Taxes Explained For Content Creators... Save Thousands Every Year!

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Think Media Podcast

Think Media Podcast

Күн бұрын

In this episode, Sean and Matt Bontrager explain taxes for content creators and how to save thousands every year! ****** Book a call with Matt Bontrager's team & ensure you keep more of your hard-earned income here 👉ThinkCPAs.com
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📒 Show Notes and Resources 📒
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Timecodes:
0:00 - Matt Bontrager & Taxes for Content Creators
3:18 - Mindset surrounding taxes
4:20 - Why should someone start a side-business?
7:15 - When should someone start an LLC?
10:25 - How much do you need to be earning for there to be beneficial tax savings?
12:30 - Hobby vs. Business
15:45 - Keeping your own records
20:15 - Deductions
36:05 - What are the tax rates?
37:50 - Biggest mistakes people are making with taxes?
41:30 - What are basic foundational tips?
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About this video:
Welcome to the Think Media Podcast! In each episode, Heather Torres & Sean Cannell from Think Media share the importance of video marketing. This show will teach you the video marketing trends in 2022 and what is next for digital marketing. If you’re asking what are the social media marketing trends, then this video is for you.
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Пікірлер: 160
@ThinkMediaPodcast
@ThinkMediaPodcast Жыл бұрын
Question of the Day ⚡What are your biggest takeaways from this episode? Let us know! 👇* Book a call with Matt Bontrager's team here 👉ThinkCPAs.com
@RebeccaMassey7
@RebeccaMassey7 Жыл бұрын
Thank you so much for posting this! I have been thinking about this all year. Wondering if I should start a spreadsheet or how to go about taxes and this was so helpful! Right on time!
@JessicaOS
@JessicaOS Жыл бұрын
Thanks Sean. You’re a life saver. This episode deserves 1 million views.
@HoneyMoneySG
@HoneyMoneySG Жыл бұрын
As a Content Creator + non-practising CPA, I needed this!
@ThinkMediaTV
@ThinkMediaTV Жыл бұрын
Glad this was helpful 🙏🏻
@BestAudiovisualTricks
@BestAudiovisualTricks Жыл бұрын
Think Media, my favorite channel: you have no idea how much value you provide to your viewers, day after day after day. God bless you and your families… forever!! 🙏🏻❤️
@biscuittreewoodworks
@biscuittreewoodworks Жыл бұрын
As someone trying to make this a legitimate business, THIS is the content I need! This is the best and most informative video I’ve watched on this channel! One thing that wasn’t made clear enough, why should I go through the hassle and expense of running an LLC? I find it low risk that I get a lawsuit against my for my content. So why should I go through the expense and hassle of maintaining an LLC?
@ChrisEdoria
@ChrisEdoria Жыл бұрын
I'm an IRS Enrolled Agent and a filmmaker and content creator. There are a few main reasons why you'd want an LLC. #1) you can add partners easier #2) you can sell the LLC easier. #3) multi member LLCs get audited lower vs. a sole prop. #4) as an LLC you get access to a strategy to lower your taxes further by ways of an S-Corp. Typically for my clients we do a cost benefit analysis of when it's best to convert over, which can be determined rather quickly. Now are there higher costs and maintaining; yes. But if you take your business seriously, an LLC is normally the best route. Again, these are general statements talk to your EA or CPA for further guidance. Cheers!
@GrantSR
@GrantSR 8 ай бұрын
For me, the main reason to form an LLC is simply as a signal that I definitely intend to run this "as a business."
@ZillaFullBoost
@ZillaFullBoost Жыл бұрын
I don’t make that much on KZbin, but I wrote off my home office, phone, garage, equipment and miles on my car. All done under sole proprietor. Going to open LLC soon.
@jennyclara4159
@jennyclara4159 Жыл бұрын
An action is earning money. Money management is a behaviour. Increasing wealth is learning. This is the principle.
@johnnydiop1806
@johnnydiop1806 Жыл бұрын
With inflation running at a four-decade high, a recession is now the most likely outcome of the economy. How can i grow my portfolio to outpace inflation and maintain a successful long-term strategy. I have been reading of investors making about $250k in the current crashing market, i need ideas on how to achieve similar profits
@madelynlee8142
@madelynlee8142 Жыл бұрын
Who is this individual guiding you!? I lost $9k just last week, so im dire need of a financial planner
@velalopez3396
@velalopez3396 Жыл бұрын
Credits to expert Margaret, you can reach out to him if you want
@colinsrenault7602
@colinsrenault7602 Жыл бұрын
Can't drop digits so I'll share this link to a team of expert traders and see if I can get anyone here to assit you
@joaofernandez2230
@joaofernandez2230 Жыл бұрын
Thanks ill appreciate that i want to do this as well...
