Last week, Clubhouse announced that it will allow users to send money to other creators and speakers, making it the latest addition to platforms that enables content creators to get paid.
What taxes do I need to pay as a content creator?
You may be a Youtube or Twitch streamer, a speaker on Clubhouse, sending newsletters to your subscribers through Substack, or an OnlyFan creator. But this also means you are self-employed, and your income is subject to self-employment and income taxes. (Even if you are doing this as a side-hustle, you still need to pay taxes.)
The first thing you will need to file your taxes as a content creator is a 1099 form. Clubhouse utilizes Stripe for payments like Substack. We know Substack creators utilize Stripe's dashboard to collect their 1099 forms. This means there is a good chance that Clubhouse will do the same. OnlyFans send 1099 forms from a company called Fenix International Ltd, according to a Reddit FAQ post. Twitch and Youtube require you to provide them your tax information, with a W-9 form.
What can content creators write off on taxes?
As a content creator, you can deduct many expenses including:
Cameras, lighting equipment
Softwares for editing, writing, or recording.
Website, email, and marketing costs
A share of the rent, mortgage interest payments, utilities if you are working from home is most likely the case
Travel or mileage expenses
With Lunafi, you can keep track of all your business expenses and get ready for taxes.