Understanding Taxes for Self-Employed YouTubers

[Kleineganz]

I truly font think the average Joe understands what the rich or even small business owners are making. I know a person in media who started making a living last year in social media. I kept telling him to incorporate. He didn't listen. He just went to the taxman and he found out the hard way. Uncle Sam bit him hard, right in the rear end.

Incorporation isn't always the best way to go. I have an LLC for my business however - it is smart to have some kind of business liabity set-up, but going for incorporaiton or a C-corp setup isn't always necessary, and in some cases can screw you even worse (because you can end up owing both personal *and* business taxes).

 

[EngageTutorials]

I'm with a network based in Canada. They do not report anything nor did I have to fill out any W9 forms or give them my SSN. This means I do not have to file the taxes correct?

 

[Kleineganz]

I'm with a network based in Canada. They do not report anything nor did I have to fill out any W9 forms or give them my SSN. This means I do not have to file the taxes correct?

Well everything I talked about is for the US (I think I put a disclaimer for that). Are you in Canada too? In that case you will still have to pay Canadian income tax on your earnings (I just am not familiar with Canadian Tax law so I can't give you any guidance). If you are in the US and the network is in Canada ... I'm not sure how that works exactly, BUT yes you still have to pay income tax (and if you don't and the IRS catches you, there are big penalties they charge for "tax evasion").

I know for Canadians who sign up with a US network, they have to complete a W8-BEN form, and the network in the US has to take out 30% of the earnings for taxes. I don't know exactly how it would work the other way around, but I would recommend you talk to a CPA that is familiar with international tax law.

 

[EngageTutorials]

Well everything I talked about is for the US (I think I put a disclaimer for that). Are you in Canada too? In that case you will still have to pay Canadian income tax on your earnings (I just am not familiar with Canadian Tax law so I can't give you any guidance). If you are in the US and the network is in Canada ... I'm not sure how that works exactly, BUT yes you still have to pay income tax (and if you don't and the IRS catches you, there are big penalties they charge for "tax evasion").

I know for Canadians who sign up with a US network, they have to complete a W8-BEN form, and the network in the US has to take out 30% of the earnings for taxes. I don't know exactly how it would work the other way around, but I would recommend you talk to a CPA that is familiar with international tax law.

Yes, I'm in the US and the network is in Canada. I will definitely check with someone about this. Thanks for taking the time to reply!

 

[HELLADJ]

thanks you just taught me more than my dad ever taught me about taxes!

 

[JakeyBooby]

What some people don't realize is that a lot of these famous YouTubers are making a BUTT load compared to what we believe they are making. For instance, Pew is EASILY a multi-millionaire, just think of all the small crappy contracts that are offered to smaller YouTubers, 5 - 7 $ per 1,000 views... Pew get's millions of views depending on the video, 1million views will give him $500,00.00 and that's if he's making the crappy pay that smaller YouTubers are getting.

As someone as large as him I feel that he's probably on some sort of set income now, as long as he continues to put videos out. I have no idea, maybe someone out here knows how Pew gets paid, ect.

Discuss?

 

[Kleineganz]

What some people don't realize is that a lot of these famous YouTubers are making a BUTT load compared to what we believe they are making. For instance, Pew is EASILY a multi-millionaire, just think of all the small crappy contracts that are offered to smaller YouTubers, 5 - 7 $ per 1,000 views... Pew get's millions of views depending on the video, 1million views will give him $500,00.00 and that's if he's making the crappy pay that smaller YouTubers are getting.

As someone as large as him I feel that he's probably on some sort of set income now, as long as he continues to put videos out. I have no idea, maybe someone out here knows how Pew gets paid, ect.

Discuss?

This isn't really relevant to this topic ... could you post a separate topic in the YouTube Chat, Gossip & Help section please?

 

[Cameron484]

A quick question since I'm going to have to fill out a W9 when I join Curse in a few weeks. Since I am only 16, would my parents have to sign it as well?

 

[Kleineganz]

A quick question since I'm going to have to fill out a W9 when I join Curse in a few weeks. Since I am only 16, would my parents have to sign it as well?

I'm not entirely sure on that. Probably not. The W-9 form is sort of just kept on record for them to know who to send 1099-Misc forms to for annual tax purposes.

 

[Cameron484]

I'm not entirely sure on that. Probably not. The W-9 form is sort of just kept on record for them to know who to send 1099-Misc forms to for annual tax purposes.

Thanks!