#QOTD: What Do You Want to Know About RUclips Business? Try TurboTax Self-Employed intuit.me/2KMk5rk (Sponsored) 00:00 Intro 00:20 Does RUclips Take Out Taxes for You? 01:29 Can You Deduct Purchase for RUclips From Your Taxes? 02:00 How Much Do You Need to Earn to Pay RUclips Taxes? 02:59 What I Can You Deduct From Your RUclips Taxes? 03:34 How Much Money Do You Need to Set Aside for RUclips Taxes? 04:28 Should You Pay RUclips Taxes Quarterly or Yearly? 5:08 Do You Need to Set Aside Money Besides RUclips Taxes? 06:10 Do I Need to Incorporate as a Business? 06:40 How Should You Separate Business from Personal Finances?
Hello Roberto, If I have a cooking channel I do want to remodel my kitchen and buy new appliances, can I deduct 100% of these expenses when I file my taxes? Thank you!
Does one need a business license to to start up an online RUclips or affiliate marketing business or after you start making more than a $1,000?? I’m learning as much as I can to successfully start my own RUclips videos without any issues down the line.
Such great tips! You sounded like a CPA Roberto. For anyone overwhelmed by this, the important points are to keep all income and expenses related to RUclips in a separate bank account, using separate debit or credit cards dedicated to RUclips Expenses and keep all receipts. If you do that any book keeper will sort it out for you. Just hand over the monthly statements plus all receipts. Keep those receipts for a minimum of 3 years, sometimes longer!
Thank you! I am trying to get my channel going for a long time now but I only have 70 subscribers after like 4 years and I'm about to just give up on it. As small a gesture this was it helps me. I'm sorry if this is hard to read I have traumatic brain injuries and can't think straight to type it right. Thank you again!
i think you're supposed to enter your parents tax information but you loose so much money through that because yt thinks you have another job even tho it's your parents job if yk what i mean?
wow such fun in Canada it’s a extra 15% and in USA it’s 24% and it adds on ur parents my dad owns a store so it adds up to 30% of his money Taken away if I wanted to do this
Thank you Roberto! I didn't even think about taxes. I'm not there yet. But, God willing I will get there. These tips will help me to stay organized and to keep taking RUclips seriously. I've always used Turbo Tax. They have not failed me yet.
You can be an LLC and register as an S-Corp with the IRS. You can also pay in to the IRS as you earn. There is an IRS app so that you can pop into the app on the day you get your RUclips "check" to make a payment. For some people, this is a great tool. Get it paid right away to avoid mishaps. :)
All good to know! In at least the US, if you set up your account on AdSense as a business, you have to have a business bank account and an EIN to get paid anything anyway, so be sure to set that up!
I was scared to even imagine monetizing my channel, but if YT sends me a 1099 form and all I really have to do is give that to my tax representative then that's such a relief (of course id take the convert to business advice if I ever get that far 😅)
Thank you!! I had no idea about SEP IRA. I’d wondered what else to do for something like that. Just shows you don’t know what you don’t know. Great advice on all the others stuff, too. I do that already but I’m gonna go check out the SEP IRA! Thanks, Roberto
1:29 Can You Deduct Purchase for RUclips From Your Taxes? note: To be deductible, a business expense must be both ordinary and necessary. Roborto did a great job explaining this. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. Mr Beast is writing off CRAZY things because that is ordinary for him. it will depend person to person and business to business. Gaming channels can deduct purchases of video games while other types of youtubers might not be able to.
This is a video you need to watch all the way through. Each tip is vital to keeping your taxes in order for your RUclips business. I'm 100% with keeping separate accounts for taxes and expenses.
Separate bank accounts at the very least. That is SO important and simple and I am blown away how many people don't even get that one done. PLEASE PLEASE at least do that.
This is huge! Not a lot of people really talk about the other end of YT income. Appreciate the content and definitely holding on to this vid when Desi Dad Reviews has a strong enough fan following to be monetized!
