More
    HomeWorld‘No tax on tips’: Streamers and influencers included in the US Act;...

    ‘No tax on tips’: Streamers and influencers included in the US Act; mid-level creators benefit – The Times of India

    Published on

    spot_img


    Digital content creators, including streamers and influencers, will be able to claim tax deductions on the tips they earn starting next year. The move comes under Donald Trump’s “no tax on tips” policy, a key campaign promise passed by Congress in July. According to a draft list of eligible jobs, reported by Axios, the policy covers workers who earn tips “customarily and regularly.” This includes online video creators, podcasters, social media influencers, and streamers. It also applies to food service staff, musicians, dancers, and hospitality workers. The law allows workers to deduct up to $25,000 of tip income, with the benefit phasing out for individuals earning more than $150,000 or couples earning above $300,000 annually. Top-earning creators on platforms like Twitch and TikTok will not qualify, but mid-level influencers and small streamers are expected to benefit. On digital platforms, tips are often called by different names—Twitch “bits,” TikTok “gifts,” YouTube “Super Chats,” and OnlyFans “tip menus.” For creators who rely on this income, the deduction could ease tax pressure. The policy takes effect immediately, meaning qualifying workers can claim deductions for tips received in 2024 when they file their returns early next year. However, the scheme is temporary and set to expire after 2028 unless extended by Congress.The Republican senate of the US unanimously passed the “no tax on tips” bill in May. Surprisingly, the “no tax on tips” provision received unanimous bipartisan acceptance.





    Source link

    Latest articles

    2200 मौतों के बाद अफगानिस्तान में फिर आया भूकंप, UN ने चेताया- भोजन और दवाओं की भारी कमी

    अफगानिस्तान में एक बार फिर से धरती में कंपन हुआ है. जर्मन रिसर्च...

    ‘On Brand With Jimmy Fallon’ Hosts Preview the Competition

    “It’s got everything I dreamt of in a show,” says The Tonight Show...

    Lady Gaga Filmed a Video in Xochimilco: Why Is This ‘Terrifying’ Place in Mexico a Favorite Among Musicians & Filmmakers?

    Lady Gaga and Tim Burton chose an island built using pre-Hispanic farming methods...

    Pink and Carey Hart’s daughter Willow looks all grown up as she starts high school

    Raise your glass to Pink and Carey Hart’s daughter Willow‘s major milestone. The 14-year-old...

    More like this

    2200 मौतों के बाद अफगानिस्तान में फिर आया भूकंप, UN ने चेताया- भोजन और दवाओं की भारी कमी

    अफगानिस्तान में एक बार फिर से धरती में कंपन हुआ है. जर्मन रिसर्च...

    ‘On Brand With Jimmy Fallon’ Hosts Preview the Competition

    “It’s got everything I dreamt of in a show,” says The Tonight Show...

    Lady Gaga Filmed a Video in Xochimilco: Why Is This ‘Terrifying’ Place in Mexico a Favorite Among Musicians & Filmmakers?

    Lady Gaga and Tim Burton chose an island built using pre-Hispanic farming methods...