Bookkeeping and Accounting for OnlyFans Creators

As an OnlyFans creator, you are considered a self-employed individual, so IRS allows you to deduct various business expenses on your taxes. This can include:

• Subscription expenses: The expenses for any subscriptions or services necessary to run your business.
• Equipment Costs: The equipment you purchase to produce content, such as cameras, laptops, lighting, props, etc. can also be deducted.
• Internet and Telephone Costs: A portion of your Internet and phone bill can likely be deducted if they are used for business purposes.
• Home Office Expenses: If you use a portion of your home specifically for creating content, you may be eligible to claim home office deductions.
• Travel Costs: If you travel for work purposes, such as to attend conventions or photo shoots, these can be deductible expenses.
• Training and Education: Costs incurred for improving your skills can be tax-deductible under certain conditions.
• Marketing and Advertising: If you spend any money advertising your OnlyFans page, these costs can typically be deducted.

Always consult with a professional to ensure you are correctly identifying and deducting your business expenses. As every situation is unique, what's deductible can vary greatly based on factors specific to your business.

Tracking income and expenses from your OnlyFans account is crucial for a clear and accurate financial record. Here are some steps to follow:

1. Income Tracking: Record revenue from every OnlyFans payout, taking note of all deposits made to your bank account.
2. Expense Tracking: Keep track of all business-related expenses—which can include advertising costs, production equipment, or travel expenses. Saving receipts is critical for this step.You can simplify this process by using an accounting software or hiring the services of a professional bookkeeper. At Bench Accounting, we offer expert bookkeeping services to help manage and organize your income and expenses for you, providing you with the financial clarity you need to grow your business success.

Yes, you'll typically need to collect certain forms from OnlyFans for effective bookkeeping. Usually, creators on the platform receive Form 1099 (either 1099-NEC or 1099-MISC). These tax documents display your annual earnings which are vital for filing your income tax returns. If OnlyFans has not provided you with tax documents, consider connecting with their support team or check your profile/account settings. It's always important to consult with a professional accountant to understand what specific documents you need for your personal tax situation.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.