taxes?????

[purelove]

i need some help to understand this tax stuff a little more.. can someone explain how this works???? will i get a letter in the mail? i have made 20,500 this year so idk if ill get anything back i have 3 dependents too and i dont own my own home... so can someone help me understand??? thanks!

 

[LacieLaPlante]

You definitely won't get anything back, you'll have to pay ~ 30% (minus deductions) of what you earned this year.

My suggestion, if you don't know what you are doing, is to consult an accountant or you may find yourself audited in a few years.

If you don't have the money, don't panic. You've got a few months to save and you can do installments and pay it back over the next year. However - you cant do this two years in a row (as far as I know) so I'd get saving for next year.

 

[HiGirlsRHot]

If the $20,500 you earned from Camming is your sole source of income and you have 3 dependents all children you shouldn't owe any Federal Income tax. In fact you should qualify for an Earned Income Tax credit and possibly a refundable child tax credit.

You will however owe payroll (social security and medicare tax) equal to 13.3% of the $20,500= ~$2726, which should have been paid quarterly, but if this your first time filing income generally there isn't a penalty. Next year this amount goes up to 15.3% of your earnings.

Here are several good starting points.
Turbotax.com provides a free tax program for people with simple returns and income under $50K. When I ran your number should you be getting several thousand dollars in refund.

In addition, I highly recommend calling the Volunteer Income Tax Assistance hotline at 1-800-906-9887. Trained volunteers (often retired CPAs, IRS agents) provide help with taxes for low income people free of charge.

http://www.irs.gov/Individuals/Free-Tax-Return-Preparation-for-You-by-Volunteers

 

[curvyredhead]

If the $20,500 you earned from Camming is your sole source of income and you have 3 dependents all children you shouldn't owe any Federal Income tax. In fact you should qualify for an Earned Income Tax credit and possibly a refundable child tax credit.

You will however owe payroll (social security and medicare tax) equal to 13.3% of the $20,500= ~$2726, which should have been paid quarterly, but if this your first time filing income generally there isn't a penalty. Next year this amount goes up to 15.3% of your earnings.

Here are several good starting points.
Turbotax.com provides a free tax program for people with simple returns and income under $50K. When I ran your number should you be getting several thousand dollars in refund.

In addition, I highly recommend calling the Volunteer Income Tax Assistance hotline at 1-800-906-9887. Trained volunteers (often retired CPAs, IRS agents) provide help with taxes for low income people free of charge.

http://www.irs.gov/Individuals/Free-Tax-Return-Preparation-for-You-by-Volunteers

Perhaps I am missing something.

How would she (or any of us) be getting a refund, is this is our sol income?

I understand dependents...but, you can't get back what you didn't put in. For example. You could have 4 billion children..but if someone did not work that year--they would not get back money in taxes, because they did not pay any.
There are a ton of other government programs that they/she might qualify for...tons of public assistance. But, as far as taxes go, I don't see how someone would get "several thousand dollars in refund" if no money was put in to refund....
I am also sure that having children will greatly reduce what you might have to give back. I know personally I am able to reduce it to only SS and medicare.

Perhaps I am missing something..please let me know if I am wrong.

Either way I agree with both people above in seeking out assistance. Even if it's online program. It/they will help you seak out all the deductibles you can possibly find, and will give you a better understanding on how it works in general for the next year to come.

 

[JoleneBrody]

Consult a tax professional.
Seriously, that is the only piece of advice that you should be given. Also, since this thread is in the public section a lot of girls aren't going to want to discuss things to in-depth.

There is a tax thread within the Models only section. I suggest you read over that thread to at least get a semi better understanding and then find a professional to help you.
viewtopic.php?f=35&t=5365&hilit=taxes

 

[MissHollyJade]

If the $20,500 you earned from Camming is your sole source of income and you have 3 dependents all children you shouldn't owe any Federal Income tax. In fact you should qualify for an Earned Income Tax credit and possibly a refundable child tax credit.

You will however owe payroll (social security and medicare tax) equal to 13.3% of the $20,500= ~$2726, which should have been paid quarterly, but if this your first time filing income generally there isn't a penalty. Next year this amount goes up to 15.3% of your earnings.

Here are several good starting points.
Turbotax.com provides a free tax program for people with simple returns and income under $50K. When I ran your number should you be getting several thousand dollars in refund.

