Income Threshold for Filing Taxes: What You Should Know

If you’re making money on OnlyFans, even just a little, you might be wondering if you really have to file a tax return. A lot of creators think they don’t need to worry about taxes unless they hit a certain number. But here’s the thing: the income threshold for filing taxes isn’t the same for everyone. And if your income is from self-employment, like OnlyFans, the bar is actually pretty low. So, before you skip filing, it’s important to know where you stand because not filing when you should can lead to missed refunds or even penalties later on.

Why Knowing the Income Threshold Matters

The IRS sets specific income thresholds based on your filing status, age, and type of income. Even if you made less than the threshold, you might still want to file to get a tax refund or claim credits like the child tax credit or other refundable tax credits. Failing to file can mean missing out on money you’re owed or getting penalized later.

If your onlyfans income is considered self-employment income, your threshold could be much lower than someone with a regular W-2 job. You also have more tax responsibilities, such as tracking expenses, deductions, and estimated tax payments.

The bottom line is that knowing whether you need to file is the first step in staying on top of your tax compliance.

Filing Thresholds by Status and Age (2024 Tax Year)

The IRS updates these every year to keep up with inflation. Here’s the breakdown for 2024:

(See the chart displayed above for the full breakdown by filing status, age, and income threshold.)

A few key notes:

• Married Filing Separately has a much lower threshold, just $5. If you’re married and one spouse files alone, you’re almost always required to file.
• If you’re self-employed and make at least $400 in net income, you must file, even if that’s under the standard thresholds.

This is why it’s so important to know your filing status. It affects everything, what you can deduct, what tax credits you qualify for, and when you’re legally required to file.

Standard Deduction and Its Impact on Filing

The standard deduction is the amount of income the IRS lets you earn tax-free. If your total income is under that amount, you might think you don’t have to file.

But here’s where it gets tricky. Some people choose to itemize deductions instead. That only makes sense if your eligible deductions are more than the standard amount. For 2024, the standard deductions are:

• Single: $14,600
• Married Filing Jointly: $29,200
• Head of Household: $21,900

If you’re unsure, most content creators should stick to the standard deduction unless you’ve had big medical bills, mortgage interest, or major charitable donations.

Rules for Self-Employed Creators (Including OnlyFans Income)

This part matters most if you’re earning OnlyFans income. The IRS sees it as business income, not just a side hustle. That means you’re self-employed, and different rules apply.

If your net income is $400 or more, you are required to file a federal tax return. That applies even if your total gross income is under the standard filing thresholds.

Here’s why:

• You owe self-employment taxes on your earnings (this covers Social Security and Medicare).
• You may need to pay estimated tax payments quarterly.
• You’re eligible to deduct expenses like Wi-Fi, phone bills, props, content creation gear, and even your home office.
• You can also claim tax write-offs, but only if you track and report them properly.

Don’t skip filing just because you didn’t make six figures. The IRS expects returns from anyone with self-employed earnings above $400.

Do You Have to File If You’re a Dependent?

Some OnlyFans creators under 24 might still be claimed as dependents on a parent’s return. That adds a layer of confusion. Here’s the breakdown.

Dependents must file a tax return if:

• They have unearned income (like investments or gifts) over $1,300
• They have earned income (like job or content income) over $14,600
• Their combined earned and unearned income is more than the standard deduction for singles

If you’re under someone else’s care but making money online, especially on platforms like OnlyFans, you might still need to file. Always check your income type, not just your age.

Other Reasons You Might Need to File Anyway

Even if your income is below the threshold, there are many situations where filing makes sense or is required.

You should file if:

• Taxes were withheld from your paycheck or 1099s, and you might get a refund
• You qualify for a refundable tax credit like the earned income credit, child tax credit, or education credits
• You owe self-employment taxes or additional taxes, like the uncollected Social Security from tips or income not reported by your employer
• You received group term life insurance over a certain amount from work
• You received Social Security and other taxable income
• You took out large loan amounts (like student loans) and want to file to access repayment or forgiveness programs

It’s not just about meeting the threshold; it’s about what else happened during your tax year.

Federal Resources and Tools to Help You File

Don’t guess your way through tax season. Use these official tools:

• IRS Free File: Lets you file for free if you make under a certain income
• IRS Interactive Tax Assistant: Helps you figure out if you need to file
• Tax Form Finder: Access all official forms for your federal tax return
• IRS Tax Withholding Estimator: Helps you avoid surprise tax bills

And if all this still feels overwhelming, you can always work with a tax professional who understands OnlyFans taxes, like us.

FAQs

What is the income threshold for self-employed creators?

If you have at least $400 in net self-employment income, you must file a return, even if you don’t owe anything.

Do I need to file a federal tax return if I earned under the limit?

Maybe. If you’re self-employed, or had taxes withheld, or qualify for refundable credits, it’s usually a smart move to file.

Can I get a tax refund if I didn’t meet the filing threshold?

Yes. If your employer withheld taxes or you qualify for credits, you can file and get your money back.

How do standard deductions change my filing responsibilities?

If your gross income is higher than your filing status’s standard deduction, you generally have to file. But self-employment rules override this, so check both.

Conclusion

The income threshold for filing taxes depends on your age, filing status, and how you earn your income. For OnlyFans creators, the $400 self-employment rule is the key number to remember. Even if you don’t meet the general threshold, you might still need, or want, to file.

Filing helps you stay compliant with federal tax laws, claim refunds, and avoid surprises down the road. If you’re not sure what to do, that’s where we come in.

At The OnlyFans Accountant, we help creators like you stay ahead of tax deadlines, file smart, and protect your money. Need help figuring out your filing threshold or claiming tax write-offs? Want to learn how to maximize deductions, track expenses like a pro, save more, and navigate tax season like a boss? Get your FREE copy of our eBook.

Let’s talk. We make taxes simple, so you can focus on creating.