Notif gang! This is an important topic that I haven’t really considered much of lately, thanks for the awesomely helpful insight yet again roberto😁🙏🏻 keep it up
Question #11 - Should I be using a monthly Profit & Loss Statement for my YT business? YES!!! Solid video man - very well done. Why in the world would anyone give this content a “👎”?...I saw four. Sheesh 🙄
Such valuable tips, thanks Roberto! My plan is to formulate a strategy and expand my knowledge on this and other business topics regarding my channel so I can hopefully turn it into something profitable by the end of the year :) more videos like this are very welcome!
One interesting thing I recently discovered: if you're trying to find out your total income for the year(like maybe you haven't been saving and realized that you need to catch up), you should actually look up from December 1 of the previous year up through November 30 of the current year. This is because you receive December's earnings in January so it's counted as income earned in January, so you would owe December's taxes in the following tax year
Your explanation was very clear. Roberto, when you grew financially so that you were then an EIN, did you cancel your personal Google adsense and create a business Google adsense acct? Thank you for your time!!
Roberto Blake How do you manage to socialise with your Goliath sized audience Roberto? As an introvert it must take extra effort on your part. What pushes you to do it ?
Hi from England, to Roberto and everyone else. Love this channel. Roberto is awesome. I was so exhausted the other day. I just couldn't stay up for the live. Hope to make the next one Roberto.
We could all have wireless repeaters with a built-in hard drive. Like this, we would all have free internet and be able to share anything we want (up to the local law) Also, don't forget we can use the electric cable as transmission since the invention of the telegraph
Thank you sir you really helped me at this time I’m on ssdi but I’m considering making content in the future and you never know if I could be a success so this made me feel a lot more comfortable.
I have a random question. If i make money from RUclips for only "one year(or at least one month)" just for the need to save up to boost my savings, what would that be like to me (since I don't do much business for RUclips, I am always lit for fun with my content)?
Do you have to fill the tax info if you are not getting paid? Like ... if you have monetized your channel, but you haven’t filled out any account info for them to send you the money to.
I searched the whole month to get that informatin everywere i just get it here.Thank you so much for doing that video and your helpfull explanation.From France.
Hi man great video. I have a couple questions:, 1. At the start of the video you explain I am not an employee of RUclips and am actually an independent contractor getting a 1099 form (in the case of a U.S. resident. The 1042-S is the form I received) and that I must file that with the tax agency in my country. Now I’ve received this for the past 2 years and ignored it so I hope I’m not in trouble or anything. I just pay taxes through my accountant to my local IRS in Ireland. Would love your advice on this. Another point you raised at 4:35 in this video, is that if I am earning over $1000 a month, I should pay my taxes quarterly (only if it makes sense and my accountant recommends it). I do earn that but pay them yearly. Would also seek advice on this, thank you 😊
Never knew I had to pay taxes . Trust me I’m fine I didn’t make over 1000 for now on I every time I get payed i will break 30% of it & put it in my savings
This was a very great and informative video! I just started out with my channel and it's not monetized yet therefore I have not incorporated a business yet. I guess I have two questions here: Should I consider incorporating a business before making any money off of my channel? And is all the equipment I have bought so far tax-deductible when my filing status is "married filing jointly" without incorporating a business?
Question see when you get paid on you from adsense where to you find the vats with payment cause I just get paid they show me how I get paid for the month but I don’t see no vat with the paycheque which I need so I can see the vat plus the payment ( Where do you find the payment with the vat ?
We actually want to know the process on how you can pay your taxes on RUclips or it’s automatically took the payment on the amount of cash you made per month
don't forget there is about a $5,000 base " self employment tax " on the federal level. Most people who get into this kind of thing, or other self employment ideas do not know about this. So plan for that 5k on top of the normal federal, and state tax is you have state taxes. I was blind sided with this tax a while back.
Well I'm young but I've always done RUclips for fun, I hope one day I'll be able to earn money but I don't meet the requirements! I'm gonna have to talk to my parents about taxes... Yeahhhh! But thank you for the help!
I have a couple Questions Roberto 1. I'm targeting the US but I'm living in the Philippines, but I am a US Citizen, should I still worry about taxes? 2. Should I Trade Mark my Brand Name? 3. S Corp or LLC for a starting RUclipsr? Thanks a million!
