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Thread: Camming And Taxes

  1. #726
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    Default Re: Taxes- is camming still worth it?

    ^ well so far i owe about 4,200 in taxes at the rate im going ill probably owe about 5K in taxes witch isnt a lot but u can see why i needed all the money with how little i made to actually get the amount in taxes owed that i did/have ... anyway IF the IRS chooses to work with me and get on a payment plan of some kind how much would i need to be making in 2015 to pay back 2013 and 2014 while staying on track during the year if my monthly expenses are about 800 a month? I'm horrible with math and percentages ...

    35% of 800 is about 230 a month so thats about 1000 right there to stay on track for 2015
    and IF i pay back 5K in 12 payments thats about 400 to pay back 2013/2014
    so i would need to be making about 1400 a month right? If theres no interest and fees and other bull ? I'm sure there will be but I just want an idea of what I should be expecting next year .
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  2. #727
    Banned Melonie's Avatar
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    Default Re: Taxes- is camming still worth it?

    OK let's start with your basic monthly budget of $800 after-tax dollars. Then add $5000 in back taxes + probably another $1000 in interest and penalties = $6000 / 12 monthly payments = $500 per month. To wind up with $800 + $500 = $1300 per month in after-tax dollars, at a 30% tax rate you'd need to earn $1300 * 1.30 = $ 1690. Besides the $500 monthly back tax payments, the IRS is also going to be watching closely that you also actually make your 3 months * $390 = $1170 quarterly estimated tax payments on income you are earning in 2015.

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    Default Re: Taxes- is camming still worth it?

    Quote Originally Posted by Melonie View Post
    OK let's start with your basic monthly budget of $800 after-tax dollars. Then add $5000 in back taxes + probably another $1000 in interest and penalties = $6000 / 12 monthly payments = $500 per month. To wind up with $800 + $500 = $1300 per month in after-tax dollars, at a 30% tax rate you'd need to earn $1300 * 1.30 = $ 1690. Besides the $500 monthly back tax payments, the IRS is also going to be watching closely that you also actually make your 3 months * $390 = $1170 quarterly estimated tax payments on income you are earning in 2015.
    thanks that helped a lot
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  4. #729
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    Default Re: Taxes- is camming still worth it?

    i was wondering, how much should we save for taxes.. this is my first full year of camming and will be filing for the first time next year

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    Default Re: Taxes- is camming still worth it?

    Does anyone know if the Quicken software is good for cammodels


  6. #731
    Banned Melonie's Avatar
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    Default Re: Taxes- is camming still worth it?

    i was wondering, how much should we save for taxes.. this is my first full year of camming and will be filing for the first time next year
    a couple of oldies but a goodies ...

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    Default Re: Taxes- is camming still worth it?

    Quote Originally Posted by renaissancelove View Post
    Say your goal is $1000 per week, making $48,000 a year. Let's say for the sake of argument 30% of what you make goes toward various tax. That leaves you with 33,600 by the end of the year. What a doosie! Especially if you're working full time. That's next to nothing for fucking yourself with a dildo for horny men. So my question is, is 1000 per week camming a little on the low side, especially if your working full time? I mean 40 hours per week, 52 weeks in a year leaves you around 16 to 17 bucks per hour.

    So again is 1000 dollars a week a bit low? It seems like thats the general goal? I hope I'm not the only one a little taken aback by these figures. (or my math could be totally wrong!) I'm new to camming and I want to improve myself and make bigger bucks! Am I missing something? What are your thoughts
    Hi! My nickname here is Verde_Blu.

    I am a cam entertainer.

    My advice for models working in the US is to utilize a version of

    TurboTax.Com to Maximize your Tax Deductions while also

    having the ability to file your own taxes from home, in privacy, at

    your own pace.

    The version I use is for self employed individuals.

    I have been using it for a few years.

    I never knew how many expenses reduced the amount of

    taxes that I would owe at the end of the year!

    Here are some things that you might be spending money on during the year

    that may help reduce the amount of taxes you have to pay.

    1. Anything out of pocket for a medical expense, medicine, doctor visit, lab test, etc.
    2. Anything out of pocket for a child or dependent (child care, medical care, and more!)
    3. Anything out of pocket you spent on equipment, supplies, technology, travel, furniture, office space.
    4. Anything out of pocket you spent on marketing, prize giveaways, promotional tools, software, computer maintenance, work cell phone, internet connection.

    and so much more!

