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Glamourmilf
12-02-2014, 06:55 PM
It's almost that time of year again... Blah... Time to start putting some money aside.

Bootsie
12-13-2014, 05:17 AM
Hey, I'm planning on starting camming sometime soon but the thing holding me back right now is taxes. I'm living in Europe in a country where most types of small businesses have to pay VAT (value-added tax), so I'm wondering what to label my taxes as without it being obvious I'm in the adult industry. Financial services and performing artists are part of the category that don't have to pay VAT, so do you guys have any suggestions on what should my 'profession' be? Obviously I'm not trying to avoid taxes, since camgirls are part of the performing artists category, but I'm not too keen on having to pay a big extra percentage of my camming income to a tax that I shouldn't have if I pose as a contractor who has a VAT taxable business. Any ideas?

Check with your country's tax folk about the revenue your business has to generate before you have to register for VAT. For example in the UK if your revenue is under £50,000/year and you have no employees you do not have to register for VAT. I freaked about this when I was first trying to figure out my taxes (payment due on Jan 31, guess what I'll be doing on Boxing Day? LOL) but a phone call sorted it all out.

nolita_xoxo
01-12-2015, 03:29 PM
Hi again, I posted in the wrong place.

I'm filing taxes with Freetaxusa because I don't have the money for Turbotax or another schedule C program.. My 1099 info was available on MFC and I made $773. I made maybe $30 on Streammate but never got any forms from them so I don't know how to file what I made from them.

Just to be clear, I only need to file '1099-Misc Income' and the Business Income (Schedule C), correct? And if so, I don't know where to input the income- There's a box for 'state income' but I'm not sure if that's right.

In short I really need help, I'm broke and this is my first time filing taxes ever. I need like a step-to-step guide to doing this and I haven't found one yet.. Any advice is really appreciated.

EDIT: I got Turbotax Home and Business 2014 but now I'm stuck again.
It says I can file a Form 1099 but it's formatting it in a way that sounds like I own MFC and I'm filing for MY employees. I'm trying to file my own taxes, not taxes for other people.

:(

SarahTime
01-12-2015, 09:32 PM
Hi again, I posted in the wrong place.

I'm filing taxes with Freetaxusa because I don't have the money for Turbotax or another schedule C program.. My 1099 info was available on MFC and I made $773. I made maybe $30 on Streammate but never got any forms from them so I don't know how to file what I made from them.

Just to be clear, I only need to file '1099-Misc Income' and the Business Income (Schedule C), correct? And if so, I don't know where to input the income- There's a box for 'state income' but I'm not sure if that's right.

In short I really need help, I'm broke and this is my first time filing taxes ever. I need like a step-to-step guide to doing this and I haven't found one yet.. Any advice is really appreciated.

EDIT: I got Turbotax Home and Business 2014 but now I'm stuck again.
It says I can file a Form 1099 but it's formatting it in a way that sounds like I own MFC and I'm filing for MY employees. I'm trying to file my own taxes, not taxes for other people.

:(

You only made $30 on Streamate, so they most likely won't send you a 1099... BUT, their 1099s won't start reaching us until the end of January so you might want to wait a little just incase they send you one anyway. You wouldn't want to have to go back and submit a correction.

There should be a pretty clear area for where to input the 1099 MISC income. If you're seeing things about paying other employees, you're in the wrong spot. What you're seeing as "State Income" I'm not sure what that is... do you live in a state where you also have to pay state income tax in addition to federal income tax?

This may help, I got it from this link: https://ttlc.intuit.com/questions/1900978-form-1099-misc-miscellaneous-income

In TurboTax Deluxe, Premier, or Home and Business, jump directly to the Form 1099-MISC entry screen:

1.Enter 1099-misc in the TurboTax search box (with or without the dash) and press the Enter key.
2. You'll jump to the Did you get a 1099-MISC? screen, click Yes.
3. On the Let's enter the info from your 1099-MISC screen, copy the information from your form into TurboTax.
4. Then click Continue and finish by describing your income in the following interview screens.

Remember, all income should be included on your tax return. When you get a form, such as Form 1099-MISC, the IRS also gets a copy to match with your tax return.

nolita_xoxo
01-12-2015, 09:56 PM
You only made $30 on Streamate, so they most likely won't send you a 1099... BUT, their 1099s won't start reaching us until the end of January so you might want to wait a little just incase they send you one anyway. You wouldn't want to have to go back and submit a correction.

