Social media influencers and bloggers, while incredibly
useful at their specific influence, they aren't able to avoid Uncle Sam.
Being self-employed has a ton of perks and setting your
schedule, zero commutes, and flexibility in total to work as much or as little
depending on workload. This type of
employment does require a ton of organization and accurate bookkeeping to
ensure readiness come tax time.
There are various things you'll want and need to keep track
of for IRS purposes. Many are
straightforward, such as office supplies, writing seminars, website fees,
software, and job-related travel expenses.
There are some, however, that are a bit more obscure.
As a social media influencer, you're considered an independent
contractor, and you will receive a 1099-MISC if your income is over $600. If you're given products as apart of payment,
you must report that income at market value.
Brand partnerships are also subject to taxation, and you will need to
include what revenue was generated as apart of that partnership. Also, if a brand pays you money for being the
creator of content for a blog post or video, this is something that should be
included. These are just small examples
of some of the items that need to be apart of your tracking system and filing
process.
The best advice is to keep track of everything you spend,
use, and need to effectively do your job and organize it effectively. When tax season rolls around, the experts at
Lewis CPA are happy to help you make sense of all the do's and don't for filing
purposes!
