So you’ve signed up as an Fansly creator, and now you’re being asked to fill out something called Form W-9. We’re here to explain it for you and help you accurately complete and submit this tax form.
Contents
What is Form W-9?
Form W-9 is an IRS tax form that is requested by entities who must prepare and file any combination of US tax information returns with the IRS. Form W-9 is similar to a questionnaire and provides the entity (ie. Fansly) with sufficient information to prepare tax forms for the freelancer or contractor (you!).
What Information is Provided on Form W-9?
Form W-9 collects essential information necessary for a payer entity to prepare correct tax forms for contractors, including:
Name
Business name (if applicable)
Address
Taxpayer identification number (TIN)
Tax classification of contractor
Any tax exemptions applicable
How to Complete Form W-9 For Fansly
When you become a creator on Fansly, you will need to complete Form W-9, which provides Fansly the information necessary to pay you and provide tax documents at the end of the year (ie. Form 1099-K). As a sole proprietor, you would fill this form out as yourself in your personal capacity. You will not receive a Form W-2 as a Fansly creator, as you are deemed to be a contractor and not an employee for tax purposes.
You can submit your Form W-9 by navigating to yourCreator Dashboard,expand the list by clickingMore, then selectTax Documentation.
Box 1: Name – this would be your first and last name on file with the IRS
Box 2: Business name – this would be left blank in most cases for sole proprietors
For your Fansly W9, business name is left blank for most people.
Box 3: Federal tax classification – you would check off the first option, “Individual/sole proprietor or single-member LLC”
Box 4: Tax exemptions – leave this blank
Box 5 & 6: Address – complete this with your address
Part I: Taxpayer Identification Number (TIN) – yoursocial security number (SSN)will serve as your identification number – you do not need to obtain anemployer identification number (EIN)as a sole proprietor
Part II: Certification – read and agree to the certification and attach your e-signature once done
Scroll all the way down and click “Send“.
How do OnlyFans creators pay taxes? See our U.S. Tax Guide
Frequently Asked Questions
Do Fansly creators have to pay taxes?
Yes, Fansly creators have to pay taxes on all income associated with being a creator. Income attributable to an Fansly business may include subscription revenues, pay-per-view sales, and tips.
Does Fansly provide W2s?
No, Fansly does not provide W2s. Your earnings on Fansly are considered business income. Fansly is not considered your employer and is therefore not required to provide you a W2 form.
Fansly will provide you with a 1099-Kif they’ve paid you over $20,000 in the calendar year. They will email this form in the month of January following the completion of the prior calendar year. Ensure that you save this tax form for tax preparation as the IRS will also have a copy and will expect you to report this income on your tax return!
Is being a Fansly creator considered a business?
Yes, being a Fansly creator is considered a business venture. As a Fansly creator, you are deemed to be carrying on a business in the eyes of the Internal Revenue Service (IRS). Therefore, you must report all earnings associated with your Fansly business as gross business income. You are then entitled to various deductions to bring down your overall net income for business purposes. Most creators are deemed to be a sole proprietor unless they otherwise incorporate or set up a different legal structure for their business. As a sole proprietor, you would generally be deemed to earn self-employment income. Self-employment income is taxed under U.S. tax law similar to employment income. However, a sole proprietor may claim deductions for business expenses, generally not available to employees.
Can I write-off expenses against my Fansly income?
Yes, you are also entitled to take deductions against your Fansly income, to reduce the overall amount of taxes that you’d need to pay. Learn more: Common Tax Write-Offs for OnlyFans Creators
Will the 1099-K that Fansly sends me, say “Fansly” anywhere on it?
No, the 1099-K will be issued by a company called “Select Media LLC”.
Do I need an EIN for Fansly?
No, you don’t need an EIN (employer identification number) for Fansly. You can simply use your SSN (social security number) as your tax identifier.
Do I need a model release form when I collaborate on Fansly?
Yes, if you feature other creators in your Fansly videos or images, you will need to obtain a signed model release form before posting that content. Learn more: How To Get OnlyFans Model Release Form
Does Fansly withhold taxes from payments?
No. Fansly does not withhold any taxes from your funds earned on the platform.
The W-9 is an IRS mandated form most commonly used by U.S. taxpayers when working as a freelancer or an independent contractor. Fansly is legally required to report all creators that earn more than $20,000 in most states to the IRS. Therefore, it is important for creators to submit their tax documentation.
For Fansly creators, it's the 1099-K, Schedule C, Schedule SE and Form 1040-ES. 1099-K: This form outlines your gross revenue from the platform. Schedule C: This form reports 1099 income and business deductions. Form 1040-ES: This form is used to pay estimated taxes.
You can still fill out a W-9 form. The IRS says you should apply for your number and write "applied for" in the space for the TIN. You'll want to get this number as quickly as possible because, until you do, you'll be subject to backup withholding. 16 You can apply for an EIN at the IRS website.
Filling out a W-9 form isn't difficult since it only requires a few pieces of basic information. You will usually submit a W-9 form when you receive payments for services you provide as an independent contractor, pay interest on your mortgage or even contribute money to your IRA account.
Fansly does not issue form W2 to its creators. Form 1099-K is used by credit card companies and third-party processors to report the payment transactions they process for retailers or other third parties. Form 1099-MISC is generally used to report payments made directly to independent contractors.
In addition, you're required to report your earnings from OnlyFans to the Internal Revenue Service (IRS). OnlyFans will send you a Form 1099, which reports your earnings for the year if you make more than $600.
The IRS considers all income taxable, regardless of how it is earned. This means that if you earn money from OnlyFans, you must report it on your tax return. Failure to file a tax return or report income to the IRS can have serious consequences.
Unlike OnlyFans, which forces creators to handle physical item purchases off-site, Fansly lets them do it right on the platform. Although OnlyFans takes a 20%, Fansly takes a much smaller cut of 15%. Both sites let creators accept one-time tips and sell pay-per-view content.
Fansly pays out earnings every Tuesday and Friday. So, if you request a payout on Monday, you will receive your payment on Friday. Or if requested Wednesday, it would pay out the following Tuesday. Fansly takes a 20% platform fee, so you receive 80% of your earnings directly.
But, the question still lurked in everyone's mind as to the creators of the Website and Who Created Fansly was the raging question. The actual creator is still unknown, but all we know is Fansly belongs to a company called Select Media LLC, whose parent organization is Jim Pattison Group and President Linda Keating.
A sole proprietor is someone who owns an unincorporated business by themselves. If you are the sole member of a domestic limited liability company (LLC) and elect to treat the LLC as a corporation, you are not a sole proprietor.
A requester is anyone required to file an information return. A payee is anyone required to provide a taxpayer identification number (TIN) to the requester. A payee is the holder of the account except if there is a QI, or a foreign person acting as agent or intermediary for a payment.
Introduction: My name is Allyn Kozey, I am a outstanding, colorful, adventurous, encouraging, zealous, tender, helpful person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
