Out of the blue i was invited recently. I have left many in depth reviews on products so that's probably why. I felt like I was fairly informed about how the tax implications work. Maybe they've updated the terms of service. I had a few small things sent to me that peaked my interest but for the most part everything I've seen on Vine right now is pretty much crap yet still have a inflated "taxable" values. I've looked through it a lot and have yet to find anything that has a $0 taxable value. There's like a million Chinese phone charging cables though lol. It's pretty doubtful I'll get anywhere near $600 with the items available at the moment. I only would ask for things I can actually use so I have a legitimate reason to leave a review. I'm not just going to have them send me stuff for the sake of getting it free. But I'm sure a lot of people do that.
I love the program and that's why I get 90% of my items that have no tax value at all attached to them which if you're patient there's a lot of them that pop up. I might get 1-2 $100 priced items per year but that's it.
I've made the suggestion to Amazon Vine to create a category for zero and for under $1 taxable value items so that we can easily scan these items and decide if we want to review them. As it is now, there is no fast way to know what all near zero valued items are hiding in the list.
Yep. I hadn't known of it myself until I got the email. Initially I suspected that it was some form of scam, until I started digging. And like mentioned, I first thought.... wow! Free stuff! Then the reality of the income tax burden became understood. One could easily go nuts and suck in $15000, $20000 or more.... and then be shocked at the end of the year when they need pull $6400 out of their pocket to pay uncle Sam his take. Now if your at sub poverty level, it wouldn't likely effect you much if any. But I'm upper middle class, so you can bet it's going to cost me.
I am new to Vine and will be trying hard not get caught up in the euphoria and just stick to what I would normally purchase and use in my household. It's a double edged sword...but hoping to have wisdom and control. Thanks for your video.
Thank you for sharing. New to Vine, approved and ordered a few items, but quickly realized the subtle tax consequences. Thank you for confirming what I had read and helpful to hear someone else came to the same conclusion I did.
Thank you. I didn't realize this was being counted as taxable income. I figured it was just the state sales tax rate for the item. Knowing what I now know it gives me pause. One could get thousands of dollars worth of junk they wouldn't have normally bought and get stuffed with a big bill come tax season when they realize they are charged their income tax rate and not the sales tax rate. Worse, this added 'income' through the vine products could bump you up to a higher tax bracket.
Glad I did my research. I joined up after my invite and grabbed some truck mats right away. After these, I will be keeping it under $600 and I'm doubting I'll be able to hit their 100 reviews required in the stated time line. That's a high bar to hit with over-inflated prices on cheap Chinese junk that I don't want or need. I'll have to see if I can find worth while $0 ETV's but unlikely.
I recently got an invitation to join the Vine program. It sounds good and I may go for it. My concern was, of course, the taxes I would be responsible for. Since I am retired and 78 years old I took a look at my social security info and it seems as though I may not have to pay taxes on what I "earn" regardless of how that is. I will look further into this to make sure this is right. Be great if it is!
@@LarryMusgrave Absolutely the best advice! Talk directly with the person/agency that does YOUR taxes each year in the U.S. It cost me $0 to call my preparer and talk to her for 5 min about it. Pro Tip: Sept-Dec, is a good time of year to call because it's a pretty slow for them. Mar-May would probably be the opposite. ANY income/product value you earn from Vine is taxable, or at least REPORTABLE, to the IRS whether you exceed the threshold of $600 and receive a 1099NEC or not! I JUST (late 2023) started as a Vine Voice. In my particular circumstance - I'm doing it mostly for fun and a good excuse to brush up on my product photography. I don't intend to do this as anything resembling a business (or even a side-hustle, really). The IRS pretty clearly defines what they consider "Hobby Income." There is no specified $ amount you can earn and still call it Hobby Income. They seem to look at each persons' circumstances holistically and balance that against 9 factors to determine if you are running a small business or doing this as a hobby. Just do a Google search for "Hobby Income IRS" to find that 9 factor list, then talk to your tax preparer. The difference in my case was this: If I were operating as a small business, my effective Federal and State taxes for Vine could be as much as 40% (income + SS, Medicare, etc.,) Because it's a "hobby," I'll only end up paying my effective Federal and State income tax rate. Combined, for me that was just shy of 25% last year. My tax agent said that's the % vs what Amazon now calls "Estimated Taxable Value" I should keep in my head so I'm not surprised in April. Basically, I look at vine catalog items as a 75% off (MSRP) sale. I'm not going to throw that away on things I'd never use or give away, but it is possible to receive items for review that would be a SIGNIFICANT reduction in cost.
