As a self-employed video game streamer, you have a unique set of expenses that can be written off on your taxes. Here's a handy guide to help you navigate the world of tax deductions and save you some money.
Agent fees are a common expense for streamers who have representation. These fees can include payments for contract negotiations, brand deals, and more. They're an essential part of your business, so don't forget to write them off.
How to write it off: Report these on Schedule C, Box 10.
Whether you're dining with a potential sponsor or grabbing a bite during a gaming convention, business meals are a deductible expense. Just remember to keep your receipts and note the business purpose of the meal.
How to write it off: Report these on Schedule C, Box 24b.
If you use your car for business purposes, like driving to gaming events or picking up new equipment, you can write off your car insurance and registration fees. Make sure to keep a log of your business-related trips.
How to write it off: Report these on Schedule C, Box 15.
Keeping your vehicle in tip-top shape for business use? Costs for maintenance and repairs can be written off. This includes oil changes, tire rotations, and other routine services.
How to write it off: Report these on Schedule C, Box 9.
If you've purchased a car primarily for business use, you can write off the cost and its depreciation. Remember, the IRS has specific rules about how to calculate depreciation, so you might want to consult with a tax professional.
How to write it off: Report these on Schedule C, Box 13.
Do you hire graphic designers for your channel art or editors for your videos? These creative assistance costs are deductible. Just make sure to keep track of your payments and contracts.
How to write it off: Report these on Schedule C, Box 11.
Those monthly fees for online gaming platforms? Totally deductible. As a streamer, these subscriptions are a necessary business expense, so make sure to write them off.
How to write it off: Report these on Schedule C, Box 27a.
Your gaming system is your main tool of trade, and its cost can be written off. This includes the console itself, controllers, and any necessary accessories.
How to write it off: Report these on Schedule C, Box 27a.
If you've set up a dedicated streaming space in your home, the cost of furniture for that space can be written off. This includes your gaming chair, desk, and any other furniture used exclusively for your business.
How to write it off: Report these on Schedule C, Box 18.
On the road for a gaming convention or tournament? You can write off your meals while traveling. Just remember, only 50% of meal expenses can be deducted.
How to write it off: Report these on Schedule C, Box 24a.
If you're spending money on ads to grow your audience, these costs can be written off. This includes ads on social media, search engines, and other online platforms.
How to write it off: Report these on Schedule C, Box 8.
Parking fees incurred for business purposes can be written off. This includes parking at gaming events, meetings, or other business-related activities.
How to write it off: Report these on Schedule C, Box 27a.
Your gaming equipment uses electricity, and if you have a dedicated space in your home for streaming, a portion of your power bill can be written off. It's a bright idea to save on your taxes!
How to write it off: Report these on Form 8829.
If you have property insurance for your home office, you can write off a portion of it. This includes insurance for your gaming equipment and other business assets.
How to write it off: Report these on Form 8829.
Repairs to your home office or gaming equipment can be written off. This includes costs for fixing your gaming system, replacing parts, or repairing your office space.
How to write it off: Report these on Schedule C, Box 21.
Cameras, microphones, lighting equipment - all these streaming essentials can be written off. They're necessary for your business, so don't forget to deduct them.
How to write it off: Report these on Schedule C, Box 22.
If you use backdrops to create a professional look for your streams, these can be written off. This includes green screens, themed backdrops, and other set decorations.
How to write it off: Report these on Schedule C, Box 27a.
If you're traveling for business and encounter toll roads, these fees can be written off. Just make sure to keep your receipts or use a toll tracker app.
How to write it off: Report these on Schedule C, Box 27a.
Whether you're flying to a gaming convention or taking a taxi to a business meeting, your transportation costs can be written off. This includes airfare, taxi fares, and public transportation costs.
How to write it off: Report these on Schedule C, Box 24a.
Hotel stays for business trips are a deductible expense. Just remember, personal expenses during your trip, like sightseeing or entertainment, can't be written off.
How to write it off: Report these on Schedule C, Box 24a.
If you've purchased a tool kit for your vehicle for business purposes, this can be written off. This includes tools used for car maintenance or repairs related to your business.
How to write it off: Report these on Schedule C, Box 22.
Yes, you read that right! As a video game streamer, the games you play for your business can be written off. Just remember, games purchased for personal use aren't deductible.
How to write it off: Report these on Schedule C, Box 27a.
If you have a dedicated home office for streaming, a portion of your water bill can be written off. It's just another way to save on your taxes.
How to write it off: Report these on Form 8829.
If you have a website to promote your streaming business, the costs for website development and hosting can be written off. This includes domain registration fees and monthly hosting costs.
How to write it off: Report these on Schedule C, Box 8.
As a streamer, a reliable internet connection is crucial. You can write off a portion of your Wi-Fi bill as a business expense. Just make sure to calculate the percentage used for business accurately.
How to write it off: Report these on Schedule C, Box 25.