MFC TAX QUESTIONS: HELP!

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Feb 8, 2017
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okay so I'm new to MFC and probably only have been on the site for a month. I do not want this going through my parents at all so I chose to be paid my check, which I haven't received or cashed yet.

However, I've made more than 600 dollars which is when we start getting tax forms right? I've never done my own taxes and I'm in college and dependent. I really am not comfortable approaching my parents about this, or even a tax adviser honestly. However, I also heard that unless I've been on the site for a year- I won't get fined for not paying the taxes from my check or payments thus far. (Is this true? If I've only been on this site for like a month?)

Basically, I'm a bit scared of continuing camming in terms of job searches. I would like to cash my check that I get in the mail, delete my account, and call it a day without worrying about any forms or taxes. Is this realistic?
 
Feb 2, 2017
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I also have a question for anyone in the forum who has an accountant or lawyer.

if you formally incorporate your person as a business entity, can you deem your payouts to be 'revenue' and give yourself a 'salary' based off of that, in order to structure incomings into a steady 'income' tailored to offer you the best tax bracket. or do all payouts necessarily count as income/'profit' as of the week earned or week claimed as a payout, rather than mere 'revenue' in the business?

I know comedians like Maria Bamford have things set up to have a goal of doing a certain number of performances a month and to effectively pay herself a salary, rather than declaring her income as being a direct correlation to the revenue of shows performed.
 

JoleneBrody

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The main camming CPA is Taxxxguy on twitter. His website is taxxxguy.com and he is the best! His name is literally Cam. I was his first adult industry client years ago and can attest to his awesomeness.
 
Sep 15, 2010
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I also have a question for anyone in the forum who has an accountant or lawyer.

if you formally incorporate your person as a business entity, can you deem your payouts to be 'revenue' and give yourself a 'salary' based off of that, in order to structure incomings into a steady 'income' tailored to offer you the best tax bracket. or do all payouts necessarily count as income/'profit' as of the week earned or week claimed as a payout, rather than mere 'revenue' in the business?

I know comedians like Maria Bamford have things set up to have a goal of doing a certain number of performances a month and to effectively pay herself a salary, rather than declaring her income as being a direct correlation to the revenue of shows performed.
If that were a viable option, everyone would "incorporate their person". It mostly depends on your sources of income. If they all derive from your labour, you will probably run into problems.
 
Feb 2, 2017
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If that were a viable option, everyone would "incorporate their person"
that's like saying 'if exercise made people fitter, no one would be out of shape'. just because it works doesn't mean everyone is going to do it.
 

JoleneBrody

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I would just like to throw in here that I am an S-corp and I pay myself a salary. It's not the right setup for every cammer but it is for many and worth talking to a specialist about.
 
Feb 2, 2017
856
425
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New Zealand
I would just like to throw in here that I am an S-corp and I pay myself a salary. It's not the right setup for every cammer but it is for many and worth talking to a specialist about.
if you're comfortable talking business/finances, could you tell me here or in PM a few things?

why S-corp over LLC or C-corp?
what is the fee for registering as a corporation? and are there ongoing costs?
what's the value of the deductibles you can make (100% of their cost spent with revenue subtracted from income?)
what else should people know about it (pros and cons). like health insurance, I'm sure it's possibly valuable and possibly a waste of money, depending on your needs.
 

JoleneBrody

AdultIndieProductions.com
Cam Model
V.I.P. AmberLander
Industry Representative
Nov 3, 2010
10,987
65,961
1,793
33
Coolsville, USA... Earth.
profiles.myfreecams.com
Twitter Username
@jolene_brody
Tumblr Username
jolenebrody
MFC Username
jolenebrody
ManyVids URL
https://www.manyvids.com/Profile/303895/JoleneBrody/
if you're comfortable talking business/finances, could you tell me here or in PM a few things?

why S-corp over LLC or C-corp?
what is the fee for registering as a corporation? and are there ongoing costs?
what's the value of the deductibles you can make (100% of their cost spent with revenue subtracted from income?)
what else should people know about it (pros and cons). like health insurance, I'm sure it's possibly valuable and possibly a waste of money, depending on your needs.
Talking to Taxxxguy would be a better idea. He can actually answer these questions from a place of full knowledge.
 
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