Influencers
pioneer a new market with various revenue streams combined with unique business needs. As such their businesses can be utilized to create tax-advantageous situations. Here are some general tips influencers should keep in mind:
Liability Protection: Form an LLC to cleanly manage business inflows and outflows while protecting assets (Sole Proprietorship vs LLC vs S-Corp)
Expenses: Business Expenses including clothes, makeup, and supplies can be deducted if they are considered both ordinary & necessary in production of the content
Employee Your Family: Children & Spouses can be hired through an S-Corp to maximize business deductions while satreams: Separately record income from brand deals, influencing, etc. to effectively evaluate & report on taxes at year-end
Organizational & Startup Costs:
These expenses can be deducted up to a $5,000 limit
Mileage: Cashving for their retirement. No tax return necessary if under $12,550 total income per year
Tax Credits: Take advantage of credits like the Work Opportunity Credit to effectively scale your business while minimizing cost (25 Business Credits)
Home: Rent your home out to your S-Corp for corporation meetings and use an accountable plan to monthly run office expenses through your business
Income S out business mileage on a monthly basis by running it through your entity (sample mileage log)
Property Exchanges: Use §1031, like-kind exchanges, on property to minimize recognized gain by deferring realized gains
Retirement: Utilize IRAs and 401ks to defer paying taxes (SEP IRA, Simple IRA, S-401k)
Trusts: Create and utilize trusts to pass on assets in tax-favorable situations to family & loved ones
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Clearbooks CPA was very communicative and organized and helped save me the most money possible. Was informed about the best way to deal with Bitcoin and crypto taxation. 10/10 would recommend.
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@Sai Vuppala, 3 months ago
I started an export/import and distribution business last year and my finances were a complete mess with my previous CPA. After my initial meeting with Sugam Sharma I knew he was the right fit for my company and I...
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@Shayer Aziz ,18 hours ago
Sugam provided exceptional service to me and my eCommerce business. He was able to help me with my sales tax filings in multiple states while also providing metrics to help me scale my business. As a CPA he has saved me a...
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