Great straight forward video. I been trying to find a straight answer to how they tax you for the vine stuff since i got an invite a month ago. Most people try to explain it with technical irs terms so they still aren't clear. Before this my understanding was that I only had to pay what sales tax would be equivalent to for the items.
Yep. The IRS looks at the ETV (Estimated Taxable Value) as if it were cash. Every item has an ETV, some things are $0.00 ETV, and others the ETV is full MSRP. Total the ETV of all items you request over the year, and you will get a 1099-NEC from Amazon in that amount to you and another reported to the IRS. That's considered the "money" you were paid for doing your job. I saw one guy had $50,000 value requested in a year. So, depending on his total annual wages, he may owe over 30% back to the feds. It can get scary and ugly pretty fast, and more so for the people at lower income levels who used to get earned income and suddenly this shoves them up into owing hundreds or thousands of dollars at the end of the year and they have no way to shit that money.
@@LarryMusgrave So are you saying they don't go by an items "normal listing" price to get an items ETV? Does that mean I have no way of possibly knowing the ETV of an item before receiving and reviewing it?
"They aren't describing it clearly to new voice participants" No, they don't. I thought the tax info was for sales tax. That made sense to me. I've thrown on the brakes considerably. I'll see what we have after the end of the year - I joined one month ago. I now search out the $0 items for most of my reviews, but sure didn't during that first month, LOL. Live and Learn. Thanks for your info. I appreciate it. I figure, with every item that costs in a "tax burden" now that I'm getting about 60 - 70% off that price, and that I'm gonna owe about 30% or so what I've "spent" so far. Again, live and learn. We'll see how it shakes out.
I recently saw a Discord post where a new 2023 Vine Voice member had taken in $51,000 US so far this year. I read that and thought to myself that this person is in for a world of hurt unless they have around $15,000 laying around to pay the government. They want their piece, and they will get it.
@@LarryMusgrave Oh yea. No doubt about it. And the IRS isn't interested in discussing it. And holy cow: $51K. That's a lot of stuff, even if they are gold level. Yikes.
It does not have the ability to see detail up close at all. It's only good for vlogging general distance, as soon as you try to pull it in close... poop.
Don't confuse the $600 threshold for receiving a 1099NEC from Amazon with what the IRS considers reportable/taxable income. THAT amount is lower (I think like $400 in 2023).
Am in the UK and just been invited. We don't have the tax implications but my family still thinks there's a catch and I can't say I blame them. There's a lot of rubbish but also stuff I have bought before or would buy, so it's great. I buy wigs and hairpieces so I feel like I've won a min lottery. 🤣
I've been pleasantly surprised with the quality of most items. I'm sitting in a pub as we speak with ac RFID men's Wallet and a heated vest on that came from vine. This year I've pulled in $18,000 US in vine value. But I have my employer pulling a few hundred dollars a month extra towards taxes, so I'll be fine. In your case, not being taxed means that the only "hook" is that you need to keep up on your reviews and earn your way to gold. Good job. Don't get to far behind, don't over stress on reviews, just get them done and accepted. It's not really that hard.
Haven't you ever been to a beach where you had to pay to use the bathroom on the boardwalk? Plenty of people willing to pay to send off a smoking turd...
