NAICS code: 711510
An influencer can pull off many things at once. From food blogging to fashion to travel vlogs, they are well-versed in turning their passion into a full-time job. Not a lot of people are lucky enough to wake up every day and do what drives their souls.
Many become influencers without knowing that even they have to pay income taxes if their earnings are over $600 including the gifts and free giveaways they receive to promote a specific brand. Lucky for you if you are an influencer that there are so many tax write-offs which you can reap benefits from.
We have put together a list of the most common write-offs for content creators that you can use to deduct your expenses.
Prizes & giveaways
Write it off using: Schedule C, Box 8
Giveaways are an extremely enticing way to promote yourself. If you want to announce a giveaway to your followers with a prize, you can write them off on taxes.
Products to review
Write it off using: Schedule C, Box 27a
If you buy makeup, snacks, clothing, and more solely to review, it can be written off.
Camera & accessories
Write it off using: Schedule C, Box 22
Write off your camera, tripod, ring light, and any other equipment you use to create content.
Creative assistance
Write it off using: Schedule C, Box 11
If you need to hire an editor, designer or photographer, write off what you pay them.
Online advertising
Write it off using: Schedule C, Box 8
Ad campaigns on Facebook, Google, Instagram, and more are all deductible on your taxes.
Editing software
Write it off using: Schedule C, Box 18
You need at least a handful of software to make your videos stand out. You write off software that you use for content creation.
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Website & hosting fees
Write it off using: Schedule C, Box 8
Website design, development, hosting fees, stock photos, maintenance, and themes are tax deductible as well.
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Professional photos
Write it off using: Schedule C, Box 11
Hiring a photographer to take professional photos for your portfolio can be deducted.
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Photo editing software
Write it off using: Schedule C, Box 18
Subscriptions and licenses for Photoshop, Lightroom, and other software can be deducted.
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Phone, laptop, accessories
Write it off using: Schedule C, Box 27a
If buy a phone or laptop and use it for work, it’s partially deductible.
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Agent fees
Write it off using: Schedule C, Box 10
If you work with an agent, any fees they charge are write-offs.
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Personalized merch
Write it off using: Schedule C, Box 8
It’s a tax write-off when you order something to promote yourself with the help of personalized hoodies, T-shirts, mugs, stickers, etc.
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App subscriptions
Write it off using: Schedule C, Box 18
Write off live webcasting apps, teleprompter apps, and filter apps: anything that helps you connect with your audience.