It’s almost that time, ladies. April 15 is the deadline to file your personal income taxes (Form 1040) to avoid a penalty. Filing your taxes doesn’t have to be a dreaded event as long as you are prepared throughout the year. I strongly encourage cam models to eventually incorporate themselves instead of filing as self employed but that’s a whole separate blog post! I don’t want to confuse you. But this information can be useful for either an independent contractor (self employed) cam model or a cam model who owns her own LLC or S corp etc.
Get a CPA to do your taxes. Don’t try to do it yourself because being self employed is lot more complicated than just receiving a payroll check from an employer. YOU are your own employer and there’s a lot more to it than just showing the IRS a copy of your W2. So don’t try this at home unless you are VERY knowledgeable about current tax law. For job title on your 1040 I recommend using the term ”Web Model” but use whatever creative term you can think of to describe it.
Taxes are not deducted from your paychecks like at normal jobs so do yourself a huge favor and put at LEAST 20% from each check into a separate savings account so when you file your taxes and you owe money (YOU WILL ALWAYS OWE MONEY), you’re not freaked out and scrambling to come up with the cash. A good businesswoman has her tax money tucked away and ready to go when April 15 rolls around. Ideally, put 30% of each paycheck away to be extra safe and usually you’ll end up not owing as much as you thought and you get your own version of a tax refund with the extra money you saved.
Save all your business receipts for your tax deductible purchases. Tax deductions will lesson the amount of taxes you will owe the IRS at the end of the year. As a cam model, understand that it takes money to earn money and any investments you make in your business are a tax write off.
Model’s Image Maintenance : Nail salon, Hair salon, Tanning, Cosmetic Surgery, Gym memberships/equipment (basically anything that contributes to you looking good since you are selling your looks)
Clothing & Props: Sex toys, lube, lingerie, costumes, stripper heels, makeup
Computer Equipment and Services: Computers or Laptops used solely for your business, Monthly internet costs, Webcams, Domain name registration fees, Web Hosting for your site, Software purchased to edit photos or videos, office supplies, business cards, cell phone (if you have a dedicated line for business)
Travel: Airfare, hotel, and transportation (even gas) anytime you travel to an adult webmaster convention, adult fan show, or anytime you travel to a new shoot location or visit another cam model to do girl/girl cam shows
Meals & Entertainment: Anytime you have a business meeting over food/drinks
Rent & Electricity/Heating: a percentage of your rent and electricity is a tax deduction as long as you have a room in your house/apt that is dedicated to camming/working
Don’t hide from the tax man. Nobody likes to pay taxes but don’t fuck with IRS so please report your earnings honestly and file on time.
Hope this information was helpful to you and your cam modeling business!
*Disclaimer! I am NOT A CPA and you should only take advice from a licensed and certified accountant. This information is based on personal experience and I am sharing it with everyone as a general guide.