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YouTube To Start Deducting Taxes From Non-US Content Creators

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youtube to start deducting taxes from non-us content creators

As if YouTubers from outside of the United States were not facing enough challenges as it is, they will soon have one more thing to worry about. That’s because YouTube has recently announced its decision to start deducing taxes from US earnings of all non-US content creators.

The video streaming platform says that it is required by Chapter 3 of the US Internal Revenue Code to collect tax information from all creators outside of the US.

“Over the next few weeks, we’ll be asking you to submit your tax info in AdSense to determine the correct amount of taxes to deduct, if any apply,” explained Google in an email sent to affected YouTubers. “If your tax info isn’t provided by May 31st, 2021, Google may be required to deduct up to 24 percent of your total earnings worldwide.”

In practice, this means that a content creator earning $1,000 from YouTube every month would lose $2,880 each year by choosing not to submit their tax information. If the same YouTube submitted their tax information, only their US earnings would be taxed, so the annual figure would most likely be significantly lower.

Calculating just how much lower it would really be is fairly easy:

  1. Log in to your YouTube account and go to YouTube Analytics > Advanced Mode.
  2. Select a date range in the top-right corner of the analytics page.
  3. Click the Geography button in the main menu bar and select the United States.

You should now be able to see how much of your total YouTube revenue will be subject to US taxes.

Also Read: The First Space Hotel Is Set To Open In 2027

YouTube gives content creators until May 31st, 2021 to submit their tax information, and the company is planning to start deducing taxes on US earnings as early as June. To avoid missing the deadline, you can update your AdSense account right now:

  1. Log in to your AdSense account.
  2. Navigate to Payments > Manage Settings.
  3. Click Manage Tax Info under United States tax info.

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Spotify Is Experimenting With Artist NFT Collections

According to a recent survey, it seems that the currently tested NFT collections are just the first step toward a much broader implementation of NFTs into the platform.

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spotify is experimenting with artist nft collections

NFT sales may have declined by 92 percent since September 2021, but that’s not stopping Spotify from experimenting with a new feature that lets artists display their non-fungible token (NFT) collections on the music streaming platform.

At the moment, only a small group of artists are taking part in the experiment, including Steve Aoki and The Wombats. What’s more, only select US users of the Spotify app for Android can see NFTs when they visit the profile pages of the aforementioned artists.

spotify artist nft collections

“Spotify is running a test in which it will help a small group of artists promote their existing third-party NFT offerings via their artist profiles,” said Spotify spokesperson. “We routinely conduct a number of tests in an effort to improve artist and fan experiences.”

It’s important to point out that not all Spotify experiments result in new features. It all depends on the feedback the music streaming platform receives from users.

According to a survey some Spotify users have recently received, it seems that the currently tested NFT collections are just the first step toward a much broader implementation of NFTs into the platform. More specifically, Spotify seems to be thinking about allowing its users to directly purchase NFT art to support their favorite artists.

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Considering how polarizing NFTs have been since their inception in 2014, it shouldn’t come as a surprise that many Spotify users have immediately expressed their dissatisfaction with the idea of NFTs becoming part of the Spotify music listening experience.

Other large tech companies are also experimenting with NFTs. Instagram, for example, started testing NFT integration last week, allowing NFT creators and collectors to display their tokens on the platform. Mark Zuckerberg himself believes that NFTs and digital collectibles in general will play an integral role in the metaverse, the new iteration of the internet.

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