From fluffy kittens to stylish pugs, these days pet influencers have a fan base that matches that of some of the world’s most famous people. It is safe to say that pet influencers are taking over social media by storm but do they know how to do taxes? Let us find out.
One of the most popular furballs on the internet currently is Swaggy Wolfdog. Swaggy Wolfdog is a full-fledged star on TikTok, with over 7.5 million followers; he is used to being approached by strangers who may ask for a selfie. So, experts asked his owner, about the taxes and how he files them.
After all, being an influencer and managing taxes is already a big and complex tax. On top of it, being a pet celebrity can make things more hassling.
Now, Swaggy Wolfdog is a big celebrity in the pet world. He’s avoiding cameras on Hollywood Boulevard, having pool parties with various bikini-clad models, and hanging out backstage with star singer Camilla Cabello at a music festival.
Yet, even for pets with hundreds rather than millions of followers, such as Swaggy, paying taxes may be a difficult task.
Loni Edwards, a Harvard Law School graduate, created The Dog Agency in 2015 to assist manage burgeoning pet influencers. The Dog Agency is a prominent talent agency for pet influencers.
Yet, Edwards is more conservative when it comes to canine taxation than Swaggy’s crew. She assists customers in determining which of their pet’s costs are business expenses.
She stated, if you own a car and use it for work five days a week, you can deduct the percentage of time you use it for work. If the pet creates content and influences 50% of the time, then write off 50% of the food.
If you purchase an item expressly for a pet’s business, like a dog costume, it is easier to deduct the cost of the costume. If you are using any space for creating content with your pet, then owners can deduct up to $1500 for using a part of the home for work as per IRS.
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When it comes to taxes, Wilson points out that there is a far easier approach to determining what qualifies as a write-off.
Well, this has become a dog-eat-dog world, as pet influencers are doing everything possible to make their pets stand out. Also, the amount of money these pet influencer owners make can be quite ridiculous.
As pet influencers are taking over social media by storm, paying taxes is also becoming easier for the owners.
Source: Swaggy Wolfdog Tiktok
