Tax questions for SPs

[femanon]

Do full time SPs file taxes like they would at a typical job? If so how do they file pos?
I can't imagine hobbyists being comfortable with an invoice or signing anything, but wouldn't not doing so make
things like buying a house or car impossible? Are there any legal repercussions for not filing?

For that matter how do the big agencies file taxes for their business?

 

[oil&gas]

SPs don't work full-time. They are part-time workers
taking on extra work so your tax question matters little
to them.

 

[Aardvark154]

Remember what sent Al Capone to Prison?

That's right, failure to pay income tax.

 

[GPIDEAL]

SPs don't work full-time. They are part-time workers
taking on extra work so your tax question matters little
to them.

How can you make a general statement like that? (There may be those that only work part-time for the cash which they might not claim to supplement a lower-paying job or regular job which they file taxes on).

I know of one that is full-time, which affords her to work a short week. She's been filing tax returns for years.

To answer the OP's question, either they can call themselves a consultant or adult entertainer. The government doesn't care as long as they file their taxes properly. AE tax returns are similar to that of a freelance, performing artist.

 

[Malika Fantasy]

I love how non-SP generalize and post their own answers.

Yes I do filed my taxes and do so each year.
I don't filed as an entertainer (which I could) but as something that is believable for my age and also in that tax bracket.
I have an accountant that knows what I do and is amazing at helping me deduce all related work expenses

 

[femanon]

That's a very smart move!
I know there are just some people you just don't lie to (lawyer, accountant, etc) but
how did you work up the stones to let he/she know about your work?
I don't mean to grill you but, another semi serious kinda dumb question;
If you get alot of guys into feet are pedicures a business expense or is your general upkeep (nails, hair, wax, fitness and the like) all covered?

 

[Chloë.]

I love how non-SP generalize and post their own answers.

Yes I do filed my taxes and do so each year.
I don't filed as an entertainer (which I could) but as something that is believable for my age and also in that tax bracket.
I have an accountant that knows what I do and is amazing at helping me deduce all related work expenses

+1.

Yes we file our taxes.

 

[Malika Fantasy]

I found an sex industry friendly tax accountant. He is actualyl use by a lot of us in Toronto.
Most of the stuff that work related you can claim, however you can't claim stuff that are use in your personal life for example, normal clothes etc. Expensive lingerie, fitness, hair extension, nails , condoms, toys, incall, travel, taxis etc. you can claim as long as you have receipt.

 

[explorerzip]

Regardless of the amount or if it's cash, any source of income must be reported. Not reporting a source of income regardless of how small is tax evasion and carries stiff fines. I've talked with a number of indys and they all have an accountant like Malika to prepare and file their taxes. Agencies would do the same. As long as tax and banking records are complete, then there should be no reason why an escort or any other self-employed person would have trouble with applying for a line of credit, mortgage, etc.

 

[MissCroft]

I have always filed as a part-time entertainer and they've been fine with that for a long time.

 

[GPIDEAL]

That's a very smart move!
I know there are just some people you just don't lie to (lawyer, accountant, etc) but
how did you work up the stones to let he/she know about your work?
I don't mean to grill you but, another semi serious kinda dumb question;
If you get alot of guys into feet are pedicures a business expense or is your general upkeep (nails, hair, wax, fitness and the like) all covered?

I know for performing artists, you can't claim your regular clothes but stage clothes, although some may try and get away with it.

As for hair and nails, probably not 100% since woman like to look great all the time (i.e., there's a personal element to it). If you get carried away with your business expenses, it may red flag CRA.

The government doesn't normally stipulate what is reasonable, but for meals & entertainment expenses, only half is deductible to a business, while the other half is personal (it used to be 80% deductible, but the government reduced it to 50%, perhaps due to abuse).

 

[Chloë.]

Honestly, this is none of our business... I only looked in the thread cause Chloe posted something!

How ya doin' .

 

[oil&gas]

How can you make a general statement like that? (There may be those that only work part-time for the cash which they might not claim to supplement a lower-paying job or regular job which they file taxes on).

The OP's question is

Do full time SPs file taxes like they would at a typical job?

My response is better reworded to "SP is not a full time job".
To my knowledge there is no such thing as a 'full time SP'. Correct
me if I am wrong, a SP working 40 hours a week does not have to
file her income tax return differently than one working 10 hours
a week. I did not mean to suggest they don't pay taxes in my post or
they could not work a full time non-SP job.

 

[danmand]

Tax filings do not require job description.

 

[Dougal Short]

My best bud is an accountant. He doesn't know I hobby, and I doubt he does. He mentioned one day that he had a hot client who worked at a "rub and tug"... This is in a smaller city. I knew exactly who he meant... I'd seen her more than once. I stopped after that though, since I didn't want it getting back to him... I was married at the time, and he was friends with the Missus too~

Anyway, my point is, he thought it was cool. She was filing her taxes (assuming she was reporting accurately). She made a good living...

 

[GameBoy27]

Honestly, this is none of our business... I only looked in the thread cause Chloe posted something!

What, maybe femanon wants to become a SP and needs info on how to file his taxes.

 

[oil&gas]

Or maybe he is a taxman trying to bait the ladies here.

 

[peter4025]

Do full time SPs file taxes like they would at a typical job? If so how do they file pos?
I can't imagine hobbyists being comfortable with an invoice or signing anything, but wouldn't not doing so make
things like buying a house or car impossible? Are there any legal repercussions for not filing?

For that matter how do the big agencies file taxes for their business?

Hey, mr taxman I don't think hi I you should be askIng this question. None of your business unless you want to audit them. But then this is not the venue to do it either

 

[femanon]

Three things.

What, maybe femanon wants to become a SP and needs info on how to file his taxes.

1)this guys got it. I'm already in the game I just don't want to get sodomized by the CRA later on and am trying to cover all my bases. nam sayin'?

Hey, mr taxman I don't think hi I you should be askIng this question. None of your business unless you want to audit them. But then this is not the venue to do it either

2) I just found out what an audit was last week so ...not likely.

3) i'm a girl...hence FEManon instead of just anon (I just assumed you guys could tell)

I wanted to find someone to do my freaky taxes so i just inquired here

okay? okay.

 

[femanon]

Or maybe he is a taxman trying to bait the ladies here.

*puts on fake mustache* can you really blame me....all the sexy ladies on this site.