There should be a pretty clear area for where to input the 1099 MISC income. If you're seeing things about paying other employees, you're in the wrong spot. What you're seeing as "State Income" I'm not sure what that is... do you live in a state where you also have to pay state income tax in addition to federal income tax?

This may help, I got it from this link: https://ttlc.intuit.com/questions/1900978-form-1099-misc-miscellaneous-income

In TurboTax Deluxe, Premier, or Home and Business, jump directly to the Form 1099-MISC entry screen:

1.Enter 1099-misc in the TurboTax search box (with or without the dash) and press the Enter key.
2. You'll jump to the Did you get a 1099-MISC? screen, click Yes.
3. On the Let's enter the info from your 1099-MISC screen, copy the information from your form into TurboTax.
4. Then click Continue and finish by describing your income in the following interview screens.

Remember, all income should be included on your tax return. When you get a form, such as Form 1099-MISC, the IRS also gets a copy to match with your tax return.


I live in Indiana but it didn't ask me anything about that, I don't think. I ended up figuring some things out on TaxUSA and I filed the income under just the class C and it worked.. I owe about $110. I'm going to try to go back in and fill in the income from Streammate. Do you know their address/EIN? Thank you for the detailed reply! :)

SarahTime
01-12-2015, 10:25 PM
I live in Indiana but it didn't ask me anything about that, I don't think. I ended up figuring some things out on TaxUSA and I filed the income under just the class C and it worked.. I owe about $110. I'm going to try to go back in and fill in the income from Streammate. Do you know their address/EIN? Thank you for the detailed reply! :)

Sorry I don't know their address or EIN. You want to make sure what you enter matches with what SM shows on the 1099, so take into consideration how you were paid. If there was a fee, SM already takes the fee out of what you earned if they were the ones that imposed the fee, for example say you made $100 and got a check via FedEx (a $30 fee that comes off the check), SM would report on the 1099 that you were paid $70. If you were paid via Payoneer, say it was $100 but there were Payoneer fees, SM would report $100 and you could then write off the Payoneer fees yourself if you wanted to do that. Basically, just make sure you know exactly what Streamate will be reporting before you try to file without the 1099 in hand. I think it's always best to wait, just to be 100% sure the amounts match up or you'll have to submit corrections.

By the way, Indiana DOES have state income tax, so you'll have to file for that as well.
http://www.tax-brackets.org/indianataxtable

nolita_xoxo
01-12-2015, 10:29 PM
Sorry I don't know their address or EIN. You want to make sure what you enter matches with what SM shows on the 1099, so take into consideration how you were paid. If there was a fee, SM already takes the fee out of what they paid you, for example say you made $100 and got a check via FedEx (a $30 fee that comes off the check), SM would report on the 1099 that you were paid $70. If you were paid via Payoneer, say it was $100 but there were Payoneer fees, SM would report $100 and you could then write off the Payoneer fees yourself if you wanted to do that. Basically, just make sure you know exactly what Streamate will be reporting before you try to file without the 1099 in hand. I think it's always best to wait, just to be 100% sure the amounts match up or you'll have to submit corrections.

By the way, Indiana DOES have state income tax, so you'll have to file for that as well.
http://www.tax-brackets.org/indianataxtable


I got paid using their no-fee checks, so it'd just add up to $30 I think. Aren't taxes from 2014 October-now due on Jan. 15? That's what I'm freaking out over.. So I should also file state taxes? Is that separate? (And would I file the $772 on this as well?)

SarahTime
01-12-2015, 10:33 PM
I got paid using their no-fee checks, so it'd just add up to $30 I think. Aren't taxes from 2014 October-now due on Jan. 15? That's what I'm freaking out over.. So I should also file state taxes? Is that separate? (And would I file the $772 on this as well?)

Oh gosh no, you have until April 15! I think you are thinking of quarterly taxes. There is a quarterly tax payment due on Jan 15, IF you file taxes quarterly. If you only made $772 for the entire year, you weren't making quarterly tax payments, so you have until April 15 to file.

