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The Authentic Eclectic
How Viral Content Can Put Creators in Jeopardy with the Taxman
It's all fun and games until the money starts rolling in
Note: The author of this article is not a tax professional. The following information is based on personal experience and research. No matter where in the world you live, always consult the tax laws and an income tax professional before reporting your income. Tax laws are complex and situations vary.
Each country's tax laws are different, but almost all of them require content creators to pay taxes on their income when it reaches a certain level. As a result, content creation that starts as a hobby can quickly become a business if virality enters your life. I live in the United States and found this out the hard way last year when a couple of my stories went viral.
An email I got the other day from Barry, my Certified Public Accountant, reminded me of this. (He's the person who prepares my income tax report.)
"Oh, la di da! You have a CPA."
Yes, I do. I used to prepare my annual income tax report myself until an error put me on the hook for serious money to my country's Internal Revenue Service. (Penalties and interest add up when the IRS doesn't inform you of your mistake for…
