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kamiliam
03-16-2019, 03:00 PM
I am definitely paying more in taxes than I was before, though as it's been about 4-5 years since I've worked a regular job it's possible that's do to changes in tax laws. Still 7k when I made under 30k seems excessive regardless.

That does seem a bit high. Not to get too much in your personal business but are you contributing to a sep/ira? Deducting your health insurance? I too am paying a little less then I expected. Unfortunately as expected these tax changes are hurting those under 30k the most.

princess_casual
03-18-2019, 02:28 PM
You are surprised? I did a home office deduction, healthcare, accident insurance, and everything in between. Looking at the 2018/2019 tax brackets are high. Instead of the 24% I was supposed to pay, with deductions I only paid 15% and used my self employment 401k to lower my taxable income.

Taxes are a necessary evil for social and civil services. All I know is I paid LESS being self employed then I did as a W2 employee by at least 5%.

Reading this makes my head spin. I really need to hire an accountant but I'm nervous about telling them I cam. I have been trying to file myself using HR block online, but I definitely don't know what I am doing!!
I really wanna do a 401k but don't know how. Any advice?

princess_casual
03-18-2019, 02:56 PM
$300 is about the same price here in Canada for an accountant even HR block wants to charge that much to do a file. but you can claim the cost of hiring people as a business expenses.

I was thinking of using them... is it all online?

SapphireXO
03-18-2019, 03:30 PM
Reading this makes my head spin. I really need to hire an accountant but I'm nervous about telling them I cam. I have been trying to file myself using HR block online, but I definitely don't know what I am doing!!
I really wanna do a 401k but don't know how. Any advice?

Super easy. Set up a fidelity account online. Call a representative once you have your account log in and tell them you want to create a self employment 401K which is a SEP. Theyll give you advice. You can tell them you provide online services or whatever tax code you use. Link your account. Transfer whatever you want. I do it on percentages so I manually transfer mine over every month.

My worst fear: ending my camming career and having nothing to show for it.

So I do this and it ends my paranoia. That plus long term investments like homes help me feel less anxious.

SapphireXO
03-18-2019, 03:32 PM
That does seem a bit high. Not to get too much in your personal business but are you contributing to a sep/ira? Deducting your health insurance? I too am paying a little less then I expected. Unfortunately as expected these tax changes are hurting those under 30k the most.

I do know the changes really hurt the lower tax brackets. I know that with my other W2 careers I had so much pretax deductions that once my post tax deductions hit, I barely had a respectable paycheck. I think that is why I love being self employed. I'm in charge of EVERYTHING!

princess_casual
03-18-2019, 03:50 PM
Super easy. Set up a fidelity account online. Call a representative once you have your account log in and tell them you want to create a self employment 401K which is a SEP. Theyll give you advice. You can tell them you provide online services or whatever tax code you use. Link your account. Transfer whatever you want. I do it on percentages so I manually transfer mine over every month.

My worst fear: ending my camming career and having nothing to show for it.

So I do this and it ends my paranoia. That plus long term investments like homes help me feel less anxious.

Thank you so much!! I just started thinking about retirement now... my parents are getting old and it made me realize that I've been doing nothing to plan for my own retirement. The only complication is that I live in the EU (though I'm American) and no longer have a US bank account. I live in a major city with a big expat community so there must be CPA's here.

Thank you so much. I'm so so grateful for this community otherwise I'd be soo lost.

SapphireXO
03-19-2019, 05:25 AM
Thank you so much!! I just started thinking about retirement now... my parents are getting old and it made me realize that I've been doing nothing to plan for my own retirement. The only complication is that I live in the EU (though I'm American) and no longer have a US bank account. I live in a major city with a big expat community so there must be CPA's here.

Thank you so much. I'm so so grateful for this community otherwise I'd be soo lost.

No problem! I cammed back when I was 19 (almost 14 years ago.) I made great money and in the end, spent every last penny on stupid shit like hair, nails, tanning, clubbing, clothes, going out to dinner. Literally ZERO to show for it and that was my biggest regret by far. Glad I can at least guide you into looking into it!

minniesoporno
03-21-2019, 03:23 PM
I was thinking of using them... is it all online?

I ended up filing my taxes this year with simpletax. for free. https://simpletax.ca/ Years of filing and paying and I find this now :-)

so now I am thinking to file on my own, most likely with simpletax or some software. Get a QuickBooks Self employed account then have the accountant firm just look over things for me. Every couple of years or so.

SimpleTax walked me through everything for free. they run off donations. so I will donate to them sometime this year. I found them super worth it.

