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The original was posted on /r/tifu by /u/minkingblitch on 2024-04-10 08:30:43.

This year was a game-changer for my streaming career. My Kick and Twitch channels blew up - views, subs, donations, and even a few sponsorships came rolling in. Finally, all those hours in front of the camera were paying off, and I dove headfirst into enjoying the perks. Upgraded my entire streaming setup, splurged on some luxury items I’d been eyeing forever, and even treated myself to a few spontaneous trips. Life was good, and I was spending like the budgeting concept was a myth. After all for the first time in my life I was making over 200k a year!

Queue the dramatic pause for when this tax season approached. Confidently, I walked into my accountant’s office, ready to hear how well I’d done. But instead of praise, I got hit with a reality check in the form of a massive tax bill. Apparently, I had been too caught up in the streamer lifestyle to remember that income means income tax.

The number was staggering. In my spending spree, I hadn’t set aside nearly enough to cover it. Panic set in. My savings account, which I had proudly grown over the year, was wiped out in an instant. I found myself listing my once “essential” luxury buys online, hoping to recoup some of the money.

In hindsight, the signs were all there. I had heard of others falling into this trap but somehow thought I’d be the exception. The irony? I’d even streamed about the importance of financial wisdom.

The takeaway from my tale is painfully clear: no matter how good things look, always plan for the basics, like taxes. Don’t let the excitement of sudden success cloud your judgment. I’m now on a strict budget, slowly rebuilding my savings, and I’ve got a tax savings account that I contribute to religiously… learn from my mistake

TLDR made a lot of money streaming and then forgot I needed to pay taxes