Comments on: Taxing

By: anon

anon — Mon, 24 Mar 2008 04:08:38 +0000

FYI, I’m assuming Miss Syl is referring to “Estimated Tax” with the reference to quarterly filings. It’s very important to get it right, or you pay nasty penalties. If you don’t want to keep your accounting up to date every single quarter (you have to keep it up to date at least once a year, of course), you can pay estimated tax using the “safe harbor” rule where you pay based on what you owed *last* year. Also, if you can’t keep track of the quarterly deadlines (they aren’t *exactly* quarterly, frighteningly), the IRS doesn’t mind at all if you pay early (pay all four quarter’s estimated tax during the first quarter, for instance), and then you don’t have to do the other filings. Not financially efficient, that, but if you have a poor memory for those things….

By: anon

anon — Mon, 24 Mar 2008 03:57:46 +0000

Some tax principles:

Basically, anything which is used entirely for business purposes is deductible, but you have to keep receipts and accurate records.

(Things used partly for business and partly for pleasure are partly deductible, and you have to figure ridiculous proportional stuff. There are funny rules for “converting” something which is considered a capital asset from business use to personal use, but that only applies to capital assets.)

For a *clear-cut* example which I know many people actually do, if you buy a sex toy for the purposes of *reviewing* it in a review, and your business includes writing reviews of sex toys, then the toy is 100% deductible. At least in the US. (And since you can’t really resell it when you’re done reviewing it, keeping it for personal use doesn’t cause any tax problems either.)

If you attend a sex party for the purpose of writing about it on your blog (assuming writing on your blog is a for-profit business for you — that’s actually a very important IRS rule) then yes, the costs of attending are fully deductible.

So yeah, you are going to be able to deduct a lot more than you think.

This is not formal legal or accounting advice, you get what you pay for, don’t sue me if I’m wrong, etc.

By: ell

ell — Sat, 08 Mar 2008 12:39:32 +0000

Ha AAG, I’m going through this right now. I spent the afternoon wading through a box of receipts and the like for my own little business – finally getting my taxes in order – I’m claiming “samples” as expenses and do you have any idea what the freight on 55 kilos of stainless steel is!

Orgasms are tax free as far as I’m aware – I’m using them to reward myself for sticking with the mind numbing paperwork – it offsets or counteracts the effects of the RSI from overuse of the calculator!

ell’s last blog post..The Romance of a Great Big, Black, Cock-Like Dildo

By: Scintillio

Scintillio — Thu, 06 Mar 2008 07:03:33 +0000

Hey if strippers can deduct their boobjobs, why can’t you deduct these things. :)

(You should be able to do so for the most part given who you contract for and the writing).

By: DH

DH — Thu, 06 Mar 2008 06:51:34 +0000

If you need help evaluating your insurance options...let me know. I doubt I'm licensed in your state, but I am in others and can at least help give you some ideas of what to look at. And everyone's right about the deductions. I think you can deduct more than you think you can. DH's last blog post..Feelin' Frisky

By: Miss Syl

Miss Syl — Thu, 06 Mar 2008 04:47:04 +0000

(That is, unless you're working with a freelance agency that deducts your taxes from your wages for you. But if that hasn't been done...quarterly.) Miss Syl's last blog post..No. Fucking. EDITORS.

By: Miss Syl

Miss Syl — Thu, 06 Mar 2008 04:46:04 +0000

I'm too tired to read everyone's responses, but for the serious part of your post--I'd recommend at least talking to an accountant who works with freelancers. You do know you have to file paperwork to the IRS four times a year (every quarter) as a freelancer or you have to pay a big fine for not doing so at tax time, right? Miss Syl's last blog post..No. Fucking. EDITORS.

By: aag

aag — Thu, 06 Mar 2008 01:09:37 +0000

It’s Shrewsbury, but don’t tell anyone, m’kay?

:)

By: Slow Learner

Slow Learner — Thu, 06 Mar 2008 00:29:09 +0000

Now, don’t get me all worked up – you living in the UK? :o)

I suppose that ‘Upper MidWest’ would be somewhere like Shrewsbury or Oswestry – that’s about four hours by road from London ;o)

By: Haaaaaaa

Haaaaaaa — Thu, 06 Mar 2008 00:19:08 +0000

Maybe you need a team from PriceWaterhouseCoopers to comb the cabinets looking for deductible items. They also could prepare business plans with charts and graphs. They could let you know how to grow your business and show what drives it. You could then finally have a Business Plan for Buttsex.