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Thread: not having the money for filing my taxes?

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    Default not having the money for filing my taxes?

    Hi everyone


    When it comes to camming I find it incredibly difficult to put money aside for when taxes come around. Ive was always a very part time camgirl and didnt work much so I didnt make more then $19000 last year. I also have always filed with my husband at the time and well he did everything with filing and I never eneded up having to pay a huge amount back for taxes because I made not a huge amount.

    Anyways, Ive been working fulltime this past year and im divorced now so ill be filing on my own. so far this year ive made about $50,000 (I dont care who knows its the internet and no one knows me lol but I need an idea and help) and Ive only have about $6000 saved up...yeah $6000 for taxes saved up....It never dawns on me about putting money away for taxes until it starts rolling around until that time to start doing taxes.

    I live in Canada and I cant remember how much I would have to owe back and I wouldnt be writing anything off.
    Im so scared because I know ill owe a ton more but my OVERALL QUESTION is...if you dont have enough saved up to pay off all your taxes how long do you get to pay them off? a year? and is it only a month payment you have to start making? im really stressed out about it!!!

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    Default Re: not having the money for filing my taxes?

    Quote Originally Posted by mishimishi View Post
    Hi everyone


    When it comes to camming I find it incredibly difficult to put money aside for when taxes come around. Ive was always a very part time camgirl and didnt work much so I didnt make more then $19000 last year. I also have always filed with my husband at the time and well he did everything with filing and I never eneded up having to pay a huge amount back for taxes because I made not a huge amount.

    Anyways, Ive been working fulltime this past year and im divorced now so ill be filing on my own. so far this year ive made about $50,000 (I dont care who knows its the internet and no one knows me lol but I need an idea and help) and Ive only have about $6000 saved up...yeah $6000 for taxes saved up....It never dawns on me about putting money away for taxes until it starts rolling around until that time to start doing taxes.

    I live in Canada and I cant remember how much I would have to owe back and I wouldnt be writing anything off.
    Im so scared because I know ill owe a ton more but my OVERALL QUESTION is...if you dont have enough saved up to pay off all your taxes how long do you get to pay them off? a year? and is it only a month payment you have to start making? im really stressed out about it!!!
    I am in the same boat as you right now and it isn't pretty. They do have some payment arrangements but a lot of people have had to declare bankruptcy for owning less then $20,000 in taxes.

    I can totally empathize with you about it because I am currently completely stressed out about it too. I became sick and had to use the money I saved up for taxes just to survive and now I am fucked.

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    Default Re: not having the money for filing my taxes?

    I don't know how things go in Canada.. don't you have deductions?? a home? any kids?? write offs like your computer, internet? etc etc... So it might not be as bad as you think.

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    Default Re: not having the money for filing my taxes?

    I agree with previous poster. There has got to be some legal deductions that you are unaware of you can take to reduce your tax obligations.

    Worst case scenario you have good credit you can always pay with credit card or someone mentioned ask for payment plan.

    maybe you can consult with a qualified cpa or tax advisor to help you.
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    Default Re: not having the money for filing my taxes?

    You are self-employed so you must have things you can write off as deductions such as your internet, phone bill, health insurance. This is an obvious question but why didn't you put some money away for taxes?
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    Default Re: not having the money for filing my taxes?

    I've never paid a whole lot of attention to Canadian tax peculiarities because I haven't been able to work 'north of the border' for many years. However, this thread prompted my curiosity. It appears that self-employed Canadian camgirls are actually assessed a lower effective tax rate than US camgirls earning the same amount of 'business' income. Depending on income level and particular province, effective tax rates appear to be in the 20-30% range for $50-$100,000 in annual earnings. Depending on the particular state, this compares to effective US tax rates in the 25-35% range for the same $50-100,000 in annual earnings.

    From and it would appear that Canadian camgirls are able to deduct money spent for business related reasons along the same general lines as US camgirls. This should include 50% of internet service bills, 50% of money spent to buy a computer, 100% of money spent to buy a camera etc. Canada also appears to allow a 'home office' tax deduction which theoretically allows you to write off a portion of your rent, utility bills etc. if you have one room dedicated to 'business' use.

