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Look at Your Earnings as Business Earnings<\/h2>\n
If you have to declare your income and pay tax on it, you should claim for deductions as well.\u00a0\u00a0 Here are some of the tax deductions you are entitled to claim for your YouTube and other videos\u2019 income.<\/p>\n
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Equipment Depreciation<\/h3>\n<\/li>\n<\/ol>\n
You are allowed to deduct depreciation as an expense for your video equipment. \u00a0If you decide to claim for depreciation, we can help you calculate that figure.\u00a0 Call us at (813) 229-7100 for a free consultation.<\/strong><\/p>\n
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Video Production and Editing Software<\/h3>\n<\/li>\n<\/ol>\n
Another type of deduction that is certain to apply to every video creator is the purchase of video production and editing software.\u00a0 You should invest in some quality professional software instead of free ones like Windows Movie Maker and deduct the cost of it from your taxable income.<\/p>\n
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Data storage<\/h3>\n<\/li>\n<\/ol>\n
As you make more and more videos, you will require storage space, usually cloud-based storage.\u00a0 This business-related expense is also tax deductible.<\/p>\n
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Home Studio and Office Space<\/h3>\n<\/li>\n<\/ol>\n
If you shoot your videos indoors, you likely have a studio that may be part of your home converted for such use.\u00a0 You can claim expenses related such use, for example, phone calls made from a phone inside your office or studio.\u00a0 It must be used exclusively and regularly for your video business.\u00a0 So if you have a home studio, make sure that it is used solely for business.<\/p>\n
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Cell Phone Usage<\/h3>\n<\/li>\n<\/ol>\n
If you have a cell phone you use for business; you can deduct the phone bill in your tax calculations.\u00a0 Once again, you have to make sure it is used exclusively for business.<\/p>\n
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Travel Expenses<\/h3>\n<\/li>\n<\/ol>\n
If you travel anywhere to shoot your videos or only to pick up supplies, as long as it\u2019s for business you are entitled to claim deductions.\u00a0 Make sure you keep receipts for every expense.<\/p>\n
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Advertising<\/h3>\n<\/li>\n<\/ol>\n
As in any business, you should advertise yourself especially since you can claim the cost of publicity as a tax deduction.<\/p>\n
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Conferences and Seminars<\/h3>\n<\/li>\n<\/ol>\n
If you attend conferences or workshops to improve you video making skills, you should claim tax deduction not only for the conference fees but also other incidental expenses such as hotel accommodation, airfare, cab fare, and meals.<\/p>\n
If any of these apply to your video income, you should consider claiming such expenses from your taxes.\u00a0 If you have any questions, feel free to call us at (813) 229-7100 for further advice.<\/strong><\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
After 32 years of IRS work \u2014 and more than $100 million in resolved tax debt \u2014 I've seen just about every version of the problem you're dealing with. I'm Darrin Mish, a tax attorney in Tampa. Here's what you should know. YouTube has made it possible for anyone to become a star and earn […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[591],"tags":[],"class_list":["post-10116","post","type-post","status-publish","format-standard","hentry","category-irs-news"],"_links":{"self":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts\/10116","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/comments?post=10116"}],"version-history":[{"count":1,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts\/10116\/revisions"}],"predecessor-version":[{"id":22404,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts\/10116\/revisions\/22404"}],"wp:attachment":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/media?parent=10116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/categories?post=10116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/tags?post=10116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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