Maya Szymanski: Are we singing “Kumbaya” for crowd funding?

UntitledWe live in this extraordinary time where everything is connected. Crowdfunding is a new marvel attempting to create equal opportunity for people who would not normally have it. Forbes published an article when the bill for crowd sourcing was just passed, in 2013:

crowdfunding isn’t new—after all, soliciting funds from large groups of people is exactly what nonprofits and political campaigns have been doing for more than a century. In today’s world, though, the Internet has dramatically altered the ability for companies and independent entrepreneurs to get their ideas in front of large numbers of strangers with money to invest.”

UntitledMore recently, though, circumstances pushing people to initiate a GoFundMe project can fit into a wide range on the spectrum of genius. People use crowd funding for urgent medical care, new invention/business start-ups, travel, and even to encourage a friend. That being said, please go fund my friend Karen. Her roots are terrible and she needs professional help.

Now, this all sounds incredible but these services are not tax deductible and in fact, are considered taxable income. It’s just like our government to let Oprah give me a car, and then audits me for it. The taxing issue mostly rises from the IRS’ lack of guidance in claiming funds. Liberty Tax offers advice on how to avoid government claims.

UntitledEven Kanye West, my cultural arch villain, has yielded to the usefulness of public donations. Crowdfunding is an attempt to strength and support one another. The American people are now participating in a process of building up instead of competing to tear down. We are recognizing that we exist in this different type of prison where only 1 percent of ideas can be financed. GoFundMe is introducing collaboration as the new capitalism by using international media marketing to cut down the financial barriers.

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