    Unfortunately, it would appear that the Canada Revenue Agency can be just as 'ruthless' as the US Internal Revenue Service if you don't pay by the deadline or enter into a time payment agreement.
    Last edited by Melonie; 11-18-2014 at 10:27 AM.

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    Default Re: not having the money for filing my taxes?

    I'd definitely spend some of the money you do have saved up on a good accountant. I have always had an accountant do my taxes since I became a camgirl and it is seriously the best money I've ever spent.

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    Default Re: not having the money for filing my taxes?

    Hi mishi,

    The Tax Domme is very competent and reputable if later you decide to get assistance or even need questions answered. They cover many geographical areas and can refer you to someone that is out of their physical area.

    Good luck! Here is the link:
    http://taxdomme.com/

    PS I know someone in Vancouver paying off a 20k tax bill over a period of 24 months, so it can be done but depends on the situation.
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    Default Re: not having the money for filing my taxes?

    you're actually not all that far away from the estimated total amount you'll owe, and that's not even factoring in a single deduction.

    according to a rough estimate for the tax calculator I've found to be most accurate, you'll only owe about $8500, with some extra for the self-employed CPP payment (as a self-employed person you'll be responsible for the entire CPP payment rather than just half). It's only November, save up 4 k between now and tax time (that's only $200 per week) and you'll be criss.

    payment plans are always an option but if you cam steadily you shouldn't need to avail yourself of that.

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    Default Re: not having the money for filing my taxes?

    Quote Originally Posted by miss.a.p1600 View Post

    Worst case scenario you have good credit you can always pay with credit card or someone mentioned ask for payment plan.
    This. I am currently saving for taxes, but just also secured a line of credit with my bank. I don't want to pay my taxes using my LOC, but I know it is there if I am not able to save up quite enough for taxes.

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    Default Re: not having the money for filing my taxes?

    I'm pretty much in the same boat but I have $0 saved at the moment. I plan on going to my accountant as soon as I get my 1099 and have them tell me what I owe. I won't have them file until I've made what I owe which will probably be around the cut off date to file.

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    Default Re: not having the money for filing my taxes?

    ^^^ the only 'curve ball' where the US deadline of April 15th is concerned is that it's the deadline for both the actual tax money due on 2014 income, as well as the deadline for estimated tax money due on income earned in Jan, Feb, and March of 2015. The 'first year in business' exemption from estimated tax filing will prevent penalties and interest being charged for estimated tax payments not made by the April 15 2014, June 15 2014, Sept 15 2014 and Jan 15 2015 deadlines for 2014 estimated taxes ( assuming that 2014 was your first year in business ), but will NOT prevent penalties and interest being charged if your April 15th 2015 estimated tax payment isn't made.

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    Default Re: not having the money for filing my taxes?

    Quote Originally Posted by Melonie View Post
    ^^^ the only 'curve ball' where the US deadline of April 15th is concerned is that it's the deadline for both the actual tax money due on 2014 income, as well as the deadline for estimated tax money due on income earned in Jan, Feb, and March of 2015. The 'first year in business' exemption from estimated tax filing will prevent penalties and interest being charged for estimated tax payments not made by the April 15 2014, June 15 2014, Sept 15 2014 and Jan 15 2015 deadlines for 2014 estimated taxes ( assuming that 2014 was your first year in business ), but will NOT prevent penalties and interest being charged if your April 15th 2015 estimated tax payment isn't made.
    So if I were to file by the deadline I would also need to pay taxes for January-March too? What I planned on doing was filing with my accountant Feb 1 and seeing how much I owe and then make that ASAP and pay it along with when they technically file my taxes... if that makes sense.

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    Default Re: not having the money for filing my taxes?

    I am a stripper and pay a really good accountant (about 300). He makes sure I am paying what I want to pay.

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    Default Re: not having the money for filing my taxes?

    So if I were to file by the deadline I would also need to pay taxes for January-March too? What I planned on doing was filing with my accountant Feb 1 and seeing how much I owe and then make that ASAP and pay it along with when they technically file my taxes... if that makes sense.
    By the 'letter of the law', that's exactly correct. By April 15th you would have to pay the actual tax money due on your 2014 income, and also have to pay the estimated tax money due on income earned between Jan 1 and April 1 of 2015. Your accountant can obviously calculate both amounts for you.

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