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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@Sai Vuppala, 3 months ago

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