TAX DEDUCTION OPPORTUNITIES FOR

ERS

 

If you made more than $600 from your videos last year, you many have to pay taxes on that income.

Here are some ways you can lower that your bill and keep as much of your income as possible.

Source: ”Top 9 Tax Deduction Opportunities for U.S. YouTubers.” http://www.reelseo.com/tax-deductions-us-youtubers/#ixzz3wTlh4xZY

Equipment Depreciation

Cameras and a computer are some of the more expensive pieces of equipment needed to run a YouTube channel. Fortunately, you can often deduct the cost of this equipment over the course of 5 years as depreciation. You can typically deduct 20% off of your equipment every year for 5 years. Be sure to check with the IRS or a tax professional before making any claim.

Promotions

Are you using services like Promoted Videos on YouTube to advertise your content and gain viewers? If you don’t have an advertising budget, that’s a great place to not only expand your audience, but gain a tax deduction as well. You can also deduct the cost of prizes from contests and giveaways as they are a part of your advertising.

Home Office Deductions

It used to be a major red flag to use your home office as a tax deduction. This practice is becoming more and more commonplace and isn’t as frowned upon by the IRS anymore. If you have a space in your home dedicated to your YouTube work, you may be eligible for a pretty sizable deduction. Caveat: this space must be used EXCLUSIVELY for work on a regular basis.

Mobile Phone Usage

Do you have a cell phone dedicated to your YouTube channel? If you use your phone regularly to network or to manage your videos and comments, it may qualify for a deduction. Remember to check with a tax professional for guidance on when and how to claim this deduction.

 

Professional Guidance

Are you looking for expert help for your channel? Maybe you need help setting up your business or doing your taxes. Good news: if you pay a qualified professional for advice or guidance in making sound business decisions, this expense is tax deductible.

Conference Fees

With the increasing cost of conferences like Playlist Live and VidCon, it’s nice to know that these conferences are tax-deductible. You can deduct the cost of admittance to the conference, as well as logistics i.e., hotel rooms, cab rides, airfare and even the business cards you hand out.

Video Editing Software

Are you still using Windows Movie Maker? You can upgrade to something better and write it off on your taxes. Software that is used exclusively for your business may be tax-deductible.

Data Storage

Data storage can get expensive for YouTubers. How big is your hard drive? How many external drives do you have? Do you use a cloud based storage service? All of these costs could be tax-deductible. This tax deduction can help you offset the huge bite taken out of your budget for file storage.

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Citation: Smith, Andy. “Top 9 Tax Deduction Opportunities for U.S. YouTubers.” Reelseo. Reelseo & Tubular Labs, Inc., 17 February 2015. Web. 8 January 2016. <http://www.reelseo.com/tax-deductions-us-youtubers/#ixzz3wTlh4xZY>