In the YouTube/new media world, owning your own business has taken on a totally different shape. As a creator, everywhere you go and everything you do could potentially be related to your business. That’s why it’s super important to keep track of your expenses because, come tax time, deductions are your friends!
Here are 5 things YouTubers shouldn’t forget to deduct in tax season.
If you’re going to Playlist to meet up with subscribers or you’re jetting off to Japan to vlog at Tokyo Disney, you can include your travel costs as deductions.
- Meals and entertainment
Taking out a hot date for sushi is not going to fly as a business expense. On the other hand, meeting an editor or business partner to discuss your channel over spicy tuna rolls and sake is fair game.
For a lot of YouTubers, their home is their office and studio. If you film in a specific room of your home, you can deduct a percentage of your rent, utilities, and other related home expenses.
The mileage driving to and from meetings, events, shoots and appearances are all business related. Like your home, you can deduct a percentage of your car’s gas, insurance, maintenance, etc. Check out our post on apps that help track your daily mileage.
- Profession and Legal Services
Finally, if you decide you want to seek professional services like tax preparers to work on your financials, the costs incurred are tax deductible.
If you have more questions on what you can and can’t deduct, hit us up at (949) 215-9900. We’re always here to help!
This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor or tax advisor with respect to matters referenced in this post. Semaphore assumes no liability for actions taken in reliance upon the information contained herein.