I believe you should be able to do the state tax at the same time you do federal inside TurboTax. You didn't make much, so you might not owe anything, but you are suppose to file regardless.

nolita_xoxo
01-12-2015, 10:38 PM
Oh gosh no, you have until April 15! I think you are thinking of quarterly taxes. There is a quarterly tax payment due on Jan 15, IF you file taxes quarterly. If you only made $772 for the entire year, you weren't making quarterly tax payments, so you have until April 15 to file.

I believe you should be able to do the state tax at the same time you do federal inside TurboTax. You didn't make much, so you might not owe anything, but you are suppose to file regardless.


I didn't make any other income before October but I made that money from October 2014-December 2014 so I think I pay quarterly? Haha. :) I think I can handle doing the state taxes on TaxUSA too I just wondered if I have to file the $772 again on state taxes as income. What a headache all of this is!

SarahTime
01-12-2015, 10:56 PM
I didn't make any other income before October but I made that money from October 2014-December 2014 so I think I pay quarterly? Haha. :) I think I can handle doing the state taxes on TaxUSA too I just wondered if I have to file the $772 again on state taxes as income. What a headache all of this is!

I don't have to file state tax so I'm not 100% on this, but I believe that yes, you use the same amount you did on the federal tax stuff, in this case $772.

You would know if you had to pay quarterly, it's kind of a big process usually only used when you make a lot of money throughout the year, and will owe a lot of taxes at the end of the year. Thus, you would pay your estimated taxes each quarter rather than in one large chunk at the end of the year. Trust me, you don't pay quarterly and you have until April 15. :)

Aurora14
01-12-2015, 11:54 PM
I have just started my return (getting my expenses in because I have a few different IC eggs). I do it a bit long and complicated, but I triple check everything on my forms. Just keep hitting continue, you can always go back to it. I also choose the "Walk Me Through Everything" button.

~ Personal Info section, I filled out everything but excluded SSN, I put that in when I'm almost finished and go through all associated deductions/credits at that time (I am married and have children).

~ Business section, There are 5 sections that will be opened up. Most will NOT apply to most of us. The first part, Business Income and Expenses, is your main focus here. In the Business Profile (1st) it will be mostly your info. You shouldn't have an EIN (that is for people who register their business and stuff I think), it will default to your SSN later. If something doesn't look right when you go back to review it, you CAN edit it. There Business Income section (3rd down) is where you put you income. If you receive a 1099, you put that in the first section. Otherwise, put it into General Income. I put the company name I saw on my checks for the description and then the total amount. I agree with Sarah though, hold off a month until you finalize the income sections if you anticipate a 1099. Next I go to Business Expenses. Not everyone can/will do this. I dance and have a vanilla business so I have a few items to put in there. However, this IS where you would put any computer equipment if you had to do any upgrading. I put those in Repairs and Maintenance. There will be a few additional questions to figure out any credits in this category.

~ Personal Section, If you have any W-2s, Unemployment benefits, Investment accounts, this is where that info will go.

When you are done filing your federal taxes, TurboTax will have a prompt to move on to state taxes. It will automatically import all the info from your federal into the state forms and then ask a few additional questions to complete the state form.

Because you made so little in 2014 you should not get in trouble for not filing a quarterly payment. I believe as a first year IC you also aren't penalized for money earned in 2014 (don't quote me though, I am not a tax professional). At the end of filing it should explain quarterly taxes and the payment system to you. If you plan on continuing online work, they will calculate an estimate of what you should make and owe based on last years income. If you plan on earning more you can always make bigger payments.

Hopefully this helps.

Cam_Model_Jess
01-13-2015, 10:40 PM
Hi Nolita. Yes, you claim all of the income from MFC & SM, and since your self-employed income is under $600 (on SM) they won't send you a 1099. So just look on your earnings report on SM.

Yes, you do claim the income on both your Federal and State taxes. However, you didn't make enough money to pay quarterly taxes, & since you started SE income so late in the year, you wouldn't owe anyway.

For next year: you don't have to pay quarterly taxes until your TAX amount (the amount of taxes you owe) reaches $1000.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Estimated-Taxes

nolita_xoxo
01-18-2015, 08:39 AM
Thank you all again for all the help. :) You ladies are the best to ask about these kinds of things! One last thing- Jess, does this mean I should only pay what I owe on my federal taxes? I'm prepared to pay for both federal and state, I just didn't know how to interpret your last post lol.

