View Full Version : Camming And Taxes
GoddessM
07-30-2016, 04:44 AM
I guess it depends on what you call "worth it"?
I don't cam often at all, my main income is from clips. I work part-time and earn more than a fulltime worker.
I don't deal with stress and don't *have* to go somewhere.
So worth it for me :)
KatyBoleyn
07-30-2016, 06:20 AM
We went ahead and posted our tax guide publicly for U.S. models. You can leave questions in the comments and we'll do a thorough research before answering if they aren't answered already.
https://boleynmodels.com/cammodel-tax-guide2015/
LizzyMe
07-30-2016, 04:22 PM
We went ahead and posted our tax guide publicly for U.S. models. You can leave questions in the comments and we'll do a thorough research before answering if they aren't answered already.
https://boleynmodels.com/cammodel-tax-guide2015/
Thank you for posting this Katy! What job code should be used for a phone sex operator?
DonaDiabla
07-30-2016, 06:58 PM
Actually, LizzyMe, I use code 711510 under the independent artist and performer category. But maybe everyone else uses a different code? :)
Thank you for posting this Katy! What job code should be used for a phone sex operator?
LizzyMe
07-30-2016, 07:52 PM
Thank you Dona Diabla, do you use that code for all of adult work? Camming, video, texting., PSO, and selling content?
DonaDiabla
07-30-2016, 07:53 PM
Yes, I use that code also for my psychic entertainment work as well :)
Thank you Dona Diabla, do you use that code for all of adult work? Camming, video, texting., PSO, and selling content?
LizzyMe
07-30-2016, 08:19 PM
Yes, I use that code also for my psychic entertainment work as well :)
Cool, thank you!
Psychic entertainment work is very intriguing to me. I know this is not the same thing but, I have an interest in and have studied astrology for years. I think I would really like to do astrology work. Are there any sites that you know of that have a good reputation for working as an astrologer?
DonaDiabla
07-31-2016, 04:18 PM
LizzyMe,
Usually, there is not a huge market for just astrologers outside of the Indian subcontinent. However, you can apply with several different psychic companies such as Circle of Stars and California's Psychics. You get paid higher than most psychics. :)
Cool, thank you!
Psychic entertainment work is very intriguing to me. I know this is not the same thing but, I have an interest in and have studied astrology for years. I think I would really like to do astrology work. Are there any sites that you know of that have a good reputation for working as an astrologer?
LizzyMe
07-31-2016, 06:52 PM
Dona Diabla,
Awesome! I will check those sites out. It would be cool to tie astrology in with my numerology knowledge. Nice side egg to pursue.
DarlingNikki4U
08-14-2016, 07:56 AM
So true. I graduated from college and still took me 8 o nths to find a job and it barely pays more than the job I had before I graduated. Camming has supplemented my inxome quite nicely and I only do it 10-20 hours a week at best.
i always think about the tax. and put 30$ every 100$ i make. so in order to really make 1000 a week, you'd have to make 1450.
to me.. it is worth it because the most i could make a week with a vanilla job ends up being a little less than 400 because of tax. plus, as a camgirl, im not actually working 40 hours per week. the freedom i get with this job is excellent.... working 2-10 every day is aweful... i hated life!! but now theres more earning potential.
you know whats been on my mind is... whenever i do graduate and end up making a bit of money... i dont know if i'll be able to handle working for someone and dealing with the work hours. i dont know if i could do a 9-5 job! but not only that, my friend has a masters degree in business and i dont think she makes 1000 a week. a lot of grad's do, but a lot dont.
Glamourmilf
08-16-2016, 07:38 AM
Just wanted to add a little trick/ tip that was told to me when I first started camming and hired an accountant to do my taxes.
I told him straight up that I was a cam girl, but didn't have any money to pay the amount I owed for that year.
He told me to pay what I could, and that every month, the IRS would send a bill with the balance. To just keep sending what I could.
No need to set up a prearranged payment plan.
I've been doing this for 5 years, and it works out beautifully.
I mean, I always try to save up money for tax time, but life happens, and that's inevitable.
*Note,... this method will buy you a few months, but any longer, and IRS will send You a letter to pay up or else.