In addition, I highly recommend calling the Volunteer Income Tax Assistance hotline at 1-800-906-9887. Trained volunteers (often retired CPAs, IRS agents) provide help with taxes for low income people free of charge.

http://www.irs.gov/Individuals/Free-Tax-Return-Preparation-for-You-by-Volunteers

Perhaps I am missing something.

How would she (or any of us) be getting a refund, is this is our sol income?

I understand dependents...but, you can't get back what you didn't put in. For example. You could have 4 billion children..but if someone did not work that year--they would not get back money in taxes, because they did not pay any.
There are a ton of other government programs that they/she might qualify for...tons of public assistance. But, as far as taxes go, I don't see how someone would get "several thousand dollars in refund" if no money was put in to refund....
I am also sure that having children will greatly reduce what you might have to give back. I know personally I am able to reduce it to only SS and medicare.

Perhaps I am missing something..please let me know if I am wrong.

Either way I agree with both people above in seeking out assistance. Even if it's online program. It/they will help you seak out all the deductibles you can possibly find, and will give you a better understanding on how it works in general for the next year to come.

Even though she didn't pay anything in, doesn't mean she can't get a refund. When you have dependents, if you fall in a certain tax bracket, you will get money back at the end of the year.
I have 4 kids and will be gettin back around 4k this year, just like every other year even though I don't pay any taxes in. If you make enough money that you don't qualify for the earned income credit (which I believe is a little over 30k) then of course you will owe money.

 

[HiGirlsRHot]

If the $20,500 you earned from Camming is your sole source of income and you have 3 dependents all children you shouldn't owe any Federal Income tax. In fact you should qualify for an Earned Income Tax credit and possibly a refundable child tax credit.

You will however owe payroll (social security and medicare tax) equal to 13.3% of the $20,500= ~$2726, which should have been paid quarterly, but if this your first time filing income generally there isn't a penalty. Next year this amount goes up to 15.3% of your earnings.

Here are several good starting points.
Turbotax.com provides a free tax program for people with simple returns and income under $50K. When I ran your number should you be getting several thousand dollars in refund.

In addition, I highly recommend calling the Volunteer Income Tax Assistance hotline at 1-800-906-9887. Trained volunteers (often retired CPAs, IRS agents) provide help with taxes for low income people free of charge.

http://www.irs.gov/Individuals/Free-Tax-Return-Preparation-for-You-by-Volunteers

Perhaps I am missing something.

How would she (or any of us) be getting a refund, is this is our sol income?

I understand dependents...but, you can't get back what you didn't put in. For example. You could have 4 billion children..but if someone did not work that year--they would not get back money in taxes, because they did not pay any.
There are a ton of other government programs that they/she might qualify for...tons of public assistance. But, as far as taxes go, I don't see how someone would get "several thousand dollars in refund" if no money was put in to refund....
I am also sure that having children will greatly reduce what you might have to give back. I know personally I am able to reduce it to only SS and medicare.

Perhaps I am missing something..please let me know if I am wrong.

Either way I agree with both people above in seeking out assistance. Even if it's online program. It/they will help you seak out all the deductibles you can possibly find, and will give you a better understanding on how it works in general for the next year to come.

As this thread demonstrates knowledge of the Earned Income Tax credit isn't very widespread. "The United States federal earned income tax credit or earned income credit (EITC or EIC) is a refundable tax credit for low- and medium-income individuals and couples, primarily for those who have qualifying children. When the credit exceeds the amount of taxes owed, it results in a tax refund to those who qualify and claim the credit. This is what makes the credit refundable. This tax credit is provided, in part, to offset the burden of social security taxes and to maintain an incentive to work.[1]" The wiki provides a detailed explanation http://en.wikipedia.org/wiki/Earned_income_tax_credit.

But essentially if you have 3 kids you can get a check from Uncle Sam for of up to $5,891, the amount is reduced gradually if you earn more than ~$17,000 and is phased out completely if you make over ~45K.
The IRS ETC home page is here

In addition, you get a $1,000 tax credit for each child, for low income people in many cases this is also refundable increasing the size of the check.

