We recently posted some information about taxes and tax prep based on a “how-to” published by Barbara Krasnoff, one of the editors at The Verge.
In the process of working through that information, we connected with Oscar De Leon, a tax and accounting professional serving members of the adult community via the 10th Man Bookkeeping. De Leon took some time out to speak with us about tax stuff – because taxes are no joke.
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YNOT Cam: Can you tell us a little bit about yourself?
Oscar De Leon: My name is Oscar De Leon. I’m 37 years of age with a Master’s of Accountancy and Financial Management (MAFM) from Keller Graduate School of Management. I will begin my PhD program in Business with an emphasis in Accountancy this Fall 2020 and am currently in the process of testing for my CPA Licensure.
I have been in the tax and accounting industry for about 15 years working for CPA firms serving high net worth clients in the entertainment industry out in Hollywood, CA. I began my full accounting studies in early 2013 because I wanted to know what went on behind the curtain of a business, including how to manage a business to profitability — but most importantly, how can I help other people become financially fit.
I am a person who declared bankruptcy in 2003 because I had no financial education and no one to guide me. Now, after learning from my mistakes, I want to be a guide or resource to those who are also having similar financial issues I did back in my day. I know that accounting services and guidance are normally expensive and, for the most part, only available to the “better off” or wealthy crowd, so I want to position myself to serve those who want to learn to manage their finances more efficiently while not costing an arm and a leg. I’m always open to negotiation based on circumstantial need.
What does the “10th Man” in your business name refer to?
The “10th Man” principle assigns a “loyal dissenter” to a plan. This individual is tasked with a deeper analysis of a plan to find flaws, bring it to attention and fix the issue to minimize risk as much as possible so as to preserve or increase chances of success. This “loyal dissenter” becomes an outsider in the plan whose only purpose is to benefit those who assigned this “10th Man” to think outside the box of whats considered “normal.”
Likewise, individuals and small businesses wishing to be in the adult industry dissent from the alleged “socially acceptable norms” to participate in the adult market. People want to be in a career they enjoy so they can say “if you find a job you love, then you’ll never work a day in your life,” and persons wanting to be in the adult industry deserve the same attention and care that other businesses receive. Therefore, the 10th Man’s goal is to ultimately become a resource and a guide for those wanting to be in the adult industry without judgement and discrimination.
How can a small businessperson in the adult industry benefit from professional tax and accounting services?
Entrepreneurs including cam models, actors and actresses, producers, directors and even support or admin staff (depending area trends) who wish to begin their small business may find it difficult to get help in tax and other financial matters because of the often stigmatized market such as the adult industry. It is highly recommended for these entrepreneurs to seek professional tax and accounting advice to properly structure their business from the start — for example, choosing an S-Corp versus C-Corp, since each of these has different tax treatments and one of these can potentially save the taxpayer money in their tax bill.
There may be partnerships, sole-proprietorships and more where further guidance is required to properly structure the business. Then comes the accounting and bookkeeping part of it, where their finances stay organized throughout the year to maximize efficiency and maintain a profitable business by knowing how to record expenses and income and even how to open a proper bank account.
So few people are willing to work with members of the adult industry – why are you?
I’m open to working in guiding cam models, porn talent, directors, producers, dancers and anyone in the adult industry ranging from small to large business endeavors because they are humans who deserve the same respect as anyone else and deserve guidance, free of judgement and discrimination and where they feel heard and tended to. I can freely talk about what personal lubricants, sex toys, lingerie, rings and beads and even how trade show tickets can possibly be deducted on tax returns. No blushy faces here, just respect!
What further makes me open to serving this market is the fact that I live in Las Vegas. Even though it is still viewed as Sin City here, a place where anyone’s fantasies can come true and where you’d think sex work would be welcomed, I’ve seen firsthand how disrespectful the public can be with individuals in this industry by devaluing their entertainment services as human beings. Not cool! For this reason, I make myself available to help where I can.
It’s February 28th today. What does a person need to be doing right now with their tax prep?
Small businesses need their business structure to be reviewed and, if possible, adjusted to become tax advantaged. Both small businesses and individuals need to discuss with a real consultant, not H&R Block or Turbo Tax preparation services with sometimes outsourced international customer service centers who are not familiar with US tax law.
A full-service tax and accounting consultant can advise on the best possible tax situation to either minimize the tax bill or maximize the tax refund. This includes doing the annual bookkeeping and organizing of financial records such as income and expenses to, again, minimize the bill or maximize the refund.
Keep in mind — business tax returns are due Monday March 16, 2020 and individual returns are due Wednesday April 15, 2020. Of course, extensions are available, but an estimate may still be necessary if taxes are expected to be due.
In terms of taxes and accounting, aside from consulting with a professional, what are one or two key things a person can be doing to get on the right track moving forward?
I’ll add this first one just because it’s so important – and not necessarily just in terms of taxes and accounting. First, ask for help! Ask questions, any questions! Everyone has a right to be informed either by me or any other tax and accounting professional.
Second, understand the importance of bookkeeping, which is the process of organizing that file box you have with receipts and bank statements. Transform them into financial statements to be used in the tax return. Third, try to file taxes as early as possible. It makes it easier to catch possible errors and fix them before filing them.
Any closing thoughts?
Even though I am based in Las Vegas, I am able to serve anyone in the United States for tax services. I am fully approved by the IRS to file tax returns on a federal level. State returns are often on a case by case basis since each state has different tax laws. Bookkeeping services are available internationally.
My secure accounting systems allow remote access anywhere I or my clients need it, and my website and email also offers encrypted secure document transmittal for safe guarding client information.
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You can contact De Leon via the following info:
Oscar De Leon, MAFM
The 10th Man Bookkeeping, LLC
the-tenthman.com
odeleon@the-tenthman.com
702.483.7347
Author’s note: We at YNOT and YNOT Cam are not tax professionals. Nothing in this post should be construed as tax advice, either from me or from YNOT. Please make sure to do your own due diligence for your own tax prep and management.
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Erika is a sex positive people watcher (and writer). Email her at erika@ynotcam.com.
Background header image by Pixabay from Pexels.
