The Internal Revenue Service hasn’t issued comprehensive guidance on how the estimated 27 million Americans earning income as influencers should report their income and expenses on their tax returns. That’s leaving people who either make a living or supplement their income by endorsing products and services on social media platforms such as Instagram and YouTube – and their accountants – unsure about the tax consequences of their income and expenses, or what kinds of deductions are legitimate for people in their line of work.
We, two accounting scholars, published this finding and other things we discovered about the taxation of content creators in the Journal of Accountancy in the fall of 2024.
.jpg?w=600)
