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Hi! I'm from Europe. Does anyone here declare taxes as an individual or LLC and can help me, telling me what's the procedure, what documents do you request from the websites etc? I'm on Only Fans, ManyVids, Loyal Fans, Paxum, Fansly.
I wanted to make a LLC to deduct some expenses etc and I swear everyone is clueless here because SW is so taboo. I've read so much, my head hurts. Most info are for USA/IRS and things are much simpler there. Out of 5 platforms, only 3 answered my e-mails after a few days of waiting and not even confirming if they can provide the documents I need.
Please tell me how do you do it? Do you invoice their cut to them? Do you just export a raport with your earnings? Do you simply declare the amounts from your bank account without data from the website behind it? I'm totally lost.
The accountant said that she has other clients who do this but then she told me that I'd have to issue an invoice to every person who bought something - which I've told her it's impossible since I only know their username given by the website. It would also mean hundreds of invoices monthly. Also, I'm a collaborator to the website, so my business is directly to MV/OF/LF/F/P etc and not to that person. Someone please help me with some info about how this works... and what documents are exchanged/what you give when you declare the taxes.
I have to talk with the accountant tomorrow and I have no clue what to ask her anymore or if I should continue making the LLC since at least one of the platforms can't even provide one of the documents she requested as mandatory.
Any help is appreciated. I've already read through the posts and comments. Thank you!
From just reading this I’d say get a different accountant. She clearly doesn’t know what she needs to know about SW/online content. Its indeed not possible to get invoices for every single transaction, my accountant has never asked for that (also because OF handles our VAT. We don’t have to do that ourselves https://only fans.com/help/3/120/129), and I have two LLC’s rn. Here you don’t need an LLC to write of expenses from your revenue, you can also have a ‘one man business’ or a ‘sole proprietorship’. Where I’m from having an LLC is only profitable if you make over a certain amount!
Edit: To answer one question you asked, we only showed my 2020/2021 tax returns. And the sales tax from the first two quarters from 2022. I don’t show any documents from the websites (OF/Fansly) to any tax authorities. They only see what’s being deposited into my bank accounts and that’s the income we do all the calculations with.
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Yes, I just added it like I had my personal account added. Just changed the account number and that’s it? Maybe I’m not understanding you correctly but changing the bank account is super easy on OF