Traxx Accounting

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OnlyFans Creators Business Set Up and Tax Filing Tips:

For those of you that may have never heard of it, OnlyFans is a social media platform that allows content creators to share video and other content behind a paywall. The use of OnlyFans has increased dramatically during the lockdown.

Subscribers to OnlyFans creators can pay them directly, but most times they pay their subscription fees directly to OnlyFans. OnlyFans retains a % for those fees, and sends the OnlyFans creators the net amount.

If you’re an OnlyFans creator, that means that you are in business for yourself.

You are NOT an employee of OnlyFans, you are a sole proprietor running your own business. This is extremely important to realize for many reasons. You will not receive a W2 at the end of the year. You will receive a 1099NEC form that reflects the total amount OnlyFans paid you during the year in box 1.

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If you’re like us, you probably never want to think about 2020 again. But there is one lingering ghost from last year that you need to get rid of before you can truly move on for good—and that’s your 2020 taxes.

Tax Deadline Is today.
OCT 15th 2020

Don’t blow off filing just because you can’t pay the bill. The IRS offers installment plans if you can’t pay your taxes.

Last day to file your taxes, feel free to reach out to us.

Don’t forget your tax deadline is July 15th 2020. Besides the April 15 estimated tax payment previously extended, the notice also extends relief to estimated tax payments due June 15, 2020. This means that any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, and before July 15, 2020, can wait until July 15 to make that payment, without penalty.

"IF YOU FILED FOR UNEMPLOYMENT PLEASE READ"

Unemployment Tip : Your Unemployment Income Is Taxable
Did you know that unemployment benefits are subject to both federal and—depending on where you live—state taxes? (California does not tax unemployment insurance benefits, however.) That’s an important fact to keep in mind so that you stay within your budget and aren’t surprised by a larger-than-expected tax bill in April.

You must report and pay taxes on any kind of unemployment income, including both state and federally funded benefits.

If you request it, the federal government will withhold 10 percent of your unemployment income toward your taxes. This is worth considering, since it will help prevent you from spending money that should be set aside for taxes. It will also allow you to avoid the paperwork involved in determining and paying quarterly estimated taxes on your unemployment income.

Traxx Accounting

Taxpayers and businesses will have until July 15, 2020 to pay their taxes this year, but the filing deadline is still April 15, for now.

2020 Tax Season Payment Deadline Extended to July 15 as Nation Fights Coronavirus - IRS News Taxpayers and businesses will have until July 15, 2020 to pay their taxes this year, but the filing deadline is still April 15, for now. The change was announced on Tuesday afternoon, by Treasury Secretary Steven Mnuchin ...

*Barbers* here are a few tips when you file your TAXES.

Tax refund

** = Returns with EITC or CTC may have refunds delayed until late February to verify credits.

*** = Filing during peak season can result in slightly longer waits

Know what and when to expense.

For travel advisors and agency owners, knowing what to expense is important. From fam trips researching new destination offerings, to furniture and equipment for your small business, deducting business expenses is key to managing your affairs while still staying profitable. But knowing what and how much to expense is essential to keeping the IRS off your back.