@TylerLunsfordMagic
@TylerLunsfordMagic Жыл бұрын
This was my FAVORITE episode of the podcast so far. Absolutely loved every second of it. Been looking forward to it ever since I heard you briefly mention it in a previous episode. This was so informative and as someone who has always been interested in deductions and how to classify business expenses this was incredible. Thank you for this masterclass, Sean & Matt!! 🙌🏼
@TheMessageSent_
@TheMessageSent_ Жыл бұрын
As a content creator this video has a plethora of wisdom and knowledge. #priceless
@sentimentaljourneyproductions
@sentimentaljourneyproductions Жыл бұрын
My mother recently passed. I have always wanted to create a foundation in my father's name. Both my parents served in our community. There are many needs now and could I create my channel with those concerns in mind and create education and opportunity in my parents name and use my channel to generate funding for more hands on instruction, help, opportunity. True support. I appreciate so much you so generously sharing a wealth of information to us with a passion and a mission to have a life of purpose in service to humanity. We need each other more than ever.
@neugie8
@neugie8 Жыл бұрын
This advice might literally save someone’s life. Thank you for this diamond of a video
@CHEFPKR
@CHEFPKR Жыл бұрын
Love this discussion. Also, one hack I use is to have 3 credit cards. 2 for business that are tied to my quick books and 1 is personal which is not. It becomes easier when doing taxes.
@AmritaBhortake
@AmritaBhortake Жыл бұрын
This is one of the most helpful videos I have seen as a creator and artist. Absolutely love it. Sean and Matt, thank you so much for creating this one. Every penny saved is a penny earned!
@Captain250FX
@Captain250FX Жыл бұрын
Perfect timing! This is my first year of being monetized!
@Naaackers
@Naaackers Жыл бұрын
Every year I do my taxes for my side business as a creator, I think "I know what I'm doing, I got this". And then I sit down and say "oh man I forgot a LOT". I started rage searching videos on youtube, and I landed here. This was a fantastic episode and it was incredibly helpful. Thank you.
@pristinevending
@pristinevending Жыл бұрын
I was just researching this topic. 😄 You are always right on time 💯🙏🏽
@AnAlaskaHomestead
@AnAlaskaHomestead Жыл бұрын
33:35 Thanks for taking my question. Great video chalked with tons of information.
@ThinkMediaTV
@ThinkMediaTV Жыл бұрын
Yes! Thanks for posting it 🙏🏻💯
@johnclay7644
@johnclay7644 Жыл бұрын
informative 50mins.
@Quadman808
@Quadman808 Жыл бұрын
Great Info, Business Owner For 20 Years Going Thru Restructuring and Rebranding including Video Reach. You guys really touched on some of the most basic questions for the new Gen but also ones that in the past my Cpa's always seems to dodge or avoid ! " Think " has really been putting out the info WE NEED ! ! ! Keep Up The Great Work ! ! ! ! ! ! ! ! !
@elle6952
@elle6952 Жыл бұрын
I spent lots of time searching... trust me when I say, this is the best most comprehensive video you will find on KZbin regarding business set up and taxes for content creators. Every single questioned is answered. Thank you Matt!
@ARTyRV
@ARTyRV Жыл бұрын
Best advice- profit & loss YTD and quickbooks - Great video
@ThinkMediaTV
@ThinkMediaTV Жыл бұрын
🙏🏻
@timvasko
@timvasko 8 ай бұрын
Why doesn't this video have a million views yet?
@jIlLiAnganz
@jIlLiAnganz Жыл бұрын
YES! Just tapped on this video and excited to watch through! THANK YOU for bringing us this topic!
@SulaandSpice
@SulaandSpice Жыл бұрын
Fantastic episode,with great advice. Another source for help if you want to set up an LLC: see if you have a local small business development center. If so, they can help connect you with professionals who are happy to assist small businesses with these types of things.
