I am freaking trying to get my taxs all squared away from porn money, I only did it for 2 months in this tax year, but I dont wanna take this stack of 1099-s to H+R Block. I am not ashamed, but I do live in Wexford Pa! And is the doofus gonna know how to handle it. I wanna stay in the IRS's good graces as long as possible. I have never needed a real accountant for anything, and my x boyfriend did my taxes every other year. I am sure I should be able to claim my AIM tests, but can I claim rent in LA? Can I claim manicure and pedicures!!
Which reminds me to get back to doing my taxes....
If you're not comfortable going to a tax service, and not confident doing it yourself, you should look into hiring an accountant.
That being said, based on my understanding of small business deductions....
Rent in LA while you were shooting there is deductible.
A portion of your food bills while in LA are deductible.
If the studio expected you to have a particular appearance for the shoot, and didn't provide the means to achieve it, the mani/pedi/waxing would be deductible. (It might help if you had an appointment book showing that you did them just prior to the shoot.)
Your dry-cleaning while in LA would be deductible, and, if you did your dry cleaning within a day or two of your return home, that would be deductible as well.
You should get a copy of the book "Lower Your Taxes - Big Time" by Sandy Botkin It's written specifically for small business owners, independent contractors, etc. He's very engaging, very knowledgeable. His website is:
http://www.taxreductioninstitute.com/
Ah well, back to my own taxes.
Scott Kinney Diversified Video Associates www.xxx-imports.com
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Pocketcomb_Pimp Deactivated User
1921 Posts 7/03
Posted - Feb 18 2004 : 4:00PM
Kami, the problem is taxes vary state to state. It also depends on what lype of Business Liscences you hold. Personally I'm not a fan of H&R Block. I think you'd do better if you got the Business version of Turbo Tax. Stop in Costco and pick it up. Have your reciepts ready, and knock your taxes out in about 45 minutes. It will file, and keep complete records so if you decides to do Turbo Tax again next year, you only have to update your profiles instead of doing your taxes all over again.
does turbo tax have all the local crap programmed into it? I have to file federal state and local where I live. Is it set up to handle independant contractors? It sounds pretty kick ass.
The state version of Turbo Tax does. I don't know how it works with the business verson of Turbo Tax. But with the personal version, if you buy the "Deluxe" edition (about $35 at Costco with a $10 rebate), you get a free copy of the state software for 1 state (you pay for it and get a refund via rebate). The bad news is that since you worked in CA and live in PA, you probably have to pay state tax in both locations (it's not double, the taxes get divided between the states). Also, the "interview" process with Turbo Tax state is not as thorough as the federal verison is. If I didn't know something that was missing from the NY State version, I would have paid an additional $2000 in state income tax this year.
I don't think that I'd wing it with Turbo Tax (at least not for your first year). I think that I'd try to find an accountant this year. Do you have an agent in LA? Maybe he can recommend someone. I think that I'd be more comfortable with someone who has done taxes for porn stars in exactly you situation before than I would with a local PA accountant.
If you find one in LA, there is no reason why you can't fax him your records and do your taxes with him over the phone.
In future years, you can probably use this year's return as a guide for filing. In that case, Turbo Tax might make sense.
Thank you, I called my x to see if he wanted to go halvsies on the software and he said that with the amount of red flags I have this year and with me never having looked at taxes before I would probably land myself in jail.
I don't think I could afford my agents guy,but I am open for any referrals of not to pricey accountants!
I wasn't suggesting that you use your agent's accountant. Just that he may be able to suggest someone who has done taxes for some of his other clients.
an accountant runs me between 250.00- 350.00 they charge by the forms they have to fill out sorry I can't be more help, I add up my reciepts give 'em the totals, drop it off, pick it up, and mail the checks, to me it's worth it
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Pocketcomb_Pimp Deactivated User
1921 Posts 7/03
Posted - Feb 18 2004 : 11:07PM
Kamille,
May I suggest that you bite the bullet and just see a good acountant this year. From that point you should be even and you can aatempt to stay on top of your finances for 2004.
It's obvious that you have the gift of anal girth, but Slayer will feel like a feather tickling your hiney should you allow Uncle Sam the opportunity to clean your colon.
Also, financial planning will allow you to get more money back, and take more deductions. In closing, spend a little money to save a lot.
PCP Says "Don't take it in the can, Without a plan!"
Patience is a virtue, but who wants to be virtuous? 4283 Posts 4/00
Posted - Feb 19 2004 : 3:00PM
Kami - Definitely get an accountant. The amount they will be able to save you in coming up with deductions and legal loopholes will save you a lot.
Then, next year you can look at their forms that they did for you this year and basically copy the information, using next years numbers.
Doing taxes for 2 states and paying the 15% self-employment tax can be a little confusing the first time through.
There's a lot of deductions that you can claim that are totally defendable. Wardrobe that you used for movies and appearances, transportation to Los Angeles, transportation to shoots. Manicure, pedicure, keeping your hair and body in top form, gym fees.