While nothing is wrong with going to accountant. I personally think is it overkill spend a couple hundred to hire an accountant to do your taxes if you only made $20K. Before doing so I'd check out the free resources I mentioned above. I'd especially recommend calling the VITA program hotline. I know several people who have volunteered and they are very knowledgeable about taxes, and probably know more than typical seasonal HR Block preparer. Certainly in the case of the male volunteer, after day of helping the old, and homeless folks, I am sure they'd be eager to help a pretty cam girl like the OP and explain the basics of how taxes work. :-D Thus enabling her to use a free program like turbo tax online next year.

Now if she was making 50K+,than going to CPA is possibly money well spent. Although I should point for anybody using a professional tax preparer. You need to mentioned to them the IRS has changed the rules in 2012 on deductibility of things like costume, makeup and sex toys and ask them to review the changes.

 

[PlayboyMegan]

If the $20,500 you earned from Camming is your sole source of income and you have 3 dependents all children you shouldn't owe any Federal Income tax. In fact you should qualify for an Earned Income Tax credit and possibly a refundable child tax credit.

You will however owe payroll (social security and medicare tax) equal to 13.3% of the $20,500= ~$2726, which should have been paid quarterly, but if this your first time filing income generally there isn't a penalty. Next year this amount goes up to 15.3% of your earnings.

Here are several good starting points.
Turbotax.com provides a free tax program for people with simple returns and income under $50K. When I ran your number should you be getting several thousand dollars in refund.

In addition, I highly recommend calling the Volunteer Income Tax Assistance hotline at 1-800-906-9887. Trained volunteers (often retired CPAs, IRS agents) provide help with taxes for low income people free of charge.

http://www.irs.gov/Individuals/Free-Tax-Return-Preparation-for-You-by-Volunteers

Perhaps I am missing something.

How would she (or any of us) be getting a refund, is this is our sol income?

I understand dependents...but, you can't get back what you didn't put in. For example. You could have 4 billion children..but if someone did not work that year--they would not get back money in taxes, because they did not pay any.
There are a ton of other government programs that they/she might qualify for...tons of public assistance. But, as far as taxes go, I don't see how someone would get "several thousand dollars in refund" if no money was put in to refund....
I am also sure that having children will greatly reduce what you might have to give back. I know personally I am able to reduce it to only SS and medicare.

Perhaps I am missing something..please let me know if I am wrong.

Either way I agree with both people above in seeking out assistance. Even if it's online program. It/they will help you seak out all the deductibles you can possibly find, and will give you a better understanding on how it works in general for the next year to come.

Even though she didn't pay anything in, doesn't mean she can't get a refund. When you have dependents, if you fall in a certain tax bracket, you will get money back at the end of the year.
I have 4 kids and will be gettin back around 4k this year, just like every other year even though I don't pay any taxes in. If you make enough money that you don't qualify for the earned income credit (which I believe is a little over 30k) then of course you will owe money.

Damn girl! 4 kids?! You look amazing! Teach me your ways!!!

 

[purelove]

so will i get a letter in the mail? for taxes or do i need to go in?

 

[HiGirlsRHot]

so will i get a letter in the mail? for taxes or do i need to go in?

The only thing you'll get in the mail is a statement from MFC saying how much they paid you, this should arrive by the end of Jan. It is your responsibility to file the taxes which you can do online. Although as I have suggested if you call the hotline they can give you a place to meet somebody face to face to go over the taxes.

 

[MissHollyJade]

If the $20,500 you earned from Camming is your sole source of income and you have 3 dependents all children you shouldn't owe any Federal Income tax. In fact you should qualify for an Earned Income Tax credit and possibly a refundable child tax credit.

You will however owe payroll (social security and medicare tax) equal to 13.3% of the $20,500= ~$2726, which should have been paid quarterly, but if this your first time filing income generally there isn't a penalty. Next year this amount goes up to 15.3% of your earnings.

Here are several good starting points.
Turbotax.com provides a free tax program for people with simple returns and income under $50K. When I ran your number should you be getting several thousand dollars in refund.

In addition, I highly recommend calling the Volunteer Income Tax Assistance hotline at 1-800-906-9887. Trained volunteers (often retired CPAs, IRS agents) provide help with taxes for low income people free of charge.

http://www.irs.gov/Individuals/Free-Tax-Return-Preparation-for-You-by-Volunteers

Perhaps I am missing something.

