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Thread: The Quarterly Scare

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    Featured Member BambiCutie's Avatar
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    Sad The Quarterly Scare

    I dread the day I owe taxes due to paying quarterly, I spoke to a few friends that own a business of their own claiming that they don't pay quarterly and only yearly saying its an option. Others say if you don't pay this way, that there are late fees involved..so I am being dragged all over the place with this! I understand there are tons of threads started regarding tax forms and lots of useful information but, I am still left pretty confused and a little scared of making over $500. (Even though I am dying to hustle!) How does a camgirl go about paying? It will be my first time filing and I am terrified of paying 4 times out of the year. On a scale of 1-10 how difficult is it for you to pay quarterly? Was your first time paying scary/annoying?

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    Default Re: The Quarterly Scare

    I've been self employed several years now and only do it once yearly, I know other people who do it quarterly so it's up to you. I think when you do it quarterly its easier to get an idea of how much you owe so you don't end up with a huge bill at the end of the year. If you have trouble saving, then it's definitely a good option. I always stack away 1/4 of my earnings for taxes (in a separate bank account so I don't touch it) and am lazy so I do it once a year.

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    Default Re: The Quarterly Scare

    I've always done it yearly and so do all the other girls that I know. It's never been a problem. I am diligent about setting tax money aside every single check.

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    Veteran Member TrifilinCamHo's Avatar
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    Default Re: The Quarterly Scare

    Ditto. I put 30% of every check into savings and do my taxes once a year.

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    Default Re: The Quarterly Scare

    Thank you so much, this seriously takes a huge weight off my shoulders! I've sat here panicked at being "forced" to pay quarterly like a dope.. I am terrified in general of crossing paths or owing someone anything, so I have plans to set aside a good portion just to be safe. A lot of this money has been generated into building the business, technical equipment, ect.. This opens a lot of doors for possibilities!

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    God/dess audritwo's Avatar
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    Default Re: The Quarterly Scare

    I kinda prefer them quarterly. Taxes are due April 15th. As in that is the last day to pay the IRS your taxes.





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    Default Re: The Quarterly Scare

    ^ April 15th is the deadline but I have filed late before but I think they fine you. Also if ur running late, you can file for a 6 month extension by April 15 otherwise I think they still fine you.

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    Default Re: The Quarterly Scare

    I highly suggest reading this:

    https://www.irs.gov/Businesses/Small...stimated-Taxes

    If you haven't been paying quarterly yet meet the requirements for having to pay quarterly, you may end up with a bill of late fees & penalties. But if you're not making much, the fees are reaaaally minimal. I think I paid $100 in fines/fees my first year because I started camming halfway through the year.

    It's really NOT scary to pay quarterly. I do fill out the forms & do all the calculations every quarter & it takes me about 3 hours, but my taxes are kinda complex.

    But you DON'T have to fill out the forms or do much math. You can just send a check. Just figure out how much you think you'll owe (I pay about a 22% effective tax rate, but I save 30% every quarter to cover my butt). You just take what you made this quarter, multiply by 4 & figure out what 25-30% of that is, and send a check or pay online (I pay online & it only costs $3). Super duper easy, not scary. But don't just send the same amount each quarter. If your income goes up significantly, then recalculate what you think you'll make in a year. Ex: If you make $10k the 1st quarter & $20k the second quarter, then your 1st estimated payment was based on an estimated yearly income of $40k, but you'll need to make your second payment based on an estimated $70k that year (always assume your income will stay high through the rest of the year.)

    However, if you don't anticipate owing more than $1000 in taxes for the year, then you do NOT have to pay quarterly. For example, if you have lots of personal & business deductions, and you already don't make much money, then you may not owe $1k. Here is a list of tax brackets, personal deductions & standard deductions. http://www.obliviousinvestor.com/201...other-updates/ Deductions that people sometimes overlook: student loan interest (you can claim up to $2500 per year) & health insurance if you're self-employed.

    It's better to overpay than underpay. If you DO pay quarterly but still owe more than $1k at the end of the year, penalties apply. However, you don't have to worry about penalties for overpaying (yeah, that happens) unless you waaaay overpay, like by $10k or more I think.

    Honestly, if you're worried about making over $500, it sounds like you haven't made enough to owe anything.
    Last edited by Cam_Model_Jess; 12-03-2015 at 09:09 PM.

