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Thread: Camming And Taxes

  1. #701
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    Default Re: Taxes- is camming still worth it?

    Rent and utilities are a maybe, you need to meet some "tests" to qualify. You need to have it set up a certain way also to be very safe with taking those deductions. Should be in your name or business name, should be your place of work, can't be your place of sleep or living, etc. Separate buildings with separately paid/second phone/cable/internet lines are safest.

    Supplies, generally no. Your accountant may tell you what you want to hear (and you hear all kinds of crazy shit), but if he's following the law there's actually very little in a typical home-based cammodels closet that is tax deductible. Hair, clothes (except for big Vegas showgirl costumes), make-up, lube, wipes, gym memberships, tanning, typical sex toys, plastic surgery, etc are NOT deductible. Never have been, and if US models are taking these they were either lied to, are lying, or setting themselves up for nastiness up to 7 years later and just think they got away with it for now. There was ONE porn star that managed to fight the IRS for her implant deductions, but the IRS came out very clearly and said that this was a special exception and still very against policy.

    Most electronics though typically can be deducted for video/broadcasting/work purposes (Xbox...no, new webcam...yes). Fuck machines might fall into a gray area Canadians get a little more slack also, but not Americans unless there's a new whitepaper I missed from the IRS.

    The accountant doesn't make the call or judge anything, its his responsibility to try to keep your ass out of court for tax fraud/evasion and nothing else. If he's certified, he will be partially responsible also for any fallout. Any of them worth their dockers knows the rules and if he's willing to risk bending them by cooking your books a bit, go for it. For the under $50,000/year crowd, trying to take those deductions won't have any massive effect on your tax bill anyways, so why go through the effort of hunting down a dirty accountant that would charge you more than the money you save just Turbotaxing and playing safe?

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  3. #702
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    Default Re: Taxes- is camming still worth it?

    the IRS principle that KatyBoelyn is referring to is the so-called 'housewife test'. Under that IRS principle, attempting to deduct things as business expenses which a 'housewife' would also spend money on with no business reason for doing so, are NOT deductible. Generally speaking, 'housewives' buy department store make-up, bikinis, lingerie, average sized breast implants, gym memberships, tanning sessions, sex toys etc. This doesn't mean that the IRS is guaranteed to disallow 100% of any business expense tax deductions you attempt to take for such items. But attempting to claim these deductions WILL increase your probability of being audited ... usually with negative results.

    In the specific case of 'professional sized' breast implants, indeed a feature dancer with 3000cc implants went to tax court over a dispute about the deductibility of her plastic surgery bills. A tax court judge decided that because her huge breast implants were a source of 'problems' in her personal life ( unwanted attention, staring, cat-calls etc. ) that their 'benefit' was strictly for business reasons ... and as such the business expense tax deduction should be allowed. This is referred to as the 'Chesty Love Letter Ruling' ... and can be used by any dancer or camgirl who gets 'professional sized' breast implants ( generally accepted to mean more than 1000cc each ) to deduct the cost of their surgery and follow-up care as a business expense.

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    Senior Member AngelMari's Avatar
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    Default Re: Taxes- is camming still worth it?

    I own my home and have other businesses on the side. I keep receipts for everything, and have credit cards for certain things. I write off clothes, nails, hair, makeup, shoes...anything that has to do with camming. Plus internet connection, phone, portion of my mortgage etc etc. I make 1000 a week only working 15-20 hours and I keep my rates at 2.99 and 3.99. So you can do that as well if you keep up with it. Your best bet is to hire a CPA, you should be filing quarterly as well. I just bring my shoebox full of receipts and bills and he does the rest. Plus you're working with a professional he can tell you the exact amount you need to be at yearly/quarterly for lower taxes. Sucks to hit the threshold and only go over a grand or two, then you get hit with hefty taxes. Keep working and go find yourself a good CPA, one that can help you invest and whatnot. Mines only 250-350 every quarter, seems spendy but it's worth it.

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    Default Re: Taxes- is camming still worth it?

    When I worked at the CPA firm that was one of my jobs to sort boxes of receipts people brought in - basically weeding out the valid from the junk first. Valid receipts then got categorized into their own itemized categories of full/partial . Maybe that's where people assume "they just wrote off everything". We got receipts for Gamestop purchases and fast food all the time that basically got tossed out, and mile-long Walmart receipts we had to go through line-by-line and remove groceries, gum, cosmetics, and hunting supplies they bought with their single "business" item. The CPA I worked for was "if in doubt, line it out." Most people never asked and he never actually told them the total that was used.

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    Default Re: Taxes- is camming still worth it?

    So...after reading this, I have one question.

