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How can a 1099 tax calculator help Patreon creators?

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How can a 1099 tax calculator help Patreon creators?

Over the past few years, Patreon has exploded into the creator space. Whether you have a podcast about personal finance or drawing cats with silly hats on TikTok, using Patreon to provide exclusive content for your “patrons” for a monthly fee is only becoming more common. So how does this change your tax situation? If you are a US-based creator, Patreon will send you a tax form (specifically, the 1099-K) if you meet the IRS-set earning threshold. You can also opt for the paperless tax options to get them electronically. When filing these Patreon 1099 forms, you will be required to fill out Form 1040, Schedule C and Schedule SE. You can use a self-employment tax calculator to figure out your tax liability.
Key takeaways:
  • Patreon will only send you Form 1099-K if you make over $20,000 on their platform
  • You can receive this electronically with their paperless tax option
  • Use our 1099 tax calculator to find business expenses you can claim as write-offs

Table of contents

Can I receive paperless tax statements from Patreon?...Read more

Do I need a W-9 Form?...Read more

How can I lower my Patreon taxes?...Read more

Can I receive paperless tax statements from Patreon?

If you are earning money from Patreon, you are officially considered “self-employed”, and will have to pay tax on this income. This is because Patreon does not withhold any taxes from your income, like an employer would. So whether you’re a sole proprietor who sells stickers or work as an independent contractor who does voice-over work and uses Patreon to test out new material, that 15.3% self-employment tax isn’t going anywhere. Note that this tax is separate from the federal income tax (which you will also have to pay) that is determined by your tax bracket. If your total tax liability is over $1,000, use a tax estimate calculator to figure out your quarterly tax payments. If you’re trying to be more sustainable, Patreon allows for its users to receive paperless tax statements electronically. You can then simply download your 1099-K form as a PDF and use that when you’re filing your taxes.
Infographic entitled How To Download Your 1099-K Form From Patreon showing the 5-step process to do this.
Remember that Patreon will only send you a 1099-K form if you earn over $20,000 in a year or have over 200 transactions. If you do not meet this threshold, you still have to report your self-employment income and pay the owed tax (if you earn over $400 in a year). If you're a nonresident, you might not have to pay taxes on your Patreon income if you are already paying tax on that income in another country due to the US tax treaty law. But you might still need to file your returns with the IRS by submitting your documents without paying any tax liability. To do this, you will fill out Form 1040-NR. This applies to creators who have patrons in the US that they have sent products to in return for their membership. Items like clothing, art and posters all fall under this category. You also have to do this if you perform any live event in the US from time to time.

Do I need a W-9 Form?

Form W-9 is what self-employed individuals use to send their tax information to the entities that are paying them. The entities then use this information when they are issuing 1099 forms and filing their tax returns. Patreon requires its creators to submit a W-9 if they make $600 or more annually. You can fill out a W-9 form electronically, and will need to do this if you want to download any Patreon tax forms, including the 1099-K. If you happen to have multiple Patreon pages, Patreon will only send you 1099-Ks for the pages that earn you $20,000 or more in a year. But you still have to pay tax on the income from the other pages.
Infographic entitled What Goes On A W-9 Form? showing the information required to fill out a W-9 form electronically on Patreon.

How can I lower my Patreon taxes?

The answer: with business write-offs. Any expense you incurred over the calendar year that was essential to running your business is classified as tax-deductible and can be written off. This means you can deduct these expenses from your gross income and lower your net income so that you pay less tax. Don’t feel like tracking those expenses? Try using FlyFin's A.I. tax engine to easily find all your deductions and save you both time and money every tax season. Just link your expenses to let A.I. scan for every possible deduction. In addition, expert CPAs available 24/7 in the app answer any tax questions you might have at no additional cost! At tax time, they prepare and file your federal and state tax returns for you. We mentioned earlier that you file your Patreon 1099 forms along with Schedule C. This is where you will report all your tax write-offs. Looking for industry specific tax deductions? Use this 1099 tax calculator to get a detailed tax breakdown. All you have to do is select your line of work, enter your income and select all the deductions that apply to you.
Infographic entitled Common Tax Write-offs For Patreon Creators showing 8 common tax deductions creators can use when filing Patreon 1099 forms.
Having a Patreon page can be a great way to build a community, showcase your talent and get paid for your efforts. While dealing with Patreon tax forms may seem complicated at first, filing your returns can be a lot smoother if you keep track of all your deductible expenses. When tax season comes, you’ll be ready to claim those write-offs.

