It’s official: OnlyFans is an absolute money-making machine with an incredible profit margin for a company with only 350 employees. Bloomberg reports that the social media site, which started as a forum for adult performers to sell content, is now looked at as the darling of emerging tech companies based on the financial numbers.
According to Bloomberg, OnlyFans will finish 2020 with the following financials:
• $400 million in revenue
• $300 million in profit
The $300 million in profits will be “before accounting for expenses like income taxes, amortization and depreciation.” For perspective, DoorDash went public in November and recorded $885 million in revenue during 2019 with a $667 million loss. Again, that’s a LOSS.
Earlier this month, Bloomberg called OnlyFans a “Billion-Dollar Media Giant Hiding in Plain Sight.”
If you’re just starting out and you don’t know the first thing about taxes, the most important things to understand:
• You WILL have to pay taxes as an OnlyFans model
• You WILL have to do this yourself (or hire a professional)
• OnlyFans does NOT withdraw taxes from your pay
• Save 20-30% of your earnings to cover your tax bill
• Save ALL receipts, both offline and online
• OnlyFans counts as self-employment
Good luck!
BOSSED Enterprises, LLC - Bookkeeping, Payroll, Tax Prep, Tax Planning - 813-252-0352