Fluttershy
01-19-2015, 04:45 AM
I did not read the full thread as it is very very long, but will within the week, but I think for me it is more than worth it. I make around $1000 a week working about 4-5 hours a day 4-5 days a week. I am a certified tax professional, so I write everything I can off which is A LOT. I used to work 58 hours a week and earned much less even with all the experience I had in my civilian job, probably half. But to be honest I only live a bit a better(in terms of money), but I feel free! I got to see my daughter spell her name for the first time. While I worked retail I missed her first steps and words, the babysitter got them. I work when I want and I can be with my loved ones. Is it worth it? FUCK YEAH!

SarahTime
01-20-2015, 01:10 PM
I did not read the full thread as it is very very long, but will within the week, but I think for me it is more than worth it. I make around $1000 a week working about 4-5 hours a day 4-5 days a week. I am a certified tax professional, so I write everything I can off which is A LOT. I used to work 58 hours a week and earned much less even with all the experience I had in my civilian job, probably half. But to be honest I only live a bit a better(in terms of money), but I feel free! I got to see my daughter spell her name for the first time. While I worked retail I missed her first steps and words, the babysitter got them. I work when I want and I can be with my loved ones. Is it worth it? FUCK YEAH!

Welcome :) That's the best thing about this job for me, being able to be home with my kids.

Hopefully you can give us some tax tips soon! :)

KatyBoleyn
01-28-2015, 09:28 AM
The "State Taxes" blanks on the 1099 (Lines 16, 17, 18) is if you had any state taxes withheld by the person that contracted you. This is almost unheard of in camming, so is generally $0 in all cases when you fill it in.

In almost all cases, your income will go on line 7 (Non-employee compensation) and will then be used to calculate your income for both federal and state taxes. All other lines are generally left blank unless you worked for a physical studio where they might be clever and put things in rents and royalties.

Bridget Gives
02-05-2015, 08:41 AM
I have yet to receive anything from ImLive, however, when I first started in October I was under a "studio" and I don't think I made over $600, maybe a few over and then I went solo and I believe I made over $600 with them. I am still new to all this and was trying out different sites and have finally focused on one. I know most people don't send out a 1099 if you didn't make over 600$ but should I hold off on filing our taxes until I see if I get those?

So confusing.

KatyBoleyn
02-06-2015, 12:52 PM
We did it over $200 (instead of $600) because its basically an "audit proof" way to prove your expenses when you pay models by 5 or 6 different payment methods by request. Most other studios probably wouldn't do that because of the work involved. You still need to somehow declare that income if you made over $400 from anywhere though.

IMLive still hasn't gotten their 1099's out, they're really pushing the limit here. MFC just showed up today, most of the others trickled in over the last 2 weeks.

JordiJae
02-15-2015, 09:54 AM
I think i'm in a butt load. I need some USA tax advice from some expert cam models. I made about $21,000 in all in 2014. Filing Self employed would be about $6,000 and I'm so stressed on what to do. I only have about $1,500 set aside for taxes. I only got 2 1099s, one from C4S and IWC. The other $16,000 from other sites, aren't sending 1099s. So I'm not sure how in the world to file it as, I'm going to be in debt with the IRS before this year even starts good. I saved receipts from anything and everything I could take off. Any advice please ladies? I'm really worried. Camming is my other source of income and it has slowed down at the wrong time, other than that i work part time making minimum wage, but barely $100 a week is anything to work with.

KatyBoleyn
02-15-2015, 01:29 PM
I'm not sure how you got $6000 from that, worst case scenario with no deductions it would be about half of that (~$3000, minus any withholding from your vanilla job).

Just get Turbo-tax for self-employed, around $60 if you shop around. Feed in the 1099's and W-2's when it asks, and then in other "business related" income just itemize by source and put dollar amounts. Use the company name on the check (or the one showing on your deposit) when itemizing - not the website, but that won't show up anyways in your final Schedule C.

Once Turbotax does its thing, you'll be able to print out exactly what the IRS needs as a final step. There will be very simple and clear instructions at the top to file, basically you just stack everything with a written check on top, clip it together with a black clippy thing (no staples), and mail it off where it says.

