“Is Crowdfunding Taxable?”
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Want to give away your money?
Crowdfunding makes it easy.
Web sites like GoFundMe, Kickstarter, and hundreds of others let members of the public and businesses support all kinds of causes by giving away small or large amounts of money.
Check out this surprising fact.
The amount of money raised is not that small at all.
Over $17 Billion is generated yearly through crowdfunding in North America!
Here’s the $17 Billion question.
If you’re receiving money through crowdfunding sources, are those funds taxable?
Well, surprisingly enough, there have been no IRS rulings on the subject.
You’d think Uncle Sam would give some good guidance but to a large extent you’re flying blind.
Here’s what we do know…
All the crowdfunding money you receive is not the same. There are four main types of crowdfunding money you need to know about.
- Donation-based
- Rewards-based
- Equity-based
- Debt-based
In my new issue of the Tax Reduction Letter, I’ll look at each of these crowdfunding types and show you how to apply the general principles of income inclusion.
Here’s the important point.
If you’re receiving money from crowdfunding sources, you’d better understand the tax implications.
Make a mistake, and you could be in trouble.
Handle things right, and you’ll come out a winner.
Want to find out more?
CLICK HERE and read my completely new article titled:
“Is Crowdfunding Taxable?”