I got accepted in this year... Only just realized the tax implications after 700 items lmao. Luckily I'm blessed to be in a position to be fine with it, can't imagine the stress if someone weren't though, hopefully they make it more clear. This 1099 is gonna be fun this year. Nice to be able to do very honest reviews without having to buy the stuff outright though.
That was my point in this, in its entirety. I'm an upper middle class earner, owing a few grand is something... but not by any means the end of the world. But for many, a few grand can be beyond what can be absorbed.
Due to my impaired vision, I did not see information with Amazon about the possible ramifications and I ordered many items as well and I terribly stressed out about it. I read many REDDIT threads as AMAZON REFUSED TO provide me with any transparency regarding my questions. SERIOUSLY, people need t realize that this program seriously skirts counltess legalities involving, truth in advertising. They should NEVER INVITED ANYONE that is on any kind of government benefit. I am terrified that I will lose my benefits, due to my naivete,. I have sen them numerous letter regarding the fact that they are violating the ADA regarding their practices. I am STILL FIGHTING every single items that they should NOT have counted towards me. The OVERFLATION of Vine items by sellers is total RACKET- when they offer huge percentage off coupons for regular purchases. The ONLY RESON that they overinflate the value is to USE the VINERS in order to write-off those items as business losses. I am TERRIFIED that I will LOSE ALL OF MY BENEFITS even my place to live if this goes against me.
Thank you for this very important information i just got invited this month, so if i go over $600 i have to pay taxes, i have one question can i get kicked out of the program if i don't get anything?
Great analysis 👍 & TOTALLY agree with you that Amazon wasn't clear about tax liability during the Vine Voice sign up process. When it ask for tax ID, that's when i slam on the brake! As for products you see, are they mostly from company you never heard of, or there are big names too?
Rarely are they established names. Typically they are very unusual names and often you'll see extremely similar products appear at the same time under 2 or more unusual names.
thank you so much for posting this video. I was also invited to be a vine voice so I thought I would be a little checking on it first and this video was helpful. But I am retired and my only income now is my SS each month. So can you add any information on how this might effect me at tax time? Thank you again.
As you know, your tax rate climbs as you income passes key ranges. There are pros who are vine voice members that get addicted to requesting items and may request $50,000 or more in items and depending on their tax schedule may owe over $15,000 in additional federal income taxes. You absolutely can bury yourself in a huge financial burden with this, self control is a must.
I guess that depends on the vine voice member. I'm on a couple private vine member reddit groups, and the strong majority of us in the "community" of reddit are serious about actually touching, using and evaluating the items honestly. I have absolutely no doubt that some are D-bags and just copy and paste generalized reviews. I review things and give my comments as if I were reviewing for a friend or family member. I try to tell you what I think you need to know and be as brief as possible and get to the point. Likely, vine voices are about as reliable as normal paying customers, meaning some are useless as tits on a bull while others are providing real value.
I don't think anyone in the US really has to pay taxes. This is a business. Treat it like any other business. This free product is worthless by the time we get full use of these items. There are several paths to zero income taxes. Just get a good accountant. How possibly can Amazon 1099 us for product that they never pay for anyway.
Betty, I've noticed that many items will not load the details window so that I can view values, description or select it. Also, there was an $1800 massage chair a couple weeks ago and I tried to select it and it said that my address was not compatible.
If you're in the United States, just Google federal tax rates 2023 and look at how the rates align with your annual income. Let's say you file joint with a spouse, make $150k a year, and you take $10k from Vine. Your new adjusted gross income is $160k. You did not jump to a new tax rate, but that vine $10k should be taxed at 22%. Then, you'll have your state and local tax if applicable. So call it $2500 tax burden for that $10k in stuff that you requested.
@@LarryMusgrave I'm a single person and I always get a Federal refund each year. It sounds like what I need to do is try to figure out how much I can order on the program to stay within the limits of what I usually get back each year, and just call it an even trade since I most likely am going to spend the refund anyway… essentially letting my tax refund pay my taxes on the products I would get through Vine if I get in the program, and try not to go overboard with it.
