topic Content creator in Business & farm

Content creator

JessicaH1024 — Wed, 13 Nov 2024 19:12:00 GMT

I create content and have a contract with my social media management company. Where can I deduct the amount that they are being paid? They are not considered an employee.

Re: Content creator

MelanieC1 — Wed, 13 Nov 2024 19:23:11 GMT

Hi @JessicaH1024 ,

It sounds like you are an independent contractor and will report your self employment income and expenses on a Schedule C of your tax return.

Any consulting or management fees can be deducted on your Schedule C Line 10 "Commissions and fees."

Here is a good link to view the descriptions of the different expense categories on a Schedule C.

Schedule C Expense Categories

Thank you for joining us today!

Re: Content creator

KarriC — Wed, 13 Nov 2024 19:24:18 GMT

As a Content Creator, you will be filing a Schedule C (most likely if you are a single self-employed person) where you will list all your business income and business expenses. In this case, I'm assuming you're a one-person business.

If you elected your business to be treated as an S-Corporation, then your expenses will be listed on the Business tax return, which produces a K-1, which you then enter on your personal tax return.

I'm including a link to our helpful self-employment tax hub, where you can find links to many subjects you want to find out more about, and can access helpful calculators (especially helpful for figuring out your estimated tax payments!).

TurboTax Self Employed Tax Hub

Re: Content creator

VolvoGirl — Wed, 13 Nov 2024 19:29:14 GMT

Will you be filing Schedule C for self employment or a separate Business return? Self employed, freelance, independent contractor, consulting, side job, sub-contractor are all the same thing and file on Schedule C.

Here is some IRS reading material……
IRS information on Self Employment
https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center

Publication 535 Business Expenses
https://www.irs.gov/pub/irs-pdf/p535.pdf

Turbo Tax Self Employed Tax Hub
https://turbotax.intuit.com/personal-taxes/self-employment-taxes

Turbo Tax Self Employment info
https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed/L2HLojrj5

1040 Schedule C Instructions
https://www.irs.gov/pub/irs-pdf/i1040sc.pdf