Thank you for this useful info!! I love having specific algorithims to put into place, since I’m young and come from a family that I cannot trust with career and/or financial adviceI have read a few times, (cant remember where) that it is advisable to save 10% of your income to re-invest back into your business (aka lingerie, tech stuff)! This is what I plan to do! This might be more useful when you're just starting out and don't have a lot of toys/lingerie but as you build up a collection you might not need to do it as much!
Be careful with this bc there is a bit of a loophole. Technically if your average everyday person would buy it then in then its not suppose to be written off. For us ladies makeup and lingerie are great examples.... I do write off a portion of those purchases but I don't write off everything per the advice of my tax lady.Anything you buy that is used for camming or clips can be written off when you pay your taxes.
Same here-I don't buy new outfits specifically for camming very often at all. When I do, I usually get them for cheap at Wal-Mart or Target or online at wish.com. I've made more money sometimes in a hoodie and sweatpants with the hoodie just slightly unzipped to show some cleavage than when I'm dressed in sexy lingerie. It's mostly the freeloaders who ask "Why u so covered up bb?" lolI don't have a set budget, but I also don't find it necessary to buy new lingerie all that often. I started out just camming in tank tops and panties I already owned, and gradually added new things when I wanted to. I'll go anywhere between a month and a year between purchases.
You can't write off those briefs. I can't imagine cam models are a high priority for the IRS, so although everyone talks about writing this stuff off, it won't really ever come up, and most will get away with it. But if you COULD wear those briefs in real life (and you did! (even if you didn't)), you can't claim them. You can only claim costumes and costume makeup.Not necessarily budgeting, but a tip for those who don't know already: SAVE ALL RECEIPTS. Anything you buy that is used for camming or clips can be written off when you pay your taxes. This includes clothing (hell, I wrote off my gym briefs because I technically wear them in clips)! If you're savvy enough, you can even write off a percentage of your rent (sq footage), electric bills, and wifi. I'd save these gray-area things for an accountant, though.
Probably should have included that after the "savvy enough". This is certainly a gray area and everyone is right to be wary about it. I paid for a good accountant and do all my adult media through an LLC (legitimate, that is - not trying to imply here that it's anything but). An S-corp opens up a realm of possibilities and a nice reprieve from the good ol' IRS raping that is a 1099. Tax management is 50% of wealth management. I'd say the more you're willing to invest into good accounting, the more you go from "risky loophole" to verified write-off.You can't write off those briefs. I can't imagine cam models are a high priority for the IRS, so although everyone talks about writing this stuff off, it won't really ever come up, and most will get away with it. But if you COULD wear those briefs in real life (and you did! (even if you didn't)), you can't claim them. You can only claim costumes and costume makeup.
yep!Do any of you budget for pension savings? I think that is something that should be considered if you are camming full time.