What are the tax implications for influencers?

What are the tax implications for influencers?

Influencers are considered self-employed, so they must report all income earned from sponsorships and partnerships.

Do I need to pay taxes on free products I receive?

Yes, the IRS considers free products as taxable income, so you should report their fair market value.

What expenses can I deduct as an influencer?

You can deduct expenses like equipment, travel, and marketing costs related to your influencer activities.

How can I keep track of my income and expenses?

Using accounting software or apps designed for freelancers can help you track your income and expenses efficiently.

Should I hire a tax professional?

If your income is substantial or your tax situation is complex, hiring a tax professional can be beneficial.