Informative: Must You Really Claim OnlyFans Income on Michigan Taxes?

It's tax season in Michigan, again. And for many folks, filing taxes is a mundane annual task you just do and call it good.

Pay in or get a refund and move on.

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For more and more Michiganders, it's not that simple. Some are getting a rude awakening on some forms of "self-employment."

Does OnlyFans Automatically Take Out Taxes?

Content creators are sometimes surprised to learn a couple of things:

• OnlyFans doesn't withhold the usual taxes at the state and federal level because they're not an employer the creator works for, directly.
• OnlyFans tips, subscription fees and any endorsement income are not taxed.

This often startles creators. They don't think anyone at the state/federal level would know about their "side hustle" or extra-curricular activities.

Truth be told, OnlyFans is required to send a 1099 form to each creator stating how much they've earned.

When filing taxes, creators, like any other self-employed individual, are required to report all income.

How much money should OF creators set aside for taxes?

While we're not tax experts, the folks at "getfans.guide" suggest setting aside 20-30% of your OF income to pay taxes.

If you don't plan ahead and pay, the IRS won't waste any time coming after you for payment. They love to charge interest, too.

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If you or anyone you know needs to pay in, they're happy to establish a payment plan over time, but it won't be cheap.

So, enjoy making content... but remember, you're still paying taxes.