treat your YouTube career like a business. As we move forward, these basic tenants of the YouTube advertising policy need to be met in order to earn money with YouTube. Treat Your YouTube Channel Like A Business That way, people can manage your business YouTube account (or any. Create a separate Google account just for your business. Do not use your personal Google/Gmail account. Create a Google account (because Google owns YouTube). If you are fortunate enough to make a full-time income on YouTube or other social media channels, not only could you be in for some serious cash, but you can also expect to pay some serious taxes every year. Setting up a YouTube Channel for your business is fairly simple and quick and it’s free. With some people boasting millions from their YouTube status, it's no wonder why more and more people are choosing to monetize on platforms like YouTube every year.
Mega companies like YouTube can earn their stars top dollar in exchange for ad views and clicks. We are living in a day and age where attention is the new currency. "When I grow up, I want to be a YouTuber!"
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