Just got an invite to be a vine voice. So I landed here on your review... I'd like to know a little bit more about the tax situation. Is there somewhere I could dm you and shoot you a few questions ?
The concept is pretty simple. You get to see the items and each items Amazon value. Each item selected is sent to you and the items normal full retail value is counted as taxable income at the end of the tax year. Your first $600 worth of product is not taxable for that year. So your free to select many many items if varying full retail values. If the item has a coupon or special price available on Amazon, you will not get that reduced value charged to you as taxable income. No matter what sale, coupon or special may be available, you will always be charged full retail value as your taxable income. What I do is request my employer to pull an additional $100 per pay or in U.S. federal taxes, or $200 a month. That seems to work well offsetting the owed taxes on approximately $10,000 of product per year.
@Larry M Musgrave Thanks, man. I was figuring to put about 35% of the product value back for each item received to be safe. Just one more question: Is there a minimum amount of items you have to review to not be booted from the program ?
@brad workman Yes. Under the current rules you must maintain 80% minimum review credits. And I find that to be tough at times because they will repeatedly reject my reviews and not explain why, they just give a canned message repeating the program rules that in my opinion.... I'm not violating. So I'll go back and write a new review from scratch since they delete your rejected review, and many times they reject the second and third as well. It's extremely frustrating at times.
@@bradworkman1854 and you have your vine account reviewed multiple times per year, and each review provides them an opportunity to remove your access to the program.
It's tabulated at the time the order is processed normally. Until you pass over the $600 value it will show $0.00 estimated taxable value. Once your past that $600 threshold of goods, it will begin to show up as taxable value. While logged in to Vine, click on account, then scroll down a bit to "Vine Tax Information". On the left there, you'll see your 2023 taxable value.
@Larry M Musgrave Thank You so Much, I had a sneaky suspicion about that. My friend is disabled and they were trying to be careful because of their money, I was worried something will come back and bite them in the booty. (Last year at first it didn't say it but then it did say that the Est Taxable value, they stayd well below the value, but it started showing it.. it shows their value. This year it says $0.00 and they thought if was a sign that they were following their calling.. basically. And, was and am worried about them loosing their income due to them messing them over. So, Thank You for Your Help! It is as I thought it was... I will inform them and warn them to be extremely careful and Vigilant! Again, Thank You! 😊 ❤️
People are calling it Hobby income on their taxes, so they don't pay the 15% self-employment taxes. I think this is wrong. If you list it as the miscellaneous income and then show the printout of the taxable value of the goods, that should prove it is promotional items and not actual cash. It shouldn't be taxed as self-employment income then, correct? I heard some are just paying the SE tax, and some are declaring it hobby income. How about neither, and just showing that it is promotional items or at least stating it and saving the printout?
There is definitely some crap on there... I assume unless it doesn't work at all, the sellers ASSUME that you'll review it good because it's free. (which I would hope no one would be THAT easy to pay off)
I've been pleasantly surprised with most of what I've requested. That said, I do say what I do and do not like about the product and give my honest opinions.
![Is the Amazon Influencer Program Worth It? [My First 4 Months Earnings]](/img/n.gif)
In Canada 🇨🇦, we pay no taxes on our vine items, thank God, or I would be in trouble 😂😂😂😂
Out of the blue i was invited recently. I have left many in depth reviews on products so that's probably why. I felt like I was fairly informed about how the tax implications work. Maybe they've updated the terms of service. I had a few small things sent to me that peaked my interest but for the most part everything I've seen on Vine right now is pretty much crap yet still have a inflated "taxable" values. I've looked through it a lot and have yet to find anything that has a $0 taxable value. There's like a million Chinese phone charging cables though lol. It's pretty doubtful I'll get anywhere near $600 with the items available at the moment. I only would ask for things I can actually use so I have a legitimate reason to leave a review. I'm not just going to have them send me stuff for the sake of getting it free. But I'm sure a lot of people do that.
