What everyone can learn from how pornstars do their taxes...
What everyone can learn from how pornstars do their taxes... For decades, porn stars have filed taxes as independent contractors. Here’s what Americans entering self-employment need to know about adult performers’ tax hurdles and strategies.
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If you want to learn what happens when you do or don’t pay taxes, visit the San Fernando Valley. As the porn capital of the world, the Valley is home to both self-employed success stories and tax disasters. Everyone pays their taxes on the due date or forgets to pay, owes the IRS thousands of dollars in back taxes and burdensome fees, and then files for bankruptcy. (Or, in the worst cases, goes to jail.)
Most failures make the same mistakes. Most successes follow the same tax strategies because nearly all adult performers serve as independent contractors, i.e. people who provide services to a business without being employees. Unlike old-fashioned workers, independent contractors are responsible for their taxes. We don’t respond to a boss. Therefore, a company isn’t withdrawing our taxes from each paycheck.
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Once upon a time, porn was one of the only industries comprised of independent contractors, but today numerous Americans are self-employed. Everyone from Uber drivers to publicists to project managers work as independent contractors. As more and more Americans enter self-employment during the pandemic, this trend will continue to grow.
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https://www.thedailybeast.com/what-e...do-their-taxes
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