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Before We Begin
We’re not tax experts or accountants. If you have questions about taxes, you should talk to a professional in your area. This is not official financial advice.
There’s a lot of info about paying taxes when you’re self-employed—more than we can include here. This book gives you the basics, but for more details, check out our full guide on paying taxes.
Do I Have to Pay Taxes on Fan Platform Income?
In general, yes. All income is taxable, including money you make from online videos. How much you pay depends on your country’s tax laws.
United States
If you make $600 or more in a year, you need to pay taxes. You’ll have to file a 1099 form. Since your work is a business, you can deduct necessary expenses to lower your taxes. Keep good records.
Canada
In Canada, you must file a self-employment assessment with the Canadian Revenue Service, no matter how much you earn. If you earn less than $49,020, you’ll pay 15% in taxes, with higher rates as you earn more.
United Kingdom
In the UK, you have a tax-free allowance of £12,570. You only pay taxes on earnings over this amount. If you earn between £12,570 and £50,000, you’ll pay 20% on the earnings over £12,570, with higher rates for higher earnings. Remember to consider all your income, including part-time jobs. For specific questions, contact HMRC.
Australia
In Australia, you don’t pay income tax if you earn $18,200 or less. If you earn more, you’ll pay tax starting at 19% on the income above $18,200. For questions, contact the Australian Tax Office.
Content Creation Tax Tips
Open a Separate Business Bank Account
Having a separate account for your business will make it easier to track your income and business expenses, which can be tax-deductible. It will also help if you ever get audited. Keep copies of all receipts and invoices.
Keep Some Money Saved
As a self-employed person, it’s smart to save money for emergencies. You might owe taxes you haven’t paid yet. It’s a good idea to set aside about 30% of your income for taxes and unexpected costs.
Don’t Be Afraid to Ask Questions
Taxes can be confusing when you’re new to self-employment. Ask friends who are self-employed or contact government tax agencies for help. There are also online forums for tax issues. It may seem tough at first, but with this guide, you’ll get the hang of it. Good luck!
