I just signed up for MFC this week and I've made 580 tokens so far. I just realized its tax season. What do I do??? I still live with my parents and they claim me as a dependant because I've never made enough at my dayjob to need to do taxes. I know I can bring it up to my parents sometime after this tax season that I want to become independant, but I'm so scared that I'm going to have to fill out a form this year and deal with the issues that come with taxes far sooner than I'm ready for. Additionally, I would be very concerned that the envelope I get in the mail containing my tax form will say MyFreeCams somewhere it's visible from the outside. Please tell me it doesn't!!
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Terrified to get tax form from MFC!
- Thread starter Janey James
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I'm not sure but this is 2017 so your forms won't come until the END of 2017.
Unless you file quarterly taxes
Get a P.O.Box
Lots of models use the same taxguy. @JoleneBrody maybe you can help with his name. I don't remember it.
Unless you file quarterly taxes
Get a P.O.Box
Lots of models use the same taxguy. @JoleneBrody maybe you can help with his name. I don't remember it.
ThePrincessLuxy
Cam Model
I'm guessing since she's new she isn't filing quarterlies yet.
If you have made less than $600 total from camming across all platforms you will not need to pay taxes on it if I remember correctly. When MFC sends your 1099-MISC it will be from MFCXY unless they have changed it since I worked there. If your parents are curious enough they will find out what it is if they google enough. Since you just started though, you have plenty of time to get a PO box and change the address it is sent to. Anything you earn from cam this year you will file next year in 2018.
Either way if you earn over $600 and they claim you as a dependent...there may be complications there and they will probably find out about cam considering they or their tax preparer have to have all your income documents to accurately file...if this is the case I would try to convince them to let you file independently.
I'm having the same problem. does anyone know the percentage for tax? is it like 30% 15%? and are we paying just the tax?
https://en.wikipedia.org/wiki/Income_tax_in_the_United_States
I don't know what you mean by paying just the tax?
The tax bracket that you are in depends on how much money you made
Welcome to adulting
I don't know what you mean by paying just the tax?
The tax bracket that you are in depends on how much money you made
Welcome to adulting
If you dont pay social security you wont get any SS benefits when you retire. If it is still around
To be clear, while self employment tax does pay for social security and medicare, it's not optional. You can't decide you don't want those services so you won't pay.
SE tax is usually around 15%. Income tax goes from 0% to 40% depending on your situation.
As Luxy mentioned, you'll likely need to learn about filing quarterly taxes.
You may want to consider forming a business and paying yourself a salary.
A good official place to start reading is here: https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center
The adult industry friendly tax guy that Nikola keeps alluding to is http://www.taxxxguy.com/
SE tax is usually around 15%. Income tax goes from 0% to 40% depending on your situation.
As Luxy mentioned, you'll likely need to learn about filing quarterly taxes.
You may want to consider forming a business and paying yourself a salary.
A good official place to start reading is here: https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center
The adult industry friendly tax guy that Nikola keeps alluding to is http://www.taxxxguy.com/
Like the other comment says it depends on how much you make that will put you in a bracket. I did freelance art prior to all this and i use to put aside 40% as a buffer (i know, thats high). Then anything that didnt go towards taxes the following year went straight into savings.
Just so this isn't hanging out there, if a company pays you less than $600.00 they don't have to send you a 1099, but you still have to report that income and pay any taxes that are due.
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