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Thread: Taxes on Income?Camsite Preference?

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    Default Taxes on Income?Camsite Preference?

    Hi guys,
    I'm a newbie and I just want to ask about primarily about taxes. To give you a background, I'm a studio and have models outside the US.The thing is I get only a small percentage of their earnings (like 10 percent);however,I get their earnings and wire their salaries. To the IRS,I'm earning 5 figures monthly but in reality I make a tenth of it. Here's my question, how can I show I don't earn that much? Can I deduct the models' salaries from outside the US from my taxes?Any input will be appreciated.

    In addition to this,which sites do you prefer working?Pls kindly tell the reason why also.I just want the best to my models that's why.

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    Default Re: Taxes on Income?Camsite Preference?

    I think your best bet is to get an accountant

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    Default Re: Taxes on Income?Camsite Preference?

    Double entry book keeping basics.

    Get a piece of paper, write down all your incomings on one side and your outgoings on the other, then substract. This gives your net profit (roughly).

    If you are using one account to get the money and the same account to send the money then this will be very easy for you.


    On a side note to wire money across the US border can cost like $25-$40 each time. What sort of fee's do you have? They would need to be making $250-$400 each payout for you just to breakeven wouldnt they?

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    Default Re: Taxes on Income?Camsite Preference?

    Actually,I cash out atleast 2k for each model.Then,I wire them each their salaries to their bank accounts.With regards with the cost,I spend usually $12 each deposit so the cost is low..I still have a good amount of profit so it's ok..

    I know how to get the net.So let me rephrase it then,are there any forms for the IRS that I need to use if I hire Independent contractors oversees?If yes,what is it? I'm just paranoid that I'll owe alot that's why.If all comes to worse how much is a good accountant?

    And yes ,thanks Princes Jen and Becky for the input! I appreciate it

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    Default Re: Taxes on Income?Camsite Preference?

    Not sure about that sorry. In the UK I simply write in my total profit, net and gross then pay tax on it no matter what the source is. UK tax is very straight forward.

    Im sure a US tax payer will have an answer for you though.

    UK accountant = £200-£300 per year depending on how complex your books are so roughly the same for US maybe.

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