Tax Strategies for Rumble Earnings

DavidMcNab

Active member
#1
Some of us have been affected by the announcement last year by PayPal that they would be disclosing earnings to the CRA (Canada Revenue Agency). I'm not sure if they will do the same for the IRS. At least for Canadians, this means that Rumble earnings should now be declared for tax purposes. This seems to be restricted to business accounts with PayPal, but may become true of personal accounts as well, if it hasn't aleady.
If you are affected by this disclosure, there are a few strategies to help you hang onto those precious dollars.
I'm no tax expert and not qualified to give formal tax advice, but here's what my accountant was able to do for me. I submitted receipts for various expenses and listed videos that matched up with these expenses to help offset earnings. For example, many of my videos are edited with footage from dive holidays or other vacations. Part of my travel expenses were used to lower my reportable income (earnings minus expenses). I have made videos that required driving to get to the location. Mileage was a cost that helped. A few deer videos made me a considerable chunk of money, but the forest is 125km away from my house. Meals on the way and the purchase of a few bags of apples added to mileage costs made a difference.
If you simply make a few videos of your cat or dog, your expenses might be limited. Vet bills, food, pet toys...it can all add up. But if you make videos at restaurants, such as a Teppanyaki chef with an entertaining show, that receipt will help you. If you are on a road trip and you stop to film cows doing something unusual at the side of the road,
some of that mileage is deductible. If you buy admission to an amusement park or zoo and you make a video there, that cost is deductible.
The idea is that you must be able to explain how there is a cost associated with your attempt to earn money.
You can't claim a deduction for an expense not related to a video that made money, or footage that was intended to make you money. Obviously, this creates a huge advantage to making videos on holidays or during events that have cost you money. You may not chose to upload a video, but the fact that you at least have footage related to your spending can help. Basically, if you're spending, why not also do a little filming.
I have a few action cameras (GoPros) and I find them very handy for many reasons. They quickly pay for themselves and create perfect opportunities for getting footage while you're on the move.
This approach saved me thousands of dollars. I now keep receipts for a lot of things to make tax time simpler.
 
#2
Some of us have been affected by the announcement last year by PayPal that they would be disclosing earnings to the CRA (Canada Revenue Agency). I'm not sure if they will do the same for the IRS. At least for Canadians, this means that Rumble earnings should now be declared for tax purposes. This seems to be restricted to business accounts with PayPal, but may become true of personal accounts as well, if it hasn't aleady.
If you are affected by this disclosure, there are a few strategies to help you hang onto those precious dollars.
I'm no tax expert and not qualified to give formal tax advice, but here's what my accountant was able to do for me. I submitted receipts for various expenses and listed videos that matched up with these expenses to help offset earnings. For example, many of my videos are edited with footage from dive holidays or other vacations. Part of my travel expenses were used to lower my reportable income (earnings minus expenses). I have made videos that required driving to get to the location. Mileage was a cost that helped. A few deer videos made me a considerable chunk of money, but the forest is 125km away from my house. Meals on the way and the purchase of a few bags of apples added to mileage costs made a difference.
If you simply make a few videos of your cat or dog, your expenses might be limited. Vet bills, food, pet toys...it can all add up. But if you make videos at restaurants, such as a Teppanyaki chef with an entertaining show, that receipt will help you. If you are on a road trip and you stop to film cows doing something unusual at the side of the road,
some of that mileage is deductible. If you buy admission to an amusement park or zoo and you make a video there, that cost is deductible.
The idea is that you must be able to explain how there is a cost associated with your attempt to earn money.
You can't claim a deduction for an expense not related to a video that made money, or footage that was intended to make you money. Obviously, this creates a huge advantage to making videos on holidays or during events that have cost you money. You may not chose to upload a video, but the fact that you at least have footage related to your spending can help. Basically, if you're spending, why not also do a little filming.
I have a few action cameras (GoPros) and I find them very handy for many reasons. They quickly pay for themselves and create perfect opportunities for getting footage while you're on the move.
This approach saved me thousands of dollars. I now keep receipts for a lot of things to make tax time simpler.
(y)That's the same what I'm doing in the UK. As I go nowhere without some kind of camera equipment, I'm always working, meaning I can always put something down for the tax. Keep your receipts! Write down mileage even the time spent on the PC editing! I found it all very difficult to remember at first, but there are so many programs and apps to help you with this sort of things. I'm using ManicTime, on the PC that helps me keep track automatically of the time spent on the pc. I can always proof what I was working on. I put in my mileage with a mileage app and keep records of expenses with an expense app. Yep there really is an app for everything. ;)
 

Tripwire

Active member
#3
Some of us have been affected by the announcement last year by PayPal that they would be disclosing earnings to the CRA (Canada Revenue Agency). I'm not sure if they will do the same for the IRS. At least for Canadians, this means that Rumble earnings should now be declared for tax purposes. This seems to be restricted to business accounts with PayPal, but may become true of personal accounts as well, if it hasn't aleady.
If you are affected by this disclosure, there are a few strategies to help you hang onto those precious dollars.
I'm no tax expert and not qualified to give formal tax advice, but here's what my accountant was able to do for me. I submitted receipts for various expenses and listed videos that matched up with these expenses to help offset earnings. For example, many of my videos are edited with footage from dive holidays or other vacations. Part of my travel expenses were used to lower my reportable income (earnings minus expenses). I have made videos that required driving to get to the location. Mileage was a cost that helped. A few deer videos made me a considerable chunk of money, but the forest is 125km away from my house. Meals on the way and the purchase of a few bags of apples added to mileage costs made a difference.
If you simply make a few videos of your cat or dog, your expenses might be limited. Vet bills, food, pet toys...it can all add up. But if you make videos at restaurants, such as a Teppanyaki chef with an entertaining show, that receipt will help you. If you are on a road trip and you stop to film cows doing something unusual at the side of the road,
some of that mileage is deductible. If you buy admission to an amusement park or zoo and you make a video there, that cost is deductible.
The idea is that you must be able to explain how there is a cost associated with your attempt to earn money.
You can't claim a deduction for an expense not related to a video that made money, or footage that was intended to make you money. Obviously, this creates a huge advantage to making videos on holidays or during events that have cost you money. You may not chose to upload a video, but the fact that you at least have footage related to your spending can help. Basically, if you're spending, why not also do a little filming.
I have a few action cameras (GoPros) and I find them very handy for many reasons. They quickly pay for themselves and create perfect opportunities for getting footage while you're on the move.
This approach saved me thousands of dollars. I now keep receipts for a lot of things to make tax time simpler.
David, you are so helpful to all who are looking or advice/help with anything and I would just like to thank you for just that. If niceness made you rich, you would be a millionaire. Haha. (Is niceness a word)?? lol
 

DavidMcNab

Active member
#5
Gr
(y)That's the same what I'm doing in the UK. As I go nowhere without some kind of camera equipment, I'm always working, meaning I can always put something down for the tax. Keep your receipts! Write down mileage even the time spent on the PC editing! I found it all very difficult to remember at first, but there are so many programs and apps to help you with this sort of things. I'm using ManicTime, on the PC that helps me keep track automatically of the time spent on the pc. I can always proof what I was working on. I put in my mileage with a mileage app and keep records of expenses with an expense app. Yep there really is an app for everything. ;)
Great advice!