Blank Hero, I'm an EA and can answer your questions in a GENERAL form for liability purposes. 1. If you're doing business in the US you can be subject to US taxes but can get a credit on the taxes you pay in the Philippines. 2. If I was starting a business depending on what I was doing I wouldn't worry about a trade mark just yet. Once I start growing I would then consider it and the cost. 3. There is a lot of information that goes into this answer. It usually isn't a simple answer and requires a sit down to give the best recommendation. However, if you are talking about a taxable entity know that an LLC isn't quite a taxable entity but only recognized by the state.
thanks for the great tips! Would you recommend starting off as a sole proprietor/dba or starting off with an LLC classified as S-corp for better tax deductions ?
Great video! I want to start RUclips but I haven’t started yet. The year is almost over and I want to deduct the costs of all the equipment I just bought but I haven’t made any money yet or received a 1099 Can I still write off my equipment as a “startup”? Do I have to legally register this somewhere first?
#QOTD: What Do You Want to Know About RUclips Business?
Try TurboTax Self-Employed intuit.me/2KMk5rk (Sponsored)
00:00 Intro
00:20 Does RUclips Take Out Taxes for You?
01:29 Can You Deduct Purchase for RUclips From Your Taxes?
02:00 How Much Do You Need to Earn to Pay RUclips Taxes?
02:59 What I Can You Deduct From Your RUclips Taxes?
03:34 How Much Money Do You Need to Set Aside for RUclips Taxes?
04:28 Should You Pay RUclips Taxes Quarterly or Yearly?
5:08 Do You Need to Set Aside Money Besides RUclips Taxes?
06:10 Do I Need to Incorporate as a Business?
06:40 How Should You Separate Business from Personal Finances?
GREAT info for RUclipsrs!
Thanks 4 sharing!
bold subject too -- taxes! ack! unavoidable
Hello Roberto,
If I have a cooking channel I do want to remodel my kitchen and buy new appliances, can I deduct 100% of these expenses when I file my taxes?
Thank you!
Does one need a business license to to start up an online RUclips or affiliate marketing business or after you start making more than a $1,000?? I’m learning as much as I can to successfully start my own RUclips videos without any issues down the line.
Has someone who has filed RUclips taxes for over 5 years I can attest all these tips are legit.
Thank you!
did you incorporate?
I need help bro
Such great tips! You sounded like a CPA Roberto. For anyone overwhelmed by this, the important points are to keep all income and expenses related to RUclips in a separate bank account, using separate debit or credit cards dedicated to RUclips Expenses and keep all receipts. If you do that any book keeper will sort it out for you. Just hand over the monthly statements plus all receipts. Keep those receipts for a minimum of 3 years, sometimes longer!
Amazing comment thank you.
Whoever is reading this comment right now. I want you to believe in yourself, you can and will do anything you set your mind to!!
Thanks 😊
Thank you! I am trying to get my channel going for a long time now but I only have 70 subscribers after like 4 years and I'm about to just give up on it. As small a gesture this was it helps me. I'm sorry if this is hard to read I have traumatic brain injuries and can't think straight to type it right. Thank you again!
@@JFreese thank you God bless you
I'm gonna watch this a couple times.. I need to absorb all this info. Thanx.
honestly same
I saved it to my watch later Playlist when it applies to us more we can go back to it 😊
As a 17-year-old who's never had a job and never paid taxes..... I'm so confused
i think you're supposed to enter your parents tax information but you loose so much money through that because yt thinks you have another job even tho it's your parents job if yk what i mean?
Ivona Marina about how much do u lose
Ivona Marina about how much money would you say?
Ivona Marina omg I’m going to get monitezed but I’ve never done taxes I will have to put my parents
wow such fun in Canada it’s a extra 15% and in USA it’s 24% and it adds on ur parents my dad owns a store so it adds up to 30% of his money Taken away if I wanted to do this
As a CPA, I think you are giving sound advice. All monetized creators should certainly consult with a CPA/tax accountant.
Loving the Dave Ramsey Total Money Makeover book on your desk!
Knowledge.
Better to treat it as a business instead of a hobby. In the US a hobby doesn't allow you to claim expenses.
Thank you Roberto! I didn't even think about taxes. I'm not there yet. But, God willing I will get there. These tips will help me to stay organized and to keep taking RUclips seriously. I've always used Turbo Tax. They have not failed me yet.
