It’s that time of the year (almost) — we’ll also be doing a UK guide up next. Onlyfans is a major premium subscription site these days that almost every one has one. Whether you do X-Rated things on there is a different story as the site is a host of many different types of people. That’s not what is important here — what is important here is that despite popular belief creators still pay their taxes just like anyone else. And creators who knowingly avoid their taxes — you guessed it — are subject to tax penalties by the U.S government.
Let’s dispel one of the biggest misconceptions people have about Onlyfans. No matter the country you are in, indeed, you are considered self employed. You’re not an Onlyfans employee therefore you will get what is called a 1099 (at least that’s what it is called in the U.S) at tax time. According to Onlyfans, you will get one promptly during tax season if you have earned more than $600 in a calendar year. At that point, again, you are required to pay your taxes.
For noted reference, this is what the form most of you will receive come sometime next month. This is a fairly easy form to fill out. Please make sure you will out the form in full and correctly. The form likely will come pre-filled with OF ‘s part but you are required to fill out the rest. This is the same for websites like JustFor.Fans (this guide can also be applied to that subscription site also.)
LEGAL NOTICE: While Onlyfans states you will get the form if you earn more than $600 — U.S tax code for self-employed people (this is you guys) states that:
SIDEBAR: Important dates to remember as a self-employed person – April 15th, June 15th, September 15th and January 15th.
The good stuff —- here’s a list of what you can likely deduct if it applies to your tax bill and your financial portrait.
- Makeup & Hair Styling
- Beauty Supplies
- Dry Cleaning
- Repairs & Maintenance
- Tolls & Parking
- Legal and professional fees
- Interest Expense
- Tax return preparation
- Office Supplies
- Clerical help
- Bank charges
- Equipment purchased (Computers, Cameras, Cell phones, Printers)
- Business miles driven
- Dues & Subscriptions
- Office Rent
- Web Services
- Internet Related
- Bank Charges
In about a month — most of you apart from the form you’ll receive by mail from Onlyfans will also have to file the form below (which can be found via most tax preparers or sites like TurboTax (although it’ll require a certain TT subscription which can be deducted from your refund directly.)
If you’d like help filling out your taxes or need instruction on how to do so so it is done correctly feel free to e-mail or via Twitter @BazaardailyUS