The Only Consultant & Prisma Tax Group Tax Specialist for spicy industry 🌶️ ft in Bloomberg, NYT, NYP
Houston, TX
Joined December 2021
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How to work with me for SW tax preparation and business advisory
Industry specialized and judgement free ❤️
An example of how your money should move as an xxx creator: 💸 ➡️
Deposit 100% of your self employment income into a separate bank account
(Biz or personal, it just needs to be isolated)
Transfer 60% to your personal account
(Owners Draw)
- living expenses
- debt payment
- fun
- invest
Transfer 25% to high yield savings for taxes
Keep 15% in the bank account for business expenses (aka write offs). You can use an isolated credit card for biz expenses to collect points and pay it from your isolated business checking account
You can adjust the percentages but this is the general idea 💡 ✨
SW friendly tax help - all 50 states
Tarot reading for the tax baddies. I literally juuuust pulled this card for myself so it’s definitely the energy of the day. We are moving offices this week and I’ve been feeling a little nostalgic so this resonates. You?
The World 🌎
Successful completion and reaping rewards
A cycle is complete but the end is also a new beginning.
There is excitement around whah is yet to come and you are now ready to begin a new journey from a place of empowerment and maturity
#taxtok #tarot #theworldtarot
As an adult creator, when you transfer funds from your business bank account to your personal bank account this is called an owner’s draw. It’s not additional income and it’s not an expense, it’s a cash flow transfer.
You are taxed on your profit which is your biz income less your biz expenses aka write offs
Judgement free tax help ❤️
Accepting clients in all 50 states
Set up a consult ☎️
If you see this message in your IRS portal but you already filed this is unfortunately a common occurrence.
It can take the IRS a few weeks to process tax returns when electronically filed and sometimes months if paper filed.
Always save your digital acknowledgment acceptance or your USPS tracking # as proof you did file.
Creator banking! We are seeing a lot of Novo closures right now, if that’s you consider switching banks.
What to do if your bank account gets shut down in the adult industry 🚨‼️
1 - open a 1 or 2 new accounts at other banks
2 - download everything (7 years of statements in CSV and pdf, tax forms, check images)
3- switch everything over. Direct deposits, autopays, cashapp, tax payments, Quickbooks etc. Scan 12 months of statements so nothing gets missed
4- move money via ACH or wire not cash, leave a small cushion for pending items
5- ask for closure date and reason in writing, ask if you can appeal
We just had a client shut out of Novo and have historically seen clients closed out of Wells Fargo, Chase and soon BoA given their issues.
How to budget when you’re self employed in any industry
This is an example, you can work with the percentages
The next chapter for OnlyFans 👀 the winds of change are blowing and we gotta pay attention! I am both intrigued and suspicious 🤨
Offshore chatters and admin are a tax write off for adult creators.
You don’t issue them a 1099 but you should have them complete form W8BEN and keep it for your records. It doesn’t get filed with the IRS like a 1099.
I know a lot of adult workers are behind on their taxes and literally paralyzed with fear.
Try to file one tax return a month and you’ll be caught up before you know it. Log into your IRS account to see where to start, that’s a beautiful first step.
You can get paid by the government to 🐀 on tax cheaters! The IRS pays whistleblowers 15-30% of what it collects from tax cheats. It paid out $123.5M in FY2024 alone. The House just passed a bill 346-10 to speed up payouts and protect anonymity.
If you want to start your saving & investing journey but don’t know where to start, a beautiful goal is to save $2,000.
Then you can divide it into buckets that make sense for your goals (stock market, HYSA, tax savings, debt payment etc)
Start with $2k and go from there.
Someone suggested I do SW matchmaking bc I know people all over the industry… thoughts? How would that even work? I do know a lot of cool people individually who should know each other. Maybe networking events?
If I were a creator I would scale as much as I could utilizing one in person assistant and one chatter. When you reach your ceiling then I would consider management.
Tbh the highest earners we see do have an agency but if you build aggressively on your own you understand the business better and can negotiate & shop agencies with real leverage.