The atypical incomes of content creators and influencers are spawning a new cottage industry of gig economy-focused accountants. Read more at straitstimes.com.
WASHINGTON – Fortunes can ebb and flow substantially on social media platforms, with content creators reaping riches from viral videos one month – and making little the next. Influencers may also receive lavish gifts, one-off checks and direct tips from loyal viewers.
“I’m walking through a minefield, figuring out what I’m supposed to do,” they said. “I only have around 7,000 followers, and I don’t make a ton of income through Instagram. But if you make money, you have to report it.” Ms Collazo Perez noted how easy it is for creators to start generating taxable income on social media.
A new cottage industry of accountants and experts has popped up to help creators file taxes. Fluent in the quirks of direct tipping and the peculiarities of creator write-offs, these specialised accountants often market themselves on social media. Mr Eric Wei, a co-founder of Karat, a financial services company for creators, said some people suddenly earning online might panic and “ask their mom’s friend’s uncle’s fraternity brother” for help with accounting.
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