When it comes to the internet, there are a number of unique ways to make money. Entirely new industries have just recently come into existence based purely on the insane social experiment that is, or was, the internet. As such, there are new ways to apply the existing rules of commerce that both interesting and important to know if you’re an online entrepreneur or plan to be. For example, many things that would otherwise be frivolous purchases can now be classified as business expenses and, therefore, are tax deductible. Here are a few outlandish examples.
First and foremost, YouTube has created an entirely new industry unto itself, and so there are several tax deductions here that might surprise you. For example, if you’re not in the know, people simply playing video games on camera and talking about is now a viable profession, and so that creates an interesting tax situation. If you’re a “Let’s Player,” you can classify video game purchases via Origin as business expenses. Similarly, makeup tutorials are prominent on YouTube, so makeup then becomes a tax deductible expense. The same goes for travel. The list goes on. The more personal and casual nature of YouTube content allows for a wider variety of viable business models and, therefore, business expenses, than ever before. So, ideally, you can make a career out of something you love doing and can deduct purchases made in the name of that hobby and career in the process.
Another, more general form of tax deductible business expenses is equipment. By the nature nature of working online, your internet bill becomes a deductible business expense, for starters, but a home office created in the name of this career becomes deductible, as well. As does any equipment or repairs you’ll need for your work. So, the furniture, computer, modem, router etc. in the home office you use for your career become tax deductions.