Well said!! :thumbsup

Have you investigated how much in deductions you can get when you itemize? It's a heaping helping belive me! And I'm talking about honest deductions. Find someone that is at least competent in self employed businesses and they will read you the long list of things you can deduct. If you're making under $100,000, you can really knock that figure down big time.

If you are making over $100,000 a year..well, you can still knock it down, but heck, you're probably so rich you don't mind paying taxes! :)

I obviously don't earn enough income to be eligible for taxes, but when you do file for taxes, will you have to put down what you do for a living?

In other words, is it possible for you to file your taxes without a trace of anything adult-related?

You MUST identify yourself as a PORNOGRAPHER or get sent to the slammer!

We are registered as an LLC, and chose the option to be taxed as a partnership. We have a kick-ass accountant who keeps us legal with our deductions (and he reminds us of deductions we didn't think of), so we have 2 returns prepared - our personal joint return and a separate return for our LLC. We have had a loss each year, thanks to the business deductions, and the loss carries over to our personal return.

Our LLC income increases each year (along with our deductions), so we can argue a profit motive in the slight chance we ever get audited.

It's not worth the worry not to do it right, and the tax laws allow you enough deductions that there's no reason you can't minimize your taxes.

Everyone in the us pays taxes

i do pay my tax, i might not like some of it.. but i would not vote if i didnt pay tax also

:uhoh

Best way is to incorporate,
have yourself as an employee of the company getting payed a small salary.
have the income taxes deducted automatic (i.e.for $500 a week a single person would be left with 382 )
have the corp pay for all your expenses food dinner, rent etc. whatever you could deduct as a business expense.
But its very important to have the corporation it leaves you in the clear for a host of problems.

haha you idiots better pay your taxes or they will make your life a living hell

I would if you have assets to protect. Tax liens will fuck you up.

That's exactly why an accountant can be your best friend. I got set up with an S-Corp. this year, and I don't plan on ever paying Social Security again...:1orglaugh

Be honest and pay taxes. If they catch you, the IRS will make your life a living hell. It is not worth being caught because after that they tag your file and go over every subsequent filing with a fine tooth comb.

Also, make sure that you pay quarterly and put something back from every check. It is hard at first, it is intoxicating to get a fat check, but you have to think of your future.

The IRS is now categorising Internet businesses.

Whether you're service oriented or whatever, there are now identifiers.

As an 's' corp, we itemise everything...from coffee to toilet paper...since our office is in our home, we get to deduct a percentage of our living space and the food we buy....paper towels, office supplies...etc...

Get a good tax preparer..doesn't have to cost an arm and a leg..but, if not incorporated..paying sole proprietorship is the highest of the tax brackets.....

There's no escape from taxes. Sooner or later, the IRS finds you; and, while they seem to be kindler and gentler, they still want what they think is theirs.

Always report...But be smart in how you run your business. Having an LLC or an S-Corp is the smart way to go. This seperates your personal self from your business, and if something goes haywire, it's not your personal self getting fucked (so to speak).

Write off what you can, take biz trips and enjoy some nice perks...If you don't spend it on "business items", The IRS will get it anyways.

Also....ALWAYS plan! If you don' plan for a year and you spend the next year paying it off, you'll be stuck in a vicious circle, swimming in a sea of debt for the rest of your life. :2 cents:

That has happened to a lot of people.. it happened to me in 2000. Are you going to try and make payments to the gov?

Yes. I'm going to try to work something out. If I can't work out something reasonable there is a tax attorney that advertises on TV here that claims he can settle tax debts for pennies on the dollar. I hope that's true. LOL

Let's not drag ePassporte into this, we in no way condone or have anything to do with anyone's tax situation.

When did they start categorizing Internet businesses? That's interesting.. a few months ago, they were after me over my 2001 return till I proved them wrong..

Okay i skimmed thru this thread and I dont think this question has be answered yet...


What about the people who are not even making 1k a month in adult ? But have a regular 9-5 job that gets taxed? Should they even mention the less than 1k a month income they are getting ?

Here's the simple answer: YES.

Hmm should be intresting for me. As this is my first full year of adult and I have no clue how much i hvae made... I think i've pulled in a good 300-400 a week though

what he said...

We have to pay taxesd on our years earnings. I thought it had been a slow year, but just been told to go spend money fast.

The system for corperations here is simple, you pay a third of all your profits. Which is nice, just need to spend some more money. Any sensible ideas?

1-) Get an accountant. They aren't nearly as expensive as people think they are. I don't know why anyone would WANT to do their taxes on their own. My accountant, he's been in the family for over 20 years, charges me $25 bucks for any amount of work he has to do for my income. I write off as much as I possibly can. My office is home so I have things like my phone lines, electric bills, ISP bills etc as write offs, because they are all business expenses.

2-) Don't try to evade anything. Instead try to reduce it as much as possible. Save all of your check stubs from sponsors, all of your receipts for purchases you made throughout the year. You can find ways to write off anything and everything, if you can prove it's business related. Ink cartridge for your printer? Receipt? Write off. Gas driving to the store to pick up office supplies? Write off. Take a client/business associate out to lunch? Write off. Little things like that... it's all business related.

If you don't have the lump sum to pay the IRS, they are more than flexible with monthly or quarterly payments. Even if you are a year or 2 behind on taxes, you can pay your fines and work out payment arrangements. Paying taxes SUCKS but work with what you have. If it costs you money and you use it for work or in your work enviroment, you have oodles of wonderful little write offs. Every dollar adds up.

I do not feel one ounce of remorse for finding as many income tax deductions as I can, because of the nonstop taxation on everyday purchases I make, more than contributes to the government and state.

Incorporation isn't the best choice for everyone, you should consult with a tax advisor for your individiual situation. And good luck with passing off your daily food and rent as business deductions. Regardless of whether a corp. or an individual pays them, they aren't valid business deductions.

Multi Corporation Strategy is how I avoid paying a lot of tax.

As much as I hate paying taxes, I'm very grateful that I pay as little as I do. With all of the deductions you can claim on your computer equipment, a portion of your mortgage...we're so much better off than people working 9-5. By the time I stashed some cash in RRSPs last year, I paid half of what I would of in my old job. :thumbsup

true

I think those people should pay taxes,you never know when it can come back to haunt you. But I do think those people should look for each and every dediction possible.

amen to that!

:thumbsup :thumbsup

who's taxes

Who do you think is going to protect you from Bin Laden if you don't pay taxes?

The U.S. military doesn't work for free. :1orglaugh

My friend since childhood is partner is some big firm,,he does my taxes for free,,,plus he gets everything written off,,including my dog,,,thats right,,,all my dog's expenses are deducted for 'security purposes' :thumbsup

haha that shit might bite you in the ass later

Explain that one to the IRS :1orglaugh