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Thread: What can you write off on taxes?

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    Default What can you write off on taxes?

    Silly but serious question- can you write off plastic surgery (I might get Juvederm in my lips soon and wondered about this), clothing (panties, bras, bikinis, lingerie, shoes, etc), makeup & makeup tools, hair products & tools, webcam, props (toys, lighting, etc), nails (acrylic/gel manicure), laptop, or any bills like the Internet or electric?

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    Default Re: What can you write off on taxes?

    There is actually an extremely informative thread that is stickied to the top of camming connection....It's called "taxes - is camming still worth it"? That should help you out.

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    Default Re: What can you write off on taxes?

    it is best to speak to a local CPA - one that works with mostly artist would be ideal since artist have unpredictable income and are able to write off similar things to entertainers.
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    Default Re: What can you write off on taxes?


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    Default Re: What can you write off on taxes?

    I pay an accountant a shit ton of money to figure that stuff out for me. I've never regretted the decision. I just rather not deal with the threat of being audited if I pick the wrong things.

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    Default Re: What can you write off on taxes?

    I think the general rule is that it must only be used for your work! So we can get away with saying clothing, accessories, toys, technology and so on are for work purposes only but not manicures, tans, lip/breast/whatever enhancements (you can't usually remove body parts when your shift ends). I think a percentage of internet & electricity usage can be written off but not the whole thing, unless you work from a dedicated office or studio. This is what my accountant friend has clarified for me. Rules where you are may be different!


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    Default Re: What can you write off on taxes?

    ^^^ technically speaking, you can try to write off anything even remotely related to camming. However, the reality is that in doing so you will attract IRS attention ... which in turn may result in an IRS auditor dis-allowing your written-off business expenses as well as going through the rest of your earnings / finances with a fine toothed comb.

    Answers to your specific questions can be found in the sticky thread at the top of this forum, or many other detailed discussion threads about business expense tax deductions in the Dollar Den forum ... starting with

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    Default Re: What can you write off on taxes?

    I only speak for the UK, but you can't claim toys, cam outfits, shoes etc. I checked with HMRC for clarification.

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    Default Re: What can you write off on taxes?

    Canada and Australia have a little more leeway, but in the US pretty much everything little is already covered by your "standard deduction" ($6200 in the US) if you're filing as a sole proprietor/individual/married couple/head of household.

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    Default Re: What can you write off on taxes?

    It depends. I use Turbo Tax for business and follow their guidelines. I write off a shitload of things but still have to pay thousands every year. It is what it is. No, you can't really write off things like hair & makeup, unfortunately.

    I write off a portion of my rent for my home office, as well as the same percentage for my phone, internet, and computer repairs. I also write of trips used for consultations/shooting, some office supplies, postage used for work, and a few other categories. Schedule C has a 'list' of categories you can use. Any write-offs attract IRS attention, so you keep receipts, and detailed reports for each month.

    Like others have said, plenty of info on this in Dollar Den.

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    Default Re: What can you write off on taxes?

    I actually just read a statistic that less than 1% of those making under 100,000 a year are ever audited and less than 5% of those making 250,000 are audited. The Irs likes to go after bigger fish... After all if the federal government has to pay someone to audit you it should be worth it. The most common audit for self employed is the home office deduction because the irs can usually find huge discrepancies there. Don't scare yourself silly over and irs audit ladies! As for me I'm just claiming my large purchases like my computer, camera, webcam. I'll be putting Web developer on my tax information so my writ offs need to fit in with that.
    Quote Originally Posted by Melonie View Post
    ^^^ technically speaking, you can try to write off anything even remotely related to camming. However, the reality is that in doing so you will attract IRS attention ... which in turn may result in an IRS auditor dis-allowing your written-off business expenses as well as going through the rest of your earnings / finances with a fine toothed comb.

    Answers to your specific questions can be found in the sticky thread at the top of this forum, or many other detailed discussion threads about business expense tax deductions in the Dollar Den forum ... starting with https://www.stripperweb.com/forum/sh...-is-deductible

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    Default Re: What can you write off on taxes?

