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2 questions about a side gig

Forum|Forum|2 years ago
August 30, 2023
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Hello, I have a main employer job with a yearly W2. I also have a side gig with a YouTube channel.

1st question - to avoid paying quarterly taxes for my side gig, can I just withhold additional taxes with my main employer biweekly?

2nd question - if my side gig is YouTube, what exactly can I claim? Example - if I flim and post a how to DIY plan/build a deck video, can I claim all tools/materials used for this video?

Thank you!

Ask the Experts - Self-Employed - Aug 2023

Best answer by SwapnaM

Hello & good Morning!!

1st question: Yes, you can either pay estimated taxes on your side gig separately or you can increase your withholdings with your employer.

2nd question: Yes you can claim as an expense all the tools & materials used for your You Tube gig.

TurboTax article for common business deductions: https://turbotax.intuit.com/tax-tips/small-business-taxes/taking-business-tax-deductions/L5RueYPVS

https://ttlc.intuit.com/turbotax-support/en-us/help-article/self-employed/write-business-expense/L8dwCzGRc_US_en_US?uid=llxxx3g9

S

SwapnaMAnswer

Hello & good Morning!!

1st question: Yes, you can either pay estimated taxes on your side gig separately or you can increase your withholdings with your employer.

2nd question: Yes you can claim as an expense all the tools & materials used for your You Tube gig.

TurboTax article for common business deductions: https://turbotax.intuit.com/tax-tips/small-business-taxes/taking-business-tax-deductions/L5RueYPVS

https://ttlc.intuit.com/turbotax-support/en-us/help-article/self-employed/write-business-expense/L8dwCzGRc_US_en_US?uid=llxxx3g9

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I

IgivemylifeAuthor

@SwapnaM

Thank you so much! Where do I claim all materials used in a YouTube video? Example of video- How to DIY plan/build a deck.

Tools

Wood/material

Where do these amounts go? In supplies section while filing?

Last question, I never know what self-employed business code a YouTuber is suppose to be under? Video production? Educational?

Thanks again!

S

SwapnaM

Yes that is correct , It would go under supplies.

The business code should be under the Communication, IT, Motion Picture & sound recording, depending on the nature of your work.

513000 - Publishing industries
516000 - Broadcasting and content providers
517000 - Telecommunications (including Wired, Wireless, Satellite, Cable and Other Program Distribution, Resellers, Agents, Other Telecommunications, and Internet service providers)
518210 - Computing infrastructure providers, data processing, web hosting, and related services
519200 - Web search portals, libraries, archives, and other info services
512100 - Motion picture and video industries (except video rental)
512200 - Sound recording industries

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