## Tax Prep in 47 Minutes

A CPA's complete tax prep checklist for creators: gather income docs, categorize expenses, and close the year in under an hour.

#### Tax Prep in 47 Minutes

This week in the Discord, we had a CPA walk us through how to prepare for tax season as a creator in under an hour. Missed the conversation? [Join the Discord to watch the replay.](https://link.trykarat.com/DiscordNL)

#### The 47-Minute Tax Prep Checklist:

- **• Gather your income documents (0-5 min).** 1099s from brands, YouTube, platforms. Bank statements. PayPal/Venmo records.
- **• Gather your expense records (5-20 min).** Equipment, software, subscriptions. Home office deduction. Travel for content. Professional development.
- **• Organize by category (20-35 min).** Use a spreadsheet or accounting software. Categorize every expense.
- **• Calculate your estimated tax (35-47 min).** Multiply net profit by roughly 25-30% for federal + self-employment tax. This is your approximate tax bill.

#### Key Deductions for Creators:

- **• Home office deduction** \- if you have a dedicated workspace at home, you can deduct a portion of rent/mortgage and utilities.
- **• Equipment** \- cameras, microphones, lighting, computers, phones used for content.
- **• Software and subscriptions** \- editing software, project management tools, social scheduling tools.
- **• Internet and phone** \- the business use portion is deductible.
- **• Education and courses** \- anything that helps you improve your craft or business.
- **• Travel** \- if you travel for content creation or brand partnerships.