It's almost that time of year again... Blah... Time to start putting some money aside.
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It's almost that time of year again... Blah... Time to start putting some money aside.
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.
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/19...laneous-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! :)
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
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!
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. :)
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.
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-...stimated-Taxes
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.
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!
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.
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.
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.
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.
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.
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"
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.
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!
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.
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.