@ConradWadowski

1 year ago

Hey Colin and Samir, really loved your authenticity with this episode.(30:55) On the recommendation to set aside 50% of income for taxes, you should be able to cut and in some cases eliminate taxes as a Creator especially when just starting out. Here's a shortlist of how to do it: 1. Bonus depreciation - For equipment expenses (Laptop, Cameras, Microphones) you bought BEFORE and during the start of your channel, Bonus Depreciation can be used to write these off. In some cases, this alone can add up to multiple thousands in legit savings that are almost always left on the table. 2. Per Diem - Every business day you travel, you're able to write off a standard daily deduction (up to $75 and depends on location) without having to track receipts. 3. Meals/Travel - These expenses can be 100% deductible if you meet the right requirements around receipts and additional information (purpose, relationship, etc). 4. Contractors - When you pay a US-based contractor for video editing/thumbnails/etc, it's tax deductible when you handle reporting requirements around issuing W9/1099. 5. S Corp - Once you reach $40k in Net Income you can also elect S Corporation status to reduce your taxes even more (and set you up for retirement, healthcare and other benefits). This stuff isn't practical if you're just starting out, and so instead of becoming a tax expert or spending all day organizing receipts, we built a completely free way to handle your Creator bookkeeping and tax prep and help you kick back: https://kick.app This April, we saved the average YouTuber $9,922 and leading the way to put this all on autopilot, all while minimizing your audit risk. After being a Creator with my own tax headache and starting Teachable which today is used by 100,000 Creators, we're invested in solving this the right way so you can kick back and focus on your business or life. Your situation is going to be unique, so reach out to me (conrad@kick.app) or mention this episode and happy to personally jump to review your situation and intro you to CPAs who get your business in our network.

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