Unfortunately, Fund Any Film cannot provide tax advice or guidance. We suggest you seek guidance with your tax accountant or the local tax authorities on how to complete your taxes properly. However, we have some information on who should file taxes.
This information is not intended to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax-related penalties under the US Internal Revenue Code or (2) promoting, marketing, or recommending to another party any tax-related matters.
In the US, according to the IRS, the funds raised on Fund Any Film are considered to be a form of income.
A campaign creator who has gone over the thresholds established by the IRS (currently $600 in gross payments per year) will have to complete a 1099-K by January of the following year in which the campaign was successfully funded.
A campaign creator can write off the funds they receive from the campaign as deductible expenses that are related to the project and accounted for in the same tax year.
If a campaign creator receives $2,000 in funding and spends $2,000 on their project in the same tax year, then their expenses can be written off for federal income tax purposes.
If a campaign creator receives funding in one year and spends money on their project in a later year, the campaign creator must evaluate whether their expenses can still be written off using the accrual method of accounting or with help from their tax accountant.
A campaign creator can write off the funds they receive from the campaign as deductible expenses that are related to the project and accounted for in the same tax year.
If a campaign creator receives $2,000 in funding and spends $2,000 on their project in the same tax year, then their expenses can be written off for federal income tax purposes.
If a campaign creator receives funding in one year and spends money on their project in a later year, the campaign creator must evaluate whether their expenses can still be written off using the accrual method of accounting or with help from their tax accountant.
Click here to fill out 1099-K Form
Learn Exactly What a 1099-K Form is Here
Instructions to Complete 1099-K Form Here
A campaign creator can write off the funds they receive from the campaign as deductible expenses that are related to the project and accounted for in the same tax year.
If a campaign creator receives $2,000 in funding and spends $2,000 on their project in the same tax year, then their expenses can be written off for federal income tax purposes.
If a campaign creator receives funding in one year and spends money on their project in a later year, the campaign creator must evaluate whether their expenses can still be written off using the accrual method of accounting or with help from their tax accountant.
The number to report on the 1099-K form is a gross dollar amount. To clarify, the gross dollar amount means the total dollar amount of the funds raised before any kind of fees have been taken out at the time your campaign has been completed.
A W-8 form is used for Non-US based campaign owners. It indicates that you live outside of the United States and are receiving funds that are not connected with a U.S. trade or business. Please note that the information provided on the W-8 form should be the information of the person/entity that is the account owner listed on the receiving bank account of the campaign.
A W-9 form is used for U.S. based campaign owners. You MUST complete a W-9 form with your name, address, and Social Security Number (SSN) / Tax Identification Number (TIN) ALONG with filling out a 1099-K form. Please note that the SSN / TIN of the person/entity is listed on the receiving bank account of the campaign. The person/entity listed on the receiving bank account will be the one reported to the IRS.
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