Tax Planning Checklist for Content Creators

Being a content creator is a lot of fun — and a lot of work. And part of the work is taxes.

Whether you’re an influencer, YouTuber, TikTok star, or OnlyFans creator, tax planning is essential to keep your finances in order and avoid any surprises from the IRS.

 Use this checklist to stay on top of your tax game and make filing a breeze.

 1. Track All Your Income

As a creator, you likely have multiple income streams, including:

• Brand deals and sponsorships
• Ad revenue (e.g., YouTube AdSense)
• Affiliate marketing
• Digital product sales (like e-books or courses)
• Merchandise
• Tips or donations (e.g., from platforms like Patreon)

Keep detailed records of every dollar you earn, even if you don’t receive a 1099 form. A spreadsheet or accounting software (we like QuickBooks Online) can help you stay organized.

2. Keep Track of Business Expenses 

One of the perks of being self-employed is the ability to deduct business expenses. Common deductions for creators include:

• Equipment: Cameras, microphones, lighting, and other gear.
• Software and Subscriptions: Editing tools, cloud storage, or design platforms.
• Travel: Flights, hotels, and meals related to work trips.
• Costumes, Accessories, and Props: Anything used exclusively for your content.
• Marketing: Ad campaigns, website hosting, and design, or promotional materials.

Save receipts and maintain detailed records to back up your deductions just in case.

3. Open a Separate Business Bank Account

Mixing personal and business finances can make tax time a headache. A separate bank account for your content creation income and expenses helps simplify bookkeeping and ensures you don’t miss any deductions. Separate accounts also provide other business benefits, so we recommend this step to all content creators.

4. Save Money For Taxes  

Unlike at traditional jobs, no one is automatically withholding taxes from your earnings. So you need to make sure it happens. If you set aside 25-30% of your income for federal, state, and self-employment taxes, you should be prepared when tax season rolls around.

5. Understand Quarterly Estimated Taxes

If you expect to owe more than $1,000 in taxes for the year, you should make quarterly estimated payments. These are due in April, June, September, and January. Use IRS Form 1040-ES to calculate how much you owe for federal and self-employment taxes. 

You may also need to pay estimated taxes to your state or city, depending on their requirements for income taxes. Make sure you research what is required based on your location so you aren’t surprised when tax time comes around.

6. Plan For Retirement

As a self-employed content creator, you’re responsible for your own retirement savings. Consider setting up a SEP IRA, Solo 401(k), or another retirement account to secure your financial future. Contributions to these accounts may also reduce your taxable income, so even though retirement may be far away, you can see benefits now.

7. Keep Your Records Organized 

Good record-keeping is the foundation of stress-free tax filing. Maintain a system for storing receipts, invoices, and financial documents. We like QuickBooks Online, if you prefer to use accounting software, but you can also use a spreadsheet to track everything.

8. Review and Adjust Your Plan

Your income and expenses may change from year to year (or even quarter to quarter), so it’s important to revisit your tax planning strategy regularly. Adjust your estimated payments, review deductions, and stay informed about any tax law changes that could affect you.

Conclusion 

Tax planning might not be the most glamorous part of being a content creator, but it’s crucial for long-term success. By staying organized, understanding your obligations, and seeking professional help when needed, you can keep your finances in check and focus on what you do best. And yes, we do offer that professional help. Book a call with us to learn more about what we can do to support your content creation business.