Social Media Influencers - Yes, You Have to Pay Taxes on That!
The rise of social media has opened doors for countless individuals to gain popularity, influence, and even financial success. However, with great opportunities come great responsibilities, including paying taxes on the income earned. The recent New York Times article Lora Kelley, " They Went Viral and Made Money. Now They Owe Taxes," sheds light on a growing problem for many social media influencers who are struggling to keep up with their tax obligations. According to the article, many social media influencers have found themselves in a precarious situation where they have earned significant income from brand partnerships, sponsorships, and ad revenue, but have failed to properly report or pay taxes on that income. Some influencers have even admitted to intentionally avoiding taxes, thinking they were too small for the IRS to notice or that they could get away with it. However, as the article notes, the IRS is now cracking down on influencers who are not ...