This episode is sponsored by Hashtag Legal.
Taxes and accounting can be daunting for anyone. It’s especially intimidating when you’re flying solo with your own business, and when that business is in a relatively new space like influencer marketing.
There are certain times of the year when the online world is all abuzz with financial questions, particularly when it comes to taxes. But just as it’s imperative for influencers and entrepreneurs to address legal issues before they become problems, it’s essential to be proactive when it comes to the financial side of your online business— all year long.
For many, and that most certainly includes us, that means consulting with someone with expertise in this field. Our go-to for all things finance related is Cathy Derus of Brightwater Accounting, a CPA and financial planner with strong ties to the influencer world.
Cathy started out online with Fiscally Chic, a personal finance blog, before launching Brightwater Financial and Brightwater Accounting to assist online business owners with their unique financial needs. In this episode of the Businessese Influencer Marketing Podcast, she joins us to discuss all things financial for your influencer business.
Tune in to hear about some of the most important areas for influencers to know about the financial side of their online businesses, including:
- the difference between a business and a hobby, in the eyes of the IRS
- steps online business owners should take to protect the financial side of their business
- whether there is a magic number to determine if you should file as a sole proprietor or form an S Corp
- the tax implications of forming an LLC vs an S Corp
- Can conferences be deducted? and other often debated potential deductions
- 1099s: when they’re required and what to do if you didn’t receive yours
- when influencers should seek out the advice of a CPA
We know you have questions about the financial side of your online business! Ask away in our private Facebook group, Businessese HQ.
1099 post with decision tree: All About Forms 1099-MISC and 1099-K
Your Guide to Quarterly Estimated Taxes
Sales Tax by State: Should You Charge Sales Tax on Digital Products?
Cathy on Instagram, Twitter and Facebook (Brightwater Accounting + Financial Planning)