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Question
If I buy something to review it can I write it off? Im not working with the brand or anything, I'm just choosing to review it on my channel. Thank you!
AI accountant’s answer:
If you are operating a business or working as a self-employed individual and using the purchased items specifically for creating content on your channel, you may be able to deduct the cost as a business expense. The item must be ordinary and necessary for your business, and the review should be related to the nature of your channel. If you are not operating a business and are merely engaging in a hobby, the expenses related to reviewing products are not deductible. The IRS differentiates between a business and a hobby based on factors like your intention to make a profit, the regularity and continuity of your activities, and your past successes or failures in similar ventures. It is essential to keep records of your purchases, the purpose of the purchase, and any other supporting documents to substantiate the business write-off when filing your taxes. However, please consult a tax professional for advice specific to your situation.
Comment from reviewer
Isaiah McCoy, CPA
Not Correct.
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