If you are taking your web modeling business seriously you got to pay taxes. Otherwise sooner or later you’ll get in trouble with IRS that will result in fines and other problems. If you are making money but haven’t filed your taxes yet hurry up! April 15 is the deadline to file taxes (in US) and it’s coming close.
If the word Taxes scares you, don’t worry! There are many things you can write off your earnings which will leave you paying taxes on significantly smaller amount. So for example if you made $15,000 a year and spent $7000 for your business needs you will pay taxes only on remaining $8,000.
To file taxes you need the help of accountant. Don’t even bother doing it yourself. Accountants charge $50 – $200 but these money well worth it to make sure that everything is done right. Or you can use online services like TurboTax that will guide you through the whole process. But it may get complicated and it costs money too.
You should file taxes as self employed. As for the title of your job try to come up with something that doesn’t imply that it’s adult oriented. Many girl use “web model” and “webcam model”.
You do need to keep track of your expenses that you are going to write off. Those who file taxes as self-employed randomly get audited so you should be able to back up your expenses. The best way to keep track of your business expenses is to have separate credit card that you only use for things relating to your business. This way all your expenses will be in one place. Otherwise you’ll have to keep all your receipts. If you do collect the receipts make sure that you highlight which expenses are for business use in case there are other items on the receipt.
And now as promised here is the list of things you can write off. Note that some things can only be partially written off depending on how much you use them for the business. For example if you work from home you can write off your electricity expenses but only about 30% depending on how much you work per day. Here is the list:
- percentage of rent
- heat
- electricity
- water
- internet
- apartment repairs
- office supplies
- computer equipment
- caming equipment
- hair
- makeup
- nails
- supplements
- tanning
- beauty products
- waxing
- clothes
- lingerie
- toys
- lubricant
- shoes
- internet advertising
- cam room decorations
- cosmetic surgery
- gas
- airfare
- train tickets
- car
- hotel
Conclusion
Webcam modeling business requires you to be beautiful in order to make money. And staying beautiful takes a lot of money as well. So why wouldn’t to use it as advantage and reduce to the minimum the taxes you have to pay? What else do you write off your webcam modeling expenses?
Related posts:
{ 13 comments… read them below or add one }
Thanks for the advice! I model professionally in addition to webcamming and other models have told me though that you have to be careful about writing off certain things. For example, lingerie and toys…UNLESS you are ONLY using them for business purposes, you cannot write them off. Many models don’t write off makeup, lingerie, etc., because they use these things in their personal life too. Also, I thought if you write off a home office, you have to ONLY use that room for work.
Anyway, I think the safest thing is to have an accountant do your taxes! They know all this stuff
Do you have any form templates that you can email me that I can use to help keep track of my expenses. Thanks for the “using a different credit card” tip! =] Also I love your posts… they are VERY helpful!
Thanks for the comment, Pandora. I agree with you that you can’t write off 100% of your expenses on many things. But it should be safe to write off a certain percentage. Sure models use make up in their real life. But it should be safe to write off at least 30% of their make up expenses for the whole year.
You can use something as simple as Excel spreadsheet with 4 columns: date, expense name, amount, notes. Or if you use smartphone like iPhone, Google phone, etc there are nice applications that let you keep track of your expenses right from you phone.
I’m glad you like my posts!
You can print off the earning page on the billing that you use or if your working on a site you can print off the earnings page. to help keep track of your income.
not filing your taxes is worst then filing.
In the United States the only cosmetic surgery that seems to be tax deductible is breast implants over 1000cc’s.
This is what they call the ‘Chesty Love’ ruling.
The maintenance of the implants is also tax deductible.
In response to Miss Pandora, I have a sepearte make up set and toy box for work, I also take pictures of myself in my work outfits (whilst at work) and put them into a file.
As long as what you use is ‘wholly and soley’ for the purpose of your work it should be okay.
I was told that you only have to file for taxes if you make over a certain amount but I’m not sure if that’s true or not. If so, what is the amount in Canada? I make about $100-200 a month but no more than $400. I’m not a serious cam model so I don’t live off it its just something I do for extra cash on the side. Any Information is helpful
For CRA you can make 8000 a year and pay no taxes
http://lsminsurance.ca/calculators/canada/income-tax (thanks dynamitexxx for the hint 
)
What is the $ amount in NV, USA in which you don’t need to file? If I made below 8,000 do I have to file?
Christymay, I am wondering the same thing. Please help!
I am thinking about signing up for a webcam model. I am really hesitant because of taxes. Will they send me w2′s at the end of the year like a regular job? and will i have to owe money instead of getting money back?
Do I file taxes even as a new model that hasn’t really went on to make much yet? Or only when i make thousands?
You shouldn’t worry about taxes if you make just a little. But if you start making thousands, then yes, file the taxes