Could one theoretically create a YouTube channel and start monetizing it as a business? Say my channel reviews video games...then each video game I purchase and review technically qualifies as a business expense no? These expenses could then offset the income from my day job for tax purposes right?
I recommend you Google "hobby loss rules"
Thanks! Googling that turned up a great description on the TurboTax site, so thank you twice Intuit person
You need to be profitable 3 of 5 years
Just ensure it’s part of the same LLC that actually somehow makes a profit.
Now to see how many views on YT I need to generate revenue
Lots of businesses fail without ever realizing profits.
If you’re microsoft indefinitely:-)
At most 2 of 5 years to avoid an audit. IRS will sniff out this tax evasion scheme easily.
Must have some great ganja at FB