Today on the podcast I dove into a topic that might not be Pinterest-specific but is crucial for running a successful business – accounting. I know what you might be thinking – taxes and numbers might not be the most thrilling topics – but understanding them can save you a lot of headaches (and money) down the line. To help us out, I’ve brought back Nate from Cookie Finance, who joined us last year to break down some financial fundamentals. This time, we’re tackling common accounting myths that content creators tend to believe when it comes to taxes, write-offs, and treating their business like a real business.
The Biggest Mistake Creators Make: Not Seeing Their Business as Legit
A major theme that came up in this conversation was how many content creators don’t take their business seriously enough from a financial perspective. If you’re creating content—whether it’s travel, fashion, food, or lifestyle—and generating income, then you need a proper accounting system. Many creators still operate as if their business is just a hobby, even when they’re making substantial income. This mindset leads to messy books, untracked expenses, and tax season panic. Nate shared a powerful story about a creator who thought they made $750,000 in a year but actually made $1.25 million—simply because they weren’t keeping track. If you’re not monitoring your financials, you’re not truly treating your business like a business.
Common Tax Myths That Could Cost You
One of the biggest tax myths is that you only have to pay taxes once a year on April 15th. In reality, the IRS expects quarterly payments from business owners, much like how traditional employers withhold taxes from W-2 employees. If you don’t pay quarterly, you’ll likely owe penalties and interest at the end of the year. Another myth is that if you make under $600 from a brand, you don’t have to report that income. Wrong! Even if a brand doesn’t issue you a 1099, you are still required to report every dollar you earn.
What You Can (and Can’t) Write Off
Let’s talk about write-offs because there’s a lot of confusion here. Many creators assume they can deduct everything related to their content since their life is their business. However, the IRS has strict rules about what qualifies as a business expense. For example, fashion creators can write off clothing that is directly tied to their business (like items they promote through affiliate links), but general wardrobe purchases don’t count. Similarly, travel bloggers can deduct expenses for business-related trips, but simply posting one Instagram photo from a vacation doesn’t justify writing off the entire trip. And no, Botox and plastic surgery are NOT deductible, no matter how much your appearance plays a role in your brand.
Find an Accountant Who Understands Your Business
At the end of the day, getting your accounting in order isn’t just about avoiding penalties—it’s about setting yourself up for long-term success. Having a solid financial system in place allows you to focus on what you love—creating content—without the stress of tax season creeping up on you. If this conversation sparked some questions for you, I highly recommend booking a free 30-minute consultation with Nate and his team at Cookie Finance. They’re not here to hard-sell you; they genuinely want to help creators navigate their finances. Because when your business is financially healthy, you can grow and thrive without worry. Thanks for tuning in, and remember—your business is legitimate, so treat it that way!
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For Further Resources:
Simple Pin Podcast Episode 389: Finding the Right Accountant for Your Business