Also, I use Turbo Tax now, and I love them! So easy and helpful.
luna93
09-01-2016, 01:48 AM
So if I start camming now in Sep 2016, when should I go to an H&R block?
Also, what about selling videos on sites like manyvids or iwantclips? Do you report that?
SexxiLexxi
09-01-2016, 01:56 AM
So if I start camming now in Sep 2016, when should I go to an H&R block?
Also, what about selling videos on sites like manyvids or iwantclips? Do you report that?
From what I understand you file just as if you were working at a vanilla job, sorta...Like before the cut off time of April of the next year for your previous tax year (right)? They are suppose to give you a 1099 form for your taxes.
I may be wrong so correct me if I am, anyone, please.
KatyBoleyn
09-23-2016, 07:20 PM
Just wanted to let you know, the IRS is serious this year and it could effect your camming career.
We received notice that out of hundreds of 1099's we issued 2 years ago, 3 failed to pay their taxes and now we're responsible for withholding their future earnings. 1 of them we didn't issue a 1099 at all, so they didn't get it via our paperwork, but by putting together her estimated income. The problem is that some websites (any other 1099 issuers) might not be so forgiving or willing to mess with an extra burden on their accounting since they'd receive the same notice.
The IRS systems are only getting better at putting the pieces together, and they're requiring more and more information turned over from financial institutions. Don't get caught out because the bill can come 2 or 3 years later.
JessRyan
09-26-2016, 09:21 AM
So if I start camming now in Sep 2016, when should I go to an H&R block?
Also, what about selling videos on sites like manyvids or iwantclips? Do you report that?
I got all my W2's (is that what they called?) from all of my camsites (SM, MFC, Bonga and CB)
AND Manyvids by the end of January. I paid estimated taxes throughout the year like a good girl & put aside that 30% immediately after I get paid. I went to an expensive accountant (friend of my Edward Jones guy) and did my taxes I think around Feb. I like to get it done fast. I also told him straight up what I do. You report MV because they do require a 1099 when you sign up. I just had to re-sign and send it in to MV.
victoriavein
10-16-2016, 08:51 AM
Where I live employees still have roughly 23% of their pay taken out in taxes if they claim 0 or 1 on their W2 (W4?) So let's say you work a minimum wage job making $9/hr (the minimum wage here) 8 hours a day, 5 days a week. After taxes you're only bringing home $37 for 8 hours of work, or $185/week. This is why almost everyone who works min.wage is on some kind of govt assistance to survive. So yes, I would say camming or stripping (really any type of self employment) without a ceiling on earnings or a boss determining how many hours you can work, or can cut you off (fire you) at any time is 100% worth it!
BambiCutie
10-26-2016, 08:11 PM
I have a silly question related to taxes, do you remove 35% from each check/deposit or do you take out more if you've earned a greater amount?
KatyBoleyn
10-27-2016, 07:19 PM
You should not go over 35% tax bracket under normal circumstances, even as a single sole-proprietor business owner without kids. 35% is very safe until you get into the $150,000+ tax brackets.
KatyBoleyn
10-28-2016, 03:08 PM
If you are the sole owner of the LLC, the IRS (federal level) cares nothing about whether the payments went to your SSN or EIN. If you're earning 6 figures + (or at least in the upper 5 figures), then it becomes more advantageous to keep as much income on the EIN as possible.
KatyBoleyn
11-02-2016, 01:24 AM
The advantage to an S-Corp is not in write-offs or even necessarily shielding yourself from a records search. For the most part that never happens anyways, we're still waiting on someone to get Trump's taxes and they haven't appeared yet :P The trick to it is avoiding part of your self-employment taxes by employing yourself. You still need to pay yourself a reasonable (fully taxable) salary from your earnings, and the rest of your earnings are dividends that don't incur social security/medicare/FICA taxes, but still bear the full weight of regular income tax.
"Reasonable salary" is generally something liveable to be believed, and we set ours at around $3000/month. The tax savings vs. the cost of setting up and maintaining an S-Corp (and the full PITA involved) isn't particularly helpful until you're earning at least twice that, or around $6000 a month. Its also helpful if you have helpers or employees that work for you, as they can be legally employed without much extra work involved.