@HartmannTennis
@HartmannTennis Жыл бұрын
Thank you so much Sean, I got so much value out of this video. I shared it with my whole family. This is exactly the information I needed to know. I started a KZbin channel about six months ago, and I am very serious about making this my full-time job. I work on it every single day for hours, on top of my current full-time job. Again, thank you so much for this video, I watched all three parts, will likely re-watching the future again. Took so many detailed notes. This will help tremendously
@shannonskiptomylife
@shannonskiptomylife Жыл бұрын
More like this please! Why is NO ONE talking abt this stuff?? Healthcare next plz.
@DJglobalmexican
@DJglobalmexican 6 ай бұрын
I listen to people about making a business and taxes, but never did anything after this video I listened listen and it just made sense and soon I’ll start my own business and start my pathway until hopefully a successful KZbin account. Thank you so much.
@AleksandrKisslove
@AleksandrKisslove Жыл бұрын
Extremely HELPFUL information👌Definitely NEEDED this video, Thank You!!
@ThinkMediaTV
@ThinkMediaTV Жыл бұрын
👊🏼❤️💯
@mattbontrager
@mattbontrager Жыл бұрын
🙌🏼♥️
@GrantSR
@GrantSR 8 ай бұрын
I just checked, and the cost of getting an LLC in Missouri is only 50 bucks, if you file online. Only $105 if you mail it in. That's less than five times eating at Wendy's.
@user-yd2mp7wp3k
@user-yd2mp7wp3k 2 ай бұрын
Best video ever on KZbin as far as learning the business
@chris-terrell-liveactive
@chris-terrell-liveactive Жыл бұрын
Even though I'm in the UK, the principles of this are the same, some useful stuff in this especially for those new to self employment. This stuff really should be part of the senior school curriculum. Could you make an episode that looks at dealing with the sales taxes/VAT/GST that can be a sudden surprise if you start selling digital products linked to your KZbin channel?
@QUiNTiNBANKS
@QUiNTiNBANKS Жыл бұрын
Thank you so much
@kathleenbaron1405
@kathleenbaron1405 Жыл бұрын
Thank you for making things so clear!
@ThinkMediaTV
@ThinkMediaTV Жыл бұрын
Happy to help!
@TheCreepypastaChannel
@TheCreepypastaChannel Жыл бұрын
Ok, if I have multiple channels, an online store and do freelance work for other creators. Can I group it all under the same LLC? They all have different names except one of channels and my freelance services are under the same name.
@du-jango
@du-jango Жыл бұрын
This episode is “chefs kiss perfect”, I look forward to the rest!
@ParasTube
@ParasTube 2 ай бұрын
Best vid so far, we don't see enough of these. Please share more 🎉❤
@kimberlystewart8170
@kimberlystewart8170 Жыл бұрын
Really, really, REALLY useful info! Thanks so much for this.
@kkaner181
@kkaner181 Жыл бұрын
Thank you for this!
@reviewmylifenyc
@reviewmylifenyc 5 ай бұрын
Im literally here because I read the book “rich dad poor dad” wow and he mentioned it
@Just_a_Katie
@Just_a_Katie Жыл бұрын
This was awesome info!! Can’t wait to hear more
@PatrickGoesWild
@PatrickGoesWild Жыл бұрын
EXCELLENT EPISODE! 💯 Took me years of experience, trail, and error, to learn much of this. A great video resource here, and no doubt will help a lot of up and coming content creators start on the right foot for sure. Thanks, Sean, Matt, and team Think Media 👍🏾
@marynugent2424
@marynugent2424 Жыл бұрын
I learn SO MUCH from you and this podcast!
@DavidMausJr
@DavidMausJr 11 ай бұрын
This is exactly what I needed. Knew most of it but confirmation is key 💯
@nbgvfcmnbh6226
@nbgvfcmnbh6226 Жыл бұрын
Thank you for your help for the insights and the tips! May you gain more success helping the community
@Herbsus
@Herbsus Жыл бұрын
Thank you so much I’ve been trying to figure this out for so long it’s not a joke, I learn so much vital stuff like not needing an llc to Write off but getting one once I’m Ready to start making money with my business oofff vital 👌🏽💯🙏🏾 Thank You Sean and Think Media for helping me get serious with my Content Businesses !!!