How would she (or any of us) be getting a refund, is this is our sol income?

I understand dependents...but, you can't get back what you didn't put in. For example. You could have 4 billion children..but if someone did not work that year--they would not get back money in taxes, because they did not pay any.
There are a ton of other government programs that they/she might qualify for...tons of public assistance. But, as far as taxes go, I don't see how someone would get "several thousand dollars in refund" if no money was put in to refund....
I am also sure that having children will greatly reduce what you might have to give back. I know personally I am able to reduce it to only SS and medicare.

Perhaps I am missing something..please let me know if I am wrong.

Either way I agree with both people above in seeking out assistance. Even if it's online program. It/they will help you seak out all the deductibles you can possibly find, and will give you a better understanding on how it works in general for the next year to come.

Even though she didn't pay anything in, doesn't mean she can't get a refund. When you have dependents, if you fall in a certain tax bracket, you will get money back at the end of the year.
I have 4 kids and will be gettin back around 4k this year, just like every other year even though I don't pay any taxes in. If you make enough money that you don't qualify for the earned income credit (which I believe is a little over 30k) then of course you will owe money.

Damn girl! 4 kids?! You look amazing! Teach me your ways!!!

Thank you
I've just been really lucky. I'm sure the kids and the way I eat will catch up to me eventually.

 

[curvyredhead]

I still don't 100percent understand. But...I'm not gona push it.
Thank you for your responses

 

[AllisonWilder]

I still don't 100percent understand. But...I'm not gona push it.
Thank you for your responses

The EIC is an awesome thing that saves parents asses every year, basically.

 

[HiGirlsRHot]

I still don't 100percent understand. But...I'm not gona push it.
Thank you for your responses

Well it involves taxes nobody including the Congress critters who passed the law understands 100%.

Think of it as alternative to welfare. Families with kids get a bonus for working rather than collecting welfare. It is actually one of our more successful anti-poverty programs. The big problem is that a lot of people who could benefit, are told they don't need to file income tax, don't file a return and miss out.

 

[Anna_Swallows]

I do my taxes online by myself for the past couple of years. I have also had a part time regular job to off set any possible taxes owed. I have 2 kids I claim and I claim Head of Household since I am not married. I have never had to owe anything because I get the Earned Income Credit.

If you do file online, my advice would be to try a couple different programs, H&R Block, TaxSlayer, Efile, etc.... For some reason, and I am not sure why, but when I try different programs, some of the refunds vary greatly.

 

[riku]

You will however owe payroll (social security and medicare tax) equal to 13.3% of the $20,500= ~$2726, which should have been paid quarterly, but if this your first time filing income generally there isn't a penalty. Next year this amount goes up to 15.3% of your earnings.

Here are several good starting points.
Turbotax.com provides a free tax program for people with simple returns and income under $50K. When I ran your number should you be getting several thousand dollars in refund.

So, let me see if I understand this Im new, and im still waiting for model verification, but i want to try to understand this ASAP.

Given that i am considered "self employed" by the cam site im affiliated with would that mean the Social security or government or medicare taxes are not taken out via the cam site, and that come tax season its my job to figure it all out ( or go to a professional to avoid an accidental mistake and in turn annoying audit. Does that about sum it up?

Last question, if I would wait untill after my taxes are turned in this year (after April) to have a check sent to me then I would have a year to make sure I have a handle on all of this? I dont have a problem paying taxes, I just want a firm understanding of what im doing beforehand. Ive only had one summer job in the past before trying this out, so taxes have mostly been all zeros in the past. ( I also get the feeling there will be more forms to fill out...

Sorry if I jumped all over the place a little bit.

Riku

P.S. that was my first time trying to quote someone, if i messed it up I do apologize.

 

[HiGirlsRHot]

You will however owe payroll (social security and medicare tax) equal to 13.3% of the $20,500= ~$2726, which should have been paid quarterly, but if this your first time filing income generally there isn't a penalty. Next year this amount goes up to 15.3% of your earnings.

Here are several good starting points.
Turbotax.com provides a free tax program for people with simple returns and income under $50K. When I ran your number should you be getting several thousand dollars in refund.

So, let me see if I understand this Im new, and im still waiting for model verification, but i want to try to understand this ASAP.

