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I am starting to keep record of all my income from OnlyFans, as I just found out I have to make quarterly payments. Luckily, I haven't been doing it for very long so there's not too much work built up. One thing I'm not sure about - OnlyFans takes out 20% of every transaction. Do I still count that fee as part of my income? For example, if I get a $20 tip, OF takes out $4, making my net income $16. For tax purposes, do I report $20 or $16? And if I report $20, would it make sense to count the $4 fee as an expense? TIA!
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