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Question Regarding TAXES
Hey guys, I have a question if anyone could help i'd be very appreciative. This was my first year promoting adult porn and i'm looking for a little assistance. How do i pay taxes on what i've earned? I kept all my check stubs, i'm just not sure how when i go to my tax place, what do i pay for?
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I take W2's (income earned) that I got from the sites that paid me over $500
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Don't forget about Home office write offs, internet costs, computers, ect...
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What do they charge you on taxes for adult?
I understand you can write off, internet, computer costs, but what do they charge you up front? I kinda wanna figure out what i'll be paying if i grossed 16,000 this past year. |
You pay taxes on all earnings...sorry, but income is income and all is reportable. However because you are now using personal items - internet access, hosting, part of your home (or rent if you don't own), cell phone, domain names, etc you have quite a few deductions to offset these gains, and a creative tax guy will flesh them all out - pardon the pun.
To keep it simple I formed a corporation years ago and would recommend you do it as well (that is if you are making more than beer money :) Then all checks should be paid to the corp and you shift all the expenses of the company to your newly founded corp. Get an corp AMEX or something too to rack up the points for free schwag. It also helps protect you against lawsuits or other legal actions to shied your personal assets from the assests of corp if the worst comes to the worst and someone comes at you hard. Good luck and take all I said with a grain of salt - I have a tax guy to handle all this for me but this was his advice when I hired him quite a while ago and I have been quite happy with the direction he pointed me. |
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Just go to a damn tax prep place and then next year use a real accountant. |
Thanks for the info guys.
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Should be less than 28%
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Less than 28% of what you've earned that year?
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You really should however take ASM's advice and consult a tax professional. Unless someone had access to all your info AND was a well versed in tax prep getting advice here is like asking a peanut how to tie a shoe. :2 cents: EDIT: and tax prep is a deduction too, so don't avoid it to save a couple bucks. ;) |
In my opinion its really simple.
Figure at 16,000 you'll end up paying 30% -- in federal, city and state taxes. Federal alone is what you're worried about when the end of year comes and you have to "pay your taxes." For 2007 Federal Income tax brackets you have: http://www.irs.gov/formspubs/article...164272,00.html $7,825 $31,850 $782.50 plus 15% of the amount over 7,825 So it looks like my initial 30% was too high. You should be paying roughly 16,000 - 8000 = 8000 * 15% = 1200 + 782.50 = 2000$ in taxes!!! very nice! :) Figure with some deductions like the guys mentioned above you may end up paying $0 :) PS> In the future get an accountant who can keep better track of your year end finances than you could and you'll save yourself a lot of money :) |
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:upsidedow |
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There called 1099s and it's for income over $600. Also non-American companies don't have to send you a 1099 and often won't. You still have to report that income. |
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Where do you guys get this shit? You'll are retarded. You don't even bring up self employment taxes and you completeley forget to take into account personal exemption and dependant deduction. Let assume the $16k was his only sources of income. Let's also assume he will be filing single and no dependants other than himself. About $2261 would be owed in Self Emploment taxes. Half of that amount can be used to reduce his taxable income. That's $1130. Standard deduction is $5350 and dependant deduction is $3400. That's $9880. That gets subtracted off the 16,000 so that leaves $6120 in taxabe income. That puts him in the 10% tax bracket. So that's $613 owed in income taxes. Add in the $2261 in SE taxes you get at total of $2874 owed to the IRS. Of course I didn't take into accont any deductions since I didn't know which ones he could LEGITIMATELY take. Also if he's married or has kids or has additional income from a job that changes a lot of things too. I was merely pointing out that at $16,000 you're taxes aren't going to be 30%. By the way if he deducts all that crap he when wants and it's not all for business he's breaking the tax laws. You can only deduct internet, computer etc if it is 100% for your business. I doubt it is. Sure he could say 50% for business and 50% not and take 50% deduction. Let's just give the IRS a reason to audit him. I take what dedcutions I can that's not going to send off any red flags. Last thing I want or need is the government nosing in my business. But that's just me. |
most GFY'ers get paid by epassporte and hope they stay under the IRS radar ;-)
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Get an accountant.....Just my 2 cents. They know exactly what you should delcare/deduct etc etc.
This of course only when you made more then 2000USD :) |
Depends all on how much you've made (income) from said sponsors. Only a single sponsor who you've made more than the minimum taxable amount will send you back the forms you will use to deduct your taxes from...otherwise you kinda don't have to report any if that doesn't happen. But don't take my word for it i'm no professional when it comes to taxes and such. I just have "my people" and attorney look things over. Hope that helps.
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Jeez I seriously wonder about the people here and their serious lack of knowledge of our tax code. I see a lot of audits in the future some of the retards here. |
GatorB, I didn't advise anyone not to report their income, I just said that many people don't do it indeed.
And actually in my opinion the risk that you get caught if a (especially offshore based) sponsor funds your epassporte card and you earn $1k per month, and withdraw it from ATM's is kinda small. many 20 year old college kids live that way, and no one suspects them to earn any money and they just fly under the radar. if you're 30 year old, earn $15k per month, and want to spend the money on other things than pizza and beer, then you obviously have to report income. But the young, small guys often fly under the radar. shit, we had guys here claiming they have been flying under the radar for a few years and accumulated $800k or so and now they're afraid on an audit. i dont' recommend fucking with the IRS, but you can't also say that each small guy not reporting their $1k per month income, will get caught, since thats not the case. |
Like gator said ALL income is what you pay taxes on. Also if you are a corp, llc, or self employed you must pay estimated quarterly taxes NOT just end of year taxes ... otherwise there are penalties.
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For guys flying under the radar keep in mind tax audits go back for a number of years (5-10) so if you ever plan to start making money and you get audited it won't be for just that current year. It will be that year plus past years.
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Taxes are for noobs, americans who are slaves to the system and negro actors who doesn't know how to hide his money correctly and file.
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Taxes are for noobs, americans who are slaves to the system and negro actors who doesn't know how to hide his money correctly and file.
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Hey, almost all of my income is from companies that arent american. You bet your ass I report it! LOL
After a couple of years, you'll be able to guesstimate what your tax bill will be. So maybe set up a short term CD or something with that amount. At least you'll have earned a bit of interest on the money before you have to dump it all on the IRS (and start up a new one). And if you have to make quarterly payments (which you will once you make more money), then the CD will be all yours along with the interest it earned. Just plan ahead I think and you'll be ok as you make more money. I love the people who get refunds like $3000.. they have no idea that they've given the government an interest free LOAN all year long to the tune of $3000, lmao. Then they get all excited and blow it like it's free money from the government or something. And then theres the suckers who also pay to have someone do math for them, then pay interest on an "instant refund" which is really a LOAN! LOL! And people say adult has scammers, sheesh. And yeah I know, it's smart to have a tax preparer if you are pressed for time and buried in receipts and such.. blame the complicated IRS scam system for that.. But usually they target the idiots and fleece them coming and going when it's just writing a number and subtracting, lol. |
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Hey Thanks Gator, that was an awesome post! :thumbsup That helped me out a ton. I am single and no dependents other than myself, and this was my only source of income for 2007, it totalled out to $17,000 this year. Should i be looking at paying close to 3k in taxes before the deductions and for deductions since i promote adult porn can i use "Frontpage" as a deduction since i have to design a page to promote or should I use it as a 50% deduction as well as the computer? Thanks for all the info guys, I appreciate :) |
Bump Bump
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