Disclaimer: Any information shared by anyone who posts here will be purely regarded as informal advice and things to think about, and not as legal advice. In no way do I hold anyone else responsible for my own choices or actions. I’m simply seeking advice on a subject I’m not familiar with.
I’m not living in a van yet. I don’t even have a van yet. (Goal Date: Sept 1, '19.) I’m in the process of trying to figure out how to make a living for myself online, preferably using multiple streams of income. But, I have questions about how this works come tax time.
As an EXAMPLE only, I’ll use YouTube van life channels. They make money off of their videos (in a few different ways, I’m sure), sell merchandise, have Patreon subscribers, and do other online things from working temporary/seasonal jobs, writing, videography, being secret shoppers and filling out surveys for cash.
My questions are:
- How on earth does all of that work out come tax time?
- How can I learn the best way to set myself up tax-wise BEFORE I start making money online?
I don’t want to create a mess even before I’ve started. How do I set myself up in the best possible way when it comes to creating my own income streams and dealing with the tax man properly?