How To Get and Fill W-2 Form In OnlyFans?
How to fill W-2 Tax form as an OnlyFans creator?
As a content creator, you are considered self-employed and entitled to pay taxes. Content creators working on OnlyFans ask about the W2 form, and we have heard this question from many content creators. So, in this article, we will clear your thoughts about “Do You Get a W2 From OnlyFans? How to Fill It?”
What is a W2 form?
A W2 form is filled out by the employees or persons working in a company. This form is not required to be filled by self-employed persons, for instance, OnlyFans content creators.
As a content creator on OnlyFans, you will have to fill out another form, the W9 form. While applying yourself as a content creator on OnlyFans, you will be asked to fill out W9.
Subscribe to the newsletter here to join 2200+ OnlyFans creators and receive more daily helpful articles right in your inbox:
How to fill out a W9 Form?
Filling out a W9 form is very simple and requires simple information to be filled in. Here is a picture attached how what a W9 form looks like and what sections need to be filled.
You must keep in mind that you are not working for any company or corporation or not even for OnlyFans. You are a sole proprietor and running your own content business.
So, you have to write your name and leave the company name section blank from the very start.
For line 3, you have to check the box stating individual/sole proprietor.
You have to fill in your address, state or city, and zip code for the next sections.
You can skip the section “requester’s name and address.”
At the end of the form where part 1 is written, you must write either your Federal ID number or Social Security number. You don’t have to write both.
For the past 2, there has been nothing, and you just have to sign the form, and that’s it; you have completed your W9 form.
When do you start getting the 1099 form?
As an independent contractor or business owner, you have to fill 1099-NEC form. Every year after you have created your OnlyFans account and filled out the W9 form, you will start receiving the 1099-NEC form from OnlyFans.
The minimum taxable income earned from OnlyFans is $600, and once you have started earning $600 or more, you will have to fill 1099 form.
Filling in the correct tax information is required if you don’t want to get in trouble. So, be attentive while filling out your tax form and calculate everything you have earned in the tax year.
What is the profit/loss form or Schedule C form?
There are many perks of being an independent worker or self-employed. One perk is that you can mention the profit, loss, and expenses for becoming eligible for the tax deductions.
A Schedule C or 1040 form is specially made for counting or mentioning the expense you had in your business.
As an OnlyFans content creator, you can fill in the expenses you had during the business. Surprisingly, many things are included in the list of expenditures you had during the business.
Sell feet pics on FeetFinder:
FeetFinder is an amazing website for selling your feet pics and making money. You could make money selling your feet pics on FeetFinder in two potential ways; first, you can upload your feet pics, create an album, and let your fan pay for those feet album before they view it.
The second way to make money on FeetFinder is by getting paid subscribers on your FeetFinder page. Someone can pay to subscribe and can get all your content. You need to be consistent with your content strategy if you want to keep those paying subscribers because they will be the ones making you more money. Join FeetFinder here to sell your feet pics.
Subscribe to our newsletter to receive more such posts right in your inbox:
What expenses are eligible for tax deductions as an OnlyFans creator?
There are many things included in the list of expenses that you can mention for the tax deduction. A comprehensive list of those expenses is given below:
1. Clothing
A content creator has to spend a significant amount of money buying costly outfits. So, if you are also spending money on the outfits and want to save some money on the tax bills, then you can mention the expense of clothing you had if you want a deduction in tax.
2. Makeup
Makeup kits or essentials are getting expensive day by day. You can mention the things you have bought for your makeup as a business expense, and it is also considered eligible for the tax deduction.
3. Internet bills
Managing and using OnlyFans requires the internet, and the internet does not come for free. Mention the expense you had for the internet, and it is a business expense because for managing your OnlyFans account, you must have a stable internet connection.
4. Home office deduction
If you are creating content in your home, then you can mention it as well. You can mention your home as a place for business-related activities. It is also tax-deductible, and you can also mention your house rent which can be written off as a portion.
5. Mileage
You may have to go for photoshoots or visits as a part of your business. The expense you had during your visits or photoshoots in terms of mileage or transport, then this expense is also deductible.
6. Hotel
Sometimes you may have to go to a hotel for a special photoshoot or video shoot that can cost you heavily. The expense in terms of hotel or rental stay for your business is also considered tax-deductible.
7. Software used for your content
Content creators need to use many tools or software for editing their photos and videos. This software is mostly paid for, and the expense you have to pay for the tools or software is also tax-deductible.
How to manage your income and taxes?
Technology is at its best, and you can use various software for bookkeeping your income and taxes. Learning this software is not difficult, and you can learn it in no time.
A pro tip that you should keep in mind is that you should open a separate bank account for your income and another separate bank account for expenses. This way, you can keep a track record of all of your expenses and income you generated.
PS: How to get and fill W-2 form in OnlyFans?
The W2 form is not for self-employed content creators; it is only for job holders or persons linked with companies or corporations. As a content creator on OnlyFans, you are considered a sole proprietor and independent content creator. You do have to fill W9 form while registering yourself as a content creator on the platform.
After earning a taxable income, you will receive a 1099-NEC form every year for the payment of your taxes. There are many tax-deductible categories or expenses that need to be filled in Schedule C or 1040 forms.
I hope this helps you fill your W-2 Tax form as an OnlyFans creator.
Read more articles: