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posted on 20 June 2017

Infographic Of The Day: Think Of Taxes Before You Crowdfund

Have you got an idea that you think random people might want to spend their money on?

Before you dive into creating your Kickstarter profile do some research and get your taxes and finance plan in order. Also, have a good plan for the rewards you’ll give your supporters. What will they be? If they’re physical objects, how will you get the rewards to the backers? Are there parts of the world you won’t ship to? Or maybe you don’t want to give out rewards. In that case, your project might be better suited to GoFundMe than Kickstarter or Indigogo. In fact, it may be that the best crowdfunding platform for your project is one you’ve never heard of before, so scout around before committing.

Doing the taxes is perhaps the most bothersome part of crowdfunding partially because extra paperwork sucks, and partially because the waters can be pretty muddy as to what paperwork you are required to do.

Now that you’re thinking about taxes, check out our 10 Strange but Legitimate Federal Tax Deductions. Even if you’re not in the US you might find them interesting.

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