Digital Social Hour
The $100K Tax Mistake Most Content Creators Make | Daniel Mac DSH #1038
Tue, 31 Dec 2024 14:00:00 -0000
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🚨 The $100K tax mistake content creators are making - revealed! 💰 Daniel Mac spills the tea on the Digital Social Hour with Sean Kelly. 🎙️ Discover the shocking tax write-offs that could land you in hot water with the IRS! 😱 From luxury cars to mansion parties, Daniel shares insider secrets on what's legit and what's not. Plus, get the scoop on: • The truth about OnlyFans creators and taxes 💸 • How to navigate brand deals and sponsorships 🤝 • The real story behind viral car interviews 🚗 Don't miss out on this game-changing episode packed with valuable insights for every content creator! Hit play now and join the conversation. 🔥 🔔 Subscribe for more eye-opening stories and industry secrets on the Digital Social Hour with Sean Kelly! New episodes drop weekly on Apple Podcasts, Spotify, and YouTube. #ContentCreator #TaxTips #DigitalSocialHour #DanielMac #loweryourbusinesstaxes #makemoneyonline #taxreturnmistakes #contentcreation #deductionstrategies CHAPTERS: 00:00 - Intro 00:30 - Daniel Mac’s New Podcast 02:58 - Common Jobs of Supercar Owners 05:06 - Insights from Daniel's Interviews 06:00 - Daniel’s Future Plans 10:17 - Your Car Collection 11:22 - Tesla Overview 13:38 - Best Cars for Depreciation 15:39 - Tai Lopez Mansion Party 17:06 - Criticism from OnlyFans Interviews 18:37 - Jason Nash's Earnings 20:41 - Spending the Day with Jack Doherty 22:40 - Jake Paul Discussion 24:39 - Neon Cars 27:30 - Running and Fitness 28:07 - Steve Will Do It Ban 28:59 - Video with Joe Biden 30:44 - Cannonball Run Insights 33:11 - Adrenaline Junkie Lifestyle 35:20 - What's Next for Daniel 35:44 - Outro APPLY TO BE ON THE PODCAST: https://www.digitalsocialhour.com/application BUSINESS INQUIRIES/SPONSORS: [email protected] GUEST: Daniel Mac https://www.instagram.com/itsdanielmac LISTEN ON: Apple Podcasts: https://podcasts.apple.com/us/podcast/digital-social-hour/id1676846015 Spotify: https://open.spotify.com/show/5Jn7LXarRlI8Hc0GtTn759 Sean Kelly Instagram: https://www.instagram.com/seanmikekelly/
Chapter 1: What is the $100K tax mistake most content creators make?
i'm sure with the way you do your content you might be able to write it off anyways yeah i do yeah everything but the bmw is written off because i film with them so much when it's part of my brand right i'd say it's a slippery slope like my cpa was a little more conservative she was like for you you can do it because you're a car creator good luck if you're like just a regular small business owner trying to write off like a lamborghini aventador the irs is gonna be like no i know people that try to write off their watches i'm like dude yeah yeah exactly
All right, guys, Daniel Mack here today. Thanks for coming on, man. What's up, man? Thanks for having me. It's cool to have another fellow podcaster on. Yes, sir. Very cool, dude. Yeah. You started the show recently, right? Yeah. Yeah. Within like the last year or so, but it's not to your scale, I'd say for sure. Yeah. You're more picky with your guests. I know.
It's just periodic. Yeah. It's like, you know, this month when I travel a lot. So yeah. What made you branch off? Because your specialty was short form before that, right? Yeah. So what made you want to branch off into more long form stuff?
I mean, I think like, obviously I asked you what they do for a living short little clips. They're like a minute long, usually in between a light cycle on Rodeo drive. So I really like wanted to dive into like how people become wealthy and they like more like a longer format essentially. Cause a lot of people are wanting that. Right.
Chapter 2: How can content creators write off luxury items?
Um, and it makes complete sense. I feel like as compared to like, Oh, I got rich with like these quick little things. Like you can't really get into the nitty gritty with it unless you're like doing a long, long interview. Yeah. Cause you have one question and then the video's over. Yeah. And literally, like I said, like on this light cycles on Rodeo, like I have like 40 seconds.
I'm like, you would literally go to the traffic light. Yeah. Yeah.
Like the main, like there's a main for people that don't live in Los Angeles. There's like the main like area Rodeo, obviously. And like, that's where all the rich people are. And I do it in between like the major light and it's almost a minute. I'm like, damn, if it was a little longer, maybe I'd be able to monetize better on TikTok.
But what a percentage of people actually answer the question versus just drive off.
Most people do. At the beginning, a lot of people were confused before people started asking people what they do. Now, a lot of people, they'll be like, oh, you got me on Rodeo. I'm like, that wasn't me. It's become a whole thing. But I'd say 90% of people answer the question are very friendly because on this Rodeo drive area, they want to show off. They're in a Ferrari, windows down.
But 1% of the time, people yell at me. Really? They scream and get super pissed off. They're probably super private people, I'd assume. They don't want views. Yeah.
I'd say and I'd be like I wouldn't bother them but they're on this strip which is like the show off strip so like I don't go to people at like a grocery store and bother them I do it like in an area like with their windows down like on a Ferrari like I'm like it's not yeah has someone ever told you to take the video down All the time. Yeah. Really?
Although if people are friendly on site and they're just like, Oh, please don't film me. I'm like, Oh sure. And I delete it right then and there. But if they're like really rude. And by the way, those are great clips. Like I used to hate it, but now I'm like, Oh yeah, keep yelling at me. I'm like, okay, like screw you. Like if you're going to be a huge dick.