SM requires you make a new account, but they can transfer most of your stuff over (same procedure as restarting in our studio basically). We had to remake our studio accounts from scratch when we incorporated. You'll basically lose all previous financial records, and your earnings to date for the year will still go on a 1099 to you personally. Any earnings after that will go on your corporate 1099.
KatyBoleyn
11-02-2016, 08:57 PM
Favorites, block list, screen name, and recent stars yes. Tags or comments no.
MissMoore
11-03-2016, 01:55 PM
Ladies.....
Are you obligated to pay quarterly taxes if you will owe more than $1,000 even if you don't have an agreement to do so with the IRS?
I'm a tad concerned seeing someone can be charged each day they fail to file their quarterly taxes.... but like I said.... I don't know if that is just for those who have made the agreement to have quarterly installment plans.
Thank You
KatyBoleyn
11-03-2016, 05:43 PM
If you filed last year and you are on a quarterly schedule, then yes, you can be fined for not paying them or being late. The amount is based on last year's income generally unless you have a radically different amount this year. In that case, you need to file the form to adjust your quarterly amount.
If this is your first year camming, don't worry overly much about filing quarterly - just make sure you're putting money aside to pay your taxes at the end of the year. When you file your taxes at the end of the year, they will likely put you on a quarterly schedule. TurboTax or a half-way competent tax preparer will do this for you, including make your ticket book for the next year.
MissMoore
11-03-2016, 08:19 PM
I only started using turbo tax for the 2015 file.... So I thought the quarterly payment vouchers were just merely a suggestion.... like it didn't matter as long as my bill was paid in full by the deadline. All the other times I've filed my taxes none of the preparers let me know or gave me vouchers for quarterly payments. :(
The last payment on the 2016 voucher is due in January 2017.... Should I make the last quarterly payment in January? Or at this late in the game should I wait for my 1099 to come and as soon as I get it in my hands log in to turbo tax, file,and pay whatever ever I owe immediately?
For 2017 I will definitely be making quarterly payments! lol Thank you so much for the advice by the way!
KatyBoleyn
11-04-2016, 12:13 AM
I only started using turbo tax for the 2015 file.... So I thought the quarterly payment vouchers were just merely a suggestion.... like it didn't matter as long as my bill was paid in full by the deadline. All the other times I've filed my taxes none of the preparers let me know or gave me vouchers for quarterly payments. :(
The last payment on the 2016 voucher is due in January 2017.... Should I make the last quarterly payment in January? Or at this late in the game should I wait for my 1099 to come and as soon as I get it in my hands log in to turbo tax, file,and pay whatever ever I owe immediately?
For 2017 I will definitely be making quarterly payments! lol Thank you so much for the advice by the way!
I highly recommend you pay everything on the first 3 vouchers immediately (as many as you can as soon as you can) and make sure the 4th one is paid by either the date due OR right before you file your taxes next year, whichever comes first.
Those aren't suggestions, the IRS is looking for that money. The sooner you pay them, the more penalties you avoid. Missing your quarterly filing by a little (or even a lot) isn't a huge deal but it will cost you a few dollars.
BriannaXO
11-06-2016, 07:15 AM
Hi Guys,
I am wondering what you say that you do as a job for taxes? So far i've found Entertainer or Internet sales but I am not sure what is best, as obviously need to make sure what i say corresponds with what i will be writing off. I have used the search function but struggled to find more than one thread to answer my question and it didn't have many ideas on it, bit stressed so sorry for asking this as this question is probably asked all the time. The answer may be in this thread, and i am searching through it as we speak, but just thought i'd post incase anyone could answer my question sooner.
Anyway thanks guys!
~Carmen~
12-10-2016, 06:08 PM
Question about earnings/payment timing.
When calculating our yearly income for 2016, do we include the entire month of December through the 31st? Some of the paychecks for days worked this month won't actually come until early to mid January. So is it based on the actual days worked, or when the check is sent out?
I'm pretty sure that it is based on the check issue date.