JordiJae
02-15-2015, 01:39 PM
Thank you for the reply. x I was looking into Mygirlfund, and i'm also not sure as well if it would be self employed as the site says:

Since you aren't an independent contractor for or employed by mygirlfund we do not file any forms with the IRS regarding contributions to your fund nor do we withhold any funds to pay taxes on your behalf.

However, this does not mean that you do not have to report the contributions as income on your personal taxes. Anytime someone receives money or gifts it may create a personal tax liability. Everyone's tax situation is different and we recommend consulting with a professional regarding your specific case and what you may or may not be required to report.

I may be just trying to find ways around this.. I can't seem to find anywhere what girls have classified MGF as, as it's "contributions"

KatyBoleyn
02-15-2015, 02:19 PM
If its a payments in cash, in-kind arrangement (like say someone rents an apartment for you), gift cards, or material gifts related to your work as an entertainer, its income. Just because a customer checks a box that says "gift" when he pays you does not make it a gift. There's not many ways to get around it. Strippers have a bit of leeway in their declarations because some of it is actual cash, but nearly everything a camgirl does has an electronic paper trail of some sort.

If its a physical item or in-kind arrangement, there's a few tricks to reducing its value for taxation (like fair market appraisal methods, etc), but if its money or something used as money (like an Amazon gift card), you have to declare the full value as income. I learned my lesson big time this year with Amazon gift cards...no more with those.

Bridget Gives
02-15-2015, 08:52 PM
So ImLive doesn't send out 1099's due to the fact that they are not based here. So do they even send anything in to our IRS then? It makes no sense!

KatyBoleyn
02-15-2015, 09:41 PM
Someone is sending something because the IMLive checks are coming from a U.S. bank. I'm a little miffed that I have so much undocumented income (except for check stubs) to cover because of that, but oh well. With this year's tax laws, there's a whole menu of 1099 types that are supposed to be issued back and forth for everything, but a few companies have skipped out.

Bridget Gives
02-16-2015, 06:48 AM
Oh I had mine come through payoneer with one asshole idiot who fooled me with being a studio and once I figured it out...only took me a few weeks, I told him to shove it and signed up under ImLive by myself....really those pricks need to be taught a lesson....hum...so literally the income I had from them was next to nothing cause I didn't start really camming until October of last year and even then I might have made like 1800$ total LOL. I am so lazy, kinda sad cause I could prob make a lot if I just put my mind to it lol.

Tsani
02-17-2015, 04:47 PM
Sorry if this has been asked before, I tried finding it on google but I guess my google-fu is lacking today. I'm mailing in my state return instead of paying to e-file it and it says to attach a copy of my federal return. Does that mean that I need to attach all the forms that come with my federal return, or just the 1040 pages? Thanks in advance!

KatyBoleyn
02-17-2015, 08:40 PM
There's a few more pages. I know in Turbotax it gives you a list that includes your 1040, Schedule C with 4562 attached (depreciation of assets for business), Schedule SE (Self-employment tax), and the 8812, 8863, and 8962 (various tax credit worksheets, if applicable). Your mileage may vary.

pinkpink
02-21-2015, 08:31 PM
This is *probably* a stupid question but I'm gonna ask it anyway. So 2014 I worked a normal job for half the year, paid taxes, normal. Then in July I quit and started camming fulltime, but didn't pay any taxes on those earnings. So when it comes time for the IRS to determine what I owe, will they take ALL of my income and say: You owe X amount or will they look at my taxed income and say you owe X (and have paid it) and look at my untaxed income and say you owe X (and have not paid it). Basically, I'm hoping I paid enough tax earlier in the year that for my total income, it will put me in a lower tax bracket than normal and hopefully my tax bill won't be awful. Make sense? I know, I'm going to see a tax professional as soon as I can.

KatyBoleyn
02-21-2015, 11:31 PM
They look at your grand total income, subtract your credits and deductions, then they figure your tax bill (or "tax liability"). From that tax bill, they subtract what was already taken out from your regular job (your employer withholding, think of it as pre-paid taxes). If your employer withheld more than your tax bill amount, you get a refund. If he didn't withhold enough, you still pay some tax.

pinkpink
02-22-2015, 01:50 PM
They look at your grand total income, subtract your credits and deductions, then they figure your tax bill (or "tax liability"). From that tax bill, they subtract what was already taken out from your regular job (your employer withholding, think of it as pre-paid taxes). If your employer withheld more than your tax bill amount, you get a refund. If he didn't withhold enough, you still pay some tax.