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    Default Re: The Quarterly Scare

    **nope they still fine you with the extension if you haven't paid ur taxes by the deadline

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    God/dess Marina Starr's Avatar
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    Default Re: The Quarterly Scare

    I notice you are very anxious about paying taxes from your posts. Anxiety comes from not being informed or informed enough. So let's bring the "monster" out of the dark. I would hire a professional accountant who is invested in making sure you get the best/most deductions possible and fairly pay what you owe.

    Paying yearly or quarterly is an individual's choice. There is a "penalty" charge if you pay quarterly. That's something only you can decide what you're comfortable with. The IRS doesn't care as long as you pay before or on the 15th of April. I pay yearly and I am okay with the penalty charge because I don't have the time or patience for quarterly. I am also happy to pay taxes because I'm blessed to be making money. MUCH better than the alternatives for sure.

    You should only be scared if you spend everything you make with no money left for taxes.
    Quote Originally Posted by ~Carmen~ View Post
    I can see you being 90 and flipping your long hair, still teasing the boys.



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    Default Re: The Quarterly Scare

    At this rate I haven't made enough to file.. Signing on and with the amount I'm able to make, I've been glued reading through the tax forums before hustling like its the holy grail. Is it difficult catching the times to pay quarterly or is it pretty hard filing? Do the dates to pay change or do they stay the same? Really sorry for the stupid questions, I am sure someone has already answered these..

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    Default Re: The Quarterly Scare

    Quote Originally Posted by ShyCamgirlBB View Post
    ^ April 15th is the deadline but I have filed late before but I think they fine you. Also if ur running late, you can file for a 6 month extension by April 15 otherwise I think they still fine you.
    But I sent my check my first year I did it late and was charged interest rate, you just need to make sure to file that extension.

    Honestly, I have a CPA handle all mine. I collect my 1099s and receipts and hand them to him.





    Quote Originally Posted by Miss_Red View Post
    Audritwo's asshole sees all, knows all. Spurs on armies of orcs. Casts fear into the dwindling races of Middle-Earth. Fears hobbits.

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    Default Re: The Quarterly Scare

    It's not stupid but asking questions and getting advice from numerous individuals can be quite confusing. You'll get lots of different answers. That's why I suggested an accountant to guide you even for just one time.
    Quote Originally Posted by BambiCutie View Post
    At this rate I haven't made enough to file.. Signing on and with the amount I'm able to make, I've been glued reading through the tax forums before hustling like its the holy grail. Is it difficult catching the times to pay quarterly or is it pretty difficult? Do the dates to pay change or do they stay the same? Really sorry for the stupid question, lol!
    Quote Originally Posted by ~Carmen~ View Post
    I can see you being 90 and flipping your long hair, still teasing the boys.



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    Featured Member BambiCutie's Avatar
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    Default Re: The Quarterly Scare

    This forum has been awesome and incredibly useful, this gives me a lot of peace of mind and insight on things so I don't OCD over this. (feel a lot less pressure) Is telling them you do webcamming/sex industry work ever a problem when seeking someone? Last question, promise!

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    Default Re: The Quarterly Scare

    Quote Originally Posted by BambiCutie View Post
    Is it difficult catching the times to pay quarterly or is it pretty hard filing? Do the dates to pay change or do they stay the same?
    The dates change every year, but only by a day or two. Just search the internet for "estimated tax payment" & click on the IRS site link. This year it was April 15, June 15, Sept 15 & Jan 15. If you file your yearly taxes by Jan 15 you don't have to make the 4th payment. But most cam sites don't issue 1099s until after then, so you'd pay 4th quarter Jan 15 then file by April 15th.

    If I were you, I'd just not worry about it this year. Start making payments next year. But that's just my personal opinion. I file according to what I was PAID in 2015, not what I MADE in 2015. And that's how the cam sites send 1099s. The IRS only cares about what money you actually received. Since most of my income is paid monthly, anything I make between now & the end of the year won't be paid to me until Jan, so that would go on next year's taxes. Make sense?

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    God/dess Marina Starr's Avatar
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    Default Re: The Quarterly Scare

    It's never been a problem for me. It just caused a lot of 'lumps in trousers' but I am so fetishized so you know how that is.
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    Quote Originally Posted by BambiCutie View Post
    This forum has been awesome and incredibly useful, this gives me a lot of peace of mind so I don't OCD over this. Is telling them you do webcamming/sex industry work ever a problem when seeking someone? Last question, promise!
    Quote Originally Posted by ~Carmen~ View Post
    I can see you being 90 and flipping your long hair, still teasing the boys.



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