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Fortunately, there are ways to legally protect yourself that are outlined below.
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Any income you make on OnlyFans will be subject to ordinary tax and will also be subject to self-employment tax currently 15.
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Filing as an S Corporation also has its benefits.
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For a more thorough review of your question please contact our office for a consultation.
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You are expected to keep accurate business records of your income and expenses regardless of whether your clients and payers give you tax paperwork.
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This flows to the main form 1040 where it is combined with your other income and deductions to calculate your overall tax bill.
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How to Promote Content on OnlyFans Anonymously Social media and online message boards will be the best way to grow your base of subscribers.
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You only made a small amount so you will not owe much--if anything.
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