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Thread: not keeping track for taxes

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    Default not keeping track for taxes

    Hi everyone

    So ive almost been camming for about a year now, for the first few months i barely worked as a camgirl and was just going on for fun/chat really, but this past september ive been getting alot more serious about it and it is my only money maker for almost the last 7 months now. However, I didnt even realize or clue in to keeping all my receipts or keeping track of anything of importance to when it comes to doing my taxes this upcoming year. I never even thought of keeping receipts and track that much because im so used to having a retail job that sends me all my information. Ive never been self employed before and im completly lost on doing taxes on it. I keep trying to read online how to file taxes as a camgirl but they all keep saying "keep your receipts" "use a seperate credit card for camming so you have all your cam expenses in one pile" etc..I was married for awhile aswell so all my cam money just went into me and my husbands shared account aswell i had no seperate account. so i feel kind of screwed on doing taxes since I didnt do the proper precautions and realizing at one point ill HAVE to file taxes as an independant contractor. Does anyone have any advice? I realize ill have to hire someone to help me with my taxes but I really have no idea what im showing them or what to do since I havent been keeping track (my own stupidity i know..) im freaking out so bad over it!

    any advice or shared similar situations would be great...

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    Featured Member MellyMay's Avatar
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    Default Re: not keeping track for taxes

    This.is.applicable.to.me.too.

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    Default Re: not keeping track for taxes

    The basics: what you earn is traceable through the site you work for - paper payslips if you have them, screenshots for earning reports if you don't. That will give you your earnings, and that is all you "need" for it.

    Receipts/expenses etc are to allow you to write stuff off as a work expense. If you have no receipts, unfortunately, you really can't write anything off. All that can be done now is to start collecting ASAP for next year. You can pay taxes without them, it just means that you will pay more.

    One thing you CAN still write off (depending on where you live) is a % of your living expenses - rent, bills, etc - it's the "work from home" advantage. And you should obviously have all your bills from the year.

    Best bet, go talk to someone, and they will tell you what they need, you don't have to worry about bringing it all right off the bat.
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    Default Re: not keeping track for taxes

    I have a tax guide up on the boleynmodels.com site. Be very careful about the home office deduction, you have to meet some very strict "tests" in order to qualify for that. There's also good information on the "Taxes" thread here regarding your this subject. Melonie looks like the resident expert here, and from reading through her thread I think I'm quite a bit more conservative. In my own experience, if you give clients an inch, they try to take a mile of leeway out of the tax guidelines.

    I do see a lot of bad information floating around in other threads though on just about every adult work related site.

    Basically, you need to figure out some way to find all your income. You can get a roll-up of your bank records for the year and look for deposits. Most sites will also issue 1099's - the same sites that cut you checks. If they don't issue you a 1099 by early February, you need to find and report that income anyways. You also need to include all Amazon gift cards you receive (IRS has a white paper on this specifically), all actual gifts over a certain amount ($100 I think, better check it), every PayPal deposit (IRS doesn't care about PayPal policies, they care you pay your taxes on the income), Giftrocket checks, etc.

    If you only ever earned camming income from a big box site (like SM, MFC, or IMLive), you'll be ok when they issue the 1099 and you can stop worrying now.

    Yes, you could get away with fudging a lot when it comes to expenses and not reporting income. You will be told that its ok, or even common, to fudge on these things. The home-office deduction is a big one that most people don't actually qualify for but think they do - if TurboTax lets you do it then it must be ok, right? There's also a lot of camming expenses that aren't actually deductible according to the IRS (lingerie, lube, sex toys, cosmetic surgery, etc). When an audit hits later they will dig back several years and start checking things. This is when all those things you think you got away with or thought were ok years ago will come back to bite you.
    Last edited by KatyBoleyn; 12-21-2013 at 10:55 PM.

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    Default Re: not keeping track for taxes

    Imlive doesn't have a 1099 at least they never sent me one

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    Default Re: not keeping track for taxes

    On most cam sites you can go back and see your previous earnings and payouts, just add them up to know how much you have made.

    As far as receipts, I wouldn't fret too much. You can only write off things that actually qualify as deductible expenses, which can be hard to determine as a cam girl to begin with. Unless you purchased a lot of qualified things, you wouldn't get much of a deduction anyway, so try not to stress over not keeping receipts.

    File as an independent contractor, don't take a bunch of business deductions since you don't have proof of them, and start keeping better records for the new year.
    xoxo ~ Sarah




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    Default Re: not keeping track for taxes

    second everything everyone has said im keep tracking of things just not setting the 30-35% this year because i was making so little i couldnt do it at all to get by. but just get ur paper work in order file ur taxes get an accountant and pay off ur taxes. as long as u pay it off in a timely manner the IRS doesnt do anything to u. starting next month (next week lol) start keeping track of ur taxes and deductions on a spread sheet i can help u with that if u want pm me start pulling aside ur taxes im getting a walmart card just something to store my tax money on and avoid bank fees or if anyone has a good bank to recommend me im down for that. my bf was just really pushing the fact the banks have fees and things but i know if i use a bank theres interest that will be piling up.... but i really dont know where is good because i haven't used a bank in years and everything seems to have 'too many fees' or 'too far away' he uses bank of america or wells fargo and he told me that if he doesnt have $75 in his account on the 25th of every month he gets a $10 fine. hes a bit 'special' (and i dont mean that to be insulting to him. i really do think hes not working with all his crayons in the box) and misinformed about a lot of things so i take a lot of what he says with a gain of salt
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