Do I have to tax my $180 from only fans?
If it goes up to $550 one day, do I have to tax that?
I read that you don’t have to tax if it’s under $500, but I also read I don’t have to tax it if it’s under $400 or even under $1,000
I just don’t wanna mess up taxes just because I don’t know at what amount I should start to tax them lol
?
If you file a tax return, it all goes on there. If it is your only income, you must report and pay taxes once you hit $400 FOR THE YEAR.
Coffee Drinker
If you file a return for any reason then you must report all income. There is no minimum amount below which you can ignore it. $180 won't change your tax liability very much.
If you do not have any other income and are not filing a tax return for some other reason (such as to claim a stimulus payment) then you do not need to file a tax return just because of this income - the filing requirement for self employment income is $400
The anonymous answer is incorrect - they gave you the filing requirement for ordinary wages (W2 jobs) but income you earn on Onlyfans is self employment so the limit is $400 in revenue (before expenses) and you must file.
Judy
Limit is $400 a year. If you have to file for other reasons, you have to show if only $1.
Anonymous
Is not called "tax" it. You owe taxes on all income. Unless its below a certain amount in all. It was $12,200 in 2019.
https://money.usnews.com/money/personal-finance/taxes/articles/do-i-need-to-file-taxes#:~:text=You're%20not%20typically%20required%20to%20file%20taxes%20unless,2019%20minimum%20gross%20income%20required%20to%20file%20taxes:
CarVolunteer
You pay taxes on all income unless otherwise stated. This is income. If you have enough income to be required to file, you include it. If it is your only income, you don't have to file. The under $400 rule relates to self-employment. The money under $400 is taxable as above. If over $400 earned by self-employment you always have to report for self-employment tax purposes.