Are you a creator?
There are so many new industries that have popped up as a result of the pandemic. One industry that exploded is the Creator Economy which includes influencers on TikTok, YouTube, OnlyFans, and Streamers. For many influencers, what started out as something fun to get them through the stay-at-home orders is now helping them earn a substantial income. According to TurboTax’s latest data:
Get every dollar you deserve with unlimited tax advice from experts who know self-employment taxes inside and out. Whether you’re a freelancer, independent contractor, small business owner, or have multiple streams of income, TurboTax Self-Employed can help you uncover the industry-specific deductions you qualify for. Plus, you can get up to an additional $20 off when you file with TurboTax Self-Employed.
- There was a 207% increase in taxpayers claiming creator, streamer, influencer, or related term as their occupation, from tax year 2018 to tax year 2020
- The median age of a TurboTax filer who claims creator as an occupation is 27; and of those filers, 47% filed as self-employed and 51% filed without a W2 – indicating nearly half of these taxpayers are relying on their creator occupation as a primary source of income
- Top content creator occupations include Streamer, YouTuber, Twitch Streamer, Influencer, and OnlyFans.
Whether you’re a TikToker earning money showcasing your favorite dances or you are an influencer sharing the top beauty products on Instagram, we are here to answer some of the most popular questions we hear from creators about their newfound streams of income like:
- “Does my creator income from YouTube, TikTok, and Instagram make me self-employed?”
- “When do I have to claim my income from being a creator?”
- “What can creators write off on their taxes?”
TurboTax Self-Employed will easily guide you through your taxes if you are a creator and will help you uncover industry-specific deductions related to your work as a creator, but here is a breakdown of what you need to know…
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