Tax Tips for Influencers

May 2, 2022 Allysa Larson

Hi babes,

Taxes can be scary, but here are some tips to help you out!

*Note: I am not a professional and you should consult your tax account before making any decisions. These are tips that I practice in my business and what has helped me over the past few years.

Content Creator BASIC Tax Tips:

Once you start making a significant amount of money, you’ll want to register your business for a few reasons
- Tax benefits (write offs, business protections)
- Protecting your personal assets
- EIN number instead of a SSN
When you are a contractor, you will:
- Send brands a W9
- You will receive a 1099 for your taxes
  - Brands will send to you if they paid you $600 or more in a year
- You are responsible for tracking and reporting your income
What you are tracking:
- Income - Expenses = Net income: This is called your profit and loss statement
If you file a W2, you can use a schedule-c form to submit your influencer income
Invest in a tax account, it will save you $$$ in the long run
- Definitely look into an S-corp vs LLC (I am an S-Corp)
Set up business bank accounts
- Easier to track business expenses
- Track write offs
When you get paid as a contractor, taxes are NOT taken out. YOU are responsible for paying taxes
Make sure you are saving money to cover your taxes so you aren’t surprised at the end of the year with a big number (but you should be paying at least quarterly anyway)
Types of businesses you can look into registering as:
- Sole Proprietor
- LLC
- S-Corp
How I’m set up:
- Allysa Larson, Inc → DBA fashionablysurfed & DBA Summer Buns
How to pay?
- Typically, you are required to pay QUARTERLY
- I pay monthly with how I’m set up
- If you don’t follow the pay schedule, you can be penalized with fines
Write offs
- Things used for your business
- Certain categories can only be written off certain percentages
  - Home office, vehicle, gas
- Save receipts (we are trying to be better at this)
- Meals - Alcohol is NOT a write off
- Travel for work - if you travel and create content on the trip, it can be considered a work trip where you can expense these items:
  - flights
  - hotels
  - meals (no alcohol)
  - potential shopping purchases used specifically for your business
- Work equipment:
  - Laptop
  - iPhone (if you use your phone to take pictures, edit, post on socials for work)
  - Apps (any apps for editing, posting that you pay for)
  - Ring Lights
  - Backdrops / Backdrop paper
A helpful app I’ve been using is called FLYFIN
- They help you categorize your expenses
- They have CPA’s you can ask questions
- At the end of the year, you get an expense breakdown in categories which is perfect to hand over to your tax account

This is still a very new industry, so always consult a tax professional if you have any questions. Leave any questions or other tips in the comments below!

Xx, Allysa