Social media, smartphones and high-fidelity consumer audio-visual technology have made it possible to build a following and establish a personal brand. There are more opportunities than ever to earn income from home through advertisement revenue, affiliate marketing arrangements, crowdfunding platforms and creator funds.
If your content creation revenue is growing, you’ll need a plan to record your earnings and expenses, report income, and meet tax obligations. Polston Tax’s certified public accountants (CPAs), tax attorneys and case managers can help.
If you are a content creator, influencer, agent or other individual involved in the arts and entertainment industry, you may be able to subtract money from the taxes you owe. Working with a tax professional like Polston Tax can help you find the credits that apply to your industry and work. Here are a few types you might qualify for.
As an individual in the arts and entertainment world, you may qualify for several tax benefits. You may be eligible for the Earned Income Tax Credit (EITC) if you earn under a certain income level.
Business tax reductions for the arts and entertainment industry include a Work Opportunity Tax Credit (WOTC) for hiring individuals from particular groups. Under the Inflation Reduction Act, you may also qualify for energy-related reductions for actions like investing in clean energy. Research tax credits could apply to those who advance technology in art and entertainment.
Various states also give tax perks to those who create visual content in their state, including:
These credits often apply to film and television program production but could also include influencers and content creators if their work brings jobs or business to the state.
At Polston Tax, we can also provide assistance and guidance through the following resolution services:
Polston Tax offers a simple and effective way to gain support from professional accountants and attorneys with experience in the arts and entertainment industry. Our process includes these simple steps:
With Polston Tax, you can create freely, knowing your accounting and tax partner has your best interest in mind. It all starts with a free consultation, so contact Polston Tax online to schedule a meeting with an attorney or CPA for content creators near you.
