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Understanding Taxes for Self-Employed YouTubers

Mephilis78

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Its a shame that a YouTuber who makes a mil in a year will only keep about half. Then you see all these greedy kids who want to tax them even more? ridiculous!
 

starvin marvin

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Would someone have a sample profit and loss statement for running a YT Channel they could share?

Thanks
I don't (yet), but I have a fireworks (pyro) channel where I purchase fireworks for the 4th of July and demo a lot of my product on that day as well. I record the videos and post them on my channel (which kinda helps other firework shoppers while they're shopping to get the best bang for their buck. This year will be the first year that I have crossed the $600 mark (I actually just barely crossed the $1000 mark). I don't have any other income (still in college) and I use all of my youtube revenue (and then some) on purchasing my fireworks. I don't know if I can use the fireworks as a write off though and I don't know if going to a CPA for advice is worth it considering my current financial situation. I've never had to file taxes before, so this will be a first. I'm not with any network or partnership (just AdSense) and I have yet to receive a 1099 form to use in order to file my taxes.

Any advice from anyone?? I know this thread was made awhile back, so I hope everyone didn't just ditch their YT channels out of frustration, lol.