Serious questions about tax filing for SP's!

[OriannaXO]

Geez Krustee negative does sum up your view of how sp's work and why. I dislike the mass catagorinzing and am willing to point out some flaws in your thinking.

Does every foster kid grow up to be a drug addict or non contributing member of society because of circumstances?

Is every homesless person homeless because of drug addiction alone? Or is it also because they started off with am mental illness and no proper supports in place?

Do all canadians say eh?!

No and do all sp's suck off of men because they have no education or feel like its their entitlment? No

I do my job because I had a friend who explained how her experience with it was and she was quite positive. I also accept the high risk involved and although trying to minimize it, it will always be there. Like the hospital workers or rig workers the high risk jobs come with high pay. Even if its only one time I see a client it is part of the explanation why the payment is so high. With my work ethic from my old 'real' job and schooling I offer the services in return that I feel are fair and so far I have repeat clientele.

I made my bed and lie in it but as everyone with a job is entitled to do, I am entitled to voice my opinions when my boundaries are disrepected or my saftey is at risk in an inapprpriate way. Or just plain complain if I really feel like it!

As well condoms are not the primary start up cost as the list follows:

1) An in call or if your comfortable your home
2) Sheets
3) Endless washing and hydro attached
4) Cleaning supplies
5) scented candles
6) lingerie ( very costly I will relay since you may not buy much as a man)
7) Phone
8) some way of reaching your email by either phone or buying a computer
9) Toys
10) Lotions
11) Condoms ( in different sizes and thickness so maybe three boxes as opposed to one each trip to the shop)
12) Advertising
13) Lube
14) Drinks for clients
15) Also all the furniture that goes in an in call

The list can go on for many sp's who have other attached costs to provide that wonderful experience you find worth reviewing on here. Its a lot like what happens back stage, all the work that led up to the play that everyone enjoyed. Some of us bust our humps and bend over backwards so maybe you might like to consider all the ideas instead of just the ones you favour.

Now back to the OP topic which is taxes and info regarding filing them that is helpful.

 

[laurel love]

there are some things in life that are worth paying a bit more for. Good shoes, good meat, a good coat and an excellent accountant. I guess good tires for the car are right up there.

there are a few more things I have forgotten to mention.

when it comes to filing taxes I would rather pay someone else to sort my bag of receipts. The trick is to find someone who knows my area of business and knows what to write off. My personal accountant was not really sure and he was honest with me.

 

[FunSugarDaddy]

I find it a little strange that your accountant wouldn't know what to write off. Generally speaking if the expense is related to you either earning income or attempting to earn income, it's deductible. It's really not much more complicated than that, outside of some costs, such as vehicle or home office usage, which may be used both personally and for business. Outside of transportation costs, and perhaps a website, Orianna's, laid out a pretty good list

there are some things in life that are worth paying a bit more for. Good shoes, good meat, a good coat and an excellent accountant. I guess good tires for the car are right up there.

there are a few more things I have forgotten to mention.

when it comes to filing taxes I would rather pay someone else to sort my bag of receipts. The trick is to find someone who knows my area of business and knows what to write off. My personal accountant was not really sure and he was honest with me.

 

[Pillowtalk]

I find it a little strange that your accountant wouldn't know what to write off. Generally speaking if the expense is related to you either earning income or attempting to earn income, it's deductible. It's really not much more complicated than that, outside of some costs, such as vehicle or home office usage, which may be used both personally and for business. Outside of transportation costs, and perhaps a website, Orianna's, laid out a pretty good list

I think there are a few areas that might not be obvious, like it would be hard to say that clothing is deductable, for more accountants doing taxes for most businesses wouldnt see anything other than uniforms as completely related. An accountant with experience with entertainers, models, dancers, etc might have a better grasp of the allowable expenses, and so on. Someone who deals mostly with small business and self-employed people in non-entertainment fields, may not have the expertise behind them. They can always research it, but I would bet if you asked 3 different CRA employees for info, you'd get 3 different answers.

 

[Adriana✿]

If you are making under 30,000 a year, you don't even need an accountant. Just download the forms and do it yourself. I use an accountant because of the GST part and take care of all the other complications myself. You will figure it out, once you file a year or two.

You don't need anyone to sort your receipt's. LOL Just keep track of your income and expenditures.(keep all your receipt's in an accordian file for each year, filed by month then filed by expenditure.

@Orianna. Just put the troll on ignore then you don't have read any of that trash

 

[MissJasmine]

Technically I don't think you need an accountant even if you pay GST/HST, but its so worth it especially in the first year or two of business.

For bookkeeping I've made my own excel spreadsheets but will be using a bookkeeper this year (they often charge around $20/hr) who works with a CGA. In the past I've used Liberty Tax service and they only charged me $70/year for doing simple business returns and they were quite thorough.

 

[wilde]

If you are making under 30,000 a year, you don't even need an accountant. Just download the forms and do it yourself. I use an accountant because of the GST part and take care of all the other complications myself.

Why is 30,000 the magic number between needing an accountant or not?

FYI, businesses with under $30,000 of revenue can elect to register for GST as you get to claim input tax credits. That is the GST/HST that you pay out on your business expenses.

I would say if you only have a few T-slips (T4s and T5s) then you definitely don't need an accountant. Instead of downloading the forms, get a cheap tax sofware for $20 and save an hour or more of your time filling out the forms.

 

[FunSugarDaddy]

Certainly not everyone needs an accountant, I personally think it would be for those wondering whether or not they should incorporate, or wondering what amount of income they should report if they are trying to buy a condo sometime in the future or how much RRSP's they need to buy.

That said I have a friend who's tax return I prepared last year and after preparing her return, which showed she was entitled to a couple of hundred dollars back, I discovered that if I added income, and/or reduced her expenses, her tax return went up depending on the amount. The sweet spot was about 600 bucks more than would have been the case if I had just punched in numbers and went with the result. So I discussed it with her and yes, she in fact was a little over zealous about her expenses.

Turns out this additional refund was related to the Working Income Tax Benefit claim.

Anyway. I think I've beaten this thread to death..so that's it for me.

If you are making under 30,000 a year, you don't even need an accountant. Just download the forms and do it yourself. I use an accountant because of the GST part and take care of all the other complications myself. You will figure it out, once you file a year or two.

You don't need anyone to sort your receipt's. LOL Just keep track of your income and expenditures.(keep all your receipt's in an accordian file for each year, filed by month then filed by expenditure.

@Orianna. Just put the troll on ignore then you don't have read any of that trash

 

[OriannaXO]

How do I put him on ignore he gives me a seriousss headache!

Neverminddd I am a genius I found the button with the word ignore on it lol