How do influencers pay taxes: Tips for YouTube, Instagram, blogs - Business Insider

Jade Darmawangsasimply click here to claim your deal and get access to all exclusive Business Insider PRIME content.But when you work for yourself, you are responsible for deducting this amount out and for keeping track of every dollar you earn.Business Insider spoke to the head of tax at Betterment, a firm that offers digital investing advice, along with several influencers across Instagram and YouTube, on their tax-season tips.Click here for more BI Prime stories.

At many jobs, a portion of your income is automatically deducted from your paycheck for taxes. But influencers like Dallas are responsible for deducting this amount out and keeping track of every dollar they earn, as well as business expenses they incur, to know how much to pay the government."I always save more than I think I will actually need so I can pay my taxes without stress," she told Business Insider.

You have to declare all of your income to the IRS and that includes compensation for services, like if someone sent you a product in exchange for promotion in a YouTube video, he said. The IRS doesn't differentiate between cash and non-cash compensation, and while some websites recommend only reporting gifts or payment over $100, he recommended reporting all income no matter the price point.

As you track your monthly income, you should also be keeping track of your expenses — and especially your business expenses, like what marketing tools you are paying for and equipment, Bronnenkant said. "All of my bank accounts are linked to it as well to help with expenses," Lopez said. "In addition to Quickbooks, I have separate spreadsheets to track my business expenses — to make sure everything balances in my accounts and Quickbooks — and vendor payouts. I find it helpful to have the spreadsheets as an additional resource to make sure everything is correct in the software each month.

Bronnenkant said an influencer may also want to seek professional help by planning an appointment with a local tax expert.

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