Ok Guys, Let's Talk About Something Near And Dear...money

Mustang

Mustang

Wannabie Member
I am curious about those of you that have monetized your vlog. How much are you making( without too much privacy leakage), How many subscriptions do you have? Likes?

Do you do accounting for your costs? Mileage and Deductions? Costs of equipment, software, tires and maintenance? Can you write off your bike???

Can you treat your vlog like a travel writer and use their expense format?

Any accountants out there?

This should be an interesting thread once it gets going... we all have an interest in this!
 
I suppose it's a double-edged sword having monetized video.

If you're a small-time vlogger, you won't make any money, and will likely fly under the radar.

If you are making loads of money, the HMRC (Or IRS) will likely take an interest. :(

Having said that, if you are earning so much that the Revenue takes an interest, then I would run it like a business.

Every ride I make where I am recording, claim mileage. Buy some new equipment as this will be tax-deductable. New PC for editing videos? That's a legitimate expense.... :cool:

If you're interested in how much some of the big vloggers might make, take a look at Socialblade and have a play ;)

Not that I will be needing to worry about this for some time yet :rolleyes: as my stats are currently:

ESTIMATED EARNINGS: £0.07 - £1
 
http://newmediarockstars.com/2013/0...eators-should-know-before-filing-their-taxes/

I assume this applies mostly to those in the USA. But the idea here is that moto vloggers are in a sense a combination of a travel blogger/writer and also a video producer. So, expenses can and should be deductible off any generated income, and STARTUP COSTS can be deducted! WOW! Cost of gas while filming... deducted( or mileage). SWEET!

Let's face it, the tax man is gonna get his share. May as well do it legit.

PS: look at the list of expenses that can be deducted at the end of the article.
 
Yeah, you pretty much have to be a big-time vlogger to make any change... otherwise, YouTube happily takes their share off of the videos you make and when pennies add up, it's a money waterfall for them :p .

My though is that if people are voluntarially going to watch my vlogs for fun, I don't want them to watch a commercial along with it ~_~ . If I ever get to the point of Leadpin, then it may be worth it... but for now, I'll zap up bandwidth off of YouTube for free *evil face*. Take that, YouTube, for taking away my commenting abilities :D *another evil face*!!!~
 
Mustang said:
But the idea here is that moto vloggers are in a sense a combination of a travel blogger/writer and also a video producer. So, expenses can and should be deductible off any generated income, and STARTUP COSTS can be deducted! WOW! Cost of gas while filming... deducted( or mileage). SWEET!
Click to expand...

I you make $1000 a year (your are going to want a few thousand subs and regular uploads for that) and you claim deductions of fuel (15000km a year at 6 litres per 100km = 900 litres... at a dollar a litre, there's your $1000 right!)... then your taxable income is 0. Your taxable income cannot be negative... well, it can, but the tax department does not pay you.

My point is, there is no use treating it as a business until you are getting about 5million views a year. Before that, it is a hobby and is tax free. In fact, here in Australia, it is arguably a hobby regardless of how much you make.
 
i have the ad revenue thing turned on... But like i have said a few times, its only to get more views. Without ads my videos seem to get less views

i have yet to earn a cent from it though
 
Agreed, I've made single figure dollars with what would be an average of 150 subs since I switched it on and 100+ views per video.

Those of you thinking of offsetting the costs against tax, then you're going to be needing to make decent money before you have enough to concern for tax, and as for that laptop for editing, unless you can use it to offset against all your tax liability rather than just the vlogging business, it's not worth it unless it can reduce your tax liability. I am self employed, and I could offset any vlog rides against tax, but there's no point as I'll just be offsetting a load of my normal job tax. I'll only declare YT income and offset YT expenses IF I get to a point where the income is of benefit. In reality what I will do is give the money to charity. However I have bought stickers and the camera which are direct "expenses" for my channel, be a long time before I get that back. Plus you have to account yearly, so claiming it all when you are new is pointless as you're on a loss anyway for that year.
 
One advantage of not making any money out of your videos, is that you can use any music you want. As your video is for information purpose only, YT leaves you alone. Now, the videos might be ban in some countries, like one of mine cannot be seen in Germany, as laws about artist rights varies from country to country.
 
im just in it for the fun, if it gets to the point of it making some money then all good but Im not going to go out there looking to get famous
 
The way I look at it is the monetization helps pay for fuel and wear and tear but does it cover costs? Hell no, if run as a legit business I am running at a loss big time!

What it does cover for me is a week or more worth of fuel a month. Depending on many factors. Some months it covers my fuel others just a weeks worth.

I see no reason why not to monetize but understand people who dislike it.
 
For me, im keeping the adds off unless I grow pretty big. Its just an inconvenience to the watchers and it does not benefit me any. Unless I use add supported music, then that's another story.
 
I monetized my channel just for the schedule upload feature. I turned off ads and do not want or intend on making money off my videos. I just make videos for fun and the only way to get the schedule upload feature is by monetizing my channel!
 
I don't monetize my videos anymore, because until you have a certain size you won't make a single cent of your videos. Only Youtube will make some pennies. Nevertheless I'm planning to monetize my videos if I should ever grow big enough, but I don't want to use the money for myself. Instead I'm planning on giving the earned money to charity! Hopefully, one day this will be possible!
 
That sounds super, Wanderlust. I hope you are successful at it. BTW, here in the States, one can establish a charity, and believe it or not, only donate around 10% of money received to be considered a charity. I don't agree with it, but it is something to consider. How about that in Germany?
 
There is a guy named eveRide on YT that has some good videos and he has done it full time. Says he is about to make his goal to pay his bills( house payment, etc). He doesn't have a huge following. If you guys can like or subscribe, it would help him out. He puts out some good info, too. He does dual sporting vids in southern Utah. Beautiful country.
 
I make about $160 every 2.5 months or so, whenever it gets up to enough Google distributes it to me. Most of that is due to a few of my old videos with 50k views. Why they ever got so many views I will never know, nothing special about them.
 
Mustang said:
That sounds super, Wanderlust. I hope you are successful at it. BTW, here in the States, one can establish a charity, and believe it or not, only donate around 10% of money received to be considered a charity. I don't agree with it, but it is something to consider. How about that in Germany?
Click to expand...

Thank you! I don't know about the situation in Germany, but the situation in the US sounds horrible. For me this sounds like a way to avoid taxes, which can't be right!
 
Wanderlust said:
Thank you! I don't know about the situation in Germany, but the situation in the US sounds horrible. For me this sounds like a way to avoid taxes, which can't be right!
Click to expand...
Oh, there are so many different ways for people to dodge taxes here, for those who have the means :( ~_~ ... and then Swiss banks - don't even get me started :P !~
 
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