Tax Season is Here: Key Deadlines & Tips for Cam and OnlyFans Models
Tax season is upon us, and if you're a cam model or OnlyFans creator, staying on top of your tax obligations is crucial to avoid penalties and maximize any possible deductions. As an independent contractor, you are responsible for filing your own taxes, which means tracking income, paying estimated taxes, and filing your return on time.
Here's what you need to know for the 2024 tax season:
Deadlines
January 31, 2025 – If you've earned income from platforms like OnlyFans, Fansly, Chaturbate, or other cam modeling platforms, you should have received your 1099-NEC or 1099-K from them by this date. If you earned over $600 from any single platform, they are required to send you this form.
April 15, 2025 – Tax Day! – This is the deadline for filing your federal tax return. If you're unable to file on time, you can request an extension to October 15, but remember, an extension to file is NOT an extension to pay.
April 15, June 17, September 16, January 15 – These are the estimated quarterly tax payment deadlines. If you expect to owe over $1,000 in taxes, you're required to pay quarterly to avoid penalties.
What to Do Right Now
Gather Your Income Forms – Your 1099-NEC or 1099-K forms will list what you earned from each platform. Also, remember to track any income received via Cash App, Venmo, PayPal, or direct deposits. Even if you don't receive a 1099, you still have to report all income.
Organize Your Deductions – You can reduce your taxable income by deducting expenses related to your work. This might include things like cameras, computers, lighting, costumes, props, home office expenses, platform fees, videography or photography services, marketing and advertising, and business travel expenses.
Make Estimated Tax Payments – If you haven't been paying estimated taxes throughout the year, make sure you pay by April 15 to cover any tax liability and avoid penalties.
Common Mistakes to Avoid
Forgetting to Report All Income – Even if you don't receive a 1099 form, you still have to report what you earned.
Not Keeping Receipts – If you claim deductions but don't have records to support them, you could run into trouble if you're audited. Keep digital or physical copies of all receipts.
Mixing Personal & Business Finances – Open a separate bank account for your business income and expenses to make tax time easier.
Skipping Quarterly Payments – Failing to make estimated tax payments can lead to hefty penalties if you owe a significant amount in taxes each year.
Need Help?
Since 2015, Camgirl CPA has helped Cam models and OnlyFans creators navigate their taxes, maximize deductions, and avoid costly mistakes. Contact us today to stay on track for tax season and ensure you're ready to file by April 15.