Given that i am considered "self employed" by the cam site im affiliated with would that mean the Social security or government or medicare taxes are not taken out via the cam site, and that come tax season its my job to figure it all out ( or go to a professional to avoid an accidental mistake and in turn annoying audit. Does that about sum it up?

Last question, if I would wait untill after my taxes are turned in this year (after April) to have a check sent to me then I would have a year to make sure I have a handle on all of this? I dont have a problem paying taxes, I just want a firm understanding of what im doing beforehand. Ive only had one summer job in the past before trying this out, so taxes have mostly been all zeros in the past. ( I also get the feeling there will be more forms to fill out...

Sorry if I jumped all over the place a little bit.

Riku

P.S. that was my first time trying to quote someone, if i messed it up I do apologize.

Yes it it is your job to figure out and pay your payroll taxes, state, and Federal income taxes.
Regarding the timing, there is no advantage to waiting until after April. Since it is now 2013, the final taxes for any money you earn in 2013 aren't due until April 15, 2014.

The bad news is you are also supposed to file every 3 months a quarterly estimated taxes and send the IRS a check. The good news is since you have not owed income taxes in the past there is no penalty if you don't do it this year. However, it is really important that you actually do put aside/save money to pay your taxes otherwise you probably will find yourself scrambling to make money next spring. At minimum put aside 15% for social security, and medicare tax if you are making more than $1,000/month 25%, 2,000/month 30%, and more than 4,000/month at least 40%.


Unless you have moved out of the house, AND your parents aren't giving you any money, it is likely they are claiming you as a dependent. This means next year, you will probably have tell your parents, "Hey folks I've got this cool job (insert cover job story here) and I made enough (say >$12,000) that you guys won't be able to claim me as a dependent." If you don't do this, the IRS will notice the conflict and will send you both letters.

 

[Miss_Lollipop]

Although I should point for anybody using a professional tax preparer. You need to mentioned to them the IRS has changed the rules in 2012 on deductibility of things like costume, makeup and sex toys and ask them to review the changes.

can you tell me where I can get more info on these changes?

 

[HiGirlsRHot]

Although I should point for anybody using a professional tax preparer. You need to mentioned to them the IRS has changed the rules in 2012 on deductibility of things like costume, makeup and sex toys and ask them to review the changes.

can you tell me where I can get more info on these changes?

Appearance and Image

Taxpayers in the entertainment industry sometimes may incur expenses to maintain an image. These expenses are frequently related to the individual's appearance in the form of clothing, make-up, and physical fitness. Other expenses in this area include bodyguards and limousines. These are generally found to be personal expenses as the inherently personal nature of the expense and the personal benefit far outweigh any potential business benefit.

No deduction is allowed for wardrobe, general make-up, or hair styles for auditions, job interviews, or "to maintain an image".

Here is the IRS Link

I can't easily find the previous ruling/law, but in the past strippers have successfully taken deduction for costumes, implants, and even strippers shoes. Those deductions appear to be disallowed now. Now this ruling is subject to taxpayers challenges and odds are somebody will challenge this change. The courts will ultimately decide it they agree with the IRS interpretation of the law.

It is an open question as to what about things like sex toys, especially the expensive ones like sybian are deductible. Sure there is a personal benefit but they also generate lots of income.

 

[LacieLaPlante]

These are generally found to be personal expenses as the inherently personal nature of the expense and the personal benefit far outweigh any potential business benefit.

Damnit, but so much of the lingerie I buy is specifically for camming. I honestly would never have bought garters for my personal sex life, sad as that may be. My bf prefers me naked, so they don't hold any personal benefit outside of the workplace. Motherfuuuck.

 

[Rose]

Appearance and Image

Taxpayers in the entertainment industry sometimes may incur expenses to maintain an image. These expenses are frequently related to the individual's appearance in the form of clothing, make-up, and physical fitness. Other expenses in this area include bodyguards and limousines. These are generally found to be personal expenses as the inherently personal nature of the expense and the personal benefit far outweigh any potential business benefit.

Lame! If I'd have known that, I wouldn't have even purchased make up. All I wear in my personal sex life is socks. Screw that. There is no way in hell I'm ever buying thongs again now that I can't write them off. F that business, I'm buying comfortable undies only from now on.

 

[purelove]

so i filed and i AM getting money back. im getting $4,727 back thanks