Doing OnlyFans has become a popular way to make extra money. But, if you’re doing this side hustle, you might be wondering if your accountant will find out. After all, you’ll need to report your OnlyFans income to the IRS. Here’s what you need to know about how your accountant might discover your OnlyFans work and how to make sure you stay compliant.
What Is OnlyFans?
Before we dive into how your accountant might find out about your OnlyFans work, let’s define what OnlyFans is. OnlyFans is an online content subscription service that allows content creators to charge for exclusive content, such as photos, videos, and live streams. The content creator sets the price for the subscription and receives money from those who pay for it.
How Will My Accountant Know?
The simple answer is that your accountant will know if you tell them. Since you have to report all income to the IRS, you must include your OnlyFans income as well. That means you will need to report it on your tax return. This includes both federal and state taxes. When you file your taxes, your accountant will see that you have received income from OnlyFans.
However, your accountant is not likely to ask you about your OnlyFans income unless you tell them. They are focused on the numbers and not the source of the income. If you do not tell them, it is unlikely that they will find out on their own. Of course, you should always be honest with your accountant about your income.
How Do I Report My OnlyFans Income?
When you report your OnlyFans income on your taxes, it is important to be accurate. Here is how to report your income:
• Your OnlyFans income should be listed as “Other Income” on your tax return.
• You will need to report any tips you receive from subscribers.
• You should also report any money you make from selling merchandise or subscriptions.
• You will need to calculate and report any expenses you incur related to your OnlyFans work.
• You may also be eligible for deductions if you are using your OnlyFans income to pay for certain expenses.
• Make sure to keep track of all your OnlyFans income and expenses throughout the year.
FAQs
1. Do I have to report my OnlyFans income to my accountant?
Yes, you must report all your income to your accountant, including your OnlyFans income.
2. How do I report my OnlyFans income?
Your OnlyFans income should be listed as “Other Income” on your tax return. You will also need to report any tips you receive, money you make from selling merchandise or subscriptions, and any expenses you incur related to your OnlyFans work.
3. Can my accountant find out about my OnlyFans work without me telling them?
It is unlikely that your accountant will find out about your OnlyFans work without you telling them. However, you should always be honest with your accountant about your income.
Conclusion
If you’re doing OnlyFans work, you might be wondering if your accountant will find out. The answer is that your accountant will know if you tell them. You must report all your income to your accountant, including your OnlyFans income. When you report your OnlyFans income on your taxes, make sure to be accurate and keep track of your income and expenses throughout the year.