I love the program and that's why I get 90% of my items that have no tax value at all attached to them which if you're patient there's a lot of them that pop up. I might get 1-2 $100 priced items per year but that's it.
I've made the suggestion to Amazon Vine to create a category for zero and for under $1 taxable value items so that we can easily scan these items and decide if we want to review them. As it is now, there is no fast way to know what all near zero valued items are hiding in the list.
@@LD-hy1ps Zero ETV are Food items.
Thanks for the information on Vine Voice, did not even know it existed.
Yep. I hadn't known of it myself until I got the email. Initially I suspected that it was some form of scam, until I started digging.
And like mentioned, I first thought.... wow! Free stuff! Then the reality of the income tax burden became understood.
One could easily go nuts and suck in $15000, $20000 or more.... and then be shocked at the end of the year when they need pull $6400 out of their pocket to pay uncle Sam his take. Now if your at sub poverty level, it wouldn't likely effect you much if any. But I'm upper middle class, so you can bet it's going to cost me.
I am new to Vine and will be trying hard not get caught up in the euphoria and just stick to what I would normally purchase and use in my household. It's a double edged sword...but hoping to have wisdom and control. Thanks for your video.
Thank you for sharing. New to Vine, approved and ordered a few items, but quickly realized the subtle tax consequences. Thank you for confirming what I had read and helpful to hear someone else came to the same conclusion I did.
Glad it was helpful!
Thank you. I didn't realize this was being counted as taxable income. I figured it was just the state sales tax rate for the item. Knowing what I now know it gives me pause. One could get thousands of dollars worth of junk they wouldn't have normally bought and get stuffed with a big bill come tax season when they realize they are charged their income tax rate and not the sales tax rate. Worse, this added 'income' through the vine products could bump you up to a higher tax bracket.
I love that I'm scrolling through CZcams and my buddy Larry pops up! 💜
This was the most helpful video watched on this subject for me. Thanks for being crystal clear about how the tax burden works.
Glad I did my research. I joined up after my invite and grabbed some truck mats right away. After these, I will be keeping it under $600 and I'm doubting I'll be able to hit their 100 reviews required in the stated time line. That's a high bar to hit with over-inflated prices on cheap Chinese junk that I don't want or need. I'll have to see if I can find worth while $0 ETV's but unlikely.
@RKDriver
There are a lot off supplements and health related items that are $0 ETV that you can use to keep your required numbers up.
Absolutely can hear that dog! 😆
Wow, I cannot believe that the IRS tax these goods. We don't have to declare Vine goods in the UK.
I recently got an invitation to join the Vine program. It sounds good and I may go for it. My concern was, of course, the taxes I would be responsible for. Since I am retired and 78 years old I took a look at my social security info and it seems as though I may not have to pay taxes on what I "earn" regardless of how that is. I will look further into this to make sure this is right. Be great if it is!
You better talk to an accountant. I believe that SS takes a hit at some point of earning.
@@LarryMusgrave Absolutely the best advice! Talk directly with the person/agency that does YOUR taxes each year in the U.S. It cost me $0 to call my preparer and talk to her for 5 min about it. Pro Tip: Sept-Dec, is a good time of year to call because it's a pretty slow for them. Mar-May would probably be the opposite. ANY income/product value you earn from Vine is taxable, or at least REPORTABLE, to the IRS whether you exceed the threshold of $600 and receive a 1099NEC or not! I JUST (late 2023) started as a Vine Voice. In my particular circumstance - I'm doing it mostly for fun and a good excuse to brush up on my product photography. I don't intend to do this as anything resembling a business (or even a side-hustle, really). The IRS pretty clearly defines what they consider "Hobby Income." There is no specified $ amount you can earn and still call it Hobby Income. They seem to look at each persons' circumstances holistically and balance that against 9 factors to determine if you are running a small business or doing this as a hobby. Just do a Google search for "Hobby Income IRS" to find that 9 factor list, then talk to your tax preparer. The difference in my case was this: If I were operating as a small business, my effective Federal and State taxes for Vine could be as much as 40% (income + SS, Medicare, etc.,) Because it's a "hobby," I'll only end up paying my effective Federal and State income tax rate. Combined, for me that was just shy of 25% last year. My tax agent said that's the % vs what Amazon now calls "Estimated Taxable Value" I should keep in my head so I'm not surprised in April. Basically, I look at vine catalog items as a 75% off (MSRP) sale. I'm not going to throw that away on things I'd never use or give away, but it is possible to receive items for review that would be a SIGNIFICANT reduction in cost.
