these things add up to quite alot...
Incoming wire transfers are $15/transfer at my bank
Payoneer fees are around 2%.
I've never deduct these when paying taxed and my account. did not ask me about these either...:-\
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these things add up to quite alot...
Incoming wire transfers are $15/transfer at my bank
Payoneer fees are around 2%.
I've never deduct these when paying taxed and my account. did not ask me about these either...:-\
I always deduct bank fees - it's a cost of doing business - alot of tax people dont seem to get this industry -
Bank fees are indeed a business expense.
yup fully deductible ... just keep the statements in case you are ever audited.
All fees and expenses (your own website) are tax deductible. Toys as well, called supplies or equipment.
Many moons ago i cammed for a company that did not give us the deductions, not on paycheck or end of year. I'm cautious about that now, very cautious. If i ever need to move around a lot it may be a option. Cams does the direct deposit which is basically payoneer and i regret it. I'm greedy and i have to keep track of all deductions.
I hate taxes so much and all we have to keep up with
Uncle Pimp is brutal on us girls
^^^ one thing to keep in perspective ... even if you have a file cabinet full of deductible items, they only help to reduce INCOME tax liability. Self-employed 'independent contractor' dancers and camgirls both still face a 15.3% tax rate on every dollar earned for both the 'employer' and 'employee' share of Social Security / Medicare taxes.
Also there is a 'new wrinkle' that I got hit with before I moved 'way south of the border' ... the Alternative Minimum Tax. For dancers and camgirls who are doing 'well' financially ( > $75k or so for single girls ), the effect of the AMT is to start disallowing otherwise legitimate tax deductions as income rises. This is a real 'surprise' for girls who live in states with high state income tax rates ( which are deductible against federal income tax liability ), for girls who have bought a house or condo via a big mortgage ( with a large mortgage interest deduction against federal income tax liability ) etc. But, fortunately, business expense tax deductions can be subtracted from business earnings without impact from the AMT.
Utility's are deductible to if you run a home based business.
i do taxes as well and u can right off everything from costumes to make up, dildos ect. as long as its work related and u keep receipts ur all set. Make ur money work for u- all these things are investments in ur buisness
... a PORTION of utility costs are deductible, providing that you can substantiate the existance of a dedicated 'home office'. Home Office tax deductions are one of the most heavily scrutinized by the IRS. However, if you do have a dedicated room / area in your home that is EXCLUSIVELY used for business, utility and other costs can be written off in proportion to the space used for business versus the total space in your home. Where certain things like high speed ISP charges are concerned, if you have a separate slow speed ISP for personal use then the high speed ISP is totally deductible. However, if you only have high speed ISP, then the cost must be divided for % business use versus % personal use ( with the IRS probably balking at any number over 50% )Quote:
Utility's are deductible to if you run a home based business
you can if the items pass the IRS 'housewife test' ... i.e. if a housewife buys something for purely personal use, then an attempt to write off the purchase of the same item for business use may be questioned by the IRS. Example theatrical makeup is absolutely deductible as a business expense, but department store makeup may be disallowed since millions of housewives buy department store makeup every day with absolutely no business reason for doing so.Quote:
u can right off everything from costumes to make up, dildos ect. as long as its work related and u keep receipts ur all set
Wow Melonie you really know your stuff can i get you to do my taxes?
I would suggest you you give a list of fees and expenses to your accountant. If he/she is not familiar with this biz, they probably do not know about what expenses you have.
I deduct almost everything sexual, even my new web cam. If I wasn't a model, I would not have bought it. Just be realistic!