Bookkeeping and Accounting for YouTubers

If you're a YouTuber, there are quite a few potential expenses that you can claim as tax deductions. These include:

• Production expenses: This can include video equipment, editing software, props, wardrobe, and any other costs that you incur in the production of your videos.
• Office expenses: If you work from home, you may be able to deduct a portion of your rent or mortgage, along with utilities and any home office equipment.
• Travel expenses: If you travel for your YouTube channel (for vlogs, collaborations, or conferences), you can potentially deduct these costs.
• Marketing expenses: Any money spent on advertising, including Google AdWords, social media promotions, and other forms of advertisement can be claimed.
• Professional services: The costs of hiring lawyers, accountants, or other professionals can also be claimed.

Please be sure to consult with a tax professional to ensure you are accurately capturing and claiming your business expenses.

Monetization of your YouTube channel primarily impacts your taxable income by adding a new income stream. Everything you earn from YouTube, be it through ad revenue, Super Chat features, channel memberships, YouTube premium revenue, sponsored videos or merchandise shelf - they all count as taxable income. This means you need to declare this income reporting time and pay the corresponding taxes based on where you live and your personal financial circumstances. It's critical to keep detailed records of all income and corresponding business-related expenses, as these will impact your total taxable income. If you're unsure about managing these financial aspects, consider seeking professional help with bookkeeping or accounting.

As a YouTuber, you should keep detailed financial records to manage your income and expenses effectively. Here are some key records to consider:

• Income from YouTube ads, sponsorships, partnerships, and product sales.
• Expenses related to video production, such as equipment, software, and production staff costs.
• Marketing and promotional expenses, including any costs related to social media ads, blog promotions, or collaborations with other creators.
• Operational expenses including internet, office space (if applicable), or any subscriptions needed for your business.
• Receipts for anything you purchase that directly impacts your YouTube business.

At Bench, we have experienced bookkeepers who specialize in Youtube businesses and can help you stay organized and up-to-date on your financial records. Remember, keeping a clear and accurate record of your financial activity is vital for your long-term success and can make things easier during the tax season.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.