TikTok has become a goldmine for creators. Many have turned their passion into lucrative careers, but face unique financial challenges, including self-employed tax management.
Nearly 40% of self-employed individuals, including influencers, cite taxes as a significant concern. Strategies like tracking expenses and maximizing tax credits are essential for financial success.
Diligently tracking business expenses is crucial for influencers to lower their taxable income. Creators can deduct costs related to content creation as per IRS guidelines.
The Qualified Business Income (QBI) deduction allows eligible self-employed individuals to deduct up to 20 percent of their qualified business income, aiding in tax management.
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