    In addition, Turbo Tax has free assistance if you have questions or get confused.
    It also charges you an incredibly fair fee.
    It also offers you audit protection/representation.
    And so much more!

    As you fill out the answer to each question, you can save your place, go back,
    edit, makes changes, and do everything at your own pace, and in any order you like.

    It has helped me to files my taxes as though I am a true professional.

    Which is funny, because before I used Turbo Tax from home, via internet, I used to hire
    a person who claimed to be a pro, and they discriminated against me because I was
    and internet service / home working / self employed person, and I ended up owing over
    3 grand to the IRS because they messed up my taxes so badly!

    I have been using Turbo Tax for 3 years now, and I have to say, it has been a dream come true,
    and it gets better every year!

    Sincerely,

    Verde_Blu

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  9. #733
    Banned Melonie's Avatar
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    Default Re: Taxes- is camming still worth it?

    While I won't attempt to 'sell' TurboTax, I have been using it for well over a decade... and already have an advance copy on order for 2014 tax return due next spring.

    However, there are a couple of 'out of the ordinary' things which TurboTax does not handle very well ... specifically 'royalty' income, and attempting to carry forward a specific amount of positive estimated tax 'balance'. But other than those two 'quirky' areas, which may not come up at all for many girls, it's a great program. And as Verde-Blu points out, with each new year TurboTax fixes more 'quirks' and adds more helpful features.

    But, in fairness, 'first time' dancers and camgirls who do not have a basic understanding of 'business' book-keeping, or the concepts of quarterly estimated tax payments, may benefit greatly by using a CPA for their first year's 'business' tax return. Along those lines, the 'big box' tax preparers like Jackson Hewitt and H&R Block typically have near zero experience with 'business' taxes versus 'employee' taxes ... thus may not do a very good job for a first year dancer or camgirl.
    Last edited by Melonie; 09-19-2014 at 01:55 PM.

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    Default Re: Taxes- is camming still worth it?

    Making over $20,000 beats the full time job I'm at. I work 9 hours a day, bust my ass, and get treated like shit. Think of it more as being your own boss and you'll start to like it more

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  12. #735
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    Default Re: Taxes- is camming still worth it?

    Hey, I'm planning on starting camming sometime soon but the thing holding me back right now is taxes. I'm living in Europe in a country where most types of small businesses have to pay VAT (value-added tax), so I'm wondering what to label my taxes as without it being obvious I'm in the adult industry. Financial services and performing artists are part of the category that don't have to pay VAT, so do you guys have any suggestions on what should my 'profession' be? Obviously I'm not trying to avoid taxes, since camgirls are part of the performing artists category, but I'm not too keen on having to pay a big extra percentage of my camming income to a tax that I shouldn't have if I pose as a contractor who has a VAT taxable business. Any ideas?

  13. #736
    Banned Melonie's Avatar
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    Default Re: Taxes- is camming still worth it?

    ^^^ not much of an option but to be 'honest' about the nature of your business activities ... while avoiding being forced to 'eat' VAT taxes. There are lots of possible interpretations within the 'performing artist' category which don't involve 'adult' oriented performances. And, for the moment at least, unlike the USA there aren't any existing 'international' financial reporting mechanisms in place which would create an indepenent 'paper trail' to 'adult' oriented business activities. Whether or not 'same country' financial reporting mechanisms exist, though, varies widely from country to country.

  14. #737
    Featured Member LaylaLovely's Avatar
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    Default Re: Taxes- is camming still worth it?

    Okay so I will have a business license for my at home business could I put my cramming under this???? I've never ever done taxes before so this is like a foreign language to me, I've decided to get an adult industry tax man from la to make I do everything right.

  15. #738
    Banned Melonie's Avatar
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    Default Re: Taxes- is camming still worth it?

    ^^^ that's probably an excellent idea, given that this is a 'new' business venture ... and also given that you have both ( high ) state taxes as well as federal taxes to deal with.

  16. #739
    Featured Member Bootsie's Avatar
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    Default Re: Taxes- is camming still worth it?

