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Thread: mfc taxes, can i file at H&R?

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    Default mfc taxes, can i file at H&R?

    hi everyone
    I work on myfreecams and tax season is about here. This past year was my first year working on MFC so this will be my first time filing as "self employed". Apparently mfc said it just mailed me a record of all my earnings so im waiting to get that in the mail. However, when I get my record of earnings from the past year from them do I just go to H&R Block or something (ive always gone there when I worked retail and I like them) and just hand them my sheet of earnings and tell them im self employed and they do the rest? (I feel ridiculous asking this question im just very lost on filing as a self employer as a camgirl) And to note this past year I never thought of keeping track of receipts for things that attributed to my camwork and have a terrible idea of what I attributed to it to even guess so I am expecting to pay more on my taxes I realize.

    So is that what I do? Get my year record of earnings and go to someplace like H&R or what?

    any advice would be greatly appreciated! im stressing so much over it!

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    Default Re: mfc taxes, can i file at H&R?

    you should be able to.I do my taxes my self every year at Turbotax online, under the business section.
    Last edited by bigbootyjudy1; 01-20-2014 at 04:24 PM.

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    Default Re: mfc taxes, can i file at H&R?

    I was wondering the same thing as you Serena - I am so unsure if turbotax will really walk me through it or if I should go somewhere. Also..do you know when they are expected to send out info about earnings?

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    Default Re: mfc taxes, can i file at H&R?

    H&R is a total rip off though..they charged me 400 bucks to do my taxes, which took maybe 15 minutes. i will never go back there again

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    Default Re: mfc taxes, can i file at H&R?

    the 'problem' with H&R Block, Jackson Hewitt etc., is that their pricing and personnel training is heaviy geared toward tax prep for 'employees'. As independent contractor camgirls ( or dancers ), you are officially considered to be small businesses. This means that you are required to file a 'small business' tax return, involving a 1040 long form plus a Schedule C ( profit or loss from a business ). Because of this, prices charged by the 'employee' tax preparers for small business tax returns tend to be much higher than is 'reasonable' given the actual time and effort required to prepare them.

    Indeed 'small business' capable tax prep programs can do a completely acceptable job of preparing annual small business tax returns, preparing quarterly estimated tax vouchers etc. I have been using TurboTax for Home & Business successfully for many years. However, the small business versions of other tax prep programs work as well. Just be sure you purchase the version of the tax prep program that can do Schedule C.

    Also, while a webcam host can provide an annual payment summary right now, it's better to wait until you actually receive your official 1099 form(s) before filing your 2013 tax return ... so that the 1099 payer name and amount can then be listed as a line item on your schedule C. If you file your tax return before receiving the 1099(s), and if the amount shown on the 1099 doesn't exactly 'jive' with a line item report of earnings on your schedule C, it can increase your chances of being audited. 1099's usually arrive by mid February.

    PS Keep in mind that April 15th 2014 is a 'double' due date for new camgirls ( and dancers ). Not only is payment due on taxes owed for income earned during 2013, but the quarterly estimated tax payment is also due on income earned from January 1 to April 1 of 2014 !!! The IRS allows a 'first year in business' exemption from under-withholding penalties and interest charges on under-payment or non-payment of estimated taxes during the initial tax year the new business starts operating, but they'll hammer you if you don't file quarterly estimated tax vouchers and make quarterly estimated tax payments in subsequent years.

    There's tons of detailed discussion along these lines in the Dollar Den.
    Last edited by Melonie; 01-20-2014 at 02:02 PM.

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    Default Re: mfc taxes, can i file at H&R?

    As someone who once worked for H&R and saw some the people they hired I'm going to be honest and say no go elsewhere, unless you know that you're prepare specifically trained to handle small business (which I did), but to be honest they are over-priced and trust me that money does not filter down to the those doing the taxes. I used to work their to supplement camming and phone sex and I got to do my return free, but you can do just as well yourself or with a good accountant. To be fair you can occasionally find a CPA at HR or Jackson. I worked with one she was retired and worked HR for extra money, but in truth you are better off hiring a CPA who specializes in small business and taxes. Just check them out, not all accountants are as knowledgeable as they appear to be, get references and recommendations if possible. There is at least one accountant online who specializes in adult clients taxdomme.com. I have never used her, but maybe someone else who has can chime in. I know she has been around for a number of years though.
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    Default Re: mfc taxes, can i file at H&R?

    You can go to H&R block or some other franchise tax service, but the thing with them they are expensive. One year I filed at H&R it cost me $200 yes I could write the off the following year but it was just a little pain in the ass. I have posted serveral times that sexquire has tax services and they are adult friendly and also tax domme she does taxes as well.

    If your comfortable enough doing it yourself you can go with a software, just keep all of your expenses, internet bill, hydro, partial rent if you work from home, toys that you buy, lingerie, webcam, computer so you can write certain things off.
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    Default Re: mfc taxes, can i file at H&R?

