For some people, blogging is not just something they do for fun. They have made blogging their main source of income and consider it as their business. With blogging as their own form of a business, there are many aspects that they have to consider, including paying taxes for it.
Most places around the world do not have formal tax laws for bloggers and influencers. This is why most influences often just refer to already existing tax laws. What not many influencers think about are possible tax deductions they may have.
Influencer Tax Deductions
If you do blogging or act as a social media influencer as a full-time business and not just a side-job, you are required to pay taxes. Along with this, you are also covered by tax-deductible costs. Some of these tax deductibles are listed below:
If you run a blog, you are qualified to file a claim for any internet fees. These fees include hosting and other internet software fees. Additionally, if you work from home, you are allowed to file a claim for a portion of your internet bill. However, if you work at an office, you can file for a full deduction for your internet bill.
2. Office Supplies
Working at an office, you can file claims for any office furniture or stationery. Most of the items being used in the office are qualified for tax deductions. Meanwhile, if you work at home as your office, you can file claims for your house mortgage or for the utility bills that you use while working at home.
Because it is a part of your business and you need it to grow, your advertising and design costs are qualified for a claim. This is most especially true if you are promoting another company’s products or services.
Bloggers are in need of equipment for them to run their businesses. From lighting to computers and even cameras—these are all necessary equipment, which makes them tax-deductible. You can file a claim for a tax deduction for your equipment with a maximum amount of $1000 per item.
Communication is everything for bloggers and influencers. You will notice that they are constantly on their phones messaging or emailing someone, or having some phone calls. This is usually because they have clients wanting to hire them or some other influencers who want to collaborate with them. Having phone calls regularly could raise the mobile phone bills of influencers. However, these calls are actually tax-deductible as long as they are business calls.
6. Other Expenses
There are many other expenses that you can file a claim for. As an example, you need to hire a professional photographer for a business photo shoot, then this is tax-deductible. If you are still unsure, you can also hire an accountant, which is also tax-deductible. Having an accountant will both be useful for you, and you will have another tax-deductible on your hands.
Being an influencer or blogger is more than just shooting videos and creating content. If you are working in an official business, then you will also need to consider aspects like taxes and whatnot. With that in mind, if you are not sure how to deal with taxes, there is no shame in hiring a professional to help you out. This way, you can avoid any legal proceedings.
Hiring an accountant for bloggers is important because it can help you focus on your content creation. The ECommerce Accountant would be glad to help you with that. Contact us today for more information.