@tricallyourmama
@tricallyourmama Жыл бұрын
I get annoyed when people push to open an LLC immediately. If you are doing content creation and just started, pls do a dba. You won’t have to spend hella money on fees and yearly filings. You can always change dba to LLC later on.
@Welcometothenow
@Welcometothenow 9 ай бұрын
This explained everything I needed to know. Thank you very much.
@Guitarsands
@Guitarsands Жыл бұрын
Thanks for this video, it has been most informative video I've seen on the subject so far, and one of the most helpful ones for getting started in this day & age !!
@homestudioacademy
@homestudioacademy Жыл бұрын
THANK YOU!
@AxelDaleTattoo
@AxelDaleTattoo 4 ай бұрын
Just the video I was looking for super fired up for this one. 🎉
@AriannaAyers
@AriannaAyers Жыл бұрын
Keep in mind, tax deductions aren’t deducted at 100% rate. For example, with medical deductions (and travel to get to medical services), it is deductible above 7.5% of your adjusted gross income (AGI), then at only your tax rate, 28% - 37%. For example, you make $100K AGI, and have $10K in medical expenses. The first $7.5K (or 7.5% of your AGI) is not tax deductible, leaving you with an allowable balance of $2.5K. Out of that, you must multiple $2.5K by your tax rate, let’s say 28%, leaving you with a real deduction of $700. In this example, you spent $10K on medical services, $2.5K was applied towards the deductible amount, and you received a benefit of $700 less in taxes.
@AlainHM1
@AlainHM1 Жыл бұрын
extremely helpful video!
@joywrenncreative
@joywrenncreative Жыл бұрын
This is the mindset shift that I need!
@DekiaryCarter
@DekiaryCarter Жыл бұрын
Yes!!! Much needed.
@Historiaw60SEKUND
@Historiaw60SEKUND Жыл бұрын
good video I need this info
@kelnichols6786
@kelnichols6786 Жыл бұрын
Talk about a power video and I never leave comments. Well done guys
@CLNSL8
@CLNSL8 Жыл бұрын
Love this, it is much needed
@pawsitivelyintrepid
@pawsitivelyintrepid Жыл бұрын
Super helpful video! Thank you.
@chrisdunlap9002
@chrisdunlap9002 Жыл бұрын
I’ve been waiting for this episode 🙌
@TrulyAlexus
@TrulyAlexus Ай бұрын
Great video!
@CLNSL8
@CLNSL8 Жыл бұрын
Seriously this is the best information and the questions asked and answered I wouldn't have even known
@EnglishwithGabby
@EnglishwithGabby Жыл бұрын
Amazing info! Thanks so much!
@mattbontrager
@mattbontrager Жыл бұрын
Thank you!!!
@EmanBasketballDad
@EmanBasketballDad 4 ай бұрын
Excellent primer on a very complex topic. Thank you!
@ariannacolucci92
@ariannacolucci92 9 ай бұрын
How do we get start up money as a KZbinr? How does the irs identify “where did you get this money in the first place to make business purchases”
@evolutionaryTom
@evolutionaryTom Жыл бұрын
Can't wait for the future episodes! This video is a diamond mine! What do I do with Amazon things I buy to review for my Amazon Influencer business. Can I keep them and still deduct them? Do I have to throw them away? Thanks! -Tom
@ChrisEdoria
@ChrisEdoria Жыл бұрын
If you purchased something on Amazon with the first intent to review... But subsequently used it personally afterwards, you could only deduct a portion of it. If you never used it ever again, then it would stay business. Now let's say you reviewed a keyboard but also used it for your business then it would stay as a business expense.
@evolutionaryTom
@evolutionaryTom Жыл бұрын
@@ChrisEdoria Thank you, Chris!
@logicsstr8887
@logicsstr8887 Жыл бұрын
Very informative
@herban_garden
@herban_garden Жыл бұрын
Good stuff. 👍
@posturebalanceandfitness8429
@posturebalanceandfitness8429 Жыл бұрын
Good stuff! I've used Turbo Tax for years.... Easy...
@ariannacolucci92
@ariannacolucci92 9 ай бұрын
As you guys discussed with having separate bank account for business expenses and using quick books. How do we go about using our personal debit/credit in the first few years that we even make profit? Is a receipt and noting on It sufficient when starting off? Most if not all of us won’t have any start up money other than our personal bank account or credit card
@Su-ym4mi
@Su-ym4mi Жыл бұрын
Wow big learn🎉
@Aulgahzar
@Aulgahzar 11 күн бұрын
S tier information thanks
@melindabraun6060
@melindabraun6060 Жыл бұрын
this is applicable only for this USA, right? ....or would it also be helpful in the EU, or well...internationally?
