THOSE DAMN TAXES!
No matter what field of work somebody works, even in webcam model area of work we have to have the income taxes. Some people ignore this or simply are not aware of it and they end up bad. It happened before and and may happen again if you don’t know exactly how to deal with taxes as a webcam model.
ANY WEBCAM MODEL HAS TO PAY TAXES ON THEIR OWN
Any income that you have you pay taxes for, the website that pays you will not do that for you and it will not be taken automatically from your earnings. No matter how much you make, if you work part time or full time, you are required to pay the taxes to avoid any future issues or even jail time. About how much you should pay it varies from one country to another and I can not give you the accurate info on that. You need to get an expert in your town to find out about the amount in more detail. All I can offer to you is the information about this subject that I gathered in the last two years working as a webcam model and paying the taxes accordingly.
GET A LOCAL EXPERT AND PAY TAXES PROPERLY
The best answers that one can give you on this subject is the local expert that you need to get contact with to aid you with all the necessary files and forms that you need. Like me you will firstly want to know how much exactly to you have to pay. As I said, each country has its own income tax regulations so a local expert will tell you exactly. To do this the proper way and to release yourself from a lot of stress you want to put aside the tax money on every payment that you receive. You will not want to be in the position whereby the income tax season comes and finds you without the money you need. You will just create stress and decrease the quality of your performance, making things even worst than they already are.
DEALING WITH TAXES IS… (NOT) COMPLICATED
It is important to know, maybe some are more familiar with it maybe others not. You will NEED TO gather all your receipts of the things you pay within the area of your work and which are related to your work. If you earn 100$ per week and you spend 50$ to earn those 100$ than you will end up paying taxes for the 50$ left after you spent 50$ on products. The issue is that some of the things may be deducted from your overall income and some may not. To be sure that you will have enough money when the tax season starts you may not even take into consideration the amount of the receipts. It will be safer in the case you are not eligible for deductions based on the receipts. And, you may have more money at the end when all of your receipts are being deducted from your annual income.
DEALING WITH TAXES NEEDS ORGANISATION
As a general advice not only in dealing with taxes as a webcam model, but for anybody, you may want to keep things organised. it will make things a lot less easier at the end for you and for your local expert. This may not be easy at first, but once you do it for a while you will get used with it. There are some things that you buy online and other things you buy from your local shops. Keep them in different places so you know exactly which and where. It will also help to not place them randomly and is better to place them by the date you have received them. It will make things so much easier at the end of the year. There are however, things that you can deduct from your income tax and things that you can’t. I always got deduction from the clothes, for the cosmetics, for the electronics, sex toys, and as well for the money spent in transporting these. Another thing that you may write off and it would be great if you live on a rent, is to get deducted for the room you are using to do your shows. If you pay 1000$ for your rent and the full house has 100 squares feet while the room you are working into has 50 squares feet, than it is possible you get a write off of the amount of money you pay for those 50 feet you use. You just simply calculate the money value by subtracting from the full amount of money you pay for the whole house the amount allocated for the room you work. If the room you work in is half of the house in square feet than you write off half of the rent you pay each month, but this happens rarely. The simplest way is to tell to your local accountant about this.
MORE WRITE OFF’S YOU CAN GET WORKING AS A WEBCAM MODEL
Another more extreme deduction in the how to deal with taxes topic are the bills that you actually pay for running your PC and for accomplishing your work. In this category we may include the actual energy bill or even the heating system bill. In most cases you will not get anything out of these, but it is worth trying since you are spending money on these for your work as a webcam model. When you are taking your clothes off you will surely need to heat and therefore it is strongly related to your job. If you think about the internet service, this may not be seen as an actual deduction factor, it is something that pretty much every one of us has these days. But as a general rule you are actually using a more expensive service than you would had used if you were not working as a cam girl. So, as I said earlier, things will be more clarified once you have a long talk about these things with your local expert after you get one.
LAST THOUGHTS ABOUT TAXES AND CAM GIRLS
I am going to end this boring and long post by summarizing again the basic stuff you need to do after you read and before you make the decision of getting along with the taxes. Get advice of a local expert. Don’t be greedy and foolish. Save money for the taxes before the tax season comes. And stay as organized as you can. To take things further with the organization of your receipts you may want to keep track of them in a notebook as well. Write down all the money that you receive and spend to make things easier and safer in case someone audits you. You can make a nice table with different categories where you note down the price the date and the name of the product. Money received from clients goes in a column, money spent on outfits on another column, etc.