Do You Have to Pay Taxes on YouTube Adsense Earnings? While most people want to know how much money you make on YouTube, what they don't consider about YouTube earnings, is how much money you actually keep after you pay your YouTube Taxes...
YouTubers are essentially freelancers or entrepreneurs, YouTube is not a job... you don't get healthcare benefits, there are no W2's and if you live in the United States you pay self employment taxes on your YouTube money earned from adsense monetization and YouTuber sponsorships.
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YOUTUBE IS NOT A JOB IT'S A BUSINESS
This is not a criticism it's a reality. Stop calling YouTube a job or your job.... YouTube is not a job.... it's a freelance enterprise or an actual business. There are huge differences, not only legally and from a tax standpoint, but also from a mentality standpoint in the way you approach it. If you treat YouTube like an after school job, it's going to be a problem if you ever want it to be more than that.
Be sure to talk to a legal expert and tax expert about YouTube Taxes and how to setup your business and LLC as a YouTuber.
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Thankfully this is a hobby for me, I have not earnt anything. If your earnings go into your bank account and you earn a lot from the channel you will probbaly not escape a 1099 or letter from the tax place in if you live in the united kingdom, not sure about other countries.
So if you make under a certain number of $$ on youtube, they'll send you a 1099 form? From Youtube/Google or whoever?
Thanks so much for at least touching on this topic - it's still a mystery to me... but I'm learning!! I'd love to hear more on this topic - but I'll definitely read the How to Start Your Own Business Book!! Thanks Roberto!
I am a cdl driver of a tractor trailer but am creating a youtube channel I must have 34 hours off consecutive so my question is can anyone see when the video was recorded ik it shows when it was posted any info would help thx
My channel was recently monetized. YouTube requested my tax information. I sent the name of the LLC exactly the way it is listed with the IRS and YouTube keeps responding that the information does not match IRS records. I have no idea what YouTube is looking for. It mentions withholding too. Do you know what form or tax information they need?
2:27 what if a highly successful (someone who earns a lot of money on youtube) who lives in say Australia for example, do they also have to file an income tax return, so as to declare the income which they made and pay taxes in the United States ? The reason why I ask, is that I would imagine that there's possibly a whole lot of people from countries, other than the US, who are making quite a lot of money on youtube, and I've always wondered if they are required to file an income tax return in the country where that money was made, in this case the US. I've also wondered if these people ignore the fact that they probably have to file a tax return in the US, but they possibly ignore it because they live in a different country. In this case does the IRS chase these people for failing to pay their taxes ?
It’s down to your local laws. Please ask an accountant, I’m not an expert on tax law or international law...
This was a well intentioned comment but to be honest these questions just stress me out and may be why nobody bothers to make a video about this topic...
If I had to do it over it would be a 5 minute video instructing you how to find a tax professional or accountant and why you need one and questions to ask them...
I’m sorry if that comes off as harsh. But I honestly don’t understand why everyone interested in this doesn’t Google Search for a CPA and call them...
do you get paid for podcast? how much of the video does a person need to watch before you get paid? how much does you tube tax you on a video if it made let's say $500.00 for that month? I'm starting a YouTube channel myself soon and these are questions that I cannot get answered directly so if you can help answer these questions I'd appreciate it.
(Although you made this video 4 months ago) odd you should mention that! We were just discussing that exact topic yesterday. Was your video helpful? Yes, it was. All of your videos are always helpful. And we thank you.
When I monetised my account YouTube send me a letter telling me that I’m only receiving 55% on the money I make and the rest is for taxes and YouTube!! Is this right?!?! Do I have to pay anything else?
I'm basically too afraid to even start earning on youtube because the solutions I've heard are to base it on what I earned last year - with an actual friggin job. Not expecting to earn nearly that much from youtube but I have no idea what to expect... if I get it wrong then I get penalized by the IRS. just heard that there may be excuses for 'reasonable' underpayments... no details on that though.
How is the process different for youtubers that have multiple people in their videos? For example my husband and I work on our gaming channel together, would we need to create an LLC in order to get paid and then set up taxes since it's both of us or can we just do it all through one of us?
My big concern is last year was my first time making over $600 on YouTube and I did not receive a 1099 in the mail. So I just told my tax accountant and she added the earned income in my taxes when I filled them. I hope I did the right thing
This video was very helpful!! I live in New York State and I am aware of the $600 tax threshold. I dont think I will even reach the ADSense threshold just yet. I have been a YouTube partner for all of 4 days now, I got the approval over the weekend and I have created more content in that space of time than I have in the last 6 months before becoming a partner! I currently only have 30 subscribers, but some of my videos have quite a lot of views. Some in the 200s, some in the 1000s and 1 that has broken 306k views over the last 2 years. Revenue will definitely be a trickle to say the least, but I am hopeful that I will eventually reach the AdSense threshold each month. Things can only go up from here thats for damn sure!!
Hi Robert. i had $470 earning from youtube then my youtube account been suspended. do still need to pay tax for that one.. I wanna cancel my adsense account now. is that ok to cancel my adsense.. do still need that 1099 thing.
I have so much problems with getting paid on youtube. Tax, how can i fill that? I dont know how to fill it right. And the pin system, you have to get a pin from the mail. Nobody talks about this stuff is fustrating, i have money on hold and is killing me i feel like all my work is for nothing. i need help with these things please.
I just started a YouTube Channel ( my husband also has one that is based off of his landscaping business) My question is do I need a business licence for my youtube channel. Also since I am new I don't make any money. I have been getting products in trade for having them in my video. Do I have to claim those items as gifts or how does that work? Thanks so much!
hey roberto loved this topic and video.
my main question is last year i made only $102 with adsense but they never sent me a form. my tax is setup through youtube when i became a creator. so am still confused why i never got the form, since you mentioned they send you a form
This was helpful and informative. I am interested in reading those books you mentioned. I am in no way shape or form making big bucks. However, in the past few months I have seen a large influx of subscribers and views. I'm thinking about taking this channel a bit more seriously. Thanks for the info!
+Roberto Blake, My channel is very small. So, therefore I make less than $100 from monetization. However, I have bought countless things to help make my youtube channel become, look and sound more high-quality(Cameras, Microphone, capture card, etc.) so can I report what I've made, according to AdSense, and enter these equipment costs as deductibles? If so, how can I do that, and if not, how come?
Remember with a 1099 you will also have to do a schedule SE (self employment) this is where you will pay your social security taxes. Also remember the self employed tax rate (which is what you will be unless you are a corp) is 15%. So if you make say 5000 you will be paying 15% of that and any fees for filing late because if you are self employed you are expected to file quarterly.
Hey Roberto! I've binge wached through all of your content and its really awesome and informative. Can you make a video on beat-channels like mine? There are a lot of people with beat channels but there arent any videos on them. I'd like to know how to strategize the channel since you can generally only make 3-5 minute videos. Thanks.
To much to list: home office space ( do you use a room in your apt or house that is for business only), supplies for office( copy paper, pens paper clips), supplies for business (lets say you do exercise videos you can write off any clothes you wear while making the video, makeup), postage, cell phone if used for business only, car mileage to get to clients, meals for clients. The list goes on and on.
i like how professional your videos are , i have been Watching videos on YouTube for a long time now, and just when i want to check if something obvious in the description , its not there ...with many channels that i like , yet on your channel that is not the case i find things in the description and even thing i dont lol ... anyway this was a great video
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