KatyBoleyn
12-11-2016, 02:35 PM
I'm pretty sure that it is based on the check issue date.
Use the check issue date IF the site did not issue you a 1099. If a 1099 is issued, go by that total amount as that's what the IRS will have consistent in their system.
When a company calculates your 1099 earnings, they can have their books offset for up to 2 weeks, so take that into account when double-checking them. Whatever their cutoff date is, it will be the same next year so nobody should be cheated by this.
xxxGothBarbie
12-12-2016, 08:11 PM
So I'm a little worried about filing for this year's camming income. I wasn't rolling in money or even close to it so I didn't really have enough to put back for taxes. What should I do? Just file & get on a payment plan thing or? I cammed from 2 different sites this year & will I file those seperatley or all together & just pay all together? I'm confused .
KatyBoleyn
12-13-2016, 03:32 PM
So I'm a little worried about filing for this year's camming income. I wasn't rolling in money or even close to it so I didn't really have enough to put back for taxes. What should I do? Just file & get on a payment plan thing or? I cammed from 2 different sites this year & will I file those seperatley or all together & just pay all together? I'm confused .
Wait for all your 1099's that you're owed, then start your tax preparation.
If you didn't make much, the hit won't be that bad and you may be able to just pay it outright. If it looks like a large amount, file anyways and pay as much as you can afford. The IRS will send a letter back saying what you still owe and the penalty on it. The penalty is almost nothing (generally far less than credit card interest) if you keep making regular payments.
Selenasecret
12-18-2016, 03:31 PM
Just a quick question.
Will an accountant take a database for the work?
I been popping all my stuff into ms access and its all ready available in reports etc.
KatyBoleyn
12-19-2016, 12:11 AM
When I was assisting we took anything from people that just wanted to check their forms to old farmers that kept hand-written notes randomly tossed in shoeboxes. Accountants charge by the hour so its all good :)
Selenasecret
12-19-2016, 12:32 AM
Hopefully they will take a database.
I just dont know the extra logic they apply. Working out metrics is easy enough.
However the shoebox approach might be better may the bugger work for it
KatyBoleyn
12-19-2016, 02:23 AM
Its fairly simple the report they want in the US at least.
Income list by source + any 1099's/screenshots/deposit statements to back it up.
Business expense list by category + any receipts/bills to back it up.
What's deductible varies wildly by country, the US probably being the most restrictive. Anything computer, electronic, or office related is a very safe bet. Things like lube, sex toys, cosmetics, lingerie, and toiletries generally don't fly unless purchased from costume/stagecraft suppliers. In Canada and UK, I think most of these things have no issues being listed as a business expense.
Know your rent and utility bills also in case they need it to make a fraction for business expenses.
In the US, if you moved around at all it helps to know where you were, for which months, who was with you, and the full details (birthday and SSN) of any kids or spouses involved.
In the US, you also need proof of health insurance for the year for anyone you're claiming on your taxes, including yourself.
Also have any proof of prior quarterly tax payments ready to show, such as the tickets marked as paid or a check stub.
If you don't have it neatly like that, they'll dig through whatever you have to come up with something.
Selenasecret
12-19-2016, 02:31 AM
Thank you.
Teddy_Bear
12-19-2016, 01:56 PM
I asked this question (quoted below) on another thread but I'm guessing it didn't receive enough views for a response. Would really appreciate if anyone can help me out. Thanks.
Anyone know anything about the tax liabilities when travel camming in a foreign country? Me and the boyfriend are sick of England right now and are hoping to spend almost the whole year out in the Canary Islands (our second home) next year, we are aware of the 3 month limit before having to return to England or become a full resident. I'm wondering if I am liable to pay tax for earnings made in a different country to that country or just England as I do now.
I will be camming continuously while there as much as possible so it's not the same as 'holiday camming' which I've done in the past, which leads to my question on tax liability.
Plus how would phone sex work in Spain on a British phone number? Does nothing change as it's still the same number on the same platform? Would clients be charged for calling a foreign country? Might be a stupid question.
All advice appreciated as I want to get my ducks in a row before planning finally getting out of here.
