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Don't Be Afraid of the Big Bad Tax Wolf (Setting Your Podcast Up for Tax Success) with guest Jeni Thomas
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Did you know that you can set your podcast up as a corporation to give you maximum tax benefits? This week's podcast guest, Jeni Thomas is both a podcaster and a tax expert. She gives us some great tips for setting our podcast up as a business.
Episode takeaways:
- Know the endgame for your podcast- is it a hobby or business? The IRS frowns on hobbies- cannot deduct expenses. So set your podcast up as a business from day 1.
- LLC or Corp?-LLC is business entity… SCorp is a tax classification- layer on top of the LLC
- SCorp has stand alone 1120s all income and expenses go through 1120s- K1 (like a W2) split profit…K1 goes on 1040 and taxed at regular tax rate
- Save expenses, receipts, mileage logs. Jeni recommends the Stride App.
- SCorp takes deductions- any biz costs…ex: podcast host, online recording, equipment, software, travel to conference (hotel, airfare, mileage, meals)- Red flags - stay away from meals & entertainment unless at a conference, home office
- Sponsorships- any income over $600 reported to IRS (1099 from the company) Be sure to give biz EIN# (not SS#) to sponsors
- LLC protects from legal suits- cannot come after you personally
- Have a separate bank account for everything to do with podcast
- Ok to take biz expenses out of personal account in the beginning. However, income needs to go into a business account from ad rev or sponsorships.
- Any $$ personally invested in your biz/podcast is considered a “loan from the shareholder”
- Take list of expenses to accountant- loan from shareholder…K1 comes off your taxable income or adds to your taxable income
- Pay yourself through corp- deduction- will pay SS
Join our membership and get Jeni's tax masterclass! Join here
IG: iamjenithomas, keriandjeni
Pod: Honestly Unfiltered with Keri & Jeni
Email: [email protected]
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Tiphany's Mic: Blueberry by Blue
Jeni's Mic: Shure MV7
David's Mic: Shure SM7B
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Produced by: KaSa Media Productions
Edited by : David Sais (aka Sexy Sound Guy)
53 episodes
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