Yeah. It's wild that people could get that triggered so easily. Yeah. Yeah. Yeah. I mean, like, it's not like I'm, I try to be as professional and friendly as possible and it's just like, Hey man, you have a cool car. Yeah. But some people get angry. Yeah. What was the most, what have been the most common job professions you've seen from these people driving luxury supercars?
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Chapter 3: What are common job professions among supercar owners?
Yeah, he has a bunch of crazy cars. Him and his girlfriend, Sam Frank, I'm friends with. I don't know if their relationship was legit. They announced it was fake. Okay, that makes sense. Neon's not like America's top model. But yeah, I think a lot of that stuff's fake. Although, you know what isn't fake? He did a video with Rick, what's his name? Ric Flair.
not rick flair uh uh he's a guy that you can cut some of this but uh he's uh it starts with an r rick no he's a white guy that raps he has like grills or sharp teeth riffraff riffraff yes he did a video with riffraff um where he's playing him in basketball but obviously he's in on it we're like oh i challenge you to a one-on-one like for your rolex jack doherty was telling me this yeah
And he basically was under the assumption probably that it was all going to be fake. But Riff Raff thought it was legit. So they were playing like a pickup game and he just like fucking dunking on him and shit. And Riff Raff at the end is like, yo, like you owe me a fucking watch. That's hilarious. It was a whole thing he didn't even know.
I mean, if you're going to fake it, tell him before. Yeah, yeah, yeah. No, he was like, I'm not faking shit. Basketball is no joke for me. If you're challenging me to basketball, we're playing for something. Yeah, yeah. So I think he didn't get the memo. That's hilarious. Neon's actually decent. I saw him shoot around a little bit. Oh, okay. Do you play any sports?
I did like tennis. I did track and cross country. Oh, I did track. Oh, you did? Yeah, what was your event? I did two mile, one mile. I was a miler. Okay. What was your best time?
it's down there 437 okay yeah yeah okay nothing crazy that's pretty good i mean like i told not people that don't run and they're like oh my god but people that are crazy runners what was your time 440 so okay all right so we were like 800 was my event oh nice i would do the mile too okay yeah 800 was my splits in the 800 were the same as my mile like i reached max speed at that point yeah you ran a 220 800 or
Uh, yeah, my 800 was whatever my miles, but it was like, like could not go faster. Yeah. It was more of a two miler. I forget honestly. Yeah. It was something, something around there. Um, I should know, but it was so long ago. I remember my mile for sure. It was like double my mile. I had like 30, 40 seconds or something like that.
I attribute a lot of my, my mindset to running long distance running. I don't even know how the fuck I did it back then. I cannot do it now. Psycho. Yeah, I don't know how. I go on a 10-minute run now, and I'm like, I'm done. Yeah, yeah. No, I'm trying to get myself to run more. I feel like it's better for my mental health, and I'm like, fuck, this sucks. Yeah, I can't do it.
It is good. I just ran in the Nelk Boys at a 5K a month ago in Vegas. Oh, no way. And I hadn't run since high school. Oh, wow. And I ran it. I've done a couple videos with some of those guys. They're crazy. Steve will do it. I did a Ferrari giveaway with him. Oh, wow. He was high as fuck. You gave away a Ferrari?
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Chapter 5: What are the best cars for depreciation?
I'm like, you would literally go to the traffic light. Yeah. Yeah.
Like the main, like there's a main for people that don't live in Los Angeles. There's like the main like area Rodeo, obviously. And like, that's where all the rich people are. And I do it in between like the major light and it's almost a minute. I'm like, damn, if it was a little longer, maybe I'd be able to monetize better on TikTok.
But what a percentage of people actually answer the question versus just drive off.
Most people do. At the beginning, a lot of people were confused before people started asking people what they do. Now, a lot of people, they'll be like, oh, you got me on Rodeo. I'm like, that wasn't me. It's become a whole thing. But I'd say 90% of people answer the question are very friendly because on this Rodeo drive area, they want to show off. They're in a Ferrari, windows down.
But 1% of the time, people yell at me. Really? They scream and get super pissed off. They're probably super private people, I'd assume. They don't want views. Yeah.
I'd say and I'd be like I wouldn't bother them but they're on this strip which is like the show off strip so like I don't go to people at like a grocery store and bother them I do it like in an area like with their windows down like on a Ferrari like I'm like it's not yeah has someone ever told you to take the video down All the time. Yeah. Really?
Although if people are friendly on site and they're just like, Oh, please don't film me. I'm like, Oh sure. And I delete it right then and there. But if they're like really rude. And by the way, those are great clips. Like I used to hate it, but now I'm like, Oh yeah, keep yelling at me. I'm like, okay, like screw you. Like if you're going to be a huge dick.
Yeah. It's wild that people could get that triggered so easily. Yeah. Yeah. Yeah. I mean, like, it's not like I'm, I try to be as professional and friendly as possible and it's just like, Hey man, you have a cool car. Yeah. But some people get angry. Yeah. What was the most, what have been the most common job professions you've seen from these people driving luxury supercars?
So I'd say the number one most common thing that all these wealthy people have is that they own real estate. Almost 99% of people in these Ferraris that I interview own real estate and 90% of them probably own their own business. So that's like where you get like the upper echelon of like Bugatti owners. Like there's a cap on how much you can obviously make when you're working for someone else.
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