In recent years, pet influencer culture has grown to become an integral part of influencer-driven marketing. As more and more people get involved in pet influencer culture, the importance of understanding how taxes are related to the lifestyle of pet influencers increases.
For any pet influencer, understanding the basics of income tax is key. Any income made through pet influencer activities is taxable, whether it be from merchandise sales, sponsorships, or other monetary- or item-based compensation. When filing taxes, pet influencers treating themselves as self-employed persons, known as “sole proprietorships” in the tax world, is usually the most straightforward solution.
In addition to the taxes associated with revenue from pet influencer activities, pet influencers should also be aware of other taxes associated with owning a pet: sales taxes associated with purchasing pet-related items, such as pet food, and property taxes resulting from any land, kennels, or other real estate that house a pet influencer’s animals.
For pet influencers who are unsure of which taxes they should be paying, professional tax planning guidance is recommended. While friends and family can offer some insight, they may not be knowledgeable enough to offer the specific advice necessary to keep pet influencers in compliance with their tax obligations.
To ensure that pet influencers get the best tax advice possible, pet influencers should seek out a qualified accountant or tax advisor with knowledge of the local tax codes applicable to pet influencers activities. Not only can an experienced professional help pet influencers understand their tax obligations, but they can also offer advice on tax minimization strategies, help create accurate estimates of annual income, and offer advice on any other tax-related issues.
Taxes remain a critical part of any pet influencer’s life, and understanding how they are affected by pet influencer activities is essential. Pet influencers should familiarize themselves with the basics of taxation, and seek professional advice if more in-depth tax planning or preparation help is needed. Investing in the right tax expert now can help pet influencers to make the most of their success in the long-term.