Great straight forward video. I been trying to find a straight answer to how they tax you for the vine stuff since i got an invite a month ago. Most people try to explain it with technical irs terms so they still aren't clear. Before this my understanding was that I only had to pay what sales tax would be equivalent to for the items.
Yep. The IRS looks at the ETV (Estimated Taxable Value) as if it were cash. Every item has an ETV, some things are $0.00 ETV, and others the ETV is full MSRP. Total the ETV of all items you request over the year, and you will get a 1099-NEC from Amazon in that amount to you and another reported to the IRS. That's considered the "money" you were paid for doing your job. I saw one guy had $50,000 value requested in a year. So, depending on his total annual wages, he may owe over 30% back to the feds. It can get scary and ugly pretty fast, and more so for the people at lower income levels who used to get earned income and suddenly this shoves them up into owing hundreds or thousands of dollars at the end of the year and they have no way to shit that money.
@@LarryMusgrave So are you saying they don't go by an items "normal listing" price to get an items ETV? Does that mean I have no way of possibly knowing the ETV of an item before receiving and reviewing it?
"They aren't describing it clearly to new voice participants" No, they don't. I thought the tax info was for sales tax. That made sense to me. I've thrown on the brakes considerably. I'll see what we have after the end of the year - I joined one month ago. I now search out the $0 items for most of my reviews, but sure didn't during that first month, LOL. Live and Learn. Thanks for your info. I appreciate it. I figure, with every item that costs in a "tax burden" now that I'm getting about 60 - 70% off that price, and that I'm gonna owe about 30% or so what I've "spent" so far. Again, live and learn. We'll see how it shakes out.
I recently saw a Discord post where a new 2023 Vine Voice member had taken in $51,000 US so far this year. I read that and thought to myself that this person is in for a world of hurt unless they have around $15,000 laying around to pay the government. They want their piece, and they will get it.
@@LarryMusgrave Oh yea. No doubt about it. And the IRS isn't interested in discussing it. And holy cow: $51K. That's a lot of stuff, even if they are gold level. Yikes.
You make a very important point: If a Vine voice member goes over $600, they will have to pay taxes. I ordered that same camera you have, it works ok😀
It does not have the ability to see detail up close at all. It's only good for vlogging general distance, as soon as you try to pull it in close... poop.
Don't confuse the $600 threshold for receiving a 1099NEC from Amazon with what the IRS considers reportable/taxable income. THAT amount is lower (I think like $400 in 2023).
Am in the UK and just been invited. We don't have the tax implications but my family still thinks there's a catch and I can't say I blame them. There's a lot of rubbish but also stuff I have bought before or would buy, so it's great. I buy wigs and hairpieces so I feel like I've won a min lottery. 🤣
I've been pleasantly surprised with the quality of most items. I'm sitting in a pub as we speak with ac RFID men's Wallet and a heated vest on that came from vine.
This year I've pulled in $18,000 US in vine value. But I have my employer pulling a few hundred dollars a month extra towards taxes, so I'll be fine.
In your case, not being taxed means that the only "hook" is that you need to keep up on your reviews and earn your way to gold. Good job. Don't get to far behind, don't over stress on reviews, just get them done and accepted. It's not really that hard.
DONT PARTICPATE ACTIVELY..EVER. TOO MANY NAIVE NICE PEOPLE WHO ARE POOR IN THE USA ARE RUINED BY IT< BECAUSE AMAZON DOES NOT PROVIDE TRANSPARENCY.
