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Avoid paying high taxes by creating an LLC???

Discussion in 'Ask-a-Model!' started by kupido, Jul 6, 2018.

?

Is it smart for a newbie cammer to create an LLC if she plans to do it for the long run?

  1. yes

    50.0%
  2. no

    50.0%
  3. it depends.....(please say how and why in post)

    0 vote(s)
    0.0%
  1. kupido

    Joined:
    Aug 20, 2017
    Messages:
    55
    My first year of camming was last year and WOW the taxes for a self employed cam model is so VERY$$!!
    Has anyone here created an LLC to avoid paying such high taxes? and how exactly do you go about paying yourself when you are an independent single owner LLC? Is it smart to create an LLC asap to avoid paying High taxes, or is there a point where it would be wise to do so? I have heard of this from other amateur models and porn creators...but ive heard many mixed information. I haven't yet tried to seek out more information on it until now. The internet doesn't have much advice and info on how to be an LLCs as a cam girl. I also wanted to know about how much money would being an LLC save you, if say you make an avg of 50k / yr. Or would it be best to just continue and pay quarterly taxes? For my taxes last year I ended up paying over 7k in taxes. I know this might not seem high for some, but for me it is.. Trying to see if I can save money here. Any advice and help would be appreciated!

    =/ Yours Truly, Kupid.
     
  2. ElaySmith

    Cam Model

    Joined:
    Dec 20, 2010
    Messages:
    2,382
    Talk to a tax professional and they will help determine if setting up an LLC will be beneficial for you. It really depends on how much you are making and your long term goals not to mention where you live. Even if you create and LLC you will more than likely still pay quarterly taxes... its not a get out of jail free card. You will just open yourself up to a few more tax breaks along the way.

    As far as payroll when you create a LLC you are creating a business. You should have a business bank account where all of your checks/deposits from the various websites you work are deposited to that business account. From that account you will write yourself a payroll check. That payroll check will be subject to taxes/social security etc etc just like any other payroll check form any other business- This is part of the reason that creating a LLC is beneficial to a small business owner and where a lot of your tax benefits will come from. Paying in small amounts through out the year is so much easier than making a big lump sum payment at the end of the year.

    On top of this you will want to save receipts for deductions. Toys, lingerie, webcams, computers, lighting, a portion of your rent/mortgage/electric/internet can all be written off as deductions on your taxes. It really worth it to use a tax professional if at all possible. The amount you pay them is worth the loopholes and peace of mind they provide.
     
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  3. kupido

    Joined:
    Aug 20, 2017
    Messages:
    55
    Very informative. Thanks Smith
     

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