Do you pay taxes for Patreon earnings? Patreon is a website for online creators and artists. If you create content such as podcasts, music, or articles, then you can join Patreon and have your fanbase pay a monthly subscription to view your content. But do you have to pay taxes on the money you earn? Let’s have a look.
What is Patreon?
Patreon is a website where content creators can cater to their fanbase via a monthly subscription. Your members receive exclusive access to your works by paying a monthly subscription. The advantage is that the income you receive is predictable and steady. Releasing content on the broader web can be sporadic.
Pricing is straightforward. There are three levels of membership that you can choose from. Each has its benefits, and all of them will cost you a percentage of the revenue that you generate from the site. In addition, there is a processing fee that you will be subject to.
Are You Subject to Taxes?
Yes. If you make money on Patreon, then you will have to pay taxes. Patreon has a FAQ page for taxes that will help you file. Filing is handled via a W-9 form. A W-9 is a tax form that is typically used by people who do freelance work or who work as independent contractors.
If you earn $600 or more on Patreon, then you will be required by law to fill out and submit a W-9. The link above will provide you with more details on filling out and filing the correct forms.
Wrapping Up
If you create content and are looking for steady income from your fanbase, then consider using Patreon as a platform to reach your audience. You can use their website to distribute contents of all kinds to a paid subscriber base. But do you pay taxes on Patreon earnings? The answer is yes. If you earn more than $600 annually from their service, then you will be required to claim the earnings with the IRS for that tax year.
Read Also:
Why Invest In a New Website For Your Business?
Easiest ways to earn money online
Steps to Becoming Financially Educated
Try These Five Things To Increase Your Income
What to Do if You Forgot to Cancel a Trial Subscription
Based in the Pittsburgh, PA area, Brian holds full-time employment as a Warehouse Manager for an electronics firm. Brian enjoys wealth building, investing, gardening and the great outdoors. Brian holds a B.A. in Environmental Studies from the University of Pittsburgh and an MBA from Robert Morris University.
