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Thread: okay ive looked all thru the tax questions BUT

  1. #1
    shaebabii
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    Default okay ive looked all thru the tax questions BUT

    i cant seem to find what im looking for. so please if this has already been asked will u plz send me the link to the answer. THANX.....

    Okay so ive always had a friend of mine at H & R block do my taxes. LOVE HER.but now i live out of state and have to find a brand new person. I need to know what all i can write off on my taxes being a cam girl. clothes, toys etc. And for whatever i can write off, do i have to have reciepts? The friend of mine never asked for recipts on anything in the past i could write off just bc she knows im very truthful. So do they also take ur word for it or not?? so sorry if this sounds dumb but i really don't know how all the tax world works lol

    And my other question is i have most of my check stubs from this past yr from imlive and mfc but im missing like 3 or 4...and at the moment don't have a way to print them out...my appt to do my taxes is in a few hrs. Plz help..and again im sooooooo sorry if all this was asked in another thread..i promise i really did search!! =)

  2. #2
    Banned Melonie's Avatar
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    Default Re: okay ive looked all thru the tax questions BUT

    here's the quick summary ...

    As to legitimate 'business expense' tax deductions, the IRS is actually in conflict with itself !!! On the one hand, a part of the IRS code allows for any business expenses that are 'ordinary and necessary' to be deducted. On the other hand, another part of IRS precedent requires that all business expenses pass the 'Housewife Test'. The 'Housewife Test' basically states that anything that a housewife would spend money on without a legitimate business reason for doing so cannot be deducted as a legitimate business expense. So if the clothes and toys you are using for your cam shows are ONLY useful for performing cam shows you can confidently write them off. As to taking these business expense deductions in the absence of receipts, you can certainly do that - but at the risk of having those deductions disallowed if you are audited and cannot produce receipts proving that the expenditures were actually made.

    As to income reporting, every webcam host that I have ever dealt with has sent out an IRS 1099-misc form in february ( or sometimes early march ) showing the total amount of payments made to the cam girl over the course of the previous year. It is this 1099 income that must be specifically listed on Schedule C of the cam girl's tax return ... because IRS computers will attempt to match up every 1099 form they receive directly from the webcam host ( listing the cam girl's social security number ) with a tax return filed by the cam girl ( listing the same social security number ). If you have received 1099 form(s), you really don't need to also produce every single check stub paid to you by the webcam host.

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    Veteran Member person's Avatar
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    Default Re: okay ive looked all thru the tax questions BUT

    In Australia, there are thresholds for certain claims below which you don't have to have receipts
    Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor
    - Dr John Zoidberg

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    Veteran Member Robertjordan's Avatar
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    Default Re: okay ive looked all thru the tax questions BUT

    Quote Originally Posted by Melonie View Post
    here's the quick summary ...

    As to legitimate 'business expense' tax deductions, the IRS is actually in conflict with itself !!! On the one hand, a part of the IRS code allows for any business expenses that are 'ordinary and necessary' to be deducted. On the other hand, another part of IRS precedent requires that all business expenses pass the 'Housewife Test'. The 'Housewife Test' basically states that anything that a housewife would spend money on without a legitimate business reason for doing so cannot be deducted as a legitimate business expense. So if the clothes and toys you are using for your cam shows are ONLY useful for performing cam shows you can confidently write them off. As to taking these business expense deductions in the absence of receipts, you can certainly do that - but at the risk of having those deductions disallowed if you are audited and cannot produce receipts proving that the expenditures were actually made.

    As to income reporting, every webcam host that I have ever dealt with has sent out an IRS 1099-misc form in february ( or sometimes early march ) showing the total amount of payments made to the cam girl over the course of the previous year. It is this 1099 income that must be specifically listed on Schedule C of the cam girl's tax return ... because IRS computers will attempt to match up every 1099 form they receive directly from the webcam host ( listing the cam girl's social security number ) with a tax return filed by the cam girl ( listing the same social security number ). If you have received 1099 form(s), you really don't need to also produce every single check stub paid to you by the webcam host.
    Good advice. Here is what I will add: Our Tax system is a self reporting system. so it's really up to you to report everything correctly. And your tax professional is not responsible for verifying all your receipts, or any of them actually. The only time you'd need to produce copies or receipts or whatever is in the event of an audit. But the best practice is that you should still retain them for your records just in case. Generally keep your records for 5 years.

  5. #5
    shaebabii
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    Default Re: okay ive looked all thru the tax questions BUT

    Thanx everybody. Ya i went and pretty much just added up all my check stubs and then told her about how much i spent on makeup and that kind of thing. Next yr i will definetly have all my reciepts and be way more prepared. But i make sure i tell the truth on how much i make...the only thing im curious about now is alertpay. i think i have a business account so therefore does that mean i have to claim how much i make on there next yr?? or can i somehow change it to personal acct w/out it giving out my real info??

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    Banned Melonie's Avatar
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    Default Re: okay ive looked all thru the tax questions BUT

    ^^^ where alertpay, and even other websites like ebay, are concerned, right now the new ObamaCare law includes a provision where the payer must keep track of the total amount of payouts being made to businesses and individuals in 2011 ... which in turn must be reported to the IRS via a 1099 form in the spring of 2012. If this provision of the new ObamaCare law remains in force, you and everybody else receiving such payments will have to list them on next year's tax return. Fortunately, there is some action in Washington DC to have this 1099 provision repealed.

  7. #7
    shaebabii
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    Default Re: okay ive looked all thru the tax questions BUT

    ^^thanx so much Melonie!! You are always so up to date w/ what's going on in the world. If i ever need to know what's going on..screw watching the news...i just look at ur posts lmao!! Ur great!!

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    Banned Melonie's Avatar
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    Default Re: okay ive looked all thru the tax questions BUT

    ^^^ disclaimer ... in the final analysis I'm just a 'dumb blonde with big boobs' ! Also there are LOTS of people, at SW and elsewhere, who would tell you that I'm full of s#!t !

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