For Canada, there is also LooseChange.ca and www.TaxMaam.ca

With hiring an accountant, and being self-employed you do want someone who can handle filing taxes for someone who is running an online business. internet business income is not going anywhere these accountants need to be educated on it.

anonymous camgirl
04-01-2019, 10:24 AM
I am pretty sure a self employed 401k and an SEP IRA are 2 different things... I have the SEP IRA


Super easy. Set up a fidelity account online. Call a representative once you have your account log in and tell them you want to create a self employment 401K which is a SEP. Theyll give you advice. You can tell them you provide online services or whatever tax code you use. Link your account. Transfer whatever you want. I do it on percentages so I manually transfer mine over every month.

My worst fear: ending my camming career and having nothing to show for it.

So I do this and it ends my paranoia. That plus long term investments like homes help me feel less anxious.

anonamiss
04-01-2019, 12:39 PM
I am pretty sure a self employed 401k and an SEP IRA are 2 different things... I have the SEP IRA

correct, here's an article explaining both.

https://www.forbes.com/sites/davidrae/2018/04/23/sep-ira-vesrus-solo-401k/#f92571a10b0b

Nyla19
04-01-2019, 01:47 PM
You are surprised? I did a home office deduction, healthcare, accident insurance, and everything in between. Looking at the 2018/2019 tax brackets are high. Instead of the 24% I was supposed to pay, with deductions I only paid 15% and used my self employment 401k to lower my taxable income.

Taxes are a necessary evil for social and civil services. All I know is I paid LESS being self employed then I did as a W2 employee by at least 5%.


You did a great job!

SapphireXO
04-01-2019, 03:19 PM
correct, here's an article explaining both.

https://www.forbes.com/sites/davidrae/2018/04/23/sep-ira-vesrus-solo-401k/#f92571a10b0b


Maybe I used the wrong jargon but I use SEP. Sorry for any confusion.

Girly_Girl
04-03-2019, 07:38 PM
I'm going to have my taxes done tmw, what tax code do I need to tell them , or what can I tell them instead of saying camming?

anonamiss
04-03-2019, 08:08 PM
I'm going to have my taxes done tmw, what tax code do I need to tell them , or what can I tell them instead of saying camming?

https://siccode.com/naics-code/519130/internet-publishing-broadcasting-web-search-portals

Nyla19
04-04-2019, 02:36 PM
correct, here's an article explaining both.

https://www.forbes.com/sites/davidrae/2018/04/23/sep-ira-vesrus-solo-401k/#f92571a10b0b

They are different, according to my financial brokerage. I called them yesterday about it.

minniesoporno
04-07-2019, 05:31 AM
I know this thread is probably majority US tax topics. but I spent the last couple of days figuring out where I stand in my CPP / EI for being self-employed. Looking at my previous tax returns trying to build a plan to get out of a financial mess I've created due to my mental illness over the years. Things are stable now so I am getting back on track with running life setting myself up as a business.

Here are somethings to keep in mind for being Canadian and camming.

I filed 2018 with simple tax. they are free to file run on donations. www.simpletax.ca

Turbo Tax would work just the same but you pay a fee with them and you can speak to an expert tax person with some of their self-employed services.

For Canada tax professionals and accountants I've found over the years http://www.loosechange.ca, http://taxmaam.ca,

just recently I had a consultation with https://integratedwealthsystems.com and they are AWESOME. they work with cam models and have me on the path of setting myself up as a corporation. plus wealth strategy coaching. and they got everything covered for pretty much the whole world.

IF you are a Canadian cam model you fill out the T2125 tax form at tax time. You enter in the Canadian dollar value of your earnings. If you did not keep track of the foreign currency exchange rate on the day you receive your money you will have to add it up and enter in the yearly foreign exchange at the annual foreign currency rate

https://www.canada.ca/content/dam/cra-arc/formspubs/pbg/t2125/t2125-17e.pdf

There is clearly a spot on the form to list all websites that pay you an income. Some websites have a corporate website some sites do not. List the websites you feel comfortable with.

CRA refers to using the Bank of Canada Annual average http://www.bankofcanada.ca/rates/exchange/annual-average-exchange-rates/
CRA wants all income you earn inside the country and outside of the country to be filed at tax time so if you travel and earn money keep track and file your taxes.

Keep track of your receipts of what you spend to keep running your operations, meals entertainment, cell phone, internet , having a car, working from home, buying a computer, web hosting, lighting, For clothes, lingerie and make up speak with a professional to figure out what you can claim as expenses each year this changes whether or not you can claim your cosmetics and even cosmetic surgery at tax time.

I personally do not claim my lingerie as a business expense.

With the tax brackets for Canadian, you definitely will need an account ready for tax time, with money set aside if you owe taxes and definitely be ready to pay into CPP and EI as a self-employed person that seems to be mandatory unless you fill out a form to opt-out of it. You can search for the self-employment CPP contribution amount. one year it was about $3,500 it's about 10% of your net profit.