You can be an LLC and register as an S-Corp with the IRS. You can also pay in to the IRS as you earn. There is an IRS app so that you can pop into the app on the day you get your RUclips "check" to make a payment. For some people, this is a great tool. Get it paid right away to avoid mishaps. :)
All good to know!
In at least the US, if you set up your account on AdSense as a business, you have to have a business bank account and an EIN to get paid anything anyway, so be sure to set that up!
That’s a good point
Hi there, May I ask a question that if I‘m just a person of Adsense account, is there any difference with business one?
Strange.... I didn't hook up a business account. It never asked me for that, & I still get paid, with a personal normal bank account
@@HiChinachannel I'm wondering too
I was scared to even imagine monetizing my channel, but if YT sends me a 1099 form and all I really have to do is give that to my tax representative then that's such a relief (of course id take the convert to business advice if I ever get that far 😅)
Thank you!! I had no idea about SEP IRA. I’d wondered what else to do for something like that. Just shows you don’t know what you don’t know.
Great advice on all the others stuff, too. I do that already but I’m gonna go check out the SEP IRA! Thanks, Roberto
1:29 Can You Deduct Purchase for RUclips From Your Taxes?
note: To be deductible, a business expense must be both ordinary and necessary. Roborto did a great job explaining this. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business.
Mr Beast is writing off CRAZY things because that is ordinary for him. it will depend person to person and business to business. Gaming channels can deduct purchases of video games while other types of youtubers might not be able to.
What type of write offs does he have
This is a video you need to watch all the way through. Each tip is vital to keeping your taxes in order for your RUclips business. I'm 100% with keeping separate accounts for taxes and expenses.
Great video! My taxes are a mess and my CPA hates me lol!
If you're paying that bill I'm sure they are okay lol
Separate bank accounts at the very least. That is SO important and simple and I am blown away how many people don't even get that one done. PLEASE PLEASE at least do that.
He’s kind of contents. The world truly needs.
🙏🏾🙏🏾
Happy to have found this channel. Spent 70k out of my own money for RUclips and wish I knew I could have written it off. 🤦🏻♂️
Talk to your accountant and if you're doing your taxes yourself now is the time to stop...
This is huge! Not a lot of people really talk about the other end of YT income. Appreciate the content and definitely holding on to this vid when Desi Dad Reviews has a strong enough fan following to be monetized!
Notif gang! This is an important topic that I haven’t really considered much of lately, thanks for the awesomely helpful insight yet again roberto😁🙏🏻 keep it up
Question #11 - Should I be using a monthly Profit & Loss Statement for my YT business? YES!!! Solid video man - very well done. Why in the world would anyone give this content a “👎”?...I saw four. Sheesh 🙄
I loved this as a person working towards making a living off youtube! This was extremely helpful thank you!
This is gold! Thank you so much! This year is the year I make enough to worry about taxes from freelance / RUclips! Cheers 🥂
Such valuable tips, thanks Roberto! My plan is to formulate a strategy and expand my knowledge on this and other business topics regarding my channel so I can hopefully turn it into something profitable by the end of the year :) more videos like this are very welcome!
One interesting thing I recently discovered: if you're trying to find out your total income for the year(like maybe you haven't been saving and realized that you need to catch up), you should actually look up from December 1 of the previous year up through November 30 of the current year. This is because you receive December's earnings in January so it's counted as income earned in January, so you would owe December's taxes in the following tax year
He's a business, man.
This is what I will need once I start getting paid from RUclips. Another helpful and informative video. Keep it up!
Your explanation was very clear. Roberto, when you grew financially so that you were then an EIN, did you cancel your personal Google adsense and create a business Google adsense acct? Thank you for your time!!
No, since it wasn’t necessary I just linked it to the business bank account to avoid missing payments
Thank you for all this information!
I just found your account and want to thank you so much for this video! This helped me so much!
At this point if you have a RUclips channel and you're *not* subscribed to Roberto? You're doing yourself an injustice. Sub to this cat right meow.
I hit 20k on my main account all from the advice of this man. Don't know how he hasn't hit 1 mil yet with all the upcoming youtubers.
