Ok, this is a boring hypothetical question whose likelihood is very doubtful; if we start earning a lot of cash through tips, will we have access to the tax info so we can report it to the IRS or can we write it off?
We’ll have your tax information available to download in January for the previous year! Depending on where you live, the threshold for how much you have to earn in order to claim it varies, so we’ve decided to leave that to users to find out (but will provide some assistance when possible!).
Is there any animation for when you give someone chips? Like how Twitch does bits or like how the hearts animate when you like posts? Will there be a sound for this as well and do we have the option to turn said sound off? Lol
There won’t be a sound, and we’re debating if there will be any animation or not.
have you guys ever thought about people getting chips in a different way such as watching ads? not everyone can just buy chips, even if its 5 usd worth of chips, so could people also get the option to watch ads and earn free chips through that or would that cause more of a problem?
Yep! We’re considering it as an option. The minimum is $1.10 for 10 Chips, by the way!
SO we'll have to pay taxes on our earnings if we earn over a certain amount. Is that calculated in the amount of chips we earn, or the amount of cash we get once we cash our chips in? Like, if I distributed my earned chips more than withdrawing them, would I need to pay tax for all the chips I've earned or only the chips I've turned in for cash?
It’s calculated based on how many you’ve withdrawn, as it’s not “real” until it’s sold! This is because you could technically buy $5,000 worth of Chips in a year, but you wouldn’t want to be taxed on those $5,000 worth of purchases as if it was income!