    I am strongly considering leaving my job next year to be a full-time Stay At Home Mom and do camming as my only source of income. In order to avoid tax-drama, would it behoove me to speak to a CPA before I start, tell the CPA my earning goals that way I can have an idea of how much I should be putting to the side every week?

    Has anyone done that?


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  9. #706
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    Default Re: Taxes- is camming still worth it?

    Actually, this is fairly easy to figure out without initially resorting to an accountant. Key questions are ...

    - will you be able to file as a 'head of household' single mom i.e. you and your child and nobody else residing at a particular address ?

    - are you entitled to claim the child as your dependent ( versus child's father attempting to claim the child as his dependent ) ?

    - will you be filing a 'married - joint' return based on combined income with a husband ?

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    Default Re: Taxes- is camming still worth it?

    This is probably a dumb question but I am new to the industry. I am using camming as supplemental income. Therefore I have smaller goals...around $500 a month. Are taxes always just a percentage of your income? I'm reading some of your stories about owing thousands of dollars and now I'm getting nervous

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    Default Re: Taxes- is camming still worth it?

    ^^^ taxes are based on a percentage of your COMBINED income. If you have a 'straight' job, plus supplemental income from camming, and the 'straight' job employer does not now about the supplemental camming income, the 'straight' job employer's payroll system will not withhold enough estimated taxes from each paycheck to actually cover the higher effective tax rate which now applies to that paycheck. And, obviously, it is up to the camgirl to self-withhold estimated taxes from her camming income. So yes it's entirely possible for a girl who earns say $25,000 per year from a 'straight' job, plus say another $10,000 per year in camming income, to not only owe ~$2,500 or so in taxes on her camming income but also owe an additional ~$1,000 on her 'straight' job income ( beyond the amount which the employer's payroll system withheld from her paychecks ).

    It's rather difficult to come up with accurate estimates for this effect, because different states have different income tax rates and different 'tax brackets' ( percent tax vs income thresholds ), because eligibility for certain tax 'credits' is lost when combined income rises above a certain threshold of eligibility, etc., because the price of taxpayer subsidized 'discount' public health exchange insurance premiums may retroactively increase due to higher combined earnings ( which the IRS will 'claw back' next April in the form of an increased tax bill ), etc. Because of these eligibility thresholds based on total combined income, there are likely to be situations where earning an extra $1,000 from camming ... but in doing so pushing yourself into losing eligibility for 'tax credits' or pushing yourself into a higher priced public health insurance bracket ... could 'cost' the camgirl more than the extra $1,000 of earnings !
    Last edited by Melonie; 08-07-2014 at 03:30 AM.

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    Default Re: Taxes- is camming still worth it?

    ^^^ that's generally true, providing that camming is your only source of income, and provided that amount of camming income involved is under $100k per year. However, when more than one income source is involved, that may no longer be the case because the additional income from camming not only creates its own tax bill, but also increases the tax bill due on the other income source.

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    Default Re: Taxes- is camming still worth it?

    I started camming late July. Now, I JUST got an apartment today (moving in the end of August; $950 a month, all utilities, cable, wifi). I'm basically living as basic as I can because I know I need to save money, especially after reading this thread. It's scaring me. Taxes confuse me, so it just gives me a big headache. Since I just started camming I'm not making a lot of money yet. My goal is to make $570 a week. I also have another job I've had since April at a salon ($10 an hour, on the books, so taxes are taken out). I get about $180 a week plus tips. Now, I'm wondering after expenses and tight budgeting, is this enough every month for me to actually pay my taxes quarterly and still have enough money to set aside to save for myself? Should I wait to pay taxes in January (6 months) or after 3 months? Will the taxes on my salon paycheck go up? What should I do? I live in Long Island, New York and LI doesn't pay NYC taxes. I'm single with no children and filed as single in April when I got hired at the salon. I also had a previous job from May to mid July that was on the books too which I made about $460-560 every 2 weeks plus tips.

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    Default Re: Taxes- is camming still worth it?

    From my past experience, I waited until tax time to file my first year I was 'self employed'. I didn't have an interest penalty because it was my first time filing, but it did tell me that I had to pay my quarterlys or there would be fines. It also gave me an idea of what my estimated earnings would be for the next year. At the end of the filing, it told me how much my estimated taxes for the next year were. It had the option to print out the payment vouchers and payment deadlines. You can adjust your payments and send in more if you are planning on making more. I use TurboTax Business. It totally walks me through each step, one at a time.

