4 Ways To Pay Less Taxes As A Youtuber LEGALLY

We will be talking about how 4 ways Youtubers can save on their taxes.

1 - Keep track of all expenses and then look for deductions. Every dollar you spend and every dollar you earn should be tracked. Then you can easily classify if you can write things off. You can write off filming expenses, computer expenses, home office expenses, cell phone, internet costs, business supplies, subcontractor expenses, travel expenses, subscriptions, software, bank, shipping fees, and much more.

2 - Make sure you have the best legal structure. A lot of people say screw it and just enter social security number into Adsense, or become a sole proprietor. However, that is not a good idea. At a minimum, I would recommend you go with an LLC, as it gives you protection of your personal assets. And it will separate you from the business as well. Some people will go Single Member LLC or multi-member LLC and that is fine.

To set this up each state has its own rules & costs, but it can be as low as a hundred or so dollars. You can either contact your Secretary Of State or consult your local CPA.

3 - Have a good CPA. A lot of YouTubers do not want to pay to have someone do their taxes or even consult with one. They think "oh I can just buy turbo tax for $99 or my uncle can do it.". And that just shouldn’t be the case. A good account will pay for itself in the amount of money they will save you each year in taxes.

4 - Look at retirement contributions. Traditional 401K, traditional IRA, 457B, HSA. Now if you own your own business you might not have a lot of these options. However, just know they can be set up for cheap and can save you a lot on your taxes. It will reduce your taxable income and what you contribute can be offset against your taxes.

Видео 4 Ways To Pay Less Taxes As A Youtuber LEGALLY канала Jack Hoskins