Haven't you ever been to a beach where you had to pay to use the bathroom on the boardwalk? Plenty of people willing to pay to send off a smoking turd...
I got accepted in this year... Only just realized the tax implications after 700 items lmao. Luckily I'm blessed to be in a position to be fine with it, can't imagine the stress if someone weren't though, hopefully they make it more clear. This 1099 is gonna be fun this year. Nice to be able to do very honest reviews without having to buy the stuff outright though.
That was my point in this, in its entirety. I'm an upper middle class earner, owing a few grand is something... but not by any means the end of the world. But for many, a few grand can be beyond what can be absorbed.
Well.... what's your total tax value looking like now as we look towards the end of the year? I'm sitting just over $19,000 USA.
Due to my impaired vision, I did not see information with Amazon about the possible ramifications and I ordered many items as well and I terribly stressed out about it.
I read many REDDIT threads as AMAZON REFUSED TO provide me with any transparency regarding my questions.
SERIOUSLY, people need t realize that this program seriously skirts counltess legalities involving, truth in advertising.
They should NEVER INVITED ANYONE that is on any kind of government benefit. I am terrified that I will lose my benefits, due to my naivete,.
I have sen them numerous letter regarding the fact that they are violating the ADA regarding their practices. I am STILL FIGHTING every single items that they should NOT have counted towards me.
The OVERFLATION of Vine items by sellers is total RACKET- when they offer huge percentage off coupons for regular purchases. The ONLY RESON that they overinflate the value is to USE the VINERS in order to write-off those items as business losses.
I am TERRIFIED that I will LOSE ALL OF MY BENEFITS even my place to live if this goes against me.
Hey we have the same last name... great video too!
Thank you for this very important information i just got invited this month, so if i go over $600 i have to pay taxes, i have one question can i get kicked out of the program if i don't get anything?
You don't have to hold on to the items for 6 months any more.
Great analysis 👍 & TOTALLY agree with you that Amazon wasn't clear about tax liability during the Vine Voice sign up process. When it ask for tax ID, that's when i slam on the brake!
As for products you see, are they mostly from company you never heard of, or there are big names too?
Rarely are they established names. Typically they are very unusual names and often you'll see extremely similar products appear at the same time under 2 or more unusual names.
WHAT ABOUT IF YOU ARE IN CANADA WHEN IT COMES TO THE TAXES?
I'm in the USA, so I know nothing of Canada tax rules.
thank you so much for posting this video. I was also invited to be a vine voice so I thought I would be a little checking on it first and this video was helpful. But I am retired and my only income now is my SS each month. So can you add any information on how this might effect me at tax time? Thank you again.
As you know, your tax rate climbs as you income passes key ranges. There are pros who are vine voice members that get addicted to requesting items and may request $50,000 or more in items and depending on their tax schedule may owe over $15,000 in additional federal income taxes. You absolutely can bury yourself in a huge financial burden with this, self control is a must.
So as a buyer that looks at vine reviews on products on Amazon we can trust those reviews?
I guess that depends on the vine voice member. I'm on a couple private vine member reddit groups, and the strong majority of us in the "community" of reddit are serious about actually touching, using and evaluating the items honestly. I have absolutely no doubt that some are D-bags and just copy and paste generalized reviews. I review things and give my comments as if I were reviewing for a friend or family member. I try to tell you what I think you need to know and be as brief as possible and get to the point.
Likely, vine voices are about as reliable as normal paying customers, meaning some are useless as tits on a bull while others are providing real value.
I don't think anyone in the US really has to pay taxes. This is a business. Treat it like any other business. This free product is worthless by the time we get full use of these items. There are several paths to zero income taxes. Just get a good accountant.
How possibly can Amazon 1099 us for product that they never pay for anyway.
Hey my vine portal has been having problems am I the only one experiencing this?
Betty, I've noticed that many items will not load the details window so that I can view values, description or select it.