    Going off of your current $570/wk goal we'll assume your taxable income for the year is $25,000. (These #s are all estimates. DO NOT THINK THEY ARE THE FOR SURE THING You won't know your real #s until you file) For a single person that is around $3,000 owed. Your vanilla work covers a portion, but not all. To be safe, try to put aside 20% to cover what your vanilla work may not. Your salon check won't change unless you adjust you W-4 to withhold more or less. When you file, you will be using the W-2s your vanilla work sends you and your camming 1099s. Because of the 1099s you will have to use the Schedule C and upgrade to the business edition. (I think it's like $80)

    Also, roam through Dollar Den. I recently made a thread that has links to threads all about taxes. There is so much info in Dollar Den, it's really helpful.

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    Default Re: Taxes- is camming still worth it?

    Thank you. That makes me feel better I'm actually picking up another job part time and it may be off the books, so hopefully it will make up for what I need to put aside for taxes.

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    Default Re: Taxes- is camming still worth it?

    ^^^ in a scenario where there is camming income PLUS straight job income, some clarification is needed.

    In a 'straight' paycheck only scenario with a $10,000 annual gross income, effective tax rate might be around 10% = $1,000 ... thanks to the low income tax bracket plus eligibility for 'low income' tax credits ( federal and state )

    In a 'self-employed' only scenario with a $25,000 annual gross income, effective tax rate might be around 20% = $5,000 ... mostly due to the 15.3% 'self-employed' social security tax.

    But in a combined scenario with $10,000 in 'straight' job income plus another $25,000 in 'self-employed' income, the combined effective tax rate is likely to rise to 25% ... because a higher income tax bracket applies to the combined $35,000 annual gross income, because eligibility for 'low income' tax credits will be lost or reduced, etc. 25% of the $10k worth of 'straight' job income = $2,500 ... meaning that employer tax withholding from 'straight' job paychecks will probably be $1,500 'short'. So besides owing $25k * 25% = $6,000 worth of taxes on the self-employed camming income, another $1,500 will need to be paid to cover the 'shortfall' in withholding on the 'straight' job paychecks.

    Also, given that you live in NY, it's worth checking out other potential consequences of increasing your combined earnings to the point where your earnings exceed 200% ( = $23k ), 300% ( = $34k ), 400% ( = $46k ) etc. of the 'official poverty level'. Exceeding these income thresholds may disqualify you, or reduce the subsidies available, for SNAP, subsidized rent, subsidized utilities, discount public health exchange insurance premiums etc. Obviously, this may or may not apply in your particular situation.
    Last edited by Melonie; 08-15-2014 at 03:36 AM.

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    Default Re: Taxes- is camming still worth it?

    Quote Originally Posted by Melonie View Post
    ^^^ in a scenario where there is camming income PLUS straight job income, some clarification is needed.

    In a 'straight' paycheck only scenario with a $10,000 annual gross income, effective tax rate might be around 10% = $1,000 ... thanks to the low income tax bracket plus eligibility for 'low income' tax credits ( federal and state )

    In a 'self-employed' only scenario with a $25,000 annual gross income, effective tax rate might be around 20% = $5,000 ... mostly due to the 15.3% 'self-employed' social security tax.

    But in a combined scenario with $10,000 in 'straight' job income plus another $25,000 in 'self-employed' income, the combined effective tax rate is likely to rise to 25% ... because a higher income tax bracket applies to the combined $35,000 annual gross income, because eligibility for 'low income' tax credits will be lost or reduced, etc. 25% of the $10k worth of 'straight' job income = $2,500 ... meaning that employer tax withholding from 'straight' job paychecks will probably be $1,500 'short'. So besides owing $25k * 25% = $6,000 worth of taxes on the self-employed camming income, another $1,500 will need to be paid to cover the 'shortfall' in withholding on the 'straight' job paychecks.

    Also, given that you live in NY, it's worth checking out other potential consequences of increasing your combined earnings to the point where your earnings exceed 200% ( = $23k ), 300% ( = $34k ), 400% ( = $46k ) etc. of the 'official poverty level'. Exceeding these income thresholds may disqualify you, or reduce the subsidies available, for SNAP, subsidized rent, subsidized utilities, discount public health exchange insurance premiums etc. Obviously, this may or may not apply in your particular situation.
    Thank you Melonie Since I am new to this do you have any advice for being able to make enough money to pay expenses and taxes and still have money left over? Is there a specific amount I should be making? I'm hoping to get another partime job soon to hopefully balance out the loss of money I need to put aside for taxes. Should I just find someone to talk this over with so I can create a plan for myself?

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    Default Re: Taxes- is camming still worth it?

