where do you keep your money? in the bank?
i have not yet paid taxes, i've just started to rack in the big money, and i keep most of it in the bank. I don't plan on dancing forever, but what should I do? Could I open bank accounts at different banks, or should I buy a safe and keep most of it at home? I dont want to get audited. I don't really know too much about this topic so any info would be appreciated and welcomed.
Re: where do you keep your money? in the bank?
haha when i was in japan, i sed to keep my cash wrapped in 3 plastic bags and id unscrew the sink,lift it out and put the bags about 3 feet inder the "bath/shower" bit, no onw would ever have known :) ha
now i keep it in the bank
Re: where do you keep your money? in the bank?
Do you want to start paying taxes? I know that sounds like a dumb question, but consider it. Like you said, you don't want to be dancing forever. But when you look at your club, at the girls who are 40 and dancing and hate it, they are the ones that have nothing to show for it. Chances are they have nothing in the bank, no house, probably not even a car. This is because they are living under the radar. You "save" a lot by not paying taxes, but what do you have to show for it? You are better off reporting it and saving it.
Stop worrying about how to hide from the IRS because you can't if you are putting money in the bank.
Re: where do you keep your money? in the bank?
from the other thread ...
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bc i just got a letter saying that i might have to pay tax4es on all the $$ i put in the bank recently. I was trying rto be slick but I guess Im doing it all wrong.
Candygrrl, I would seriously consider the implications of this. You don't think that you were the only person who received a copy of this letter, do you, or that the bank simply decided to write this letter as a customer service ? As I have stated in other threads, while the federal limit for cash transaction reporting to the IRS is $10,000, many states have a much lower threshold (it's $3,000 in my state). But because 40 states have an information sharing agreement with the IRS, they'll probably get a copy anyhow.
I really feel I need to come out and tell you that you've probably already appeared as a 'blip' on the radar. Purchasing and registering a new car, as you discussed on the other thread, is going to create two more 'blips' on the radar. April 15th passing without you sending in an estimated tax payment is going to create another 'blip' on the radar. Making sizeable cash deposits in other bank accounts are going to create additional 'blips' on the radar. At some point, you can count on the fact that the IRS will have enough 'radar sightings' to target you and try to shoot you down.
Legally speaking, somewhere between say 20% and 35% of the money which you 'think' is yours actually belongs to the federal and state gov'ts. Given the fact that you're apparently talking about earning and spending many tens of thousands of dollars during 2005, federal and state gov'ts would have a pretty big reason to make an effort to collect 'their' money from you. I'd seriously consider making an estimated tax payment by April 15th and going legit at this point.
Re: where do you keep your money? in the bank?
Thre words for you....
Pay Your Taxes
Re: where do you keep your money? in the bank?
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But when you look at your club, at the girls who are 40 and dancing and hate it, they are the ones that have nothing to show for it. Chances are they have nothing in the bank, no house, probably not even a car. This is because they are living under the radar. You "save" a lot by not paying taxes, but what do you have to show for it? You are better off reporting it and saving it.
Trying to fly under the radar in regard to today's information technology boils down to a matter of 'pay me now' versus 'pay me more later'. As I've posted something like 100 times so far, about the ONLY way that a dancer can fly below the radar today is if she lives like a welfare recipient and stashes all of her cash in her mattress or shoves it up her nose.
In the final analysis what good is all that money if you can't save it (at least not more than a few of thousand dollars here and there), you can't invest it, you can't put it in a retirement account, you can't spend it on anything nice (at least not on anything nice that costs more than a few thousand dollars), you can't buy and register the deed to a house or condo, you can't buy and register the title to a decent car, you can't really even stash it in a safe deposit box or use a checking account to pay your bills, without taking a significant chance that an IRS agent might show up at your door someday soon asking for $100,000 worth of back taxes, interest and penalties to avoid being charged with felony tax evasion. 10 years ago you might have gotten away with it, but thanks to the new terrorist anti-money laundering laws, 'sneak and peek' laws, inter-agency information sharing, and mandatory automatic reporting reqirements in effect on bankers, brokers, retailers, state deed and title agencies etc. today is an entirely different story.
Re: where do you keep your money? in the bank?
Guess my money is going up my nose then....JK
Great advice Melonie as always :)
Re: where do you keep your money? in the bank?
thanks for the help. for all those saying the obvious pay your taxes, i'm 20 years old and a college student and just got my first apartment. I seriously didn't know what to do. What do you claim entertainer? And would I have to definitely see someone to do the taxes for me? I guess will do all that shit for this year, but I havent had an on the books job since I was 16 so will they make me pay taxes on all that even though I've only been dancing for a year?
actually maybe i should just ask the accountant about that. thx
Re: where do you keep your money? in the bank?
I keep all of my money in a safety deposit box that I have rented out in a bank. And no I do not pay taxes.
Re: where do you keep your money? in the bank?
It's never a good idea to post ^ that information on a very viewable website, VANESSA.
Also, you are setting yourself up for a nasty fall. If you OWN anything and you are not paying enough in taxes to justify your ability to buy them...you will be paying a lot more for taxes, penalites, fines, and possible jail time for tax evasion.
It's up to you, but the information that you just posted above is not something that I would suggest posting.
Re: where do you keep your money? in the bank?
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Originally Posted by VANESSA
I keep all of my money in a safety deposit box that I have rented out in a bank. And no I do not pay taxes.
You should read this.
http://stripperweb.com/forum/showthread.php?t=42268
Re: where do you keep your money? in the bank?
Physical ownership of gold, the forex, foreign utility stocks, and dividend payers here in the states.
Re: where do you keep your money? in the bank?
You're a 'gold bug' too, Sh0t ? I have a small collection of 1 oz 'saints' myself ! I don't buy coins because of laws controlling cross-border currency movement if I should ever choose/need to do so, and because gains in value on the sale of coins is taxable. Not the most useful place to park money you intend to spend in the short term, but it definitely helps me sleep soundly (particularly with the Fed raising interest rates 1/4 % every month lately !).
Also a question ... my Swiss Bank internet account was forcibly closed last year as the result of the new terrorist anti-money laundering laws. Do you actually have foreign holdings, or do you have US holdings denominated in foreign currencies (i.e. EverBank) ?
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I keep all of my money in a safety deposit box that I have rented out in a bank. And no I do not pay taxes.
The issue of the actual 'safety' of safety deposit boxes in US banks was discussed in another thread a few weeks ago. While they are about as safe as you can get in regard to potential theft, they are not necessarily 'safe' from the prying eyes of the IRS if given half a reason to start looking.
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And would I have to definitely see someone to do the taxes for me? I guess will do all that shit for this year, but I havent had an on the books job since I was 16 so will they make me pay taxes on all that even though I've only been dancing for a year?
actually maybe i should just ask the accountant about that. thx
In terms of the IRS, yes the law requires you to file a tax return by April 15th declaring and paying taxes on the income you earned in 2004. The fact that 2004 was the first year you were earning significant amounts of money is neither here nor there to the IRS. To answer your question, no you do not have to absolutely see an accountant to prepare your taxes - a good tax program which includes Schedule C capability has all the functionality you need to do your own tax return (I prefer TurboTax Premier, but that's just me). However, seeing an accountant might offer several advantages besides just getting your tax return filed on time i.e. providing advice as to organizing your personal finances which could reduce next year's tax bill.