taxes...I don't know how to do adult things

[CutieHasBooty]

Hey ladies, I was just wondering If I could get some advice on taxes. Like obviously I know I have to pay them and I've been holding a third of my paychecks (does that sounds about right?). I mostly wanted to ask you ladies...and members who know about taxes what is tax deductible and what isn't how do tax deductibles work? thanks ahead of time

 

[Violet Dawn]

I think the easiest and safest way to do it is to pay someone to do it for you.

There's a guy named Taxxxguy. He'll ask you for your information, give you a sheet to fill out and will just do all that for you. He saved me tons.

 

[BiancaBaker]

I hired a CPA in my City- My best friend and I used to strip (when I was 18) but she danced way longer than I did and this tax guy did all the strippers taxes. He's freaking amazing and has been doing his job for 30 years and I love him.

 

[Blake Devine]

Pay your taxes quarterly, u will save money that way. Be sure to save all receipts for expenses towards camming (toys, clothes, etc). You can write off these as work related expenses EOY. Also save about 35% or less of income for taxes. Found this:
The schedule works out like this:

• For income received Jan. 1 through March 31, estimated tax is due April 15.
• For income received April 1 through May 31, estimated tax is due June 15.
• For income received June 1 through Aug. 31, estimated tax is due Sept. 15.
• And for income received Sept. 1 through Dec. 31, estimated tax is due Jan. 15

 

[BiancaBaker]

Pay your taxes quarterly, u will save money that way. Be sure to save all receipts for expenses towards camming (toys, clothes, etc). You can write off these as work related expenses EOY. Also save about 35% or less of income for taxes. Found this:
The schedule works out like this:

• For income received Jan. 1 through March 31, estimated tax is due April 15.
• For income received April 1 through May 31, estimated tax is due June 15.
• For income received June 1 through Aug. 31, estimated tax is due Sept. 15.
• And for income received Sept. 1 through Dec. 31, estimated tax is due Jan. 15

The only downfall paying quarterly is they take your net amount the previous year and guess (pretty much) for the year after so say one year I made 80k and the next year they rounded it to 60k (or whatever) and I got injured and didn't work for 6 months then I would be stuck paying taxes on 60k when I didn't make that for the year. My CPA advised against filing quarterly due to this reason. Especially since we are in an industry where we don't know what we are going to make. So just be careful and really research if you want to pay quarterly. Also you can put away for taxes each week based on what you make so say you make 1k a week you put away 30 percent (or so) for taxes. I do this but not weekly- I do it monthly since I only get paid once a month from c4s. So if I make 4k I put away 20 percent or so (because I have a child)

I would also advise to talk to a CPA about incorporating (making yourself an S corp) and saving on taxes- I'm unsure what the tax bracket is where they advise to do this- I did it once I made over 40k (which was the first year I became a cam model/clip maker)

 

[ThePrincessLuxy]

The only downfall paying quarterly is they take your net amount the previous year and guess (pretty much) for the year after so say one year I made 80k and the next year they rounded it to 60k (or whatever) and I got injured and didn't work for 6 months then I would be stuck paying taxes on 60k when I didn't make that for the year. My CPA advised against filing quarterly due to this reason. Especially since we are in an industry where we don't know what we are going to make. So just be careful and really research if you want to pay quarterly. Also you can put away for taxes each week based on what you make so say you make 1k a week you put away 30 percent (or so) for taxes. I do this but not weekly- I do it monthly since I only get paid once a month from c4s. So if I make 4k I put away 20 percent or so (because I have a child)

I would also advise to talk to a CPA about incorporating (making yourself an S corp) and saving on taxes- I'm unsure what the tax bracket is where they advise to do this- I did it once I made over 40k (which was the first year I became a cam model/clip maker)

Cam advises once you make 50k or more a year to incorporate

 

[Poppy01]

Been self employed for 5 years now. Best way is to get an accountant...that way you don't have to deal with tax people (they are scary!!).

I'm the UK so don't know if this applies over in different countries. I save ALL my receipts! Literally everything....make-up, hair, nails, phone bill, electric bill, my coffee...

You get an allowance of £11k in the year for your earnings (in the UK). £1 over your taxed 20% on that (so 20p to go to the tax people). So you earn £12,000 you will be taxed £200.00 on the £1000 you are over however if you can show you have spent £200 that is to do with your business in receipts you pay no tax or very little...

Your accountant will tell you what you can and can't claim ...I put in all my Asda (Walmart if in USA) receipts in and they got chucked out LOL...but my dog food didn't!!

XX

 

[CutieHasBooty]

Been self employed for 5 years now. Best way is to get an accountant...that way you don't have to deal with tax people (they are scary!!).

I'm the UK so don't know if this applies over in different countries. I save ALL my receipts! Literally everything....make-up, hair, nails, phone bill, electric bill, my coffee...

You get an allowance of £11k in the year for your earnings (in the UK). £1 over your taxed 20% on that (so 20p to go to the tax people). So you earn £12,000 you will be taxed £200.00 on the £1000 you are over however if you can show you have spent £200 that is to do with your business in receipts you pay no tax or very little...

Your accountant will tell you what you can and can't claim ...I put in all my Asda (Walmart if in USA) receipts in and they got chucked out LOL...but my dog food didn't!!

XX

This is very good to know! Now my boyfriend can't judge my Sephora visits

 

[Poppy01]

LOL!!! Nope he can't ! If you need any help just give me a shout xx.