There are obligations you should understand when dealing with the money raised from crowdfunding. In a nutshell, there are tax implications. It can be considered taxable income. But there are some exceptions to the tax law in the USA.
Confused? That’s because the platform is relatively new. And there are different ways to use crowdfunding proceeds with the different types of crowdfunding campaigns.
Read on, this article will sort everything out for you. It will deal with the issues you need to know about what are considered nontaxable gifts, how crowdfunding taxes work, and what’s considered income.