The Business Side of Being a Creator: LLCs, S Corps, Write Offs, and Taxes!

Get Karat's free Taxes 101 guide at https://link.trykarat.com/lemoine Get Karat's new business banking product at https://link.trykarat.com/lemoine-banking Follow Eric at Instagram: @erictway, @trykarat YouTube: https://www.youtube.com/@trykarat Join my channel membership for access to perks: https://www.youtube.com/channel/UCIPigoUn9DZl6XSuBxoydQg/join My Gear List: https://kit.co/philiplemoine/cooking-content-kit Cooking Creators Course: https://www.cookingcreators.com/ Cooking Content Creators Facebook Group: https://www.facebook.com/groups/2528018827511080 FOLLOW ME: Website: https://www.PhilipLemoine.com Instagram: https://www.instagram.com/philip_lemoine TikTok: https://www.tiktok.com/@philiplemoine Twitter: https://twitter.com/philip_lemoine This video and description contain affiliate links, which means that if you click on one of the product links, I’ll receive a small commission. For sponsorship, product reviews, and collaboration, please email me at: hello@philiplemoine.com 00:00 – Intro 00:29 – Treat Content Creation Like a Business 01:09 – Tracking Your Finances Helps with Creative Decisions 02:21 – 1099 Contractor 02:58 – WHY You Should Start a Business Entity 04:00 – LLC 04:39 – S Corp 06:27 – How Unemployment Benefits Saved Me 08:49 – WHEN Should You Start a Business Entity? 10:08 – Opening a Business Bank Account 10:43 – Legal Compliance 11:32 – Creator Write-Offs: Home Office & Rent 14:45 – Creator Write-Offs: Job Supplies 18:51 – Creator Write-Offs: Capital Goods & Assets 20:37 – Money Mistakes Creators Make 21:42 – Smart Money Tips for Creators