Welcome to 2025!!
January is packed with opportunities for content creators & influencers to set yourselves up for success.
Whether you’re wondering what the heck to do about taxes, giving your goals that new year refresh, or revamping your budget, taking action now will set the direction for a successful year.
Here are some key financial steps for content creators to consider this month:
Potential steps for Content Creators this month
Financial steps content creators might take in January include:
- Update goals
- Mark your calendar for quarterly estimated tax payments due 1/15
- Coordinate with a CPA for tax preparation
- File 1099s for contractors by 1/31
- Close out your books for 2024
- Refresh your budget (personal & business)
1. Reflect and Update Your Goals for the Year Ahead
Starting with a clear vision for your financial success helps set the tone for a productive year ahead.
Your creative journey is dynamic, and just as your content strategy evolves, so should your financial goals.
In both your work & your money, taking a moment to reflect on your wins (no matter how big or small) helps to keep things in perspective.
Then, think about what would make 2025 even more incredible for you. That could be scaling your business, buying a home, paying off debt, or hitting a revenue milestone. Whatever your goals may be, clearly defining them is the first step toward creating a solid financial plan.
Ask yourself:
- What goals can I realistically achieve this year?
- Balanced with a healthy dose of the huge, unrealistic goals that get you excited!
- How can my finances support these goals?
2. Mark Your Calendar for Quarterly Estimated Tax Payments (Due Jan 15)
Proactive tax planning can save you both money and headaches down the road.
The fourth quarter payment deadline is January 15, 2025. So now’s the time to review your income and expenses to ensure your payments are accurate.
Overpaying can tie up funds unnecessarily, while underpaying can result in penalties.
With a double standard like that, it’s natural to feel overwhelmed. That’s where you may consider working with a CPA who can help calculate your payments and strategize for the upcoming year.
Since taxes are an ongoing responsibility for content creators, quarterly estimated tax payments can play a key role in avoiding penalties and surprises come April.
3. Coordinate with a CPA for Tax Preparation
The earlier you coordinate with your CPA, the smoother your filing process will be.
With tax season on the horizon, now’s the time to connect with your CPA and start gathering documents.
If you are an S-Corporation, your business tax return is due by March 17, 2025. For Individual returns (including LLCs and Sole Proprietor businesses), your tax return is due by April 15, 2025.
Taxes for content creators can get complex, especially if you’ve diversified your income streams or recently changed your business structure (e.g. forming an LLC or S-Corp). A CPA can help you:
- Identify all eligible deductions (e.g. home office expenses, equipment purchases, travel)
- File the appropriate forms based on your business type
- Review tax strategies that could save you money in the future.
4. File 1099s for Contractors by 1/31
Timely Tip: To streamline this process, request W-9 forms from contractors before they begin work. This ensures you’ll have the necessary information when it’s time to file.
If you hired independent contractors in 2024 and paid them over $600, you’re required to issue 1099-NEC forms to report payments for their work. These forms must be sent to the contractor and filed with the IRS by January 31, 2025.
Here’s what you need to know:
- Who needs a 1099-NEC? Any contractor based in the U.S. who you paid $600 or more for services in 2024 (excluding LLCs taxed as S-Corps)
- What information do you need? You’ll need each contractor’s W-9 form, which includes their name, business name (if applicable), tax ID number (EIN or SSN), and address.
- How do you file? QuickBooks makes filling 1099s easy by automating the process if you’ve kept your records up to date. Alternatively, you can use third-party services or submit paper forms directly to the IRS.
- Why does this matter? Filing 1099s correctly and on time helps ensure your business remains in compliance with IRS regulations, avoiding late fees and penalties.
5. Close Out Your Books for 2024
Closing your books promptly ensures your financial reports are accurate, which is essential for tax preparation and understanding your business performance.
Accurate bookkeeping is the foundation of financial clarity. January is a critical month to close out your books for 2024 and start fresh for this year.
Here’s a checklist to guide you through the process:
- Reconcile all bank, credit card, and payment processor accounts (e.g. PayPal, Stripe)
- Review income and expenses for proper categorization
- Ensure all transactions from 2024 are recorded in your accounting software
- If you’re an S-Corp, check that your payroll aligns with IRS requirements.
- Begin preparing documentation for 1099 forms if you’ve hired contractors (due by January 31)
If this feels overwhelming, outsourcing your bookkeeping to a firm like ours can be a game changer.
6. Refresh Your Budget (Personal and Business)
By creating a budget that supports your goals, you give yourself permission to spend on the things you enjoy and a roadmap to cutting expenses everywhere else.
January is a great time to kill two birds with one stone, and revisit your budget along with your 2025 goals.
On the personal side, think about how you want to allocate funds toward savings, investments, and discretionary (or “fun”) spending. For your business, focus on streamlining your expenses and investing in areas that will help you grow.
Here are a few tips to refresh your budget:
- Set clear categories for your expenses (e.g. equipment, software, advertising)
- Review subscription services to ensure you’re only paying for tools you actively use
- Plan for large purchases or investments you’ll need to make this year
In Conclusion: Start the Year Strong
Taking these steps in January can set you up for financial success in 2025 and beyond. Whether it’s closing out your books, paying quarterly taxes, or aligning your budget with your goals, these actions help you take control of your financial future.
Bookkeeping and financial planning are at the heart of what we do at 1Up Financial Advisors.
If you’re ready to take control of your finances and make smarter money moves, let’s build your financial game plan together.
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