As we continue to grow as a company, we are excited to announce a reward system for users who create and share polls on our platform. We will be giving away $20,000 in cash prizes to the users who create and share the most popular polls on our platform starting June 1st, 2023! So get creating and start sharing your polls with friends and family to cash in on this offer.
Any payment/payout is considered a cash prize. You must be 18 years of age at the time you request payment to receive a cash prize from My Next Vote™. We reserve the right to change cash prize amounts at any time. To participate, you must opt-in to receiving cash payments on the My Next Vote™ app by adding a payment gaining service handle from Cashapp, PayPal, or Venmo. Additionally, any payment request by a user that brings the cumulative cash prize winnings at or above $100 in a given tax year, will initiate a request for additional information such as, but not limited to, Tax ID#/SSN, address, and date of birth. No payment that will bring the cumulative total of cash prize money for any user above $100 for a given tax year will be paid if My Next Vote™ has not received the additional information requested. You will be prompted for the information at the time it is needed.
When cash prizes are used as incentives for users of an app, there may be tax implications that need to be considered. In many jurisdictions, prizes and awards are treated as taxable income. This means that the recipient of the cash prize may need to report the amount received as income on their tax return and pay applicable taxes on it. The tax implications will vary depending on factors such as the jurisdiction, the amount of the prize, and the individual's tax situation. For instance, in the United States, the Internal Revenue Service (IRS) requires that the recipient of a cash prize or award report the amount as taxable income if it is $600 or more. However, there are some exceptions, such as prizes for scientific achievements or educational achievement. As the app owner, it may be necessary to provide the recipient with a 1099-MISC form, which shows the amount of the cash prize they received. This form may be required by the tax authority to report the amount as income. It's essential to consult with a tax professional in your jurisdiction to fully understand the tax implications of offering cash prizes as incentives for users of your app.