KatyBoleyn
12-20-2016, 01:38 AM
I know how it would work if you traveled from the US, but I'll take a guess at the UK thing. Generally if you didn't actually get legal permission to work and you were still technically doing your UK job on the platform you signed with under a UK residency, your vacation (even if you technically worked from there) would not effect your taxes at all. If you were legally residing in that country and earning money there with full permission for half the year, then the tax laws get crazy. I guess the better question is, where is the paper trail leading? Is your check/deposit going to a Canary Islands bank? Did you register for the website with a Canary Islands address? If your full financial and work life is in UK, and you have nothing official saying you worked elsewhere, then its pretty simple.
The tricky part is the platform you cam on or do phone from may object to changing locations. It might be best to inquire if they don't mind you taking a vacation somewhere and still camming, as the VAT rules may change as well as tripping their anti-fraud systems (they may believe you are pretending to be from a different country than you signed up as - common in camland).
Teddy_Bear
01-07-2017, 06:33 AM
I know how it would work if you traveled from the US, but I'll take a guess at the UK thing. Generally if you didn't actually get legal permission to work and you were still technically doing your UK job on the platform you signed with under a UK residency, your vacation (even if you technically worked from there) would not effect your taxes at all. If you were legally residing in that country and earning money there with full permission for half the year, then the tax laws get crazy. I guess the better question is, where is the paper trail leading? Is your check/deposit going to a Canary Islands bank? Did you register for the website with a Canary Islands address? If your full financial and work life is in UK, and you have nothing official saying you worked elsewhere, then its pretty simple.
The tricky part is the platform you cam on or do phone from may object to changing locations. It might be best to inquire if they don't mind you taking a vacation somewhere and still camming, as the VAT rules may change as well as tripping their anti-fraud systems (they may believe you are pretending to be from a different country than you signed up as - common in camland).
Completely forgot about asking this but thank you so much for all the info Katy you are a font of knowledge as always. I've discussed with my accountant all the ins and outs and it definitely seems a workable plan for the near future. Hopefully soon it will be Adios Britain at least for a while.
Someone22
01-15-2017, 09:37 AM
I have a couple of questions if anyone could help-
Could anyone help me with info about the home office deduction? I know it's supposed to be a separate room and used exclusively for business... I cam from my living room couch and don't have a spare bedroom. But would it be possible to write off a small amount, like the corner of my living room with a desk? It wouldn't be a big deduction but it'd help some, and I think it would be a hassle for them to question that deduction especially since I'm renting and will probably move out soon.
Can you write off part of electricity bills?
How much of internet bills do you typically write off? Do you just base it on average hours worked and make a rough estimate?
xxxGothBarbie
01-23-2017, 11:27 PM
^ I read above that I'd need proof of health insurance when I file my taxes , however, I don't have health insurance & never did bc I don't get sick often. I usually just paid out of pocket at the urgent care if I needed to go see a doctor for a cold, etc. So what happens with that?
Bridgetxo
01-24-2017, 01:39 AM
^ I read above that I'd need proof of health insurance when I file my taxes , however, I don't have health insurance & never did bc I don't get sick often. I usually just paid out of pocket at the urgent care if I needed to go see a doctor for a cold, etc. So what happens with that?
You will need to pay a penalty of $695 or 2.5% of your income, whichever is greater.
xxxGothBarbie
01-24-2017, 08:36 AM
You will need to pay a penalty of $695 or 2.5% of your income, whichever is greater.
That's insane! Why?! Most ppl dont have or even need health insurance lol . Ugh Maybe I can just say I have a private insurer & they won't push it.....
KatyBoleyn
01-24-2017, 11:38 AM
The insurers report to the IRS as well, and give you a copy of the paper. Lying on the return is a much much bigger penalty.
Insurance is practically free if you're low-income, there's no excuse not to have it currently. When/if the Obamacare gets repealed, there won't be a tax penalty, but there won't be any real supplement to having insurance either. Its like catastrophic coverage...one good car accident (especially if its no-fault or your fault) without insurance and your life is over - you will never get out of that debt, especially if they make medical debt like student loan debt.
xxxGothBarbie
01-24-2017, 02:29 PM
The insurers report to the IRS as well, and give you a copy of the paper. Lying on the return is a much much bigger penalty.