TY Katy. That is the answer I was hoping for. :)

SophiaSylvan
03-10-2015, 02:20 PM
Doing my deductions and wondering what the protocol is for business meals? I went out of town and bought meals for my husband and myself. Do I just split it in half for what I ate or can you include another person? He was just there for moral support so I'm guessing I split it in half.

Melonie
03-10-2015, 03:19 PM
yes split in half is the best you can hope for

SophiaSylvan
03-10-2015, 05:26 PM
Thanks Melonie. Weird, my accountant wants receipts of my husband's prescription medication, since I'm his caregiver and I'm going to be getting a tax credit for it. Never figured medication might be a write-off.

Melonie
03-11-2015, 02:59 AM
^^^ the tax rules on writing off out-of-pocket medical expenses probably prevent a deduction for the medication itself. More likely, your accountant is trying to create a scenario where you can claim a tax credit for your 'unpaid' labors. I'm not very familiar with this 'loophole', since US tax law doesn't have an equivalent tax credit or write-off available.

bbg5112
03-12-2015, 03:05 PM
I'm going to school for healthcare administration, and I have signed up but haven't done any cam jobs yet. Now I'm wondering if I shouldn't because I may not be able to get a job if they put it on background checks.

Melonie
03-13-2015, 09:33 AM
^^^ probably not a big deal if the position will not require a state professional license. Hard to tell though where religious affiliated hospitals are concerned. There are lots of threads on this topic ... such as

JessRyan
03-13-2015, 10:06 AM
reading through this thread and new to camming (on SM) do you girls make an IRS payment every 4 months? Or just do your taxes once a year? I'm worried, I just started camming this last Jan, and somewhere I read or heard that you have to make IRS payments every 4 months?? Or you get penalized being an independent contractor? Any help is appreciated. WhootyJessRyan

Melonie
03-14-2015, 06:48 AM
^^^ for non-incorporated US dancers and camgirls, an estimated tax payment for income earned during Jan, Feb and March is due on April 15th. Another estimated tax payment for income earned in April and May is due on June 15th. For income earned in June, July and August yet another estimated tax payment is due on September 15th. And a final estimated tax payment for income earned in Sept, Oct, Nov and Dec is due on January 15th ( of the new year, obviously ).

Then an annual tax return is due by April 15th ( of the new year also ). The tax return calculates the amount of actual taxes due on income earned during the previous year, applies credits for the four estimated tax payments already made for the previous year, and any 'difference' winds up in the form of an additional tax bill or a refund.

And yes this means that April 15th is a 'double deadline', since by that date all of the taxes due on the previous year's income must be paid ... AND ... the estimated tax payment for income earned during the first three months of the current year must also be paid.

There is a 'first year in business' exemption from penalties for failing to make the quarterly estimated tax payments. This is based on an assumption that any new business will not be able to accurately predict its full year income level. However, this 'first year in business' exemption does not affect the taxes due on the previous year's income having to be paid by April 15th in any way, and does not affect the first quarterly estimated tax payment for income earned during the first 3 months of the current ( second ) year also having to be paid by the same April 15th if potential interest and penalty charges wish to be avoided.

Obviously lots of US dancers and camgirls choose not to make quarterly estimated tax payments. This will result in interest and penalty charges being added to the total tax bill when the annual tax return is filed. From a purely financial standpoint, the potential interest and penalty charges may or may not be 'worth it' versus the time required to prepare and make estimated tax payments, or more urgent needs for that money. Generally speaking, the 'cost' of the penalty and interest charges on unpaid estimated taxes is in the same ballpark as the interest rate charged for carrying a balance on a 'prime' credit card.

However, there are two very real indirect 'side effects' of not making quarterly estimated tax payments. The first is the dancer / camgirl needing to come up with a huge amount of money when April 15th of the following year finally comes around ( i.e. something on the order of 20%-30%+ of all of the money they earned during the previous year - even more if your state also levees its own income tax and you didn't make quarterly estimated tax payments to the state tax agency either ). The second is building an IRS impression that your dancing / camming business is not taking seriously small business tax laws and accounting requirements, which may greatly complicate life later if and when you are audited.

