Main Street Business #550 Tax Lawyer Explains: How To BEAT Taxes As An Influencer...
Dec 3, 2024
45:10
In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen reveal the hidden tax traps influencers often overlook. From claiming the fair market value of gifted products to understanding which deductions won’t raise red flags, they provide practical, actionable insights to keep your business compliant and thriving.
Here are some of the highlights:
- Mark Kohler discusses the IRS's perspective on expenses and how companies that send free products to influencers can claim them as business expenses.
- Mat underlines the importance of influencers claiming the fair market value of products they receive, even if they are not sent a 1099 form.
- Mark and Mat explain how gifts can be a write-off for businesses but emphasize that influencers must claim the fair market value of products they promote.
- The IRS has a task force specifically targeting influencers and has been given additional funding to audit them more effectively.
- Explanation of the importance of understanding the value of promotional posts and ensuring that influencers are compensated appropriately.
- How influencers should focus on optimizing their tax situation to keep as much money as possible.
- Debunk the myth that luxury items like Rolex watches or Lamborghinis can be written off as business expenses simply because they appear in videos.
- Encouragement for influencers to embrace their role as business owners and take advantage of available tax strategies.
- Grab my FREE Ultimate Tax Strategy Guide HERE!
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