@dana-edwards, is the money we make on Steemit treated the same as if I made this money on Youtube?
The reason I ask is because you can write off things like cameras, costumes, plane tickets, etc. as long as it was used to make Youtube videos (it will be treated as business expenses). And, all of this can be done without the need to make an LLC or S-Corp.
RE: Should every US Steemit blogger form an S-Corp to reduce their self employment taxes?
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Should every US Steemit blogger form an S-Corp to reduce their self employment taxes?
You can probably capitalize these items in your corporation than take deprecation over the useful life of the camera. If it is a big ticket item, you will not be able to expense it all in one year.
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I'll have to look into that. More questions to ask a CPA :((
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