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Today we are going to talk with a CPA
about some tips that are going to help
you guys with your taxes, as creators.
That's coming up.
Hey, guys.
My name is Tim Schmoyer.
And this is Ryan Ippolito.
He is a CPA.
He's actually my CPA for all my business stuff.
One of the things I know about us as creators
is that we're really good with making cool stuff
and we really love just being expressive and creative and
kind of expressing ourselves through online video
and other things.
But we're not so good with the number stuff, and the math
and all the taxes and stuff.
And that's coming up this season.
And so, Ryan, what are some of the thing that,
like the numbers that we need to keep track of in order
to give to a CPA or just to make our life
easier when it comes to taxes?
We probably already have an outside job.
Maybe you guys are getting a W-2 from that.
But you're also getting a 1099 from Google, as a contractor.
So for write-offs, discounts, things, what numbers
do we need to keep track of?
So anything you spend on the business
at all, just keep track of it.
If nothing else, you can give it to your CPA
or you can check it out.
And if you don't have to claim it, that's OK.
Just keep receipts, keep copies of things.
That would include camera gear for use,
anything software, computers.
Absolutely.
Hardware is a wonderful write-off.
If you get a computer, if you get anything like that.
And there's some things you can do with depreciation,
which, don't worry about it now.
But the other thing is if you drive anywhere for business,
if you even drive to the bank, if you drive
to buy the computer, keep all mileage.
Video shoots.
Absolutely.
So mileage is wonderful.
Of course, you said software, internet access, cell phone,
you can even write off a portion of that
that's not the personal portion, but--
And what is a write-off, by the way?
I'm sorry.
A write-off is anything that you can spend against income.
So when you get the 1099, that's income.
You're going to have to pay tax on that,
to the extent that it doesn't-- that it exceeds what you spent.
So if you've got $1,000 1099 and you spent $1,000
on the computer, you have no income.
Right.
So if Google send you $1,000 at the end of the year,
or maybe you earned $1,000 over the course of the year,
they send you this forms, has a little 1099 on it.
And they say, hey, we gave you $1,000 in 2012
or '13, or whenever you guys are watching this--
That's income.
You're going to have to claim that.
But you have expenses that you can write against that, which
reduces your income, which means you pay less tax.
So no taxes.
If you spend $1,000 and you earn $1,000--
You're good.
You don't pay any taxes.
But you have to call that-- you have
to put that on your tax return, because the IRS is
going to look for it.
OK.
So any other numbers that they need to keep track of?
Everything.
That's what I hate about this stuff.
The best thing you can do, if you can,
is if you can have a separate bank
account for this stuff, that's wonderful.
And then you just put any business expenses
in that bank account.
And then you can just give it to your CPA,
or just keep that separate.
That is a CPA's dream, to see everything
completely segregated.
I must be your dream, then.
You are wonderful.
I love you.
So I really hope that this has been helpful.
This guy is my CPA.
And he doesn't just do-- like I know a lot of account
for really basic stuff, where we just
get some income from Google, and then
we actually make our real jobs doing something else,
or doing YouTube as a hobby, maybe.
But if you do start treating it like a business
and you actually open up a separate business checking
account for your hobby, but just to kind
of keep all the money separate, it makes taxes way easier.
And so if you are actually looking for a CPA,
you guys are available.
MidAtlanticCPAs.com.
Be happy to help to you guys out, not just with your taxes,
but just doing all-- like he does all my business
accounting and all that kind of stuff.
It's been awesome.
So it's definitely like the headache
that I don't have to deal with anymore is amazing.
So if you guys want to go check him out, feel free.
But I'd love to hear from you guys, comments below, anything
that you guys have learned that had been particularly
helpful for you and the stuff that you're doing here
on YouTube, just trying to keep all those numbers
and things organized that we often lose track of very,
very easily.
You focus on the business, we'll take care of that.
Makes us all happy.
We both have goatees.
I know.
Sorry.
This is not a good beard.
So comment below.
Give us any tips you guys have.
And the rest of you guys, there's
always smart people hanging out on these videos.
So go down there and read their comments,
what other people are saying.
And if this is your first time here, welcome.
We'd love to have you subscribe.
This is probably their last time here, too.
I'm sorry.
This is not helping.
It's awesome.
We're always laid back here.
We always do our best to help you guys as video creators,
just know how you can build your audience here,
spread your message, not just to get more people as subscribers,
but so that it changes lives.
That's what we're all about.
So thanks for hanging out with us.
Subscribe.
And we'll see you guys again later.
Bye.
OK.
Do you want me to shut up now?
Sure.
Are you recording?
OK.
A CPA, officially certified--
Certified public accountant.
There you go.