I’m new to the whole sugar baby thing and a huge thing on my mind is taxes. I’ve met a really nice daddy who’s offering me 4K a month, which will come to 48’000 by the end of the year. My parents are constantly looking at my bank accounts, watching every cent I spend (how much I spend, where I spend it, etc.). Both of them are accountants so they do a lot of stuff with both my bank accounts, one of which I don’t even use because they use it to file taxes and get money back for themselves.
Anyways, I’m planning on opening up my own bank account so they won’t find out I’m a sugar baby and they won’t be watching everything I do. However, I know I’ll have to file taxes in April 2019, assuming I’ll stay his baby for 10+ weeks. As well, I hoping to get a job this summer which will pay around 10K as well, which will go into a different account, one my parents watch.
What I’m trying to get at is, how do I file taxes on my allowance? Are taxes submitted by account or does all my money have to go into one “statement” type of thing? Is there a way my daddy could. do the taxes on his end so I won’t have to worry about it?
I feel a little silly asking all this but I’ve never filed taxes before (I’m only 19). I really don’t want my parents finding out about any of it and I don’t want to get in trouble with the government.