kadence blevins wrote:hey-o Christian! I got a question for ya...
"If the Campaign Funding Goal was reached, then the money will be paid to your account, less a 8.5% marketplace processing fee. This fee is a combination of the fees retained by the Payment Processors and the platform fees of WeTheTrees.com. All Contributions paid to a Campaign Entity will constitute 'Campaign Funding,' and the WeTheTrees fee and all other Campaign Funding requirements will apply."
does that mean I should be adding a bit to my total to cover the fee so i'll still be sure to have enough?
kadence blevins wrote:"You shall have full responsibility for applicable taxes for all Campaign Funding paid to you under this Agreement"
I hadn't thought about taxes and this /: I found this info from a web search:
"Items given from one individual to another are covered by gift tax laws. In most circumstances, the receiver of the gift isn't liable for taxes on the value of the gift, while donors may gift up to $13,000 per year per person without invoking the gift tax. Amounts more than $13,000 are subject to taxation, but it's the donor who is assessed taxes on the value of the gift."
"Donation vs. Compensation
Donations from your employer are not the only type that may need to be reported as income. Donations given with the expectation of services rendered or goods provided are treated as income and must be claimed."
so not sure if this would be considered compensation or what.. or if I would be taxed or what... i'll have to look more on that.
Empowering permies around the world to realize their dreams. WeTheTrees.com
kadence blevins wrote:" in any amount you choose, greater or equal to $5, not to exceed $2000"
um... so I would need to make 'part 1' for $2000 or break it down to... part 1, uhaul costs (about $2000)... part 2, gas costs (about $800)... part 3, getting started (about $550)....
kadence blevins wrote:"but then i'd probably have like part 1 for 3wks and part 2 for 3wks, which you can have two campaigns going at once so these could be goin at the same time (would I need different rewards or could I use the same ones for them all?)... then part 3 isn't too terribly much so like 2wks for that probably would be alright (again, same rewards??)
that way it would be like total of 5wks until the campaigns would be over and hopefully they make it and get enough donations. then lets say I make the part 1 and 2 campaigns on the fifth next week and part 3 right after they end, it would be july 10 when they end. then just however long it takes for the money to go through and packin up then two or three days to make the trip.
Empowering permies around the world to realize their dreams. WeTheTrees.com
paul wheaton wrote:Quick notes:
I'm not sure about wethetrees, but with kickstarter, you are setting up a permaculture vlog. So "what it is" is relative to the folks forking over money instead of what it means to you. The folks with the dollars might think "shiny - I would enjoy such a vlog, therefore I will part with funds to have me some of that thar vlog."
Taxes: If you get $50,000 and put it in your pocket (or in a bank, or buy candy or set it on fire), you owe the tax man something like $15,000. On the other hand if you get $50,000 and then spend $50,000 on a fancy camera for your vlog (your brand new business-ish thing), you owe the tax man $0.00. It is an expense. The tax man only taxes you on "income-expenses" (of course, the actual algorithm fills a library).
Shenanigans of the sheep and wooly sort.. And many more.. https://www.instagram.com/girlwalkswithgoats/
Papa always says, "Don't go away angry... just go away."
Christian Shearer wrote:Hi Kadence. Totally happy to answer your questions.
kadence blevins wrote:hey-o Christian! I got a question for ya...
"If the Campaign Funding Goal was reached, then the money will be paid to your account, less a 8.5% marketplace processing fee. This fee is a combination of the fees retained by the Payment Processors and the platform fees of WeTheTrees.com. All Contributions paid to a Campaign Entity will constitute 'Campaign Funding,' and the WeTheTrees fee and all other Campaign Funding requirements will apply."
does that mean I should be adding a bit to my total to cover the fee so i'll still be sure to have enough?
Yes, that would be very smart to account for that 8.5% in your budget.
kadence blevins wrote:"You shall have full responsibility for applicable taxes for all Campaign Funding paid to you under this Agreement"
I hadn't thought about taxes and this /: I found this info from a web search:
"Items given from one individual to another are covered by gift tax laws. In most circumstances, the receiver of the gift isn't liable for taxes on the value of the gift, while donors may gift up to $13,000 per year per person without invoking the gift tax. Amounts more than $13,000 are subject to taxation, but it's the donor who is assessed taxes on the value of the gift."
"Donation vs. Compensation
Donations from your employer are not the only type that may need to be reported as income. Donations given with the expectation of services rendered or goods provided are treated as income and must be claimed."
so not sure if this would be considered compensation or what.. or if I would be taxed or what... i'll have to look more on that.
I think you are correct. When doing a campaign that is not above $13,000 you needn't worry about the tax implications, but just to cover my butt, please don't consider this tax advice or the final word on the manner. I personally have not worried about this when I have run campaigns for myself or my projects.
You site something about a $2,000 limit. This is in relations to individual contributions. Any individual can only give $2,000 per contribution and a maximum of 3 contributions from that individual per campaign. So just to be clear, you can set your campaign goal at any amount. $100. or $2,000 $15,000 or $1,000,000.
I personally recommend putting this entire project into one campaign, and making a serious push on this one campaign. I think that contributors are more likely to get fired up about one big campaign, and give to it and promote it, whereas if they see you post another campaign that is related to a first one, they might feel like they already gave to that campaign and will be not as interested.
But of course, the strategy is up to you.
I hope that helps.
If you have any questions, don't hesitate to ask me directly at: christian (at) wethetrees.com
Thanks for all you do
Christian
Shenanigans of the sheep and wooly sort.. And many more.. https://www.instagram.com/girlwalkswithgoats/
Papa always says, "Don't go away angry... just go away."
Empowering permies around the world to realize their dreams. WeTheTrees.com
Shenanigans of the sheep and wooly sort.. And many more.. https://www.instagram.com/girlwalkswithgoats/
Papa always says, "Don't go away angry... just go away."
Shenanigans of the sheep and wooly sort.. And many more.. https://www.instagram.com/girlwalkswithgoats/
Papa always says, "Don't go away angry... just go away."
When doing a campaign that is not above $13,000 you needn't worry about the tax implications, but just to cover my butt, please don't consider this tax advice or the final word on the manner. I personally have not worried about this when I have run campaigns for myself or my projects.
The environment is responsible for my participation!
Shenanigans of the sheep and wooly sort.. And many more.. https://www.instagram.com/girlwalkswithgoats/
Papa always says, "Don't go away angry... just go away."
Shenanigans of the sheep and wooly sort.. And many more.. https://www.instagram.com/girlwalkswithgoats/
Papa always says, "Don't go away angry... just go away."
Shenanigans of the sheep and wooly sort.. And many more.. https://www.instagram.com/girlwalkswithgoats/
Papa always says, "Don't go away angry... just go away."
Shenanigans of the sheep and wooly sort.. And many more.. https://www.instagram.com/girlwalkswithgoats/
Papa always says, "Don't go away angry... just go away."
Bob Allgier wrote:I am available right now.
Shenanigans of the sheep and wooly sort.. And many more.. https://www.instagram.com/girlwalkswithgoats/
Papa always says, "Don't go away angry... just go away."
Shenanigans of the sheep and wooly sort.. And many more.. https://www.instagram.com/girlwalkswithgoats/
Papa always says, "Don't go away angry... just go away."