As an OnlyFans creator, you’re responsible for paying taxes on your income from the platform. Anyone creating content for OnlyFans works independently on the platform and is not an employee but a self-employed individual.
By US law, OnlyFans reports any payments made to you on the IRS Form 1099 and sends this form to the IRS. The 1099 form is an information-sharing form that the company is required to send to the IRS showing all payments that creators received.
The type of 1099 form you'll receive if you make more than $400 a year is the 1099-NEC form for non-employee compensation. You should also receive a copy by mail, or you can download it from your OnlyFans user account dashboard.
Your 1099 forms should arrive via mail in January. If you are still waiting for your 1099-NEC form after January, you can reach out to OnlyFans' customer service team to send you another copy. You can also track your income using your bank statements, but it always helps to have a 1099 form to compare your income with your bank statement for accuracy.
If tracking your income on your own seems daunting, you can use an intelligent tax tool like
FlyFin, which A.I. to automatically track your income and expenses.
As an OnlyFans creator, you'll have to pay 15.3% for your adjusted gross income (AGI) in self-employment taxes, or SECA (Self-employment and Care Act) taxes. So if your AGI is $20,000, you'll be paying $3,060 in
SECA taxes.
Your AGI is the final income after you've accounted for all the business expenses, student loan interest and qualifying IRS tax credits. You can also deduct qualifying business expenses from your total income, as long as OnlyFans is your main source of income.
If the total income you made from OnlyFans was $64,000, and you’re eligible to deduct $14,000 in business expenses, you'll only pay tax based on your AGI of $40,000.
These deductions can potentially put you in a tax bracket with a lower tax rate than the $41,775 to $89,075 bracket.