Dealing with taxes is intimating, yet creators still have to do theirs. With Juice Books, creators can complete those tasks in a faster and easier manner. The platform also helps them run their businesses in a tax-compliant manner. As a result, creators can focus on what they do best — creating content.
What Is Juice Books and How Does It Help Creators With Their Taxes?
Juice Books enables creators to track their income, pay their contractors, and categorize their expenses all in one platform. It also gives creators access to a creator-minded CPA concierge that understands the content creation industry and their businesses as creators. This concierge is only the first wave of features the platform has launched for creators.
Challenges Creators Face in Their Taxes and How Juice Books Helps
Many creators don’t know where to begin when preparing their taxes. Before the launch of Juice Books, the company asked creators what a selfie light and Wi-Fi have in common. They gave plenty of answers, but none recognized that both were write-offs.
When creators start legitimizing their businesses and create a business entity like an LCC, they often find themselves clueless about where to start. And it’s easy to see why — a background in taxes or business isn’t required to become a content creator. Today, it’s about creating trending videos, collaborating with the right brands, and engaging with audiences.
The Process of How Juice Books Helps Creators With Their Tax Preparation
First, creators can separate their personal and business expenses through Juice Books, making tax preparation easier. Besides Juice Books’ feature to separate expenses, creators can also use the following tax features:
- Contractor Pay: With this feature, creators can pay their contractors and generate 1099 forms through Juice Books. All they have to do is invite a contractor to Juice Book, and the platform will send the contractor a W9 Form. Juice Books automatically tracks payments made by the creator to the contractor and then issues the 1099 form at the end of the year.
- Expense Categorizer: Juice Books tracks and categorizes the creator’s expenses to simplify write-offs. It uses an AI bot to learn the creator’s business and automatically labels their expenses. Creators can also categorize their transactions manually, whether they’re personal, business, or mixed.
- CPA Concierge: For a nominal fee, creators can have direct access to a creator-minded CPA concierge that can help them do their taxes. The concierge can help with business entity creation, monthly bookkeeping, quarterly tax estimates, business consulting, and more.
How Juice Books Help Creators Optimize Their Tax Filings to Maximize Deductions
Creator businesses spend approximately 2.5 billion hours each year preparing for taxes. This is equal to 1.25 million full-time jobs.
Juice Books navigates the complex world of taxes by creating a place for creators to balance their books and get tax help. As a result, they can stay focused on their growth.
Not only does Juice Books track and categorize creator expenses to simplify write-offs, help creators pay their contractors, and generate 1099 forms; but it also helps creators remain tax compliant. The platform is designed to help creators save time and money.
More than half (70%) of the creator businesses hire tax professionals — an expense that adds up to an average of $3,000 annually. With Juice Books, creators can connect with a creator-minded CPA concierge, so they don’t have to spend money hiring tax professionals who are unfamiliar with the industry.
How Juice Books Tailors Services to Meet Specific Needs
Juice Books aims to make banking, financing, and tax tools more accessible for all creators. If the creator is an official business entity like a sole prop or LLC, then they qualify for tax write-offs. If the creator qualifies for tax write-offs, they need to be operating as a business in a tax-compliant way. That’s where Juice Books comes in.
How Juice Books Secure Financial Data
Juice Books recognizes the importance of privacy, security, and data protection to creators across different industries worldwide. The platform collects and uses personal data only to personalize and improve their creative experience when using Juice Books. Any personal and financial data stored in the platform is never shared outside Juice Books.
Find Juice Book’s full Privacy Statement here.
Success Stories of Creators Using Juice Books
According to Kat Bruno, “Juice has held my hand throughout the tax process, letting me focus on what I do best – creating – and allowing me a one-stop-shop for my creator business.”
“Juice is my go-to business banking account where I can separate my personal and business expenses, invoice brands, and manage my tax needs. Juice keeps me organized, allowing me to work with trustworthy tax experts that actually understand my creator business,” Zhong states.
Visit this link to learn what other creators are saying about Juice Books.
Advice for New Creators Overwhelmed With Managing Their Taxes and Finances
The number one trick is to separate personal from business expenses. Aspiring creators should keep their personal expenses in their personal accounts and business expenses in their business accounts. Creators can do these in minutes with Juice Books.
Creators should also think about legitimizing themselves as a business entity. Anyone who’s unsure to start can always reach out to email@example.com. The idea of turning content creation into a business might seem overwhelming, but with the right resources, the process can become a breeze!
What the Future Holds for Juice Books
Since 2021, Creative Juice has been committed to enabling tax ease for creators. This is the beginning of more tax launches throughout the year. The current product suite includes automated and personalized tax prep tools for creators.
The company’s ambition is to make Juice banking and financing accessible for all monetizing creators, meaning they can use Juice Books as a full-service business banking account.
Presently, creators use around ten tools to manage their business, which is a headache and requires a lot of time and effort. Juice Books wants to arm creators with various banking, funding, and tax tools and provide them with a community of tax experts. The company aims to provide all the tools creators may need and want to scale their businesses.