CLAYMONT, DE / ACCESS Newswire / July 3, 2025 / New research from MilX, a fast-growing fintech platform for creators, has uncovered a costly trend among U.S.-based YouTubers: avoidable financial mistakes are causing creators to lose up to $10,000 per year.

The findings, released as part of MilX's 2025 Creator Finance Study, shine a light on three critical areas where creators are leaking money: freelancer payments, currency conversions, and tax compliance.

"Most creators lose money simply because they don't know better options exist. With tools like zero-fee P2P payments by MilX, they could save thousands every year." - Paul Lekhnovsky, CEO of MilX

Freelancer Payments

Take a typical successful U.S. YouTube creator: 300,000 subscribers, 2.5 - 4 million views monthly, earning between $14,000 and $60,000 per month through AdSense, sponsorships, and memberships.

YouTubers at this level usually work with remote production teams - editors, designers, writers. MilX research shows that many pay these freelancers through PayPal, incurring:

• 4.4% + $0.30 per transaction fees

• 3-4% hidden currency conversion charges if paying into local currencies like BRL or GBP.

For a creator spending $1,500/month on freelancers, that's $110-$120 in fees per month.

Currency Conversions Losses

Many creators still get paid in the wrong currency: every conversion takes 2-4%. That might not seem like much, but over time it adds up - $500 to $1,000+ a year, gone.

MilX fix: Convert once, at real-time FX rates, in the currency you actually use.

Tax Filing Errors

When you're a YouTuber, your revenue might come from multiple sources - AdSense, sponsors, affiliate links, merch, and fan support. But the IRS sees it all as taxable income.

Don't forget to:

• Submit a Form W-9 to any U.S. company that pays you.

• Report all your income.

• Track and match reported totals to the Forms 1099-NEC or 1099-MISC you do receive.

• Use Schedule C to declare your income and calculate your net profit after business deductions.

Skipping any of these steps can lead to penalties, backup withholding, delayed payments, or even an audit.

Skipping Deductions

Not claiming business expenses can cost you even more. Here are a few examples creators often overlooked on tax returns:

• Cameras and lighting: $2,000-$5,000

• Software (e.g., Premiere Pro): $20.99/month ≈ $251/year

• AI editing tools like Google's Veo 3 (at $249.99/month)

Missing these deductions alone could mean paying taxes on $7,000 to over $12,000 you didn't have to.

MilX Helps Creators Keep More of Their Income

MilX is designed to help creators access their YouTube earnings faster and manage their funds more efficiently - without losing money to unnecessary fees or delays.

"The $10,000 mistake is 100% preventable," said Paul. "We built MilX so creators can stop leaking cash and start building wealth."

MilX Co-founder Paul Lekhnovsky will attend the Europe 2025 FinTech Awards in London on July 3, where the company is a finalist in two categories: Startup of the Year and Disruptor of the Year.

SOURCE: MilX