Save a sh*t ton of money with ExpensIt
Post on social media? Become an official business and deduct all of your expenses!
To expense your activities, you need to be a company.
The easiest way to become a company is to form an "LLC" or Limited Liability Company
With an LLC, you are officially a "business" and you can deduct your business expenses from your taxable income.
For example: If you make $80,000 a year and have $10,000 worth of business expenses, you only pay taxes on $70,000.
Create your LLC now!
Here's how it works!
If you are posting A-N-Y-T-H-I-N-G on social media, you can be considered a business because you can make money by getting views and/or from sponsors.
Businesses can deduct their expenses. So, you can save a SH*T ton of money!
To expense your activities, you need to be a company. ExpensIt will create a LLC (Limited Liability Company) for you.
Then, you need to share your activities on social media to try and "monetize" your activities.
Once you have an LLC, you can deduct ALL of your business expenses.
Expenses from your business activities will reduce your other income. This is what rich people do all the time!
For example: If you make $60,000 a year and have $10,000 worth of business expenses, you only pay taxes on $50,000.
Any activity can be a business!
The key is to try and monetize your activity using social media. "Monetize" means you need to try and earn money by obtaining followers and getting paid for views/clicks. You can also seek sponsorships from brands. So, no matter what the activity is, it can be a business!
All businesses take time to grow, so NO, you don't need to already have followers or sponsors. But if you already do, then all you really need to do is OFFICIALLY become a business! So get started!
No. You don't have to make money right away. And some businesses never do.
Everyone wants their business to succeed, but there is no requirement that it actually be profitable. So don't let the fact that you haven't earned money or gotten sponsorships yet get in your way from starting!
You can post about anything. Literally A-N-Y-T-H-I-N-G because if people find it interesting and follow you, you can monetize it!
You should post regularly! The more, the better.
Because your business (which is you and your content) is not targeting just one state, but the entire world, it really doesn't matter where your LLC is formed. For simplicity we file most LLC's in Florida.
Save a sh*t ton of money!
Start your LLC now!
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EXpensit does not provide tax, legal or accounting services or advice. Nothing on this website should be construed as tax, legal or accounting advice or guidance and should not be relied upon. Remember that documentation is crucial for all expenses claimed. Keep detailed records, including receipts and invoices, to support your deductions in case of an audit. Additionally, tax laws can change, so it's important to stay informed or seek professional advice to ensure compliance with current regulations.