Speaking to your own personal situation, since you just started camming last January, you have a choice. You can wait until March is over, add up the money you have earned since January, multiply by 4 ( to estimate a full years worth of earnings ), guess at an effective tax rate ( low end 20% rising to 30%+ depending on actual annual income level ) based on that full year earnings projection, cut a check, and send it to the IRS along with a 1040-ES estimated tax form by April 15th. If your state levees an income tax you can do the same to make a quarterly estimated state tax payment to your state tax agency using the appropriate state estimated tax form.

On the other hand, you can choose to do nothing about estimated taxes and rely on the 'first year in business' exemption. However, this will mean that when April 15th of 2016 rolls around, you will need to come up with 20-30% of whatever your total earnings were during 2015 to go along with your 2015 tax return filing, PLUS coming up with 20-30% of whatever you will earn during Jan, Feb and March of 2016 to make the first quarter 2016 estimated tax payment by the same April 15th. Put another way, if you are earning an average of $500 per week = $26,000 per year, when April 15th 2016 rolls around you will probably need to come up with at least $4,000 to go along with your 2015 annual tax return, plus needing to come up with at least another $1,000 to cover the estimated taxes due on income to be earned in Jan, Feb and March of 2016. Similar situation, and similar need to come up with even more money by April 15th of 2016, if your state also levees its own income tax. That's a 'lot of green' !!!

Indeed there are probably quite a few girls who started dancing or camming early in 2014, who elected not to make estimated tax payments, and who are now facing the prospect of having to pony up many thousands ( or tens of thousands ) of dollars worth of tax money in less than a month when their 2014 full year tax return must be filed and 2014 taxes paid before the April 15th deadline. This leads to a 'painful' situation at best if they actually have the money necessary to make the 2014 tax payment sitting in a bank account, and can lead to a downright 'ugly' situation if they do not have - and cannot easily come up with - the money necessary to pay their 2014 taxes by the April 15th deadline.

JessRyan
03-14-2015, 01:48 PM
wow, thanks Melonie, great info. I'm a good girl and like to take care of business fast, so I'll be paying up in April. And every 4 months after. I'm printing you reply too so I don't forget LOL

BeautifulJaleesa
03-21-2015, 05:18 PM
Has anybody used Intuit Quick books self employed program? I just registered for it... seems like a pretty good idea to keep track of expenses / income / and the amount of tax you owe.

Melonie
03-22-2015, 04:07 AM
^^^ yes I have. Also, since QuickBooks is written by the same company that does TurboTax, 'importing' financial information at tax time is a 'snap'.

CinnimonKiss
04-06-2015, 08:55 AM
I am only going to be able to pay my taxes for 2014 on April 15th. I dont have the money to pay for the first quarter for 2015. My question would be on June 15th(next due date for quarterly payment) can I pay an estimate to the IRS of what Ive made since Jan? As in two quarters in one, if possible. Is it better to send everything u possibly can even if its not equal payments/or if you missed a entire quarter?

Melonie
04-06-2015, 11:01 AM
^^^ yes you can wait until June 15th and effectively make a 'double' estimated tax payment. However, since 2015 is not your first year in business, you will also need to add additional money to cover IRS interest charges ( 6% per annum right now I think ) and late payment penalty ( 1/2 percent per MONTH right now I think ) to the April 15th deadline first quarter 2015 estimated tax payment that you can't afford to make once the June 15th second quarter estimated tax deadline rolls around.

Thus anything which you CAN afford to pay toward first quarter 2015 estimated taxes by the April 15th deadline will reduce those interest and late payment penalty charges. The interest and penalty savings will definitely exceed anything a bank would pay you in terms of interest earned by leaving that money in your bank account versus paying the IRS.

ArayaBlows
04-06-2015, 11:46 AM
Hello there ladies
I am really worried about tax season. I want to know if I could file taxes on my own. I really don't want to pay a hefty price for something I didn't earn much money for to begin with. I was wondering how I could go about paying my own taxes without a middleman. Have any of you done it before. I don't have tax liability for the previous year btw.

chloemay
04-06-2015, 12:12 PM
Poo. just realized the Clips4Sale deposit I was all excited about is going back to Uncle Sam as my estimated quarterly.