    Does anyone have a recommendation for an adult-friendly accountant in the UK? My taxes are a hell of a complex mess, and me and the lovely people on the HMRC help lines have determined that paying for an accountant to set things up properly would be worth my while. Feel free to PM me

    Found lots here: https://www.stripperweb.com/forum/sh...54#post2677554

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    Default Re: Taxes- is camming still worth it?

    health care, retirement, unemployment insurance, worker's comp insurance etc. If you scrutinize the 'equivalent cash value' of receiving such benefits, it undoubtedly adds up to at least $5 per hour. So from that standpoint, the decision to work as a 'marginal' full time camgirl earning $1000 for 40 hours worth of effort, versus accepting a straight job at $12 an hour that includes employee benefits, is pretty much a toss-up. Of course, finding an hour job with employee benefits these days isn't as easy as it once was either !

  18. #741
    Banned Melonie's Avatar
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    Default Re: Taxes- is camming still worth it?

    ^^^ that's increasingly true !!! And besides the positive 'equivalent cash value' of employee benefits ( if you can find such jobs, obviously), there are other 'equivalent cash values' to be considered - both positive and negative ...

    - self-employed US dancers and camgirls are subject to an additional 7.65% social security tax on every dollar of their earnings, whereas employees have this tax paid for by their employer.

    - dancers and camgirls subject themselves to the possibility that their 'adult' industry work history may negatively affect future straight job opportunities / straight job earnings potential after they retire from dancing and camming

    - the higher 'raw dollar' incomes of US dancers and camgirls may also render them ineligible for 'means tested' ( = income based ) subsidies and gov't benefits, resulting in higher health insurance premium costs to name just one example.

  19. #742
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    Default Re: Taxes- is camming still worth it?

    lucky you...

  20. #743
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    Default Re: Taxes- is camming still worth it?

    Hi there,

    I'm kind of a new cam girl, well kind of starting over again after a very long hiatus, and am wanting to cam full time.

    In my job that I've had for the last 7 years, I have been cash only, and don't really understand 1099's, so I am hoping someone can help me understand this.

    I have been reading threads about setting goals for yourself, or understanding what goals you need to meet daily in order to make your bills every month.

    So, I got a little curious to see exactly what I needed to make.

    Please bear with me as math is NOT my strong suit.

    I was hoping someone could help me and see if my calculations and understanding are correct.

    ----

    • My daily goal needed to make my bills is $120 a day or $3600 a month (my cut).
    • I work on streamate, so they take 65% off the original total, leaving me 35%.
    • I also am signed up with a daily pay site, and they take 5% off the original total, leaving me 30%.
    • Plus, I want to save money from my daily pay for the IRS, which would make it 10% each day, taken off the original total too.

    My understanding is that I would need to figure out what the original streamate amount is per day to figure out exactly what I need per month to pay my bills, so I started guesstimating with a spreadsheet to see.

    • It looks like my original total needed would be $600 per day.
    • Then I would deduct streamate's cut of 65% off the original total.
    • Then I would deduct my daily pay site's cut of 5% off the original total.
    • Then I would deduct the IRS's cut of 10% off the original total.

    $600 x 65% = $390 (what streamate makes) - I make $210
    $600 x 5% = $30 (what my daily pay site makes ) - I make $180
    $600 x 10% = $60 (what the IRS makes) - at the end of the day I make $120

    Does that look right to you?

    If that is the case, am I also understanding that in essence that is $18K per month ($600 per day x 6 days per week = $3600 per week) or $216K per year (the IRS 1099 will say $216K per year, so my income for the year will be based off that and not close to $48k which is what I will actually be making)?

    My brain is so frazzled thinking of how this all works, but that sure seems like a lot for a new cam girl to make in a year after all fees, just to make ends meet.

    I am probably so wrong.. like I said, math is not my strong suit. Thanks for reading and I hope someone can help.

  21. #744
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    Default Re: Taxes- is camming still worth it?

    Percentages when it comes to sites are pretty irrelevant in the long run. A lot of people ooh and ahhh over higher or low percents, but at the end of the day it comes down to how much money you make vs. how much you actually worked. If a site takes 70% but your total earnings are $40-50/hour when you're online and you don't spend prep time, its good compared to a site that gives you 90% but you have to spend hours getting your own traffic off-line and risk a CB every time you sneeze, as well as lowering your total rate to compete with the .99/minute girls.