@ThinkMediaTV
@ThinkMediaTV Жыл бұрын
This is directed to the USA. But this “thinking” should be helpful when researching your local tax laws. 🙏🏻💯
@lcmojo
@lcmojo Жыл бұрын
What I wanna know is...what happened to your camera @29:55?! Do you have a 🐶? Can't say I wasn't paying attention to the video now! 😁 Thanks much for all these precious tax tips!
@mike_s_media
@mike_s_media Жыл бұрын
Question: (very winded question) First off, I have a very decent 8-5 corporate job that sustains my family very well. Now, I originally started my KZbin channel and LLC as a woodworker with the intent of recording my builds and selling them through my ecomm site. Between my available time to record, edit, build, and then some health issues, I had to reroute my business model right at my one year mark. As such, my woodworking channel was not monetized and with the health issues that came up I did very little by way of sales in the woodworking sense. Being this is currently a side business, I was also working on building other smaller income streams that could leach off of what I was already doing ie photography and videography (I've been doing almost my entire life). My health issues were largely physical and heat related so I decided instead of letting the photography and videography be a side stream that I would instead prioritize that and make it the main focus. I effectively renamed my LLC to coincide with my directional change in business and decided I'd start a new channel that was fresh as the change would be too dramatic to just rebrand my woodworking channel. However, over the past 7 months I've mainly focused on the physical side of the business doing some small "jobs" that were primarily portfolio builders with little compensation to show for and mostly staged my own shoots to be able to market to prospective clients. With such little progress networking and getting business building clients I'm wanting to focus my efforts all in on KZbin. My biggest concern is around closing out a second year of no profit. Having spent the past 7 months essentially doing free portfolio work and starting a new KZbin channel, am I setting my business up for failure by pausing the physical side and focusing 100% on building out the KZbin portion? With the dramatic shift in business model I'm afraid the IRS will just label my business as a hobby. Also, is there any grace when you change your LLC and do a major shift in business like that?
@jerimiah_y
@jerimiah_y 25 күн бұрын
Annoying how KZbin, etc changed their monetization policies etc by year 3 for me while hitting essentially writers block and followed by dog setting kitchen on fire +adhd basically stalled out. Ofcourse now everything is a subscription so now my books are a mess.
@InvestToLive
@InvestToLive Жыл бұрын
This is a video for the real ones
@ThinkMediaTV
@ThinkMediaTV Жыл бұрын
Fact 😎
@7RomanceTube7
@7RomanceTube7 Жыл бұрын
11:00 love it, But I'm confused, can you do it on 1099 ? Or only with corp ?
@alansawesomeketoworld4612
@alansawesomeketoworld4612 Жыл бұрын
I will be making this year but I don't have a LLC so I need to go through my records and see what I spent. I will really have to do a better job. What if I don't have an LLC ?
@DJglobalmexican
@DJglobalmexican 6 ай бұрын
If you open an LLC, what’s the difference when funding it, compared to a sole proprietorship and funding that at the end of the year
@WeiseGuy91
@WeiseGuy91 Жыл бұрын
Where do we get the spreadsheet that was mentioned @22:23 ?
@JuicedUpDrywall
@JuicedUpDrywall 3 ай бұрын
It's been so long, you look so different Brother. More wise 🤙🏼
@tricallyourmama
@tricallyourmama Жыл бұрын
9:17 did not mention the yearly LLC fee. Any extra expense for someone not making money
@SpiralsKinksNCoils
@SpiralsKinksNCoils Жыл бұрын
I've had my LLC for 1 years have yet to file my taxes yet every service wants to charge $700+ for a business. What do you think is a fair price and is it OK to wait and file multiple returns at a time?
@RosannaD.
@RosannaD. 6 ай бұрын
@SpiralsKinksNCoils - Hi, I'd be interested to know this as well...have you found out by now?
@SpiralsKinksNCoils
@SpiralsKinksNCoils 6 ай бұрын
@RosannaD. everyone I have found still is charging an arm an a leg I've heard $1500 as the largest estimate I'm almost sad I didn't take the $700 quote. I did 1 return myself planning to just do the others solo thank God for Turbo tax they ask all the right questions so I don't need to know what all I qualify for.