Insurance is practically free if you're low-income, there's no excuse not to have it currently. When/if the Obamacare gets repealed, there won't be a tax penalty, but there won't be any real supplement to having insurance either. Its like catastrophic coverage...one good car accident (especially if its no-fault or your fault) without insurance and your life is over - you will never get out of that debt, especially if they make medical debt like student loan debt.
Just talked to my roommate that works at a tax firm & apparently I luckily fall under the poverty level for last years taxes so I'll most likely not have to worry thankfully.
BriannaXO
02-01-2017, 04:40 PM
Doing taxes for the first time, In employment do you have to state all the jobs you've had in that tax year? Because it asks for the employers PAYE number and i cannot provide that for the majority of my jobs that i've had in the past.
Or do you just state self employment since everything else would have been already declared by your employer if that makes sense???
Lol. Confused.
Magical_Hoohah
02-01-2017, 05:42 PM
^Camming income is not counted as wages, and cam sites are not your employer. You should be reporting your camming income however is appropriate for a self-employed person in your country.
Self-employment = when you decide when and how much you'll work, and your income fluctuates. Someone might stop doing business with you if you screw up (e.g. one dog-walking client fires you), but your job hasn't changed because you're in business for yourself (e.g. you'd still be a dog-walker for other clients). If you want benefits like health insurance and retirement accounts, you have to sort them out for yourself, and you don't get paid vacation or sick leave. People like contractors and freelancers are self-employed.
Wages/Employment = When you get paid $x per hour or $xx,xxx per year. Your employer tells you how many hours you'll work and (usually) when you should work. If you screw up, you can be fired, and then you're unemployed until someone else hires you. Depending on the laws where you live and how many hours you work, your employer might give you benefits.
BriannaXO
02-01-2017, 06:09 PM
Oh i am aware of that. I know camming counts as self-employed. Sorry if my question is unclear, I know camming income falls under self-employment however when doing my tax return it also has a section "Employment" separate from the self-employment part. I currently don't have any other income aside from Camming however in the tax year I am doing the return for, I worked several part-time jobs. My question is do i need to declare them under the "Employment" part.
Or will HMRC be aware of my income via employment, and I only need to do my camming/self-employment income?
For example, Say I worked as a Hairdresser Full-time and done camming on the side. Would I need to put 'Hairdresser' under the employment section despite already being taxed normally by my Employer for that..
Hope that makes sense.
Magical_Hoohah
02-01-2017, 06:29 PM
Oh, gotcha. I'm in the US, so I don't know how it works for you.
The IRS knows about our wages here, too, but they still want it listed on your tax return. If you left them off a US tax return, all the rest of your math would be fucked up, and you'd probably cause them more trouble than leaving the whole form blank. Could you fill in all the info you have for your employers, and then let the HMRC sort out the employer ID numbers for themselves?
Luna66
02-01-2017, 06:39 PM
Oh i am aware of that. I know camming counts as self-employed. Sorry if my question is unclear, I know camming income falls under self-employment however when doing my tax return it also has a section "Employment" separate from the self-employment part. I currently don't have any other income aside from Camming however in the tax year I am doing the return for, I worked several part-time jobs. My question is do i need to declare them under the "Employment" part.
Or will HMRC be aware of my income via employment, and I only need to do my camming/self-employment income?
For example, Say I worked as a Hairdresser Full-time and done camming on the side. Would I need to put 'Hairdresser' under the employment section despite already being taxed normally by my Employer for that..
Hope that makes sense.
Hey, UK girl here who does her own taxes. Yes, you need to declare your income from working real jobs, even though the tax for those jobs was automatically taken out of your paycheck. You will need the PAYE number. It will be on your payslips if you can find them? If not, you might have to contact HMRC because I'm not sure how to proceed if you don't know their PAYE number.
BriannaXO
02-01-2017, 08:47 PM
I will have a look for them, however don't think I will have all the past jobs payslips etc. If not ill give them a ring like you said. Thank you both for your help x