@@rogalos2459 Algorithms. 🙄
Facts!
I agree
Your B-roll of a drawer full of Washingtons. Solid.
Roberto Blake never disappoints! Easily one of the highest quality channels on RUclips😊
*GREAT CONTENT*
Segregation of the different accounts is such a clean and clear strategy 👍🏼
It’s been invaluable to me and kept me sane
Roberto Blake How do you manage to socialise with your Goliath sized audience Roberto? As an introvert it must take extra effort on your part. What pushes you to do it ?
WOw superb and interesting content Thanks for sharing buddy
Love your channel. Just getting started with RUclips. Monetized one channel, working on this one...your videos have been a nice guide.
I get taxed about 20% of my RUclips Adsense earnings by America. Also have to pay an extra 20% from the uk as well 😅
What about declaring a tax treaty?
Meaning you only pay one country the 20% is that not available for the UK and US ?
Thank you for always being so helpful Roberto! I needed this 😩🙌🏾
THANK YOU for some seriously helpful videos, as usual
Hi from England, to Roberto and everyone else. Love this channel. Roberto is awesome. I was so exhausted the other day. I just couldn't stay up for the live. Hope to make the next one Roberto.
Going to try to do them earlier
We could all have wireless repeaters with a built-in hard drive.
Like this, we would all have free internet and be able to share anything we want (up to the local law)
Also, don't forget we can use the electric cable as transmission since the invention of the telegraph
Really Needed this video! Thanks Roberto!
When setting up your adsense how do you know what to classify yourself as for tax purposes?
It would liken be under entertainment but you’ll want to ask an accountant
4:08 ... LOL 😆, that video clip was funny 🤣
Here's a question. When I pay the IRS personally, do I need to pay them each month, or will it all come out in the wash in my taxes each April?
Thank you sir you really helped me at this time I’m on ssdi but I’m considering making content in the future and you never know if I could be a success so this made me feel a lot more comfortable.
I have a random question. If i make money from RUclips for only "one year(or at least one month)" just for the need to save up to boost my savings, what would that be like to me (since I don't do much business for RUclips, I am always lit for fun with my content)?
I have no idea what you just said
Do you have to fill the tax info if you are not getting paid?
Like ... if you have monetized your channel, but you haven’t filled out any account info for them to send you the money to.
I searched the whole month to get that informatin everywere i just get it here.Thank you so much for doing that video and your helpfull explanation.From France.
Good advice! I have been doing things almost exactly how you stated! Nice video!
Wow. Very helpful. Thank you!
I opened an LLC and it helps lots.
Hi man great video. I have a couple questions:,
1. At the start of the video you explain I am not an employee of RUclips and am actually an independent contractor getting a 1099 form (in the case of a U.S. resident. The 1042-S is the form I received) and that I must file that with the tax agency in my country. Now I’ve received this for the past 2 years and ignored it so I hope I’m not in trouble or anything. I just pay taxes through my accountant to my local IRS in Ireland. Would love your advice on this.
Another point you raised at 4:35 in this video, is that if I am earning over $1000 a month, I should pay my taxes quarterly (only if it makes sense and my accountant recommends it). I do earn that but pay them yearly. Would also seek advice on this, thank you 😊
Love your channel. Very helpful
Not monetized yet but definitely good to know information ahead of time..THANKS
Can you deduct say laptop purchase for making youtube videos if you are not monetizing yet? Thanks.
Thank you for this straight forward video sir.
You’re welcome ☺️
Never knew I had to pay taxes . Trust me I’m fine I didn’t make over 1000 for now on I every time I get payed i will break 30% of it & put it in my savings
Thank you for this video!
Fantastic video that answered all of my questions. Thank you!
thanks man
Taxes can be sexy once you know how to navigate them.
Thanks so much for making this after fielding the tweets as well. Much appreciated. :)
Always great info Roberto! I will have to save this in my important folder list. 😎👍
Love that you’re covering such an important topic 💙💙 taxes are something that freak me out about getting into RUclips.
New stimulus plan:
No more youtube taxes 😁
If settle for a flat 10% on anyone making less than $5M
@@RobertoBlake I'll sign THAT Petition!