Melonie
04-06-2015, 08:22 PM
I was wondering how I could go about paying my own taxes without a middleman.

Assuming you are American, indeed you can purchase any tax prep program which is capable of doing Schedule C ( profit or loss from a business ), and then prepare and file your own tax return. I have used TurboTax ( Home and Business edition ) to prepare and file my own annual tax returns and quarterly estimated tax vouchers for over a decade.

However, I still occasionally consult with a CPA over 'complex' tax issues ... something which you apparently don't yet need to worry about.

innocentindian
04-08-2015, 01:22 AM
I'm filing my taxes for the first time this year, so I have the typical camgirl tax questions :)

I did some reading about filing quarterly taxes as an independent contractor (I work mainly on SM and they send me a 1099 at the end of the year)

As far as I understand, when you file taxes as an independent contractor you can also be considered a sole proprietor, "A sole proprietor is a one-person business that has not registered with a state as a business entity, such as a corporation, partnership, or LLC. in other words, a sole proprietor is the default business type, for income tax purposes. If you start a business, count business expenses and income separately from personal expenses and income, and you do nothing to register your business with your state, you're a sole proprietor."

Am I required to file as BOTH an independent contractor AND a sole proprietor? I don't have an deductibles/business expenses that I plan to deduct (yet).

Also, I was living abroad in the UK in 2014 but still working for SM as a US contractor - but I didn't know about quarterly taxes :( Is it too late to file/pay them now? (I'm guessing I will get fined, and I'm ok with that since it was my own fault for not keeping on top of things).

**EDIT** Just read Melonie's post concerning my question about 2014 taxes! Thank you for all the great info! :) Will I have to file/pay a completely separate application for my 2014 taxes in addition to my quarterly 2015 taxes, or do I just do 2014/2015 all together in one application?

Thanks for all the help :)

Melonie
04-08-2015, 11:23 AM
I was living abroad in the UK in 2014 but still working for SM as a US contractor -

^^^ at this point, it will be necessary to file both a 1040NR non-resident 2014 annual tax return with an attached Schedule C 'profit or loss from an ( unincorporated ) business' - with associated check, and separately file a 1040ES voucher for first quarter 2015 estimated taxes - with associated separate check. These actually need to be sent to two different IRS addresses.

Depending on the particular US state you resided in, you may also have to file a non-resident 2014 state tax return - with yet another associated check and yet another state tax dep't address, and another state form for first quarter 2015 estimated taxes - with yet another check. This obviously varies widely by state, so you'll have to do a bit of internet searching.

A general discussion of IRS tax filings for US citizens living abroad can be found at . The link info is a few years old at this point, but changes for 2014 are minor ( threshold amounts have been increased ).

On the 'plus' side, if you were outside of US borders for 330 days in 2014, you will qualify for some very nice 'deductions' and 'exclusions' ! Those 'deductions' and 'exclusions' are a major reason that I decided to move 'way south of the border' on a permanent basis !!!

On the 'minus' side, as a resident of the UK in 2014, via the 1040NR tax return the IRS will want to know about both your US based earnings as well as any UK based earnings ... with the US also attempting to collect additional taxes on your UK earnings unless the amount of taxes you paid to HM Revenue and Customs was greater than the amount the IRS wants !

Finally, while there hasn't been any official announcement to this effect, it is rumored that the US IRS and the UK HMRC are now capable of sharing information with each other. For other readers, it HAS been announced that the US and Canada are now sharing financial information with each other via FINTRAC.

euro_princess
04-09-2015, 10:23 AM
Taxes in Romania are not that complicated, you have to pay 19% of all you made in the last year. But, if you work as a SM independent model they give you just 30%, not 35%, cause yeah, you are not an US citizen (kinda xenophobic). And considering most of the girls work from studios, because again, the websites treat you different, you get even less from what you initially make. I know sounds like an excuse, but I've seen girls rocking from studios (because they had a good placement guaranteed by them) and when they started from home things were flabby.

cocoqc
05-19-2015, 04:14 PM
I think you could make double with 40hrs of work. Right now I make very little, but with 15 hours of work/weekly in a few months I plan of making 1000/week

I hope your joking:))!