The rise of influencers has transformed social media into a lucrative career path, with the industry valued at approximately $24 billion USD annually. As influencers increasingly occupy roles traditionally held by mainstream celebrities, they face unique tax challenges related to endorsements, gifts, and income. Proper record-keeping is essential to avoid potential penalties, taxes, and interest due to inaccuracies. By understanding these tax implications, influencers can better navigate their financial responsibilities and ensure compliance with tax regulations, safeguarding their earnings and reputation in this rapidly evolving industry.
Originally Published by Crowe UK, on 11 December 2024
Originally Published by Crowe UK, on 11 December 2024
