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Deductions & credits
if a content creator was profitable and the content creation was a part of a larger business, could they write off A portion of the car costs, maintenance expenses for their car or even the In depreciation of the car?
You need a tax pro and that first word is a BIG "IF". In my opinion, the largest obstacle you're going to face is whether this activity is an actual business or a hobby. If.....big IF.....the activity is profitable and rises to the level of a business then I'd say you could deduct the ordinary and necessary expenses related to the car used in the videos......assuming the car is a necessary component of the videos.
‎November 25, 2024
9:48 AM