    Turbo Tax is fab!.. I have been using them since the year 2000 every year faithfully and i also get audit protection services that they offer as well..

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    Default Re: mfc taxes, can i file at H&R?

    I've been going to H&R for years but that was when I worked retail. I suppose all has changed now. Thanks so much for posting this; I was curious about the same thing! I will check out turbo tax
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    Default Re: mfc taxes, can i file at H&R?

    H&R is ridiculously expensive. Our local certified public accountant charged us $150 for my taxes last year and H&R was going to be about $300. I also liked the care and attention that our CPA gave us (my husband and I file jointly). With a CPA who runs their own business it's THEIR reputation on the line... versus with H&R where they have employees and may not pay as much attention to detail.

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    Default Re: mfc taxes, can i file at H&R?

    As far as going to H&R block or similiar versus using turbotax, What would I need to do to get on a payment plan for my 2013 taxes? I can make my quarterly payments for this year but wont be able to make a full 2013 payment plus the penalty on April 15th.

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    Default Re: mfc taxes, can i file at H&R?

    I third the Turbotax train. If all your camming income is neatly on 1099's then its a cakewalk. I found the online version to be a little bit less helpful than the box version (they aren't exactly the same thing), but the cost is about the same. You will need the "Home and Business" version, and not the cheapest box.

    Be very careful about writeoffs, as I see a lot of bad information and assumptions about what is a business expense and what is not. Canada is a lot more common sense than the US when it comes to your business expenses. The "Home office" deduction (and related expenses) will also get you in trouble if you're not careful about exactly what qualifies. Finally, gifts from clients related to your business is "income" in the eyes of the IRS, it doesn't matter how you see it.

    One more note that regarding something I ran into. A lot of companies use overseas shell holdings to process payments, etc. You still made this income firmly on US soil so you must declare this income, regardless of what was said. Getting paid by Payoneer does not "hide" anything from the IRS. Thanks to the ACA, foreign financial businesses are cooperating with the IRS and reporting on their American clients. If you ever get an audit, that income needs to be in your filing somewhere. The foreign income exemption is so you avoid double-taxation. If that income hasn't been taxed by another country, then you don't qualify for this loophole.

    I have a tax guide here, and Melonie's Q+A thread above is also very accurate and covers things from different angles.
    Last edited by KatyBoleyn; 01-20-2014 at 06:18 PM.

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    Default Re: mfc taxes, can i file at H&R?

    Quote Originally Posted by simone87 View Post
    H&R is a total rip off though..they charged me 400 bucks to do my taxes, which took maybe 15 minutes. i will never go back there again
    I agree, I used h&r block last year, they charged me $350 and the guy literally asked me how much I made, etc etc, didn't check over my paperwork, or even want to see it, just plugged in the numbers I gave him, and presto like 10 mins later, $350 and I feel like I did it all myself bc he literally typed in almost word for word what I told him as the answers to his questions. I'm doing online filing this year after all my papers come in.
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    Default Re: mfc taxes, can i file at H&R?

    What would I need to do to get on a payment plan for my 2013 taxes?
    Actually, you can file for an IRS approved 'payment plan' / installment agreement online ... and most of the tax prep programs will help you to do so. See

    However, before choosing this option, keep in mind that an IRS installment agreement involves sizeable origination fees plus significant interest charges. As such, in many cases, it's 'cheaper' overall to charge your tax bill to a credit card vs using an IRS installment agreement. Also, choosing to enter into an IRS installment agreement is virtually guaranteed to draw additional IRS attention toward your tax return.


    I can make my quarterly payments for this year but wont be able to make a full 2013 payment plus the penalty on April 15th.
    With three months still remaining before the April 15th deadline, I would recommend ...

    - doing a 'test run' of filling out your 2013 annual tax return ( without actually completing and filing ) ASAP to try to get a more accurate idea of how much money you wlll actually owe in 2013 taxes

    - put in some extra time on cam to try and 'earn' the extra tax money needed, rather than 'borrowing' the money from the IRS or from your credit card bank !

    - in the worst case, you can 'short' the amount of money you'll pay towards first quarter 2014 estimated taxes. This may ( or may not ) result in under-withholding penalties and/or IRS interest charges when you file your 2014 annual tax return over a year from now. I say 'may not' because you have the opportunity to pay extra money towards your June, September and January estimated tax payments to 'make up for' shorting the April payment. Also, those ( potential ) IRS under-withholding penalties and IRS interest charges which might be assessed over a year from now aren't likely to be any higher than the fees and interest charges associated with an IRS installment agreement used to pay 2013 taxes ( using money 'borrowed' from the IRS ) 3 months from now.


    Also, while KatyBoelyn offers some very useful additional advice regarding tax filings, in point of fact detailed tax discussions are better suited for the Dollar Den. Ultimately, dancers and camgirls face the same 'small business' tax situations and tend to ask the same sort of tax questions ... so using Dollar Den for detailed discussions can help both dancers and camgirls with one thread.
    Last edited by Melonie; 01-21-2014 at 04:42 AM.

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