I have suggested that as a small business owner, you should open a credit card for ONLY business expenses.
In this video, I explain how to use the Annual Account Summary tool to view your deductions when it comes time to file your taxes.
Feel free to reach out with questions!
FAQ:
Do I have to pay tax on the 20% that OF takes from me?
No, you are responsible to pay tax on the number that hits your account which is your NET INCOME.
Your NET INCOME - BUSINESS DEDUCTIONS = PROFIT.
You only pay tax on your PROFIT.
Happy Hump Day!
Have you met @mbeyer54? 🌬
She’s the Queen of 420 babes. Go show her page some love.
Did you know your WiFi and phone bill are tax deductions?
There is some math involved... we do use our phone and WiFi for personal use as well as business use, so you must figure out a % you use them for business vs. personal use. You then take that % of your bill and that is what you can write off.
If you use your phone 100% for business then you can write off 100% of that lines monthly bill.
Another beautiful shot from our Shag Chateau shoot
Go show these babes some love
@dallasemaxx @stephinspace @ccflight @caitlynsway @anikawilmore @yourtinylittlespitfire
Are you sinking thousands of dollars into rent each year?
As you grow your business, consider purchasing a house/property. It comes with many tax deductions (and you’ll stop paying someone else’s mortgage/property tax).
Quarterly Estimated Taxes are due April 15th.
This is based on your earnings from Jan 1 - March 31 2021
If you are on track to owe the IRS at least $1000 in taxes you are eligible to pay. For more info on how you can estimate this number and how to pay, ask in the comments.
Also here is a link to a solid read about estimate quarterly taxes:
https://blog.turbotax.intuit.com/self-employed/self-employed-dont-forget-about-the-estimated-tax-deadline-19852/
Would you join us for a smoke sesh? 💨
@mbeyer54 @dallasemaxx 😻😻
Good Morning small business owners!🤑
If you haven’t already, apply for a business credit card which you will use solely to purchase all of your business expenses (tax deductions). This card statement will help you track of them.
Choose a card with reward points that are valuable to you (cash back, airline miles, etc.) 💰✈️
Did you know the credit card interest accrual, and yearly memberships are tax deductions?
What are you waiting for??
Here is a list of 12 of the best options for small business owners for April 2021 and all their benefits
https://www.nerdwallet.com/best/credit-cards/small-business
@ccflight captured this beautiful shot of @dallasemaxx and I on film
Her content is top notch I highly suggest you pay her a visit 😻
I was smoking dabs with @mbeyer54 and we decided to shoot a little video🌬
Go show her page some love 😻🧨
NEW ONLYFANS USERS -
I highly suggest investing your earnings back into your business.
Organize your monthly income and business expenses so you can gear how much you should spend to lower your taxable income.
Travel expenses are another great way to lower your taxable income (if you are traveling for business purposes, including making content).
If you need assistance doing so, let’s set up your consultation!
😋😋😋
https://onlyfans.com/129692466/dallasemaxx
Happy HUMP Day 🍑
Here is a shot I took of @caitlynswayfree for her SwayMag Bikini Try-on video.
If you haven’t already checked out her page what are you waiting for??
The more 💰 you spend on your business the less you have to pay the IRS.
You should be figuring your taxes out on a monthly basis and have a clear understanding of what you will owe.
Do you see you’re going to owe a hefty amount? Go buy that new camera, laptop, lighting equipment etc. (All tax deductible)
Don’t have health insurance? Get enrolled, your premiums are tax deductible.
Your 💰 is best kept within your business!
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
@dallasemaxx is my Playmate 🐰🐰
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!