    ^^^ all I can say is that banks and the gov't both use a figure of 31% as the maximum amount of gross income that should be spent on housing. Thus based on a $900 per month rent cost, 900 / .31 = ~$2900 per month or ~$700 per week of gross income would be required to meet the banks and gov'ts criteria for 'enough' income. In point of fact, if self-employed income is involved, the total should be a bit higher still because of the higher tax rate which applies to self-employed income. But on the 'flip side', utilities are included in your rent payment. Thus ~$700 a week in gross earnings should be adequate.

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    Default Re: Taxes- is camming still worth it?

    Quote Originally Posted by Melonie View Post
    ^^^ all I can say is that banks and the gov't both use a figure of 31% as the maximum amount of gross income that should be spent on housing. Thus based on a $900 per month rent cost, 900 / .31 = ~$2900 per month or ~$700 per week of gross income would be required to meet the banks and gov'ts criteria for 'enough' income. In point of fact, if self-employed income is involved, the total should be a bit higher still because of the higher tax rate which applies to self-employed income. But on the 'flip side', utilities are included in your rent payment. Thus ~$700 a week in gross earnings should be adequate.
    Thank you so much, Melonie! I appreciate your help and knowledge! I figured that would be how much I would need to make every week.

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    Default Re: Taxes- is camming still worth it?

    Hopefully this question hasn't been already asked lol.

    So let's say I'm doing

    -Camming on SM
    -Video clips

    and working on other sites here and there..side hustles.

    Isn't there some way I can just add up all of those earnings and do taxes for what I made as a lump sum? Instead of having to do separate taxes for my video clips and camming? Which is more beneficial?


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    Default Re: Taxes- is camming still worth it?

    Indeed !!! You can, and should, account for camming ( on multiple webcam hosts ) and merchandise sales ( on multiple host sites ) as a single business activity.

    You can add all of your quarterly earnings together to come up with one quarterly 'gross earnings' figure , subtract qualified busineses expenses to come up with one quarterly 'net earnings' figure, and then calculate one estimated tax figure, file one quarterly estimated tax voucher, and send one quarterly estimated tax payment check to the IRS. Obviously, if your state levees it's own income tax, you'll have to do a second estimated state tax calculation, file a second state quarterly estimated tax voucher, and send a second quarterly estimated tax payment check to your state tax agency.

    The only time where separate sources of income will matter is on Schedule C ... which you will file along with your annual tax returns next April. When you fill out Schedule C, you will need to enter the actual incomes you received from each different income source ... which will / must correspond with the amounts reported by those different income sources via separate 1099-misc forms they will issue to you and the IRS next February or March.
    Last edited by Melonie; 08-19-2014 at 03:49 AM.

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    Default Re: Taxes- is camming still worth it?

    I didnt file or pay my taxes this year for last year because i couldn't afford to even file (i was in a really bad spot and needed all the money i was making just to get buy) I'm doing a better now but still having a hard time saving for taxes. Right now I owe about 4500 in taxes and I live in an area with not so good internet like the lines in my area in the ground are an old outdated type (another camgirl ran some test and thats what she told me) Pretty often I get a connection turbulence i guess you could say. I try to look up websites and i get DNS Look up errors and my cam feed lags and gets choppy (vid and sound) for a few minutes then its fine again. I'm paying 100 just for my net and Its the best cox can give so I know its not that.

    I know I will make a lot more when I can move out of here. My question is how long can I go without not paying my taxes before theres major issues with the IRS? With the money that I'm making now I have to chose one or the other between working on paying back on taxes for 2013/2014 or savings up to move out then working on getting back on track with taxes.
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    Default Re: Taxes- is camming still worth it?

    Quote Originally Posted by Snowy0Star View Post
    I didnt file or pay my taxes this year for last year because i couldn't afford to even file (i was in a really bad spot and needed all the money i was making just to get buy) I'm doing a better now but still having a hard time saving for taxes. Right now I owe about 4500 in taxes and I live in an area with not so good internet like the lines in my area in the ground are an old outdated type (another camgirl ran some test and thats what she told me) Pretty often I get a connection turbulence i guess you could say. I try to look up websites and i get DNS Look up errors and my cam feed lags and gets choppy (vid and sound) for a few minutes then its fine again. I'm paying 100 just for my net and Its the best cox can give so I know its not that.

    I know I will make a lot more when I can move out of here. My question is how long can I go without not paying my taxes before theres major issues with the IRS? With the money that I'm making now I have to chose one or the other between working on paying back on taxes for 2013/2014 or savings up to move out then working on getting back on track with taxes.
    From my experience your best bet is to contact them and set up a payment plan, could be 20 a month could be 200 (depends on your earnings currently and the situation). If you go to them first and explain they are always willing to work with you, don't go a whole year and then ask them.

