Cosplayer Taxes 101: Let’s Get This Bread

DISCLAIMER: I am not a tax professional and this is not financial advice. If you are concerned about your tax filing status, always talk to a professional!

So, you’re a cosplayer with a social media presence and stumbled across this article. Welcome to The Star Forge! We’re a community rooted in a passion for Star Wars, cosplay, and 3D printing, focused on helping others learn and grow in their cosplay or 3D printing journey!

This article will be discussing how YOU, a cosplayer with an Instagram or TikTok page, can save big bucks on your taxes! Many folks may think this is illegal or shady, but it really isn’t! At worst, this is exploiting a technicality in US Taxes, but there is nothing illegal about what we will be discussing today!

Now the first, most important part of this is that you have to make money from your page. ANY amount of money will cause you to be eligible! Made a piece of chest armor for your friend who bought it for $30? Eligible! Printed a file for a buddy and charged ‘em $20? Eligible! You just have to have SOME kind of reportable income from your new business!

That’s right, once you have made money from your social media presence, you are now the founder of a business! Now you can, if you would like to, file paperwork to start an LLC for this business. But as a sole proprietor (meaning you are the only person who is part of the business), this is not necessarily required. The process of registering an LLC varies state to state, so make sure to do your research if this is the route you wish to take!

Now that you have a business, you can file a Schedule C form when you are submitting your taxes! I use FreeTaxUSA for filing my taxes which makes this process VERY very easy! On this form you will list how much you MADE from your business, but more importantly, how much you SPENT for your business. This is where the savings begin!

Now many folks will think of the obvious things when they are doing their Schedule C, like materials to make the products you sold, or any ads you paid for for your social media pages. But there is so, so much more! As you continue to read, keep in mind that you can only write off things you bought during that tax year!

One of the largest deductions that many people forget about is the device you might be reading this on: YOUR PHONE! Where do you manage all your social media from? Take all your pictures and videos from? Exactly! Without your phone, you wouldn’t be able to run your business at all. So if you buy a new phone, it’s able to be written off! This goes for any technology you may use for creating your content. Cameras, lenses, microphones, camera stands, lights, anything you use for creating content! This even goes for any computers you use for editing content!

Are you somebody into 3D printing? Sold a few prints this year and made some social media content with your printers? Awesome! Those printers are write offs! The filament you got to make those prints? Write offs! Replacement parts for damaged printers? You guessed it! Upgraded parts for your printers? Also write offs!

Are you somebody who focuses more on cosplay? Any materials you get for your cosplays is a write off! Tickets to conventions? Those are just photo opportunities! Write off! Travel to conventions? Write off that gas! New sewing machine that you made a tutorial on? Write! That! Off! Anything you use for making your cosplays can be lumped into this, as long as your finished cosplay makes an appearance on your social media.

Now let’s talk about some things many people don’t consider! Do you have a semi-dedicated area in your living space for your sewing machine, crafting supplies, 3D printers, or photo shooting? That’s a home office! If you can determine the square footage of the area used for your business, you can write off that percentage of your rent or mortgage! You can also write off a portion of your internet bill! I typically do 20%. If you have 3D printers, you can even write off part of your power bill! I typically claim 15% of mine. Another bill you can claim is your phone bill! Both payments for the actual phone and payments for phone service are eligible! 

The tools I personally use for for tracking all my expenses is Zoho Invoices! They allow you to create expenses to get paid for your goods and services and to track expenses!

As a cosplayer with a social media presence, you have the potential to turn your passion into a business and save significantly on your taxes. By understanding and utilizing the Schedule C form, you can deduct a wide range of expenses related to your cosplay and content creation activities. From materials and equipment to travel and even portions of your home expenses, the opportunities for write-offs are extensive. Remember, the key is to keep detailed records of your income and expenses throughout the year. While this guide provides a solid starting point, always consider consulting a tax professional to ensure you’re maximizing your deductions and staying compliant with tax laws. Happy cosplaying, and may your tax savings be as impressive as your costumes!