Accounting for Fortnite players

Creating a Financial Game Plan as a Fortnite Player

You probably have lots of questions as a Battle Royale Fortnite player. You may need to speak to a CPA if you're making money as a gamer. The newness of this income source means that accounting principles and tax laws regarding how you make your money may not be clear.

One of the biggest goals you may want to establish now is how to avoid tax underpayment. Underpayment could put you at risk for several penalties and, potentially, legal hassles. Additionally, it's critical that you understand how to use Battle Royale Esports Fortnite player’s tax planning to maximize the tax credits available to people in your profession.

Let's discuss some best practices for Fortnite players' bookkeeping from the lens of a financial adviser.

Using CFO Business Advisory Services as a Fortnite Player

It's essential to manage income streams and cash flow in real-time. Focusing on a strategy to capture and record every income source in real-time is one of the first things to work on with a CPA. Also, you’ll likely want to consider your plans for creating long-term financial stability as you take in revenue and build your brand.

Talking Taxes as a Professional Gamer

One of the potential perks of bringing in a Fortnite player financial adviser to your team is that you’ll be able to discuss strategies for managing your money. You'll also be able to discuss a dynamic Fortnite player’s tax planning strategy. For instance, it may be necessary to create a multifaceted tax plan that takes into account income from a variety of sources.

People who make their living as professional gamers have unique tax situations. Income that arrives in the form of championship payouts, endorsement deals, streaming revue and gifts may each be treated differently under the tax code. What's more, the state where you get paid for an appearance or tournament win could also determine what you owe in taxes.

It's also important to keep a close eye on potential business deductions tied to your craft. Things like payments to coaches, investments in gaming gear and promotional expenses could all qualify for tax deductions. However, simply assuming that every cost related to your craft counts for a deduction isn't the best strategy. You may be able to formulate a consistent, responsible tax plan with help from a Fortnite player accountant. This plan could take away the uncertainty associated with being a working professional in a very up-and-coming and entrepreneurial field.

Work on Getting the Competitive Advantage With Your Finances

Make sure you're also winning in the game of building a strong financial picture while you dominate as a professional gamer. That's precisely why Fortnite players' CFO business advisory services from Fusion CPA exist. Our firm offers Fortnite player bookkeeping, tax planning, tax preparation and CFO advisory services.

Our goal is to help you ride the wave of success you're on right now to long-term financial stability. Let us help you discover ways to manage your income and finances with help from an accountant and advisory team. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!

_________________________

This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.

Speak With a CPA Today!