Tracking income for taxes..
Ok so I searched this topic on here but I just have a question or two.
I am on Streamate right now to start with and I read that they do not send out 1099's so I guess it's our job to keep track of what we make.
I am wondering what method you ladies use to keep it all organized??
Also If it's just a self written account of what you make on any given day on whatever site you worked that day then has anyone ever encountered a problem come tax time without any 'offical' documentation as well?
Is it a good idea to make copies of your checks when they come in the mail and if you choose not to is there anyway to get a print out of your earnings..?
I was worried because I was missing some of my pay stubs for one of the brothels I was workign for this past summer and was relived to find out they were in the process of sending out 1099's. thank goodness :P
Re: Tracking income for taxes..
You can track your income on SM under the "my reports" then "my payment history". You can view all the way up to two years back under the little tab on the top left when you're on that page.
Re: Tracking income for taxes..
Quote:
Originally Posted by
IsobelWren
You can track your income on SM under the "my reports" then "my payment history". You can view all the way up to two years back under the little tab on the top left when you're on that page.
Thanks. From your experience is that all you need though? I'm sorry I just think it's strange the IRS doesn't want 'proof' ya know..? :O
Re: Tracking income for taxes..
I don't think the IRS has time to get proof from everybody. I guess they take your word for it unless things don't add up, that is when you get audited.
Last year I was only a dancer and I paid taxes based off of cash I deposited into my bank account so there was 0 proof of what I made besides my monthly deposits. And I printed those out for myself to take when I did my taxes but I didn't have to send anything in.
Re: Tracking income for taxes..
I use Excel and keep a spreadsheet of all my payments. I put the date, the check number, the amount, and I have a line for estimated taxes. I put the estimate taxes amount in a seperate account until tax time.
Now I have a lot of deductions because I own my house and have children, so I most likely won't have to use that. But it's to have just in case, and it's earning interest until I know if I'll need it or not.
Re: Tracking income for taxes..
Re: Tracking income for taxes..
ummm doesnt it all show up on your bank account? every check deposited, every wire transferred? im pretty sure that is more than enough.
i also strip so i get paid mostly in cash and i just keep a record of what i earn. as far as i know, that is also more than enough.
Re: Tracking income for taxes..
Not everyone has a bank account. And I don't know about you, but I have a ton of activity in my accounts over a year, so a spreadsheet is so much easier than trying to go back at the end of the year to figure out what I made.