    Quote Originally Posted by smaddy View Post
    I actually just read a statistic that less than 1% of those making under 100,000 a year are ever audited and less than 5% of those making 250,000 are audited. The Irs likes to go after bigger fish... After all if the federal government has to pay someone to audit you it should be worth it. The most common audit for self employed is the home office deduction because the irs can usually find huge discrepancies there. Don't scare yourself silly over and irs audit ladies! As for me I'm just claiming my large purchases like my computer, camera, webcam. I'll be putting Web developer on my tax information so my writ offs need to fit in with that.
    I actually know people who have been audited and saw how their life became nightmarish when their bank accounts were frozen so I personally rather not take that chance --- as slim as that chance may be.

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    Default Re: What can you write off on taxes?

    I actually just read a statistic that less than 1% of those making under 100,000 a year are ever audited and less than 5% of those making 250,000 are audited. The Irs likes to go after bigger fish... After all if the federal government has to pay someone to audit you it should be worth it.
    Indeed this is true, but more than a bit misleading. For example the VAST majority of US tax return filers at the $100k per year income level are 'employees' ... with full 3rd party income documention via employer W2 forms, with no business income or business expense tax deductions, etc. Statistically speaking, 'small businesses' / self-employed persons in the same $100k per year earnings bracket may be 10 times as likely to be audited as those 'employees'.

    You are correct that the IRS does 'focus' it's auditing / investigating resources towards 'targets' who offer a large potential for recovery of additional tax dollars versus the 'cost' to the IRS of the audit / investigation. So what sort of statistics does the IRS use to choose it's 'targets' ...

    - workers / businesses which operate outside the automatic income reporting 'world' ... i.e. workers / businesses who may be receiving direct cash payments, receiving payments from sources outside the USA ( thus outside the automatic payment reporting systems set up by the IRS re W2 and 1099 ), receiving payments via 3rd party processors who obscure the actual source of the money ( technically falls under 'anti-money laundering' enforcement, for which the IRS has an additional budget ), etc.

    - workers / businesses involved in particular industries which have historically shown comparatively poor tax 'compliance' ( i.e. industries where past audits have resulted in significant recovery of additional taxes ) ... with the Adult entertainment industry being one of the worst in this regard

    - this year there is also a new wrinkle in that the IRS has received lots of additional budget money to hire additional auditors for the purpose of enforcing new tax provisions of the ACA. This enforcement will also be heavily 'focused' toward young, self-employed persons ( who are most likely to NOT have purchased ACA compliant health insurance coverage, and thus owe the IRS a 'penalty' tax in addition to regular income and SSI taxes )

    In the way of a general explanation, when the IRS decides to audit, they can easily go back 3 years. Thus the probable total additional tax dollars which may potentially be collected are 4 times as high (3 x for the three years, plus cumulative interest and penalty charges ). Thus where any audit of a self-employed person in a 'high risk' industry segment is concerned, the IRS is almost guaranteed to generate more than enough additional tax revenues to cover their 'costs' of performing the audit.

    Also, keep in mind that any self-employed person who is in a position to receive cash payments, to receive payments via a 3rd party processor, to receive payments from 'offshore' sources which do not issue 1099's to the IRS etc. must depend on the 'credibility' of their own business 'books' in regard to the amount of income they actually earned. The flip side is that an IRS auditor gets the impression that the self-employed person being audited is maintaining a lifestyle that would appear to require more money than the person reported as actually having earned, the IRS auditor can 'estimate' that the person's income must have been $10k or $20k or whatever per year HIGHER than they actually reported ... with associated additional taxes due on that higher estimated income. With no / incomplete 3rd party documentation available for that person to prove they didn't earn as much money as the IRS 'estimates' they must have earned, there may be no practical choice open to that person other than to pay additional money to the IRS.
    Last edited by Melonie; 07-17-2014 at 03:50 AM. Reason: e

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    Default Re: What can you write off on taxes?

    I like putting my sex toys under office supplies. Just kidding. I put them under misc.

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