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11/9/2015 5:43:42 PM
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"Donations" are not actually donations as far as the government is concerned.
The are considered taxable income, basically, it's a tip.
If you're a streamer and accept "donations" please make sure you report it, you do not want to be charged with tax fraud.
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Given how much some of these streamers seem to get in donations and subscriptions I would love to see what they declare to the taxman. I don't know how it works in the USA but here in the UK they'd probably offset their expenses in streaming very handily to reduce their tax bills.
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Edited by Kibeth: 11/9/2015 6:39:56 PMIn the US, you need to register as a personal business and report all "donations" (Which are technically tips) as income. Since you're not a tax exempt corporation. I'm not sure on how heavily taxed it is, but I have followed the discussion off and on for a while between a number of large streamers. A lot of streamers from LoL Gothalion, Broman etc from Destiny. And a few from the speed running community. Really I just don't want to see anyone get screwed because they didn't realize they needed to report the income.
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I'm aware of that. I used to work for tips as a waiter. It's still a different animal; that's why there are for-profit and not-for-profit charity organizations. Tax breaks and different laws and such.
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Yep. It's just a common misconception on twitch that it's a "donation" and so it doesn't need to be reported. At least some people are aware :)
