Many children are now entering the world of social media as influencers or content creators, with some generating substantial income through sponsored content and brand promotions. Notable examples include Ryan from Ryan's World, who has earned millions at a young age. However, this rise in child influencers has led to increased scrutiny and new tax obligations regarding their earnings. Landmark laws have been introduced in various states to provide protections for these young creators, addressing concerns about exploitation and ensuring they retain a share of profits earned through their endeavors.
If your child or children are earning income, they may need to file a tax return this year. Those earnings may also impact your tax liability.
Some states have recently passed landmark laws providing child influencers with protections similar to those for child actors. These laws grant children legal rights to a share of the profits earned.
The number of 'kidfluencers', or children who are social media influencers, has been growing over recent years, with some kids making significant income through sponsorships.
A child with at least 1 million followers could earn as much as $10,000 per sponsored post, showcasing the lucrative possibilities for young influencers.
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