Ok so i can use whatever name i want on my onlyfans profile and just put my real name on my w9 But it seems that schedule a doe. You can run your channel under any nickname you like
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You have the option of getting an ein for your business activities
This is a federal employer identification.
Onlyfans will not send you any sort of income document so you just use your own records of how much you made You are an independent contractor to the irs You will be able to use the free file software so that you do not have to pay for tax preparation So check on that software in late january/early february of 2021.
I know i will have to fill out a 1099 form as well but will that appear on the screen when filling out the form online I also heard i can make payments quarterly Please use the following steps as outlined in this turbo tax link , to enter your income and expenses for your business. For clarification, i have added some additional steps.
Onlyfans takes 20% of my initial earnings, does this make it a partnership, c corp or s corp
I previously filled out as sole proprietor but i know it can't be right considering a portion does go to them. I was looking into taking a trip to film in another state and i was wondering what could be written off as it would be a work trip I saw somewhere you can write off the plane ticket, the rental car, and the airbnb you stay at but i wanted to check on that the be sure and didnt know if there were an. The turbotax community provides answers to your tax and financial questions, offering guidance on a variety of topics.
The standard deduction amounts have been increased for 2025 for 2025 the standard deduction amounts are Single 15,750 + 2,000 for 65 and over or blind (17,750) hoh 23,625 + 2,000 for 65 and over or blind joint 31,500 + 1,600 for each 65 and over or blind (both 34,700) married filing separate 15,750+ 1,600 for 65 and over or blind plus there is a new senior deduction of $6,000 for each spouse. Hi all, confused by form 709 re gifting my son on excess of $18,000 gift in 2024 Form 709 asks in part ll tax computation section 1
Enter the amount from schedule a , part 4 , line 11
But that section is for gifting to charities I gifted my son $28,000 in 2024
