If you're making money from content, whether that's social media posts, brand deals, affiliate links, blogs, streaming, or UGC, you're running a business. And like any business, the financial side can feel overwhelming when you're also writing scripts, filming, editing, posting, and managing so many other things.
The good news is that getting organized doesn't require a finance degree. It just takes a few habits, set up the right way, from the start. Here's where to begin.
1. Separate Your Money First
Before anything else, open a dedicated business checking account. You don't need to be an LLC to do this, you just need a place where all your content income lands and all your content expenses come out of.
Every dollar you make from content (and every dollar you spend for content) goes through that account. Transfer money to your personal accounts to pay bills, shop, and anything else your personal life requires. This one step alone makes tax time dramatically easier, and it gives you a clear picture of what your content is actually earning.
2. Set Up a Simple Bookkeeping System
You don't need anything fancy here. A spreadsheet, QuickBooks, or whatever fits where you're at right now. The important part is picking one and sticking with it. If you value your time more than you value your money, get a software that imports your transactions automatically. If you don't mind spending time documenting every transaction in a spreadsheet, that's okay too. Your accounting software fee can be written off on your taxes so it's usually worth it if you want it! It can also make things easier for you and your bookkeeper when your business is ready to hire one.
Categorize your income by source (YoutTube, TikTok, Brand Deals, Whatnot, LTK, UGC, Etc.) and your expenses by type (equipment, software, props, travel, meals, bank fees, platform fees, etc.). Update it weekly instead of letting it pile up until tax season.
3. Track Gifted Products and PR Packages
This is one of the most common blind spots for creators. If a brand sends you product in exchange for content, that's generally taxable income at fair market value, not just a free gift.
Keep a running log of everything you receive: what it was, who sent it, and what content you made with it. You'll need to value each item at fair market value, which is simply the price of the product at the time it was sent to you. A screenshot of the listing or receipt is usually enough to document this. This habit alone will save you a lot of stress (and potential surprises) come tax time.
4. Save for Taxes as You Earn
As a self employed creator, no one is withholding taxes for you. A good starting point is setting aside 25 to 30 percent of your net income into a separate savings account specifically for taxes. From there, you can adjust based on your actual bracket and deductions.
5. Know Your Quarterly Tax Deadlines
If you expect to owe more than $1,000 in taxes for the year, the IRS expects estimated payments four times a year, typically in April, June, September, and January. Missing these can mean penalties, even if you pay everything in full by the April deadline.
6. Identify Your Deductible Expenses
A lot of what you're already spending on content can reduce your tax bill. Common deductions for creators include:
- A portion of your phone and internet bill
- Editing software subscriptions
- Camera, lighting, mics, laptop, and other equipment
- Props or products bought specifically for content
- A home office, if you have dedicated space
- Mileage for content related travel
7. Pay Yourself on Purpose
It's tempting to just spend whatever's sitting in your business account, but that makes it hard to know what you're actually earning versus what's still owed to taxes or expenses (and makes for a mess at tax time too). Set a regular rhythm, weekly, biweekly, or monthly, where you transfer a set amount from your business account to your personal account as your "pay." Everything else stays in the business account for taxes, expenses, and reinvestment. This one habit makes it much easier to see whether your content business is actually profitable.
8. Review Your Numbers Monthly
Once a month, take a few minutes to look at your total income, total expenses, and how much you've set aside for taxes. This catches small problems before they become big ones, and it shows you which partnerships and content types are actually worth your time.
9. Plan for 1099s
If a brand or platform pays you $600 or more in a year, you can expect a 1099-NEC from them. Make sure the information you give them is accurate, and keep your own records so you can double check that what they report matches what you tracked.
Keep in mind, the $600 threshold is just when a brand or platform is required to send you a 1099-NEC. It doesn't mean income under that amount is tax-free. Every dollar you earn needs to be reported, whether or not you get a form for it.
10. Get Help When It Makes Sense
As your income grows, working with an accountant who actually understands the creator economy can pay for itself many times over, especially when it comes to quarterly taxes, gifted product reporting, and decisions like whether to form an LLC or S corp.
Getting financially organized doesn't happen overnight, and it doesn't need to be perfect from day one. Start with one or two of these steps, build the habit, and add more as you go. Your future self (and your tax bill) will thank you.
If all of this feels like a lot to manage on top of creating content, that's exactly why UnbrokenFi exists. We work with creators every day on bookkeeping and financial organization, so tax time is simple and you can focus on what you do best. Check out our bookkeeping services here to see how we can help.
FAQs
Do I need to file taxes if I made less than $600 from a brand?
Yes. The $600 threshold is when a brand or platform is required to send you a 1099-NEC, not the threshold for whether you owe taxes. All income from your content business needs to be reported, even if no one sends you a form for it.
What if I only got paid in free products, not cash?
It still counts. Gifted products in exchange for content are taxable at their fair market value, even if no money changed hands. This is one of the most missed areas for creators, so keeping a log as you go really matters.
Do I need an LLC to be considered a business?
No. You can operate as a sole proprietor and still treat your content work like a business for tax purposes. An LLC can offer legal and tax advantages as you grow, but it's not a requirement to get organized or to start separating your finances.
How much should I really be setting aside for taxes?
25 to 30 percent of net income is a solid starting point for many creators, but your actual rate depends on your total income, deductions, and state taxes. This is where working with an accountant can help you land on a number that fits your situation.
What happens if I miss a quarterly tax payment?
You may owe a penalty, even if you pay your full balance by the April deadline. If you've missed a payment, it's worth getting caught up as soon as possible and adjusting your savings habits going forward.
Can I deduct things I bought before I started "officially" doing this as a business?
Sometimes, depending on when you started earning income and how the expense relates to your content. This is a good question to bring to an accountant, since the details matter here.
This post is for general informational purposes only and isn't intended as tax, legal, or financial advice. Every situation is different, so talk with a qualified accountant or tax professional about your specific circumstances.
← Back to Resources