I'm in Canada, although I don't think it matters. But I got notified by PayPal that they are now required to disclose earnings. I have a business account with PayPal. Personal accounts will be close behind.
I saw an accountant and he told me I can write off part of my mortgage because I have an actual office in my home. Probably everybody does, or could.
I can also provide receipts for travel and other expenses related to video production. Any electronics purchased that can be used for videos will help offset taxes.
In short, keep receipts for everything.
Also, make videos about everything you spend money on.
This is my first year as a creator. Im in a mild panic in as far as how to file. I dont want an accountant. My husband wants to use turbo tax as we did when I was a writer. But geez. This is diff and I have incomes coning in from Youtube etc. I wanted to, but I didnt save every single receipt of my expenses but I did log them all. I hope a log "counts" in some way when doing taxes as in the older days. I really had intended on being so careful with receipts but I really got lax and only have some. I got lax because so many of my purchases were on receipts along with personal items or in cash on the fly. Sigh. Lesson learned. It wont happen again.
Any advice in as far as filing taxes?
No I don't I am same as you , my first year doing it but i'm just highlighting the ones on my receipts,because they also have personal items on and putting them in a file and putting it down has expences hahah, anyone that can help ? would be much appreciated .
How do I list myself on the tax return? Am I small business (I don't know what that looks like to click on)? Whats more, I file jointly with my husband. I hope there is a way for me to still file joint but somehow file my video business as my own personal financial endeavor. I wish there was a how to video. :/
Well for gosh sakes, I just read that I should;ve been filing/paying quarterly to avoid a fine? How many Rumbler's pay their taxes quarterly? Did I understand what I read correctly and I should've been doing that?
At first, I was going to list the income in as general income (along with my husband). But I've invested a lot of money into this new "business" of mine this year. So, I would be listing myself as a business, I assume. A sole proprietor. Boy, I hope when we do our Turbo Tax it guides us well enough. My husband says its easier than I think. Sure would be an awesome video for someone to make (a how to for freelance videographers/photographers).
Well I have not been paying quarterly so if you get a fine so am I . It is not something I thought about, never dreamed I would actually make any money! never in a million years did I think I could be making enough to actually consider paying taxes!!!
Trip, how have you decided to file? Are you just going to count the income along just as any other income you get from a plain old job? Or no? I'm reading Schedule C's are the most audited forms. I think you have to do that if you are going to claim a business and file deductions, profits, etc (Idk, i'm new like you). I invested a LOT of money into this new "hobby" (equipment and so forth) and I'd really like to claim deductions. I think you have to use C form if you are getting 1099's from places (like Google). Whenever hubby sits down to look at everything and go through Turbo Tax, I'll let you know how things are going for me. I sure wish others would give some detailed input on this thread.