Depending on how your personal earnings you might want to set yourself up as a corporation and register to be incorporated. That is what I am doing. individuals get taxed the most, same with sole proprietor self-employed.

All of this has been reading the turbo tax blog. So for your own personal situation do your research with a tax expert. Sure you can file on your own and you will probably be fine for the majority of it, but to spend the money to speak with a full-time professional who reads the tax codes and rules daily and lives and breathes it will help you in the long run.

I will add to this is extremely helpful if you are tracking your income and expenses. I've been using www.waveapps.com

laguhewe
06-12-2019, 02:34 AM
What about non-US and non-EU camgirls? how do we pay our taxes?

AlexisSugar
06-15-2019, 09:22 PM
Hey! Any German or German-resident camgirls here who can point me to advice about doing the Steuererklärung? It doesn't have to be in English, my German is OK. I don't even know which forms I'm supposed to fill in.
Hey, did you find solution? I am currently living in Germany and looking to get back into camming but wonder how to do the tax things here.Not much info in the web:-\

showmeboobs
07-30-2019, 11:00 AM
Hi girls, Is there anyone from Spain?
how do you pay taxes? Or do not pay?

minniesoporno
07-30-2019, 01:59 PM
I was thinking of using them... is it all online?

Things have changed for me. I am working towards setting myself up as a corporation so my tax filing needs have changed a lot.

The basic details I posted in this threads are still what you need to know for self-employed and filing your commission earnings being in Canada.

I track all my earnings and expenses using waveapps.com but with filing as a corporation, I have a new set of things to do and learn.

my wealth strategy team is with https://integratedwealthsystems.com

they work with cam models. which makes me normal working with them and also not special at all.

they know the cam model business and other adult businesses and they know what we need to create wealth.

KatyBoleyn
07-31-2019, 08:51 AM
They are different, according to my financial brokerage. I called them yesterday about it.

I use a "traditional IRA". The contribution limit is $5500 a year (or was at least), and we probably could complicate our lives with a 401k from our own business, but this lets me put away something and everything else goes into a regular brokerage account so we can stay liquid in case of emergencies. It took literally 30 seconds to set up a traditional IRA via Schwab or USAA.

ggminx
07-31-2019, 09:34 AM
I'm with Schwab! So glad to know! Been looking at finally setting one up next year. This will be super easy now knowing my own bank provides this service! ������

SapphireXO
07-31-2019, 01:13 PM
I use a "traditional IRA". The contribution limit is $5500 a year (or was at least), and we probably could complicate our lives with a 401k from our own business, but this lets me put away something and everything else goes into a regular brokerage account so we can stay liquid in case of emergencies. It took literally 30 seconds to set up a traditional IRA via Schwab or USAA.

What she said. Important to stay liquid if necessary. I haulted my SEP IRA savings as I'm rebounding from fixing up a property I bought in January. Looking to build a new house next year and I need liquid funds not future funds. However - do what investment is good for you. Always have accessible savings also.

minniesoporno
08-05-2019, 07:33 AM
http://blog.clips4sale.com/b/c4s-webinar-series-7-accounting-questions-ask-a-cpa-with-neil-and-special-guest-howard-m-siegal-cpa-full-video/


They are offering some basic information for US.

Arwen25
11-04-2019, 02:10 PM
Have any UK girls successfully claimed for household expenses?

I have a part time business from home and then I part-time cam so I am technically working from home full time! I tend to use more heating in winter for camming of course.

Any experience with this appreciated. I feel I could be saving more but want to be following the rules. Thanks. x

sexysusie
11-04-2019, 11:48 PM
I always claim expenses but use the lowest possible figures just in case (I know others claim for absolutely everything), with the calculations on the hmrc website

Arwen25
11-05-2019, 02:40 AM
Hi Susie; thank you! I’m trying to find out what percentage of household expenses I should claim. Am I best off trying to google it as if I was doing any Homebased vanilla job? X

sexysusie
11-05-2019, 07:29 AM
Hi Susie; thank you! I’m trying to find out what percentage of household expenses I should claim. Am I best off trying to google it as if I was doing any Homebased vanilla job? X

https://www.gov.uk/simpler-income-tax-simplified-expenses/working-from-home

Arwen25
11-05-2019, 11:19 AM
Thank you! x

SapphireXO
11-05-2019, 04:57 PM
I do my home office based on square footage percentage. Typically only 20% of electric but 50% of my internet bill. Same with my mortgage I do it based on my home office's square footage.

gorgeousbbw
05-13-2020, 01:58 PM
Hi i was wondering what i can legitimately file taxes under working as a Premium Snapchat model? what term can i use that will be sufficient when filing taxes without having to go into details with the IRS about what i do for work? is there a category? Thank you

minniesoporno
05-13-2020, 02:14 PM
Hi i was wondering what i can legitimately file taxes under working as a Premium Snapchat model? what term can i use that will be sufficient when filing taxes without having to go into details with the IRS about what i do for work? is there a category? Thank you


Look for internet publishing and broadcasting.

xxxGothBarbie
05-17-2020, 10:27 PM
How do you file income that you earned that didnt send you a 1099? Ill need to file both.

minniesoporno
05-18-2020, 06:46 AM
How do you file income that you earned that didnt send you a 1099? Ill need to file both.

