I may sound like a broken record but it’s for the greater good.
If you do not have to file taxes until next year it is imperative that you start planning now! You do not want to wait until next April and find yourself in financial turmoil.
I am happy to share the tools with you. DM to set up your consultation😊
I have been having great conversation with many of you, discussing effective ways to manage your financials to determine exactly how much you’ll owe in taxes each month. 🤑
If you will owe $1000 or more (annually) you will be required to pay Quarterly Estimated Taxes to the IRS 😮
Here is a link breaking it down
https://www.google.com/amp/s/turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-pay-and-when/amp/L3OPIbJNw
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You’re going to want to sub to her page 🥵🍑🤤
I love taking bites out of her😈
Want to see more of @dallasemaxx and I?
Shoot me a DM
Did you know there are states in the US that do not tax your income?
As a content creator you may have the flexibility to live anywhere. Why not live in a state where you won’t have to pay state taxes?
I’m really excited to have a full day of consultations/classes. It’s refreshing to share knowledge about something “they” do not teach us in school.
I want to say congratulations on being a business owner! You are doing great and should be proud of what you’re growing here.
If you are interested in learning more about your 1099 taxes and managing the financial side of your business feel free to reach out.
Let’s get the ball rolling with your free consultation and set your financials up for success.
Many have you have been asking this question.
Be sure to get your financials organized month to month to set your self up for success filing taxes next year!
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How do you feel about being hit with additional taxes based on how many miles you drive and how much gas you burn each year?
2021-03-27 18:56:23 +0000 UTC View PostThe IRS has stated that masks, hand sanitizer and items related to reducing the spread of COVID-19, are eligible as tax deductions.
More info here
https://www.foxbusiness.com/economy/irs-says-face-masks-hand-sanitizer-are-tax-deductible-medical-expenses
I joined @stephinspace for a Naked Yoga session yesterday morning (much needed), then we got her started with her Turbo Tax account.
We made this video to help you all set up your Turbo Tax account and begin to enter your OF 1099s. Next week will will be posting another video describing how Steph organizes her monthly business deductions, so it is all laid out for her when it comes time to paying her taxes.
If you have any questions about the video, using Turbo Tax, or managing your financials throughout the year shoot me a DM!
@dallasemaxx and I do make custom content. Let us know what you’d like to see 😈
2021-03-25 21:03:22 +0000 UTC View PostHave you incorporated your OF business yet?
I would do this ASAP. Did you know incorporating as an LLC/S-Corp can lower the amount of taxes you owe each year?
Here is a link to a great read breaking it all down for you.
https://www.businessnewsdaily.com/15339-llc-vs-scorporation.html
As always DM any questions you may have.
Happy HUMP Day!
@stephinspace and I will be putting out a video this week explaining how to set up your Turbo Tax as well as entering your 1099.
We will also share how to break down your monthly deductions and keep them organized.
Stay tuned!
Heading over to the @nakedbakerstv live stream for dinner 😋
Join the stream here
https://m.chaturbate.com/nakedbakers/
How much time a week do you spend on creating content, interacting with fans, buying apparel?
How much time do you spend managing your financials?
Never to late to start factoring it into your routine!
Isn't @dallasemaxwell quite the handful? 🍑👋
You're going to want to check her page out.
DM me if you'd like to see the rest of this set😈
Shocked by the number you owe in taxes when it comes time to pay?
I highly suggest opening a separate account to stash your tax money away MONTHLY!
In this video I explain the type of account to open, which will earn you a higher interest rate on your cash vs. your average checking/savings account. Doing so, you will be able to keep all of the money you will owe the IRS organized and in one location. It's easy to set up and you can freely transfer funds to and from your existing bank account at any time. You can also invest in retirement funds with this account, which can sufficiently lower your Federal taxes.
I advise taking 40% of your OF profit (how much you made minus your deduction) monthly and putting it directly into this account. The reason being is 40% is a safe approximation of what you will owe at the end of the year, depending on your living/personal situation. If you wound up over saving, the left over cash can be your “tax refund” to yourself. We can determine a more personalized percentage suited for you during your free consultation.
Here is a link to the Money Market Fund I am speaking about in the video.
https://investor.vanguard.com/mutual-funds/money-market?WT.srch=1&cmpgn=PS:RE&gclid=CjwKCAjwgOGCBhAlEiwA7FUXklIQ1o05M0NqbugLAx3ft3pqDlaEVXuRt8jrYJ4-RsPY_im0LLjf6BoCA8sQAvD_BwE&gclsrc=aw.ds
DM questions!
Many of you have found me through @austinfilms. Make sure to stay up to date with him as he post pro business/marketing tips daily!
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Be sure to go to your “banking” tab and resubmit your W9 to Onlyfans including the updated address.
This “Shag Chateau” shoot definitely had me in-touch with my inner “Hef”.
Make sure to subscribe to all these beautiful women, you do not want to miss out.😅@dallasemaxwell @caitlynsway @stephinspace @ccflight @yourtinylittlespitfire @anikawilmore
DM me if you’d like to see more content from this shoot.
Can I write off meals and entertainment to reduce my 1099 taxes owed?
The simple answer is yes but only 50%. The law does also say you must have a business associate with you and the main reason for the expense is directly related to your business.
What classifies as entertainment?
Message me to set up your free consultation.
Thank you all for being part of my first 100 “fans” 🖤
I started this page last month after I saw my content creating friends struggling and pushing off their taxes.
My main goal is to help content creators understand that they are running a business and managing the back end is crucial. I strive to give you the tools to keep your business managed and organized, ultimately making filing your taxes a breeze each year.
With that said, I hope you all enjoy your weekend! Tonight, I am heading over to a Lingerie Party in Malibu😈
Wondering when you’ll get your stimulus check?
You can track yours here. Also stimulus check will not be taxed.
https://www.irs.gov/coronavirus/get-my-payment
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2021-03-20 21:53:46 +0000 UTC View PostUPDATE:
State tax deadlines have been announced. Check out this link for info on the state you claim residency in.
https://twocents.lifehacker.com/which-states-have-extended-their-tax-deadlines-1846511631
Swaymag is putting out a bikini try-on video😍
I had the pleasure to photograph 3 different looks of these beauties @caitlynsway @ccflight @kittenwithfangs
Make sure to follow them for a better view and message me if you’re interested in more pictures from this shoot 😈
2020 was a tough year. Millions of Americans relied on Unemployment benefits to get by.
If you already filed your 2020 taxes and paid federal income tax on unemployment, you are eligible to file an amended return.
Here is a link directing how to do so.
https://www.google.com/amp/s/turbotax.intuit.com/tax-tips/amend-return/how-to-file-an-amended-return-with-the-irs/amp/L6kO691J8
QUARTERLY TAX PAYMENTS????
In regards to your OF 1099 tax form, you may be required to pay quarterly estimated tax payments.
Here is a link to better explain and help you determine if it applies to you.
https://turbotax.intuit.com/tax-tips/self-employment-taxes/myths-about-quarterly-taxes-for-the-1099-tax-form/L46qZt376
Tax day has been extended from April 15th to May 17th.
This is for US Federal taxes. State tax deadlines are TBD. This means you must file and pay by May 17th. My advice is to WAIT to file until the state deadlines are announced.
Also, If you received Unemployment Assistance in 2020, your first $10200 will be tax exempt.
As always, if any of this sounds confusing just shoot me a DM.
How are you saving your money?
Did you know there are retirement accounts you can invest your money in and be able to write the investment off as a deduction?
You money is best kept in your pocket!
DM me for more info.
