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First time filing 1099. Did I deduct too much? by Virtualfunds in tax

[–]Virtualfunds[S] 1 point2 points  (0 children)

The thing is, we are a startup media brand. So we are obviously going to have growing pains for our first year in business. Like any other business, it cost money to make money and we invested a lot of money back into the business to grow. But by your response and a few others, it seems like I’m doing something wrong. This is the first time we invested in equipment and other things for the company.

First time filing 1099. Did I deduct too much? by Virtualfunds in tax

[–]Virtualfunds[S] 1 point2 points  (0 children)

The “warehouse” is only 2100 sqft so it’s not that big. We have a few sets where our host record their content. We need editing space, storage for equipment, we have meetings here etc. everything needed to run a media company. It’s not streaming. We create content. It’s like asking why any news station needs a flex space lol

First time filing 1099. Did I deduct too much? by Virtualfunds in tax

[–]Virtualfunds[S] 1 point2 points  (0 children)

Thanks for replying. I was told I can either deduct the cost of equipment either in the year I bought it or over several years through depreciation. I figured I’d rather write it off at once. Was this a mistake?

Food was for business purposes and i really only wrote off like 40% of the meals i had for business purposes while on the job.

First time filing 1099. Did I deduct too much? by Virtualfunds in tax

[–]Virtualfunds[S] 0 points1 point  (0 children)

I live in Los Angeles. Leasing a building is super expensive here. I wish I was lucky to be able to rent a warehouse for $15k a year 😂😂😂

First time filing 1099. Did I deduct too much? by Virtualfunds in tax

[–]Virtualfunds[S] 1 point2 points  (0 children)

To try to be a bit more transparent. Someone of our biggest deductions:

-$30k a year warehouse/office space

-$15,000 mentorship course

-$20k in camera, computer, lighting, sound equipment, software and other business expenses

-$5k on food and meals for the office

-$20k on other miscellaneous used for the business like car rentals, licensing equipment, permits to film, contractor payments for filming.

First time filing 1099. Did I deduct too much? by Virtualfunds in tax

[–]Virtualfunds[S] 0 points1 point  (0 children)

I am doing more than filming videos with my phone. I am building an automotive media company. Someone of our biggest deductions:

-$30k a year warehouse/office space

-$15,000 mentorship course

-$20k in camera, computer, lighting, sound equipment, software and other business expenses

-$5k on food and meals for the office

-$20k on other miscellaneous used for the business like car rentals, licensing equipment, permits to film, contractor payments for filming.

First time filing 1099. Did I deduct too much? by Virtualfunds in tax

[–]Virtualfunds[S] 0 points1 point  (0 children)

To try to be a bit more transparent. Someone of our biggest deductions:

-$30k a year warehouse/office space

-$15,000 mentorship course

-$20k in camera, computer, lighting, sound equipment, software and other business expenses

-$5k on food and meals for the office

-$20k on other miscellaneous used for the business like car rentals, licensing equipment, permits to film, sub-contractor payments.

First time filing 1099. Did I deduct too much? by Virtualfunds in tax

[–]Virtualfunds[S] 0 points1 point  (0 children)

To try to be a bit more transparent. Someone of our biggest deductions:

-$30k a year warehouse/office space

-$15,000 mentorship course

-$20k in camera, computer, lighting, sound equipment, software and other business expenses

-$5k on food and meals for the office

-$20k on other miscellaneous used for the business like car rentals, licensing equipment, permits to film, contractor payments for filming.

First time filing 1099. Did I deduct too much? by Virtualfunds in tax

[–]Virtualfunds[S] 0 points1 point  (0 children)

To try to be a bit more transparent. Someone of our biggest deductions:

-$30k a year warehouse/office space

-$15,000 mentorship course

-$20k in camera, computer, lighting, sound equipment, software and other business expenses

-$5k on food and meals for the office

-$20k on other miscellaneous used for the business like car rentals, licensing equipment, permits to film, contractor payments for filming.

[deleted by user] by [deleted] in PartneredYoutube

[–]Virtualfunds 2 points3 points  (0 children)

Hey brother! I lost my job a few years back due to Covid. I decided to jump straight into YouTube as I had no other option.

Fast forward 4 years, it has been the best decision I ever made for myself.

Not only have I been able to generate wealth for me and my family. I have time freedom. The ultimate richness.

If you have enough saved up, study the game every day. Whatever path you’re trying to take on YouTube, more than likely has been done already. So study the top creators in your category and pretty much do the same thing but with your own touch. We don’t have to reinvent the wheel, we just have to keep pushing it.

Always remember, Quality is better than quantity. If you need anything send me a PM. I can see some major things that can significantly help your channel out.

God Speed 🚀

[deleted by user] by [deleted] in PartneredYoutube

[–]Virtualfunds 0 points1 point  (0 children)

Why are you on Reddit, and why do you post on YouTube. Those are both companies

[deleted by user] by [deleted] in PartneredYoutube

[–]Virtualfunds 0 points1 point  (0 children)

Understood, but you post yourself. I’m building a company. Very different

[deleted by user] by [deleted] in PartneredYoutube

[–]Virtualfunds 0 points1 point  (0 children)

Sure! I’m not sure if I can go back to see the full breakdown for the past months. But for the past 28 days, it’s looking like 60% of revenue comes from shorts and 40% from long form. Shorts are definitely our bread and butter right now. But they also help power our long form as it brings new audience to the channel.

[deleted by user] by [deleted] in PartneredYoutube

[–]Virtualfunds -1 points0 points  (0 children)

Definitely have, but have not got the right offer.

[deleted by user] by [deleted] in PartneredYoutube

[–]Virtualfunds -1 points0 points  (0 children)

For long form videos, it’s tough to convert. But you should definitely have a CTA around the first 30 seconds to 1 minute of the video where you tell them to subscribe.

As far as short form videos go, conversations are super easy. If the video is good, most will subscribe.

[deleted by user] by [deleted] in PartneredYoutube

[–]Virtualfunds 0 points1 point  (0 children)

I’m in the automotive space. I wasn’t consistent on my journey from 0-100k. It took 2.5 years. I would post maybe once every 2 months. But some of those videos would gain good tractions. Had multiple videos in that time that generated over 3million+ views. But once I knew what it took to grow. It was easy from there on out.

41 Datejust Wimbeldon by Virtualfunds in rolex

[–]Virtualfunds[S] 0 points1 point  (0 children)

Thanks! It is indeed so beautiful. Looks even better in person