Did you google this question ??

SapphireXO
05-20-2020, 06:24 AM
These questions are out of pure laziness. They’ve been answered SO MANY times over the years. 1. Pay a CPA to answer all these questions. A lot of models use https://www.camgirlcpa.com/. I use someone I’ve met locally in the state I used to live in. However taxes aren’t hard to do if you use a program like Quickbooks Self Employed. Claim all your income 1099 or not.

Use Turbo Tax, the paid version. They have live CPAs you can chat with for free.

Don’t be a lazy cam girl. This industry you can make a lot of money. It’s worth the time searching the forums and understanding the tools in front of you to do your finances/taxes correctly.

minniesoporno
05-20-2020, 06:45 AM
These questions are out of pure laziness. They’ve been answered SO MANY times over the years. 1. Pay a CPA to answer all these questions. A lot of models use https://www.camgirlcpa.com/. I use someone I’ve met locally in the state I used to live in. However taxes aren’t hard to do if you use a program like Quickbooks Self Employed. Claim all your income 1099 or not.

Use Turbo Tax, the paid version. They have live CPAs you can chat with for free.

Don’t be a lazy cam girl. This industry you can make a lot of money. It’s worth the time searching the forums and understanding the tools in front of you to do your finances/taxes correctly.

I did make a video on my channel about filing taxes as a Canadian cam model. I might have to update it.

But it's really not that hard since this industry is over 20 years old now so people have clearly figured out how to file taxes and buy cars, and houses, and build and ruin credit, and pay off debt again.

xxxGothBarbie
05-20-2020, 02:59 PM
These questions are out of pure laziness. They’ve been answered SO MANY times over the years. 1. Pay a CPA to answer all these questions. A lot of models use https://www.camgirlcpa.com/. I use someone I’ve met locally in the state I used to live in. However taxes aren’t hard to do if you use a program like Quickbooks Self Employed. Claim all your income 1099 or not.

Use Turbo Tax, the paid version. They have live CPAs you can chat with for free.

Don’t be a lazy cam girl. This industry you can make a lot of money. It’s worth the time searching the forums and understanding the tools in front of you to do your finances/taxes correctly.

Im far from lazy thank you. I read thru the entire thread & found little info about my question. You dont need to be so condescending. Everyone's situation is different.

SapphireXO
05-21-2020, 10:00 AM
How do you file income that you earned that didnt send you a 1099? Ill need to file both.

Use TurboTax (the paid version) and a CPA or tax preparer can guide you through the process. Sorry if it sounded condescending.

xxxGothBarbie
05-21-2020, 01:43 PM
Use TurboTax (the paid version) and a CPA or tax preparer can guide you through the process. Sorry if it sounded condescending.


That helps , thanks :) I will try that.

magicgembliss
05-23-2020, 03:30 PM
no way taxes for self employed people average 30%

gorgeousbbw
02-01-2021, 09:37 AM
Hi i was just wondering what I should be filing as if i worked with Premium Snapchat most of last year? I know it's self employment but i don't get a 1099 Because i had guys pay via cashapp and apple pay. Does anyone know what the best way to file this should be? usually with cam i file under "affiliate sales" but i am not sure how to do it with Premium snapchat. Thanks basically just what job title do i need to be putting?

arielbriel
02-01-2021, 06:19 PM
You can put any job title. I would put entertainer or marketing.

minniesoporno
02-01-2021, 07:08 PM
You can add it to your affiliate sales as an income bonus.

The point is to file all your income foreign and domestic when it comes to most countries' revenue agencies that collect taxes.

SapphireXO
02-02-2021, 04:09 PM
My tax code is "Online Services" :)

Hersheykissed
01-23-2023, 06:43 AM
Sorry I’m reviving this thread. It’s tax time ugh. Do you recommend a cpa or software online?

SashaMalone
01-24-2023, 09:00 PM
Yeah I was gonna go through camgirlcpa myself for this first time since it’s my first year and probably have it more figured out by next year

space_cowgirl
01-25-2023, 04:12 PM
Sorry I’m reviving this thread. It’s tax time ugh. Do you recommend a cpa or software online?
I highly recommend TaxHawk.