How do you report your income as a cuddler? I often get paid on Venmo and they’re reporting annual income above $600 to the IRS...
Do I have to create a business?! Help!
Hey @oliviajane welcome to professional cuddling! We actually have a pro’s only forum that has a couple threads that go over this topic.
I would think you would need to file a Schedule C Profit or Loss From Business form with your taxes. That's what I have to do for my freelance writing work. Keep in mind that most expenses you have in relation to your business would then be deductible.
Not for nothing; I did see a pro cuddler for a while who only accepted cash.
I believe you have to have a business account for it to be reported
Thanks for all the advice...I’ll check out the pros forum
All very valid advice. For myself I hired an accountant and researched heavily as well. I have an LLC for this purpose. Best of luck to you!
Moving thread to Pro forum.
I would strongly suggest you find an accountant who is experienced working with self-employed people. They will tell you everything you need to know about how to file taxes, set up bookkeeping, etc. Keep track of any legit expenses you incur, keep receipts. They can also advise you how to set up your business, whether as a sole proprietor or whatever the alternatives are. You already are a business, you just need to find out how to file your taxes so you stay out of trouble.