@rainmwhop
@rainmwhop 2 ай бұрын
I need to find a tax strategy cpa for my new channel 👏🏽. I’m a CPA so I know a chunk, but could use the help of someone more experienced
@jamesdeininger3759
@jamesdeininger3759 4 ай бұрын
This is fantastic! So I’ve got a YT channel that I make feature videos with wakeboarding and surfing. I’m not making any money from it (yet). Can I write off any of the purchase of a boat that I bought in 2023? I’m preparing my taxes now.
@tactful_colt8536
@tactful_colt8536 Жыл бұрын
26:03 so if you mainly use your car for work could you write off Gas bill as well? Say like 80 % to match what the car expense is as well
@ChrisEdoria
@ChrisEdoria Жыл бұрын
You can either write off car value + gas + insurance + repairs + washes + registration (etc.) - this is called the actual method OR business miles - this is called the standard method. In EITHER case it's subjected to the business percentage use. So in your case when you say work I'm not sure if that's a w2 job or your 1099 content creation job, but let's say it's 80% content creation. Then we would run your #s and see which is more beneficial the actual method OR standard (mileage) method. SOOO short answer yes you can write off your gas but it cannot be combined with mileage.
@itsjuliepotts
@itsjuliepotts 6 ай бұрын
Don’t you have to capitalize certain start-up costs to expense later once you’ve started earning revenue?
@kgamezhd9399
@kgamezhd9399 10 ай бұрын
What camera was used for this video?
@FantasyDogPound
@FantasyDogPound Жыл бұрын
I started KZbin 1 year ago as a hobby. Bought cameras / lights / desk upgrades ETC. I never put it on my tax returns since I didn't consider myself a business. 1 year later I am monetized & have active paying members on Patreon. Can I still use it for tax deductions for the equipment this year if I now consider myself a business.
@spookydaze9157
@spookydaze9157 Жыл бұрын
I have a question for you, when you got monetized did you get your 1099-nec form?
@FantasyDogPound
@FantasyDogPound Жыл бұрын
@@spookydaze9157 still have to look into it, it’s my first year
@23FOEVA
@23FOEVA Жыл бұрын
Do you have a recommendation on who to go through to get an LLC created?
@ThinkMediaTV
@ThinkMediaTV Жыл бұрын
Legal zoom yourself - or hit up Matt
@whenbirdiesfly
@whenbirdiesfly Жыл бұрын
@mattbontrager I'm creating two websites: one for my husband's topic; one for mine. I will send traffic from my site to his, as they're partially related. Is it best to set up one company, assigning dba's for each site? Or, to eliminate risk of both going down in a lawsuit, is it better to set up LLCs for each? Also, which is best...single-member LLC or multiple member?
@ChrisEdoria
@ChrisEdoria Жыл бұрын
Hello! It depends on the business and how intereleated they are and how they function. Typically two LLCs are better to separate functions, easier to dissolve later without affecting the other business and easier to sell as well. Multimember LLCs are always better then single member LLCs since they are audited lower since the multimember LLC will file on a form 1065 vs. filing on the Schedule C. But back to your original question my clients have done both, but just know two LLCs is more costly. 2 tax returns, 2 bank accounts (or more), etc.
@user-on6un8tq5f
@user-on6un8tq5f 3 ай бұрын
I have a picture in my left eye and it blossoms over the red diamond play button in theory I would have been a soldier or a cop I have 250 coming back against Xmas.❤
@loemlyvideo
@loemlyvideo Жыл бұрын
hello everyone very nice👍👍👍
@mikewiththebluecar
@mikewiththebluecar 3 ай бұрын
Just curious, I financed a new pc in Sept 2023 and didn’t write it off in 2023 but I paid it off in February of 2024. I paid like $600 in payments back in 2023 and paid the remaining balance of $1400 in 2024. Can I write that pc off as an expense in 2024, and would I write off the full amount or only the amount that was paid in 2024?
@thesandravshow
@thesandravshow Жыл бұрын
Everything is tracked in calandra year, correct? Example, if my business takes off in 2023, the equipment I bought in December 2022 would be irrelevant?