Tax Write-Offs

Self-employed individuals can use tax write-offs to lower taxes. These itemized deductions should be reported on Schedule C.

How Long Should You keep Tax Returns

American taxpayers need to keep tax records for at least three years. This may change depending on which state you live and the type of business you run.

Tips For E-Filing 1099 Taxes

Filing taxes is a complicated process, but following a few simple but crucial steps can help you be prepared to e-file your 1099 taxes.

Top 5 things to remember about 1099 tax form

Remember these five important things about 1099 taxes, if you're a self-employed individual, freelancer or independent contractor.

Filing Taxes Self Employed

Only FlyFin uses a unique combination of A.I. and CPAs to find every qualifying deduction for freelancers, self-employed individuals and independent contractors.

Deductions For Tax Savings

For freelancers, the most effective way to save on taxes is by taking advantage of tax credits and the many tax deductions they qualify for.

Top Ways To Save Taxes Using Write Offs

Looking to maximize your refund for the 2023 tax filing season? Check out our guide to the top 10 tax write-offs for W-2 employees, independent contractors, self-employed individuals, freelancers and small business owners.

How To Maximize Tax Refund

These tips and tricks can help you maximize your 2023 tax refunds and also help you understand how to minimize your tax liabilities in many more future tax seasons.

Claim Tax Deductions For Small Business

Small business tax deductions are the same as tax write-offs. You can claim a standard or itemized deduction based on your business expenses to decrease your taxes.

Self Employed Tax Filing

Self-employment tax forms like Schedule C and Schedule SE should be included with form 1040 when filing taxes.

How FlyFin Helps Claiming Tax Write Offs

Tax write offs are business expenses that are tax deductible. With FlyFin, you can easily claim itemized deductions and bring down your tax amount.

File Taxes With W2 and 1099

You can file a 1099 and W-2 together if you receive them in the same year. This can also lower your quarterly tax payments or get you a QBI deduction.

Tax Filing For Green Card Holders

Anyone who has a green card in the USA will need to pay taxes if they meet the IRS-set income threshold.

Avoid Penalties For 4th Quarter Estimated Taxes

Estimated taxes are required for self-employed individuals on a quarterly basis. If you missed the deadline for the fourth quarter, there is still time to make the payments and avoid penalties.

How To Deduct Stock Losses From Your Taxes

Capital loss deductions allow for taxpayers to write off stock market losses and pay less in taxes. The IRS allows you to deduct up to $3,000 per year.

How To File Back Taxes

Everything you need to know about how to file back taxes and claim tax refunds and credits before it's too late. The IRS lets you file back tax returns for up to six years.

Tax Write-Offs

Self-employed individuals can use tax write-offs to lower taxes. These itemized deductions should be reported on Schedule C.

How Long Should You keep Tax Returns

American taxpayers need to keep tax records for at least three years. This may change depending on which state you live and the type of business you run.

Tips For E-Filing 1099 Taxes

Filing taxes is a complicated process, but following a few simple but crucial steps can help you be prepared to e-file your 1099 taxes.

Top 5 things to remember about 1099 tax form

Remember these five important things about 1099 taxes, if you're a self-employed individual, freelancer or independent contractor.

What’s FlyFin?

FlyFin caters to the tax needs of freelancers, gig workers, independent contractors and sole proprietors. But anyone can file taxes through FlyFin! FlyFin tracks all your business expenses automatically using A.I. technology. Then, our CPA team files a guaranteed 100% accurate tax return for you – to save you a couple thousand dollars and a ton of time on your taxes. In addition, you can download the FlyFin app and have your taxes filed in less than fifteen minutes, saving time and money.
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