There are many reasons that filing taxes is in your best interest. First and foremost, if you don’t, the IRS will find out and make you pay. It will also enable you to…

• Obtain a future mortgage, car loan and credit card

• Write off your business expenses

• Qualify for stimulus, tax credits and deductions

• File for unemployment

• Get social security

• Set up retirement plans

• Invest

• Qualify for (college) financial aid

The Only Consultant is part owner in a tax firm called Prisma Tax Group. We’re supported by a team of CPAs and other industry professionals (financial planners, mortgage lenders, attorneys, realtors and more). We understand taxes and entrepreneurship can be confusing and scary and unlike other providers we take the time to ensure every client understands their tax situation. Once you complete our onboarding paperwork you’ll receive a quote. Payment is due up front before any work begins. If you’re interested in becoming a client, contact us!

We won’t lie, spicy tax deductions are way more fun but of course we can help anyone looking for a non-traditional tax experience.

This includes:

• Realtors

• Hair Stylists

• Freelancers

• Artists

• Small Businesses

• W-2

• American Expats and Digital Nomads

The Only Consultant and Prisma Tax Group are remote-first businesses, so we can help you no matter where you are living in the USA. Consultations are over the phone (not a video call, between content creation and the amount of calls I take it’s not possible for me to meet everyone viz Zoom <3), but occasionally I do a city tour and offer in-person consults. Follow my Instagram for date announcements and find out when I’m in your area.

The IRS deems a business expense “an expense both ordinary and necessary” to you earning self-employment income. It takes money to make money, since you have to incur expenses in order to operate a business, the IRS allows you to “write-off” your business expenses to lower your self-employment net income. It’s important to note these expenses MUST fall within IRS compliance (aka not personal and not lavish) otherwise you will have to pay penalties and interest in the even of an audit. It’s not worth it! Check out more info here

Check out more info here: IRS Pub 535

There is no right or wrong way to track your business expenses. Be realistic about a method you can maintain. You can keep track in your notes, on a spreadsheet, by hand or in a program like Quickbooks. I’ve created custom spreadsheets for OnlyFans creators and strippers you can use for FREE!

It is critical for dancers to track income and expenses every single day. If your club doesn’t issue 1099-NECs or receipts it is your responsibility to diligently track your income and expenses. You can find my free-to-use expense trackers here.

This is determined on a case-by-case basis. The IRS gift exclusion for 2022 is $16,000, but that doesn’t necessarily mean you shouldn’t claim sugar daddy income on your taxes. If you are in a sugar baby arrangement(s) exchanging emotional connection for assets, this is likely considered a small business. Even though you’ll have to pay tax on the income, it may be beneficial to you to show more income on the books. This can help you qualify for mortgages and credit cards and deduct your business expenses against that income.

Yes! Every dollar you earn is taxable.

No! You can deduct your business expenses as a sole proprietor (default for anyone who receives 1099-NEC).

If you’d like to set up an LLC for its other benefits (like separation of liability from your personal SSN), you can do it today!

Not a problem! If you’ve never filed taxes, we will need to file every year you earned taxable income. We’re happy to get you caught up! Download our document checklist to see what you need to file.

As a taxpayer and small business owner you are responsible for saving your receipts in the event of an audit. Your accountant needs your organized income and expenses either neatly tallied, on a spreadsheet or in Quickbooks. You can find my free-to-use expense trackers here.

No, once we review your documents we will provide you with a quote. Payment is due upfront.

If you’re a sole proprietor or single member LLC your business is filed on your individual income tax return. You will need to file a separate business return for partnership LLCs and corporations.