Does your income from OnlyFans get taxed? I haven’t seen an article talking about the tax from OF earnings. How should I file for my tax?
You will need to pay Income tax and self-employment tax on your net income.
You can read from this site so you can be enlightened on how to file your tax. I can’t explain it briefly because it’s a bit complicated. https://www.chriswhalencpa.com/onlyfans-creator-income-taxable
The money that you are paid from OF will not have any taxes taken out of it so you will have to pay estimated taxes yourself during the year. You are considered “self-employed” or an “independent contractor.”
You have to pay tax for what you earn on Onlyfans. The income made from the site is subject to income tax. You are considered a self-employed individual so you have to file it yourself.
I believe that when you create an OnlyFans account to become a creator, OnlyFans is going to require you to fill out a form W-9.
you are considered as an ‘independent contractor’. You will be able to use the Free File software so that you do not have to pay for tax preparation.
Read this too.
Didn’t realize this site discussed the taxes for OF creators. I hope they can have a more detailed explanation how it will be done.