Let’s kick things off Right by getting down to business first at SxxxSells! Holiday decorations are going up, as well as a ugly sweater christmas party invite every other day. But when you work for yourself you know it closing out a year of (hopefully) profitable income!
Disclaimer: I am nor anyone at SxxxSells is a tax professional and this information is purely informational which you must ultimately decide how you are going to use or not use. There are many Just in case it offends anyone, We are not referring to anyone as a Ho or Hoe! It’s just humor!
The most common question: How much do you have to make to file your taxes ? The below table is accurate. Always remember if you are self employed and or own your own business there are different requirements. The minimum for self employed individuals is $400 is the minimum for 2016-2017.
|Tax Year-Filing Year||Single Filers||Married Filing Jointly||Head of Household||Married Filing Separately|
($11,900 if 65 or older)
|$20,650 (both spouses)
$21,900 (if one spouse > 65yrs)
$23,150 (both spouses > 65yrs)
($14,900 if 65 or older)
|$4,050 (any age)|
($11,850 if 65yrs or older)
|$20,600 (both spouses)
$21,850 (if one spouse > 65yrs)
$23,100 (both spouses > 65yrs)
($14,800 if 65 or older)
You will being filling as self employed. Most Cam , PSO and payment processor sites will send 1099’s.
What about me receiving money via other sources, gift cards etc (i.e no 1099 form)? You will still need to file under schedule C. I personally use Turbo Tax (home & business now self -employed version) and here are two great articles with resources about how to file as a cam model:
There are lots of free sites to file on. I have found that many of them will require payment for doing taxes on anything more complicated than an EZ form, and will probably charge you if you have to file state taxes.
We live in the age of convenience and filing software does a phenomenal job of walking you through everything you need to do to file taxes. Here are a few popular examples of software:
- TurboTax: https://turbotax.intuit.com/ (Pay for the correct version, you are only short changing yourself if you do not)
- eSmart Tax: https://www.esmarttax.com/
- H & R Block: https://www.hrblock.com/
- https://www.taxact.com ( Basic free version for both state and federal)
- IRS: https://www.irs.gov/filing/self-employed-small-businesses
All of these walk you through everything remember it is faster and easier to take your return ( if you are owed one) via direct deposit.
If you were being a diligent adult worker you have a nice little file, box, cabinet spreadsheet etc for all your Deductions to take (maybe your like me and there is a folder here and there a filled in sparingly spreadsheet etc). No worries do not wait to the last minute start looking through things now working when time allows to get things in order. Also Read the deductions you can take as a business owner and do not forget the cool ones you get to take as an adult entertainer. From make-up to travel you cammed while you jetsetted, did customs, worked on your site special snap shows on the back etc etc business trip!!!
Now your head is racing and you probably just swiped your friends receipt for something tsk tsk! The last thing you want is an audit so make sure your deductions are justified, just I stated I take deductions for travel a red flag is when it is 20% more than the norm. Once again Turbo Tax tells us the top reasons to cause an audit. I take a good amount of deductions, I would claim the air I breathe during my cam shows or phone chats if I could lol! However, I have proof of everything and keep proof for years and have never been audited. Remember to claim only items you bought within 2016 for filing this year.
Now that you prepared Remember :
Sometimes the lingo and terms when doing taxes may get you baffled look it up, ask questions, use your resources!
We can not do it all hire a tax preparer if needed! For me seeing how a tax preparer / accountant did my taxes years ago and keeping all that info has always been a great source of how to do it and whenever in doubt there are many professionals who are accustomed to our line of work.
Turbo Tax has great support and I feel like they are my personal tax consultants – If you are going to file your taxes yourself research and ask the company you’re using what they offer!