Understanding Taxes for Self-Employed YouTubers

Mariono said:
After doing a lot of research, I had another question.
Do you know if your accountant fills out Schedule C or C-EZ, D, and/or SE for you YouTube related work. I wasn't sure if those needed to be filled out.
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I haven't had a claim for YouTube yet. This is the first year I've exceeded the threshold. However I also run my own consulting business and I have an LLC registered with my state. For myself, I think my accountant has to file a schedule C for me, and we also use SE for my quarterly estimated taxes. My husband is the only one of us that needs schedule D.

As far as I know, you don't need to have a registered business in order to be considered a business and I think for you a Schedule C-EZ would most likely suffice. SE is used for quarterly estimated tax payments (which you only have to pay if you owe $1000/year or more in federal taxes). Schedule D is is for "capital gains and losses" which refers to stock investments, 401(k) exchanges, etc.

This site I think is pretty helpful on explaining these things: http://www.learnvest.com/knowledge-center/your-taxes-if-youre-a-freelancer/
 
Kleineganz said:
I haven't had a claim for YouTube yet. This is the first year I've exceeded the threshold. However I also run my own consulting business and I have an LLC registered with my state. For myself, I think my accountant has to file a schedule C for me, and we also use SE for my quarterly estimated taxes. My husband is the only one of us that needs schedule D.

As far as I know, you don't need to have a registered business in order to be considered a business and I think for you a Schedule C-EZ would most likely suffice. SE is used for quarterly estimated tax payments (which you only have to pay if you owe $1000/year or more in federal taxes). Schedule D is is for "capital gains and losses" which refers to stock investments, 401(k) exchanges, etc.
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Thank you for your help, I looked them up and have been learning more about them and how to fill them out; I am much less confused than I was before. The website you gave is also a big help too! Thanks!
 
Hi. This is a kind of old thread but hopefully someone can help me.
I only started paying taxes last year (for 2013 earnings) so I don't know much. Recently (December 24, 2014) I received a profit and loss statement from county of San Francisco (where I live) and I never filled out one of these before.

It looks fairly simple to fill out but they just sent me the form and there was no additional information at all like why I have to fill it out or when I have to send it by.

Am I supposed to fill out all my 2014 earnings? Does it have to be exactly the same for my 2014 taxes? Also when do I have to fill it out by? I don't know any of my deduction stuff right now.. there's no information..

Thanks.
 
phoenixblue said:
Hi. This is a kind of old thread but hopefully someone can help me.
I only started paying taxes last year (for 2013 earnings) so I don't know much. Recently (December 24, 2014) I received a profit and loss statement from county of San Francisco (where I live) and I never filled out one of these before.

It looks fairly simple to fill out but they just sent me the form and there was no additional information at all like why I have to fill it out or when I have to send it by.

Am I supposed to fill out all my 2014 earnings? Does it have to be exactly the same for my 2014 taxes? Also when do I have to fill it out by? I don't know any of my deduction stuff right now.. there's no information..

Thanks.
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I wish I could help, but I live in Colorado so I'm not familiar with San Francisco taxes. I would go online and google the form and see what info is available online about it. It should include instructions on some San Francisco government website.
 
Kleineganz said:
I wish I could help, but I live in Colorado so I'm not familiar with San Francisco taxes. I would go online and google the form and see what info is available online about it. It should include instructions on some San Francisco government website.
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No problem, thanks. I thought it was some tax thing but I found out it was because I applied to Medi-Cal recently and they sent me that form to report my earnings and prove that I was eligible and stuff.
 
phoenixblue said:
No problem, thanks. I thought it was some tax thing but I found out it was because I applied to Medi-Cal recently and they sent me that form to report my earnings and prove that I was eligible and stuff.
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Ok cool, glad you figured it out! :)
 
Very informative and very well detailed. In terms of keeping everything in order what do you recommend? Some people have said to get turbo tax and other say to hire an accountant but I'm not sure as to which route to take. I'm still not sure how to get this done seeing as how I do this full time and I only earn dollars compared to the bigger youtubers. I just want to make sure I'm on the good list for when it's IRS christmas time lol
 
Psytrux said:
Very informative and very well detailed. In terms of keeping everything in order what do you recommend? Some people have said to get turbo tax and other say to hire an accountant but I'm not sure as to which route to take. I'm still not sure how to get this done seeing as how I do this full time and I only earn dollars compared to the bigger youtubers. I just want to make sure I'm on the good list for when it's IRS christmas time lol
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Im unsure when it comes to USA taxes, in the UK keeping an excel document with sales and expenses and retaining all of your receipts is enough for record keeping. I considered buying a proper program but the ones I found were all for small companies rather than sole traders and a lot of the terminology in them I found confusing, they were overkill for the purpose imo.
 
Michael said:
Im unsure when it comes to USA taxes, in the UK keeping an excel document with sales and expenses and retaining all of your receipts is enough for record keeping. I considered buying a proper program but the ones I found were all for small companies rather than sole traders and a lot of the terminology in them I found confusing, they were overkill for the purpose imo.
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So far every penny that I have received from youtube has gone to a non-profit organization and I have it all tracked via pay pal. Would pay pal statements be considered ok? So far every job that I have had I had been paid under the table and I want to make sure I am in good terms with the government. I'm trying to learn from my dad's mistakes.
 
Psytrux said:
So far every penny that I have received from youtube has gone to a non-profit organization and I have it all tracked via pay pal. Would pay pal statements be considered ok? So far every job that I have had I had been paid under the table and I want to make sure I am in good terms with the government. I'm trying to learn from my dad's mistakes.
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Basically you have to report miscellaneous income through Schedule C. Technically that should include any cash "under the table" earnings, although there is no way the IRS can trace that unless you deposit it in a bank account. However, definitely report any earnings you have made from YouTube/AdSense on Schedule C, and then also report your charitable donations as well.
 
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