@theangeloadiaz
@theangeloadiaz Жыл бұрын
QUESTION: How should LLCs look and be structured when operate a videography business and earn affiliate money from Amazon thru youtube videos? Holding company with multiple LLCs? Just 2 separate LLCs?
@ThinkMediaTV
@ThinkMediaTV Жыл бұрын
One is fine. The key with an llc is legal protection. Like if someone broke and ankle o. A video shoot and sued you.
@ThinkMediaTV
@ThinkMediaTV Жыл бұрын
But you should have insurance also for the video business ✅
@ChrisEdoria
@ChrisEdoria Жыл бұрын
1 LLC is fine. Holding company is not required here and you'd be spending unnecessary funds for someone like me to do your taxes haha! Keep it under 1 LLC as long as the services and products are related.
@theangeloadiaz
@theangeloadiaz Жыл бұрын
@@ChrisEdoria Oh okay, so like 1 LLC is fine for my videography business income AND anything related to KZbin income/affiliate payouts?
@ChrisEdoria
@ChrisEdoria Жыл бұрын
@@theangeloadiaz UNLESS... You might end up having more partners for your videography business OR your KZbin. Then you'd need separate LLCs to ensure separation.
@MomLikely
@MomLikely Жыл бұрын
What would the advice be for a person that is married and filing jointly but one partner has both w2 and KZbin 1099 for taxes. As a creator that is married with the less income I usually give my money back to the government. I just have not went the legal route of trying to file separate because I thought it may hinder our credits would an LLc help me there . Any advice or maybe some content that you guys could point me towards for this scenario.
@ChrisEdoria
@ChrisEdoria Жыл бұрын
IRS Enrolled Agent and filmmaker here. Depending on how much net profit you generate, an LLC could help save on taxes with a strategy called S-Corp BUT... I say but because the beauty about having BOTH a w2 and KZbin is that the first w2 can cover self employment tax which is why you'd want to be an S-Corp. (Contact me if you'd like an explanation of this). It really depends on your situation to determine the proper recommendation here.
@spanishblueprints
@spanishblueprints Жыл бұрын
What should you do as a new KZbinr (< year) if you are generating income but it’s just not Adsense?
@ChrisEdoria
@ChrisEdoria Жыл бұрын
That's the best case scenario since you're not relying on adsense to generate money. KZbin should primarily seen as a platform for marketing to generate sales for your service or product. If you end up blowing up on KZbin generating royalties and 1099 income then that's a blessing. In either case you should explore opening an LLC. I say explore because it depends on how much revenue you're generating and how committed you are to your business to make this decision since it'll cost more money and require maintenance.
@spanishblueprints
@spanishblueprints Жыл бұрын
@@ChrisEdoria Thank you! Just seeing this comment now. Great advice!
@23FOEVA
@23FOEVA Жыл бұрын
What's the best way to find an accountant in my state that would be familiar with content creation? Are there keywords to use or just try and Google content creator accountant?
@ChrisEdoria
@ChrisEdoria Жыл бұрын
Most EAs and CPAs will be able to handle your case, I think it's best to go with someone who's familiar with content creation so you're both on the same page. For example I'm an IRS Enrolled Agent and also film weddings and run a construction company. So a lot of my clients are content creators so I can literally advise my clients with actual hands on experience on how to save taxes and operationally what they should do for their business.
@23FOEVA
@23FOEVA Жыл бұрын
@@ChrisEdoria thank you so much! Should I look for one in my state or does that part matter?
@ChrisEdoria
@ChrisEdoria Жыл бұрын
@@23FOEVA It doesn't matter as much, but someone in your state will be more the business tax laws (i.e. sales tax, annual fees, etc).
@23FOEVA
@23FOEVA Жыл бұрын
@@ChrisEdoria Ah, makes sense. Thank you so much! 💓
@sunroameroverland
@sunroameroverland Жыл бұрын
You stated that you can deduct investment like camera etc. without having yet made money?? I just had this conversation with my cpa and they said no. I must wait till i am making money from (youtube) I invested $$ in gear 2022. ?
@Historiaw60SEKUND
@Historiaw60SEKUND Жыл бұрын
hello
@ThinkMediaTV
@ThinkMediaTV Жыл бұрын
Hi
@Historiaw60SEKUND
@Historiaw60SEKUND Жыл бұрын
@@ThinkMediaTV 😉🇵🇱💪🇺🇸🔥
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