In today’s highly digital market, it is evident that being an influencer is no longer exclusive to bloggers, vloggers, entrepreneurs, or celebrities. Influencer marketing increased to 26 per cent in 2021, along with the number of organisations and service providers that support the influencer marketing sector.
However, even if you don't consider any of these jobs full-time, you will almost certainly be subject to income tax if you make more than AUD 600 in a year from sources other than your regular work and may have to pay taxes on any freebies you get.
It's reasonable that your busy schedule as an influencer gives you little time to get your financial house in order. Delegation can help with this. Having your money handled by an accountant is a terrific way to spend more time on the things that matter most to you, such as developing content your audience enjoys.
Even if you get free presents from websites like Amazon or eBay, you may be responsible for taxes. Influencers face a variety of tax obligations, from hotel stays and product samples to any money they receive. Having a professional accountant for influencers on hand may be the best option if you don't know what you need to pay tax on.
Here are a few telltale signals that now’s the ideal moment for an influencer to hire an accountant:
1. New Means of Expanding Your Influence Are on the Top of Your List
Accountants do more than just prepare tax returns. Expert company development guidance from our influencer accounting experts may put you one step ahead of the competition.
We've worked with many influencers, and we know what works and what doesn't. Whether seeing potential roadblocks to your growth or offering new income sources, we care about your success.
2. You’re Putting Your Money on the Back Burner
No matter what role you play in the industry, you should always keep in mind that you're operating a company, and your finances should reflect this.
If you put your money on the back burner, you might be putting yourself at risk financially. It's a good idea to hire an accountant to keep your finances in check and give you more time to concentrate on your primary business.
3. This Year’s Tax Returns Include Inaccuracies
You're not the only one who sent in an inaccurate tax return. Influencers and small firms alike are prone to filing their tax forms incorrectly.
It might reduce the tax you owe by providing incorrect numbers or forgetting certain costs. Completing your tax return correctly the first time since mistakes might lead to an inquiry is crucial. Consider hiring a tax expert if you've made mistakes on your taxes in the past.
4. You Don't Have Enough Time to Handle Your Tax Prep
Even if your job entails less accounting than it does uploading selfies, it doesn't mean you will have more time to handle your tax prep.
Our tax pros will take care of the paperwork for you. Having a busy schedule shouldn't be an excuse for neglecting your financial obligations. Don't procrastinate - use our service to prepare your taxes now.
5. You Love a Good Platform
Self-employed influencers don't have to be an entrepreneur to need help with their taxes. You might have a boyfriend or girlfriend with a good idea, so you help them out with a small amount of money.
While every little bit helps, you need to know that small business taxes are different than personal taxes. With an accountant on your side, you can concentrate on producing great content and maintaining your business.
Conclusion
Choosing an accountant as an influencer is critical, so be sure they have a good track record in the field. Some accountants have no idea what influencers and content producers do since the area is so new.
For this reason, you should get accountants or accountancy firms that specialise in helping digital businesses and personalities such as influencers. This is a great solution if you're fed up with managing your finances and want to devote more time to your increasing impact and enterprises.
If you need an influencer accountant to guarantee you don't lose out on anything. A complimentary planning session with The Ecommerce Accountant may help you reduce your tax burden while boosting your bottom line. Get in touch with us today to learn more!