YouTube Tax Service
Do You Receive Ad Revenue From Your Viral Video’s?
Receiving revenue from YouTube is a relatively new industry. However, the accounting and the tax side of things are no different than any other type of accounting or tax. We run into the same issues. The most important thing that we try to express to our YouTube stars is to take great consideration as to the staying power of your channel. One year you could have a large revenue stream, and the next year the YouTube algorithm is not interested. Or perhaps your followers grow up. Maybe you get older and no longer appeal to your subscribers. Whatever the case, this issue is serious and needs to be treated seriously. We encourage our YouTube Tax Service clients to let us take a proactive approach to their tax and accounting needs. This proactive approach is affordable while allowing YouTube Tax Service clients to time their tax payments and long term savings with the period they earn their advertising revenue.
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What do we do for you
First of all we will get you set up on QuickBooks Online and we ask that you invite us as your accountant. This allows us to monitor your revenues and to clean up you accounting as need be. We make sure that you are set up as an S Corporation. This will allow you to take payroll, and to also take profit distributions. Profit distributions in an S Corporation are not subject to FICA tax (also known as SE Tax). We then set you up with our payroll service Express Payroll Solutions. We tend to recommend only one paycheck a month so to keep down costs. We can process payroll once a month for as little as $53. Monthly we will monitor your revenue and make any needed payroll adjusts the following pay period. This keeps you current with your taxes, and time’s your tax payments with the month they are earned in.
My Kids Participate in the Channel
If you kids participate in the Channel, it may make sense to put them on the payroll as well. This can be tricky, and we would need to know the extent to their involvement. But having your kids on the payroll may make a lot of dollars and cents.
Should I be Socking this Money Away for Retirement
Every YouTube Tax Service Client is different. But we will go over the pros and cons of putting money into a retirement account. If you are young and your channel has a limited time horizon, then we might recommend putting less funds into retirement than someone who is in their 50’s and approaching retirement. We give our YouTube Tax Service client’s individualized service. We make sure we know what their goals are, their channel time horizon, their age and family size, so we can properly structure things in a manner that helps accomplish their goals, rather than goals of someone else.
Call today to schedule an appointment 734-354-2380. Ask for Jeffrey Schultz, CPA