The Patreon creator’s information to tax season

Our mission at Patreon is to offer creators the instruments to construct essentially the most profitable, sustainable inventive companies they presumably can. Meaning we need to be as clear as doable about issues like managing your funds, constructing what you are promoting, and, after all, paying your taxes. (Severely. Pay these taxes!)

What do creators have to find out about taxes?

Whereas Patreon can’t present tax recommendation, we will share info to assist reply your tax-related questions and put together you for tax season. Take a look at what you may (and may’t) write off as a creator, the Creator Tax Info docs in our Assist Heart, and browse on for extra info on all issues 1099.

Will I obtain a 1099 from Patreon?

Usually, for those who’re a U.S. citizen or resident who’s earned over $600 in a calendar 12 months on Patreon, you’ll obtain a type 1099-Ok.

How do I get that 1099-Ok?

Should you’re required to obtain a 1099-Ok, we’ll ship it to you within the mail. (Be sure that your mailing tackle is updated on the finish of the 12 months.)

You too can allow paperless statements from the tax part of your Payout settings web page. We generate a 1099 type for all U.S. creators who attain the thresholds in a calendar 12 months between January and February. Should you haven’t obtained it by mid-February or your tackle was old-fashioned, please tell us.

Why doesn’t my 1099-Ok match the tax info in my Patreon account?

The gross earnings included in your 1099-Ok don’t embrace refunds, which implies you would possibly see a mismatch between the shape and the numbers in your Patreon account. That is regular and doesn’t imply something is mistaken with both supply. The IRS is kind of particular on what quantities are reported on a Type 1099-Ok, and states that quantities are to be reported “with out regard to any changes for …refunds.” That mentioned, refunds are completely a enterprise expense, and needs to be accounted for if you file your taxes.

What if I’ve extra questions on taxes, my funds, or different tax kinds?

If you wish to be taught extra concerning the Patreon aspect of issues, seek the advice of our Assist Heart or ship an e-mail to our help staff. Understand that we will’t present tax or monetary recommendation, however we’re right here to help you within the ways in which we will. Should you’re in search of formal tax info, IRS.gov is usually a useful, and official, place to start out for creators within the U.S.

Most of all: you’ll want to seek the advice of a tax skilled, and to pay your taxes.