YESSS! Propose THAT stimulus plan!
Roberto Blake what is your RUclips tax percent?
@@RobertoBlake yes please! I'll wait for an update
Great advice Roberto! I’m starting to make some money on my channel now so this is becoming increasingly relevant for me.
This was a very great and informative video!
I just started out with my channel and it's not monetized yet therefore I have not incorporated a business yet. I guess I have two questions here: Should I consider incorporating a business before making any money off of my channel? And is all the equipment I have bought so far tax-deductible when my filing status is "married filing jointly" without incorporating a business?
This is very helpful Roberto (just like your other videos). Thanks!
great video! thanks!
I hate that I wasn't taught this in school.
Fr
Nice video and great tips. This is going to come in handy as my channel grows, so thank you Roberto.
This is so good. This is why Roberto is the BOMB.
I keep records separate. I also incorporated my business. Great video Roberto. Precise too!
Thanks for sharing this Roberto!
Well explained. Got my like.
This was very helpful and also very organized like your communications skills
Question see when you get paid on you from adsense where to you find the vats with payment cause I just get paid they show me how I get paid for the month but I don’t see no vat with the paycheque which I need so I can see the vat plus the payment ( Where do you find the payment with the vat ?
I don't earn anything right now.. but I'll sure have to come back here once I start earning
It’s good to think about it now if you intend to make it a thing
We actually want to know the process on how you can pay your taxes on RUclips or it’s automatically took the payment on the amount of cash you made per month
don't forget there is about a $5,000 base " self employment tax " on the federal level. Most people who get into this kind of thing, or other self employment ideas do not know about this. So plan for that 5k on top of the normal federal, and state tax is you have state taxes. I was blind sided with this tax a while back.
Great Infos
Can you make a video on how to register youtube channel as a Business with state business licensing.
Fell like you made this for me i appreciate it so much. Giving it a few watches to make sure i got it.
Well I'm young but I've always done RUclips for fun, I hope one day I'll be able to earn money but I don't meet the requirements! I'm gonna have to talk to my parents about taxes... Yeahhhh! But thank you for the help!
I have a couple Questions Roberto
1. I'm targeting the US but I'm living in the Philippines, but I am a US Citizen, should I still worry about taxes?
2. Should I Trade Mark my Brand Name?
3. S Corp or LLC for a starting RUclipsr?
Thanks a million!
Blank Hero you’ll want to talk to a CPA and see if you qualify as an expat
Thanks @@RobertoBlake! I'll make sure to update you here if and when I have consulted with a CPA.
Blank Hero, I'm an EA and can answer your questions in a GENERAL form for liability purposes.
1. If you're doing business in the US you can be subject to US taxes but can get a credit on the taxes you pay in the Philippines.
2. If I was starting a business depending on what I was doing I wouldn't worry about a trade mark just yet. Once I start growing I would then consider it and the cost.
3. There is a lot of information that goes into this answer. It usually isn't a simple answer and requires a sit down to give the best recommendation. However, if you are talking about a taxable entity know that an LLC isn't quite a taxable entity but only recognized by the state.
Excellent Video! No nonsense and very informative. Thank you!!
Thanks for these tips and advice 🤙🏾
Thank you for this informative video, it really helped a lot!
thanks for the great tips! Would you recommend starting off as a sole proprietor/dba or starting off with an LLC classified as S-corp for better tax deductions ?
Great video! I want to start RUclips but I haven’t started yet. The year is almost over and I want to deduct the costs of all the equipment I just bought but I haven’t made any money yet or received a 1099
Can I still write off my equipment as a “startup”? Do I have to legally register this somewhere first?
Why did they approve my tax information before the ypp I don't understand and when can I verify identification with Google AdSense
WOW! I just started my channel Five days ago and thanks for the information.
You’re the best!! this was informative and concise 💃🏼💯
Great video brotha.. as I grow my channel this is great advise to consider. 🙌🏾🙏🏾
Good information to know. Thanks Roberto.
Hi Roberto. This was very informative. Thanks a lot.
This makes me wish my channel never takes off, I’m too stupid to do any of this.
Dawg...youtube takes 30% of whatever I make😭😭😭