Crowdfunding websites like Kickstarter, GoFundMe, Indiegogo, and Lending Club have become popular for individual fundraising efforts and for small business owners seeking start-up capital or funding for creative endeavors. The IRS considers the cash raised to be taxable income and this article shares some points you will want to consider before choosing this type of fundraising.  

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Your tax advisor at Sharrard, McGee & Co., PA is available to discuss the impact of crowdfunding on your tax liability and to answer any questions you may have about your individual or business tax planning.  Call us at (336) 884-0410 in High Point or at (336) 272-9777 in Greensboro.