Social media coach reveals surprising tax write-offs for influencers


Have you ever wondered how influencers are able to afford all of those designer clothes and extravagant trips? Well, tax deductions might have something to do with it.

Recently, digital marketing coach Mila Homes shared this mind-blowing fact with her 471,000 followers in a now-viral TikTok.

“I was today years old when I realized YouTubers do clothing hauls on their channels so that they can write off the clothing on their taxes,” she said in the video. “They literally get all this cool [clothing and] make a video of it so it’s considered work and then they get to write it off. THAT’S SO COOL!”

This might sound too good to be true, but Holmes is right. According to tax advisor Handy Tax Guy, all you have to do is prove that your clothes are necessary for “accomplishing your job as an online influencer” in order to write them off as a business deduction.

That’s not the only thing influencers can write off when they’re doing their taxes, either. Travel expenses like transportation and lodging can be considered essential for an influencer, which makes them a tax write-off. Prizes used in giveaways, charitable donations and meals eaten while discussing work can also be written off as business expenses. For bloggers and influencers, the list of write-offs is seemingly endless.

On Holmes’ video, many influencers noted that the amount of things that can be written off during tax season is “insane.”

“And as a travel content creator I get to write off my travel,” travel blogger @whereintheworldisnina said. “And lots of other stuff!”

“Being a small business owner has its perks,” another person added. “I write off my entire house mortgage because my office is in my basement.”

Other people who aren’t as familiar with the business of being an influencer were just plain shocked.

“This is crazy,” one person said.

“Brb making a YouTube channel,” another joked.

“I’m bout to save so much money,” a third added.

Before you make a YouTube channel just to get “free clothes,” you should consult a tax expert to learn more about how write-offs work. Write-offs lower your taxable income, thereby lowering how much you owe in taxes. At the end of the day, you will still be paying something for those trips and clothes.

If you enjoyed this story, read about this store owner who got a freebie request from an “influencer” with 12 followers.

More from In The Know:

How can TikTok users make money on the app? The answer isn’t so simple

8 women-owned brands you can support today (and every day, really)

The 15 most-liked TikToks of all time

This warm and cozy teddy coat is affordable enough to buy in multiple colors





Source link

Get in Touch

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related Articles

Fivio Foreign – “Game Time”

Aiming to keep his momentum going throughout 2021, Fivio Foreign provides an assist to Funk Flex on the track “Game Time.” The single is...

Domino’s Pizza slammed over ‘irresponsible and racist’ ad

Domino’s Pizza has come under intense fire for a...

Get in Touch

21,308FansLike
2,507FollowersFollow
17,100SubscribersSubscribe

Latest Posts

Fivio Foreign – “Game Time”

Aiming to keep his momentum going throughout 2021, Fivio Foreign provides an assist to Funk Flex on the track “Game Time.” The single is...

Domino’s Pizza slammed over ‘irresponsible and racist’ ad

Domino’s Pizza has come under intense fire for a...

Facebook blocks new events around DC and state capitols – TechCrunch

As a precaution against coordinated violence as the U.S. approaches President-elect Joe Biden’s inauguration, Facebook announced a few new measures it’s putting in...

‘Killing Eve’ season four set to begin filming this summer

The fourth season of BBC drama Killing Eve is set to begin filming this coming summer, it is being reported. The show’s season three finale...