As an OnlyFans independent contractor, you are responsible for keeping track of your earnings and accurately reporting them in tax filings. If you earned more than $600, you’ll receive a 1099-NEC form.
Independent contractors are generally considered self-employed and report profits and losses on form 1040, Schedule C. If you earned $400 or more after expenses as an independent contractor, you will likely have to pay a self-employment tax on Schedule SE.
You will be able to deduct expenses from your earnings and only pay taxes on the remaining amount. Purchasing, cleaning, and alteration costs for costumes if they are required for work and not suitable for everyday wear. Stage make-up and other beauty aids used for a performance on the OnlyFans platform.
Refundable tax credits such as earned income credit and additional child tax credit can offset income tax and self-employment tax, and in certain cases can produce a sizable tax refund.