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Fun fact: Tips are subject to income tax, donations are not. That may be relevant to people seriously monetizing their hobbies. (Whether something is, for tax
by jlokier 5y ago
Fun fact: Tips are subject to income tax, donations are not.
That may be relevant to people seriously monetizing their hobbies.
(Whether something is, for tax purposes, a tip or a donation is determined by the reason the money is given, not what you call it, but if it's truly a donation then I'd be inclined to call it one just in case that influences some judgement further down the line.)
- DoreenMichele 5y agoYears ago, PayPal had donate buttons and my recollection is there was text somewhere on the site indicating that if you hit $10k in donations, they would want a copy of your 501c3 or some such. It's one of the reasons I stopped using donate buttons. These days, there are other monetization products but I'm not sure the IRS would approve of you calling it whatever you want for reasons of avoiding taxes.