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Basic Tax Issues for Social Media Influencers
This article discusses the basic tax issues facing social media influencers, who have become an important element in today's society. The article provides a general introduction to social media influencers and discusses common tax issues arising on the income side of the equation. What is taxable income? What happens if the influencer's compensation is paid in equity? An upcoming article by this author will focus on the surprisingly tricky question as to what expenses are deductible by influencers.
Social Media Influencers In General
"Influencer" is in the same category as kale and quinoa: they have all been around for a long time but only recently entered our collective consciousness. And like kale and quinoa, social media influencers have become tremendously popular and relevant, although some might say not as healthy for consumers.
While there are a variety of definitions of "influencer," for purposes of this article I use it to refer to someone who has the power to affect the decisions of others because the individual has a large following on social media. Advertisers love influencers because of their power to sell products.
One subset of influencers with which most people are familiar is the celebrity endorser. Frequently, a person who is famous for one reason or another, such as an entertainer or a professional athlete, is tapped to promote a product, such as a car, soft drink, or sneaker. Endorsements typically require only a minimal time commitment and thus are primarily a sidelight to the individual's primary occupation (although in some cases it is an extremely lucrative sidelight).
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