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    Default Re: Taxes- is camming still worth it?

    Quote Originally Posted by AngelMari View Post
    From my experience your best bet is to contact them and set up a payment plan, could be 20 a month could be 200 (depends on your earnings currently and the situation). If you go to them first and explain they are always willing to work with you, don't go a whole year and then ask them.
    With pretty much 4 months left in this year my plan is to file for this year and last year and get on a payment plan but how much would they want per month so i can work on saving up to move out ? If i can move out i can pay back my taxes superfast but would that really be the smart thing to do or should i just tuff it out and stay where i am untill my taxes are back on track?
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    Default Re: Taxes- is camming still worth it?

    If you haven't filed and haven't been paying your quarterlies idk what they would do. BUT I do know they are going to want to see you start paying quarterly, as for how much they would want a month it depends on living expenses and how much you make. If you only bring in 2K a month and your rent alone is 1K they aren't going to make you pay 200 a month. Try and get in your Dec payment if you can, it would help. They charge interest on you. Sounds as though you need to get out asap so you can make better money.

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    Default Re: Taxes- is camming still worth it?

    Quote Originally Posted by AngelMari View Post
    If you haven't filed and haven't been paying your quarterlies idk what they would do. BUT I do know they are going to want to see you start paying quarterly, as for how much they would want a month it depends on living expenses and how much you make. If you only bring in 2K a month and your rent alone is 1K they aren't going to make you pay 200 a month. Try and get in your Dec payment if you can, it would help. They charge interest on you. Sounds as though you need to get out asap so you can make better money.
    Thanks for the advice. I'm going to plan to move ASAP and work with them as much as i can .
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    Default Re: Taxes- is camming still worth it?

    Hey to Canadian girls in regards to taxes I am having issues finding anything really. If someone from Ontario could message me I would really appreciate it! I am using only mygirlfund right now and haven't made much at all but I'm unsure about whether or not I will need to file taxes from the site

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    Banned Melonie's Avatar
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    Default Re: Taxes- is camming still worth it?

    In regard to taxes for Canada, UK etc. there are lots of threads in the Dollar Den forum


    My question is how long can I go without not paying my taxes before theres major issues with the IRS?
    The fact is that if you webcam hosts issue 1099's means that the IRS will know that you have income. If IRS computers can't match up those 1099's to a tax return which you filed, the IRS will know that you have unreported income. So you could already have issues with the IRS ... but they simply haven't gotten around to acting on them yet.

    Generally speaking, self-employed camgirls will wind up owing at least 25% of their gross incomes in US taxes. Essentially this means that, with every passing quarter, the IRS expects you to pay 25% of your webcam checks in the form of estimated taxes. Also, for unpaid tax time payment plans, the IRS usually only allows a one year payback period. And, of course, if quarterly taxes are unpaid, the IRS can start adding interest charges and under-withholding penalties.

    Putting this altogether basically means that if you were to pay nothing in estimated taxes for the balance of 2014, were to file a 2014 tax return in January, and were to file for a time payment plan, you would need to pay something like 55% of the webcam host checks you receive in 2015 to the IRS to be 'even' on taxes due by the end of 2015 Yes, unfortunately that's not a typo ... it comes from 25% for back taxes due on 2014 earnings, plus 25% current estimated taxes due on 2015 earnings, plus penalties and interest. This of course assumes that your average monthly camming earnings are the same for each year.

    If you also had 1099 income reports issued for 2013 camming earnings, I'm not sure how the IRS would handle this because their standard one year time repayment plan would be impractical. So if the IRS agreed to extend, this would mean paying 55% of both your 2015 and 2016 income to the IRS in order to be 'caught up' on back taxes by the end of 2016.

    If you do in fact owe both 2013 and 2014 taxes, and haven't paid anything toward estimated taxes so far, there is probably enough money at stake to try and seek a 'settlement' with the IRS. However, that 'settlement' may come with other strings attached !

    On the 'flip side', if you are actually able to greatly increase you camming income level in 2015 as a result of relocating to an area with faster internet service, then repayment of 2013 and 2014 back taxes becomes quite a bit easier.

    Also if you intend to move to a different rental property, or for that matter intend to do anything where your credit rating will be checked, make sure this is completed before the end of 2014. Once the IRS reports to the credit agencies that you owe them back taxes, your credit rating will turn to [email protected]!t !!! Every bank, loan company, landlord etc. knows that they stand zero chance of getting repaid until the IRS first gets all of the money they are owed.
    Last edited by Melonie; 08-23-2014 at 02:14 AM.

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