Also, there was an $1800 massage chair a couple weeks ago and I tried to select it and it said that my address was not compatible.
How do you find out what your tax rate is?
If you're in the United States, just Google federal tax rates 2023 and look at how the rates align with your annual income.
Let's say you file joint with a spouse, make $150k a year, and you take $10k from Vine. Your new adjusted gross income is $160k. You did not jump to a new tax rate, but that vine $10k should be taxed at 22%. Then, you'll have your state and local tax if applicable. So call it $2500 tax burden for that $10k in stuff that you requested.
@@LarryMusgrave I'm a single person and I always get a Federal refund each year. It sounds like what I need to do is try to figure out how much I can order on the program to stay within the limits of what I usually get back each year, and just call it an even trade since I most likely am going to spend the refund anyway… essentially letting my tax refund pay my taxes on the products I would get through Vine if I get in the program, and try not to go overboard with it.
Just got an invite to be a vine voice. So I landed here on your review... I'd like to know a little bit more about the tax situation. Is there somewhere I could dm you and shoot you a few questions ?
The concept is pretty simple. You get to see the items and each items Amazon value. Each item selected is sent to you and the items normal full retail value is counted as taxable income at the end of the tax year. Your first $600 worth of product is not taxable for that year.
So your free to select many many items if varying full retail values. If the item has a coupon or special price available on Amazon, you will not get that reduced value charged to you as taxable income. No matter what sale, coupon or special may be available, you will always be charged full retail value as your taxable income.
What I do is request my employer to pull an additional $100 per pay or in U.S. federal taxes, or $200 a month. That seems to work well offsetting the owed taxes on approximately $10,000 of product per year.
@Larry M Musgrave Thanks, man. I was figuring to put about 35% of the product value back for each item received to be safe. Just one more question: Is there a minimum amount of items you have to review to not be booted from the program ?
@brad workman
Yes. Under the current rules you must maintain 80% minimum review credits. And I find that to be tough at times because they will repeatedly reject my reviews and not explain why, they just give a canned message repeating the program rules that in my opinion.... I'm not violating. So I'll go back and write a new review from scratch since they delete your rejected review, and many times they reject the second and third as well. It's extremely frustrating at times.
@@bradworkman1854 and you have your vine account reviewed multiple times per year, and each review provides them an opportunity to remove your access to the program.
When does the "taxable" show up in your Account?
It's tabulated at the time the order is processed normally. Until you pass over the $600 value it will show $0.00 estimated taxable value. Once your past that $600 threshold of goods, it will begin to show up as taxable value.
While logged in to Vine, click on account, then scroll down a bit to "Vine Tax Information". On the left there, you'll see your 2023 taxable value.
@Larry M Musgrave Thank You so Much, I had a sneaky suspicion about that. My friend is disabled and they were trying to be careful because of their money, I was worried something will come back and bite them in the booty.
(Last year at first it didn't say it but then it did say that the Est Taxable value, they stayd well below the value, but it started showing it.. it shows their value. This year it says $0.00 and they thought if was a sign that they were following their calling.. basically. And, was and am worried about them loosing their income due to them messing them over.
So, Thank You for Your Help!
It is as I thought it was...
I will inform them and warn them
to be extremely careful and Vigilant!
Again, Thank You! 😊 ❤️
People are calling it Hobby income on their taxes, so they don't pay the 15% self-employment taxes. I think this is wrong. If you list it as the miscellaneous income and then show the printout of the taxable value of the goods, that should prove it is promotional items and not actual cash. It shouldn't be taxed as self-employment income then, correct? I heard some are just paying the SE tax, and some are declaring it hobby income. How about neither, and just showing that it is promotional items or at least stating it and saving the printout?
There is definitely some crap on there... I assume unless it doesn't work at all, the sellers ASSUME that you'll review it good because it's free. (which I would hope no one would be THAT easy to pay off)
I've been pleasantly surprised with most of what I've requested. That said, I do say what I do and do not like about the product and give my honest opinions.