You must decide whether you are producing your podcast as a business or a hobby in order to deduct it from taxes for this year. However, if you claim it as a hobby one year but start making money from it the next, you can change this in the future.
Whats needed to create a podcast?
The 10 Technology Items You'll Need to Start a Podcast
- A good microphone. Audio is one area that you won't want to cut corners with.
- one that pops.
- A boom.
- a Skype profile.
- software for recording and editing.
- In ID3 Editor.
- a hosting account for podcasts.
Do I need to copyright my podcast?
Short answer: No, it is not necessary to turn your podcast into a business entity. People only start thinking about doing this if they are concerned about being sued and possibly losing their homes, cars, or other personal property.
What are disadvantages of podcasting?
Disadvantages of Podcasting
- Internet access is necessary for people to access podcasts, making it challenging to reach a wider audience if internet is not readily available. Accessibility for some audiences can be a problem.
- locating and contacting your target audience.
- Protection of IP and content is challenging.
Yes, an LLC is beneficial for a podcasting business. It will give you personal liability protection against potential business risks and give your podcasting business more tax options and credibility. An LLC is also reasonably affordable and easy to form and maintain.