Youtube Partnership with gaming networks and taxes.

[oMarcus2Ko]

I need to know the skinny on Income Taxes on earnings when partnered with a youutbe channel, since im now 18 and can finally sign on the dotted line. but i need someone to completely know EVERYTHING about what i need to do when it becomes tax season. Ranging from Forms to how you pay taxes. What are writeoffs, how can i not pay that many taxes? i need to know everything possible about taxes and youtube, thats the only thing that is keeping me from signing with a gaming network. I am currently unemployed (Just Graduated High school) is it ideal that i get a job, so if my taxes are major i can somewhat pay for it. i absolutely know nothing about this stuff. so if anyone can give me anything, it'd be appreciated

 

[Styxie]

Google "How to do my taxes" and you'll get a lot more info than on a YouTube forum.

 

[Tarmack]

More specifically, "self employment taxes" along with the country you're in.

Here are some basics that will probably help. Any income from YouTube is considered self employment. You will be considered a "sole proprietor". Money you spend on business related costs (microphone, advertising, props, computer equipment, camera, portions of your internet bill, etc) can be considered expenses. Expenses reduce your taxable income. So, let's say you earn $1,000 but bought a $500 camera. You will only have $500 in taxable income from the business meaning you would only be required to pay tax on the $500.

These are all general rules of thumb where it comes to taxes and self employment that work pretty well everywhere. The rest of what you're asking though, this is the wrong place to ask. You do not want to take tax advice from a random internet forum. Get the tax filing rules from your countries tax office. And in all honesty, a basic tax software package like UFile/TurboTax etc will usually walk you through the whole process very easily. Just make sure you keep track of everything. Print off Paypal payment records. Print off any online receipts. Retain physical receipts. And usually you keep all of the paperwork for 7 years after filing just in case they audit you later on, so you can show them the evidence.