Tax Preparation For Camgirls / Adult Models
It is the dreaded tax season! Some cam girls worst nightmare, unless you’re prepared. If you haven’t been filing your 1099 taxes and making quarterly payments, and this is your first year… good news! They cut you a break for not filing quarterlies if it’s your first year doing it. If you’ve been a good girl and making your quarterly payments, you’re in the clear! But, what is a cam girl to do who hasn’t made her payments and has NO IDEA how to file taxes? Here’s some information for you!
Where To Get Your Taxes Done
There are many different places you can go to get your taxes done for you, but all of these places will cost money. I highly suggest hiring a tax professional to do your taxes, since deductibles and write-offs can get very tricky and the last thing you want to do is get audited by the IRS! Always avoid pissing off the IRS, it’s a good general rule to follow!
I personally use @taxxxguy on Twitter, who works with cam girls and established adult industry workers, and knows what he’s doing! (If you’re interested in contacting him, his email is firstname.lastname@example.org) If you can, use an adult industry specialized tax professional, because some places (like H&R Block) won’t know that you can indeed write off a dildo on your taxes, or at least a percentage of it.
If You’re Filing On Your Own
If you’re filing on your own, Turbo Tax is a great way to go! It comes with prompts and walkthroughs so you won’t be too confused. If you’re under a studio, they may also help you file your taxes. (Boleyn Models walks models through their taxes!)
Now, if you know HOW you’re filing, you should also know what your taxable income is! Payments you receive in return for goods or services is taxable income (so that DOES include when you get payments via Amazon gift cards, Google Wallets, or any other money source.) Just because they don’t send a 1099 to you doesn’t mean you don’t have to claim it!
What If I Don’t Get A 1099?
A lot of girls are asking though… if they don’t send a 1099, do they report it to the IRS? Most of these payment processors will not send information to the IRS unless you get 200 transactions and make $20,000 or more. Do you necessarily have to report this income then? It’s undocumented, yes, but if you get audited you are kind of screwing yourself. That’s up to your discretion. Like I said earlier, avoid pissing off the IRS.
Obviously you will report the income from your 1099’s (clip sites, cam sites, etc.) Basically anything you made more than $400 from should be reported, if you didn’t make more than $400 you most likely won’t receive a 1099 from the site. You should also report income from your W2’s (if you have a job outside of camming) and this will actually help you because vanilla jobs take your taxes out for you, so it will decrease the amount you owe.
There are many positive aspects to being a cam girl, but one of the biggest negatives is definitely being responsible for your own taxes!
*This post written by me was originally published to Webcam Startup: “Camgirls / Indie Pornstars: How To Do Your Taxes”