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Taxation of Social Media Revenues

Did you know that income from your Social Media accounts is taxed? Owners of social media accounts are considered ‘freelancers’. For this reason, they are obliged to pay self-employment tax and income tax. If you earn income from platforms such as YouTube and Instagram, you must complete Form 1099-NEC to declare your income over $600.

If you are carrying on a business through your social media channels, you must report the income that you earn through these activities on your income tax return.

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