    The best way to figure it all out is to work on a site, then go [total money that hit your bank account] / ([hours spent preparing/marketing] + [hours spent logged in and working]). This will give you an earning average for that activity, then you can adjust your time spent on various ones to maximize your income. Everyone will have different results from this, so you need to try different things (I'd say putting at least 20 hours into each site you want to try) to get a feel for your averages. This will also let you set your schedule so you hit your goals.

    As for taxable earnings, the IRS only cares about the money that hits your bank account (or your hands). They could care less about anything higher up the food chain when it comes to you. In your example, your take-home is $180, so saving 10% is $18, not $60. Your taxes also heavily depend on your amount of kids and your partner's income, so its very hard to say if you would owe taxes at all in that income bracket.

    "Daily pay ALL the things!"
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  23. #745
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    Default Re: Taxes- is camming still worth it?

    Ah ok. That makes sense. I was way overthinking everything. I was really freaking out about the 1099 that would come at the end of 2015 saying $216K lol I'd be much happier to be able to report the $48K or whatever it will be. Thanks so much, Kate. You have been a tremendous help to me. I was thinking 10% of the $600 (original amount) for the IRS. Thanks again.

  24. #746
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    Default Re: Taxes- is camming still worth it?

    ^^^ your math is correct, but your assumption about the IRS percentage is wrong. Every 'self-employed' US camgirl must pay 15.3% Social Security tax on every dollar of camming income earned. Beyond that, US camgirls must pay an additional amount of federal taxes on income, plus state taxes on income ( unless they live in one of the handful of states that doesn't levee its own income tax ). The income tax rates are progressive versus rising income. Based on your goal of ~$120 per day in 'after tax' annual income, it's probable that federal and state income taxes would be somewhere in the 10% ballpark as you already estimated ( maybe more in high tax rate states like CA, NY, NJ, IL etc. ).

    So back to the need for $120 per day of 'after tax' income. This translates into $120 * ( 100 + 15.3 + 10 ) / 100 = $150 per day in 'pre tax' income. So to get paid $150 per day by DailyPay, you need $150 *100/95= $158 to be paid out by StreaMates. To have $158 paid out, you need to earn $158 * 100/35 = $ 429 per day on StreaMates.

    In terms of 1099 and income tax reporting, SM will send a 1099 to the IRS showing $158 * 5 days * 52 weeks = $41,080 of total annual income. From that you can deduct the 5% = $ 2,054 in 'professional services' paid to DailyPay. You can also probably deduct another couple of thousand dollars worth of other business expenses, from the cost of a camera to 50% of your home internet service to tax prep fees to cam costumes, leaving you with somewhere around $37,000 in 'business income', minus a $3950 personal exemption, thus $33,000 in 'taxable income'.

    Thus somewhere around $33,000 * 25% = $ 8,250 in taxes will need to be paid toward social security and income taxes - which corresponds to ~$ 32 per day. And if you don't have qualified health insurance coverage, you'll also owe an additional $33000 * 2% = $660 per year = $2 per day in new ACA 'penalty' tax ( 1% for 2014, 2% for 2015, 2.5% for 2016 on ). Since we had originally allowed only $30 per day for all taxes, you'll need to earn a bit more than $429 per day on SM ( like ~$445 ) to wind up being able to actually 'keep' the $120 per day you are shooting for.
    Last edited by Melonie; 11-22-2014 at 07:28 AM. Reason: d

  25. #747
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    Default Re: Taxes- is camming still worth it?

    Melonie...I officially love your brain. BEYOND helpful post. I was worried about taxes, I currently PSO and am starting camming soon, your post answered a great deal of my questions. Thank you

  26. #748
    Banned Melonie's Avatar
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    Default Re: Taxes- is camming still worth it?

    ^^^ thanks ... but undeserved. Most of my knowledge came from listening to inebriated Manhattan bankers, brokers, attorneys, accountants, corp execs etc. talk among themselves in the VIP room ... while assuming that the 'full chested' blonde on their lap was also 'empty headed' !!!

  27. #749
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    Default Re: Taxes- is camming still worth it?

    Awww don't you love that? Most men ( some I should say), assume we're all sex workers because we're an empty headed set of breasts that aren't smart enough for anything else. Lol to that, meanwhile we'll keep taking their money, AND the nice little tid bits of knowledge along the way.

  28. #750
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    Default Re: Taxes- is camming still worth it?

    Melonie, OMG thank you so much for doing all that for me. You totally helped me with understanding what goal I need for each day. You are a lifesaver.

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