Top 5 Tax Write-Offs for Youtubers and Entertainers

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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

#taxes #taxfreeliving #taxexpert #taxreduction #llc

#taxes #taxfreeliving #taxexpert #taxreduction

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Are you a business owner or real estate professional?
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A platform like YouTube allows business owners or anyone to start a business, on YouTube, by putting information out there that has the ability to be watched by millions of people. 💯

This information is also easily digested rather than having to spend days, or weeks reading, studying, or watching a series of shows.

You can become a business owner through putting information out.📚

If you are collecting payment from YouTube, from ads, from sponsors etc you are running a business. 💼

Each business is different and will have different things that go under “business expenses”. That means that what Jack’s business takes as a deduction may not be allowed for Sally’s business.

Section 162(a) allows a deduction for all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.🔑

Ordinary and necessary are the guidelines. 👈🏾

Regardless of if you are profitable or not, if you are taking the steps to track your expenses, and differentiate what you are using for business and what you are using for personal.

This will protect you in the event of an audit.

Stay tuned for more tax info every week!

#forbes #business #entrepreneur #taxsaving #goals #motivated #tax

*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

[jrcrashin]

Hey man, you should make a video on your come up and what you studied to get where you at. You seem very educated and knowledgeable in what you do. Stay blessed !

[flipastack]

Thank you so much for your content you put out. You break things down so easy and simple step by step. I’m so glad I found your channel count me in, I’m a subscriber now and like all your content. Thanks again for the info and keep informing us much appreciated ✊🏾

[SONofLIBERTY]

I learned some things with this video. I’ve been a tuber for a long time but finally decide to make it a side business this year. I can’t believe how much money I’ve lost over the years. But I have to start somewhere. I’ll need to check into the car write off

[SealztheMan]

This was really good brotha, we started Youtube around the same time so it's great to see what you have created so far. And btw, I might need you as my CPA haha, keep creating bro

[TrishaRico]

Great info Karlton. I really appreciate all of your insight.

[iamaffirmation]

Hi Karlton,
Thank you!! Great value🔥
I understand from your other video the LLC is for Asset Protection.

My question is....should a YouTube Channel that provides a service in the form of coaching and selling products online be structured as a SCorp, if not what would you suggest?

[CoffeeandDonutBreakwithLaura]

Thank you for these videos, very helpful

[zambajuke]

Please bro keep it up. This is needed. Thanks for the great work

[Driven]

This video was awesome! Very informative and put together well. Thank you!!

[ponleusoreyaa]

This is amazing content! Absolute gem!

[brianhill]

Love your videos.... You bring so much value

[LeslieDior]

You made this video extremely informative & entertaining to watch. Thank you

[Angel]

The most informative videos I’ve seen on YouTube! Thank you!

[CarsSimplified]

Well put!
A while ago, there was a viral video where someone bought a keytar and was using it in a video to play a song about using the video as a way to make it tax deductible. Do you think they actually did deduct it as a business expense?

[joelong]

Will bank statements work in leu of physical receipts? Most of my expenses are online purchases/subscriptions.

[willewill]

Great Video Karl Karlton on Youtuber business. Quick question. If a youtuber primary creates videos in doors how can they take a 179 tax deduction on a new car purchased for the business?

[MyLooneyBin]

great channel sir, thank you, will be watching more!!

[jorw]

My Main question (pretty stupid but I haven’t found a direct answer) is: In order to do this do you have to actually create a business (LLC, S-Corp, etc.)? Or can you just create a YouTube channel and when filing taxes for the income you can add these deductions? I’m new to taxes so I’m just trying to figure this out.

[daniellespellacy]

If you’re getting started and are in a qualified joint partnership the first year of starting up your business, would a new vehicle count as start-up in the $5, 000 fees, or can you take the single line deduction over 6, 000lbs?

[YuLondraMichelle]

I really like your videos but I never see you interacting with the viewers in the comment section of your videos. Just would be nice to see because you seem really humble and down to earth. Great content though. Have a great day.