There's so much BUZZ goin' around about TAXES! If you are an Influencer and receive free product and or PAID COLLABS you will need to claim ALL OF IT! "OK, not ALL OF IT." -
NO SERIOUSLY ALL OF IT.
HERE ARE 3 TIPS TO STAY ORGANIZED
LET'S BE PREPARED TO PAY QUARTERLY / YEARLY TAXES
1. PUT AWAY AT LEAST 30%
Are you stoked you got a $300 collab!
I WOULD BE TOO - Well, tell yourself you got a $210 collab
30% of $300 is $90
$300[original collab price] -$90[taxes] =$210 right into your pocket!
$90 into a savings account!
I really recommend doing this from the start - or starting now so you don't get into the mind set of they're taking my money come tax season.
OK, I know no mater what it's going to SUCK but that's life! THANK YOU, NEXT [iluari]
2. WRITE DOWN- TRACK- RECORD ALL COLLABS
I STARTED WITH 4 SEPARATE PAGES -
PAID COLLABS OVER $100
PAID COLLABS UNDER $100
PRODUCT COLLABS OVER $100
PRODUCT COLLABS UNDER $100
I then go into detail on each one-
Agreed price and Time frame __
Waiting on product __
Collab received TOP PRIORITY- re-check Time frame __
Your list/tracking sheet can be set up any way you like
3. Look Into Your State Laws and See If You Qualify As a "Business" or a "Hobby"
The only thing in life that's certain is death and taxes.
Please looking into tax laws.
If you make more than $600 in 1 calendar year you have to file taxes.
Product, paid collabs, trips and so much more are counted towards that!
PLAY IT SAFE AND take implement these tips!