Hi! I recently made an onlyfans and have made some purchases to make content, i filled out a W9, I’m wondering what is considered a tax write off in the adult industry and what the limitations are
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You can report this in Turbo Tax self-employed. Here you will describe your business,declare income and expenses. i am not sure if the IRS has guidelines for the adult industry but any reasonable expense will be justified. To prepare a Turbo Tax self-employment return:
Please use the following steps as outlined in this Turbo Tax link , to enter your income and expenses for your business.. For clarification, i have added some additional steps.
You may deduct all expenses that are ordinary and necessary.
For the Meaning of Ordinary and Necessary Expenses, see: http://www.cpa-connecticut.com/ordinary-and-necessary.html
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