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Thread: paying tax as a stripper (what should I do)

  1. #1
    Veteran Member Rayna Skye's Avatar
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    Default paying tax as a stripper (what should I do)

    Hey,

    Technically my only source of income is from the hockey rink, where I make about 1000 to 2000 a year. That is not a typo.

    So tax wise I get like 34 bucks back each year.

    This year I was going to claim 5000 or 10,000 dollars in tips to improve my chances of getting a loan. I have good credit, but couldn't get a loan, cause of my 1000 bucks a year, and the loan lady told me to claim 10,000 dollars in tips, and said I wouldn't have to pay a lot.


    Do any of you know what I'd have to pay on 10,000 or 5,000 if:

    I'm not married
    No one can claim me as a dependent.
    I have no dependents.
    I go to school part time
    I gave 500.00 to the cbn
    I gave 960.00 to The salvation army
    I gave 2000.00 to my church
    I rented 3000.00 in rental cars (for business trips to get more tips)
    I paid 350 dollars in one state to get a permit to get those tips
    I donated about 200.00 in clothes/shoes to the goodwill
    I got about 200.00 in receipts for costumes, wigs and makeup (business expense)


    If you know, that'd be great. I'd hate take my taxes to the tax place and they start telling me stuff I don't want to hear. I'd like to have some idea what I'm in for.

    My mom normally takes my taxes with her, but after I told her what I was planning to do, she was like you should that yourself.


    Thanks

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    God/dess Emily's Avatar
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    Default Re: paying tax as a stripper (what should I do)

    well, you are probably looking at very little tax because 10,000 is still ridiculously low.

    But one tidbit of advice....I wouldn't try to write off that many items, claiming so little. You are treading in dangerous water as it is by under-reporting, but to put it on your tax return that you are spending like that, you couldn't possibly be making 5-10,000.

    in any case, you can figure out exactly without talking to someone using this website

    https://turbotaxweb.turbotaxonline.i...rce=4474600000

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    Member joeybadgirl's Avatar
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    Default Re: paying tax as a stripper (what should I do)

    Turbotax online is great..plus read all of the threads in the dollar den that you can in regard to taxes and familiarize yourself with terms. A week ago I was clueless as to how and when to pay taxes and now I am on my way to file my first quaterly taxes for 2008 as self employed whoohoo. If it weren;t for advice on these boards i would be paying so much in fines and penalties!
    [url=http://www.TickerFactory.com/savings/w9jjiaH/]

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    Banned Melonie's Avatar
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    Default Re: paying tax as a stripper (what should I do)

    Rayna, I would strongly recommend that you use the search function to find and read through older threads that discuss the IRS' vastly increased use of computers and automatic transaction reporting to compare a person's 'declared' income against the amount of money the same person is spending in addition to their local cost of living. As Emily has already pointed out, if you put $10,000 income on one side of the equation, and you add up all of your business expenses on the other side of that equation, and you throw in the average cost of living in your own zip code area on top of the business expenditures, you'll get an equation that is WAY out of balance. This is virtually guaranteed to cause IRS computers to start waving red flags, which is also likely to cause a human IRS auditor to start requesting more financial information (like your bank account transactions, credit card transactions, tuition payments, educational grant money received etc.).

    Obviously the law says that you're supposed to report all of your income, thus if you are audited and 'caught' by an IRS auditor wilfully underreporting your income things could get ugly very quickly. Things could get even uglier if you have been receiving educational grant money based on an underreported 'household income', which could also result in problems in that area.

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    Veteran Member Rayna Skye's Avatar
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    Default Re: paying tax as a stripper (what should I do)

    Crap. That's scary. I don't want a real Irs guy knocking on my door. Ok, I live at home with my mom, but I'm old as hell so she can't claim me. It sounds like I should only claim the salvation army money or raise that to 15,000 instead of 10,000. Agggggg! I just wanted a loan. Man doing stuff is hard.

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    God/dess Emily's Avatar
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    Default Re: paying tax as a stripper (what should I do)

    15,000 is still very low.

    Just whatever you report, at least make it sound realistic. People that make $15,000 aren't donating $960 to charity. Besides, you might not even get credit for your charitable contributions if you don't itemize (which is likely the case for you.)

    Doing stuff isn't hard, just expensive! You have to face the fact that you're going to pay taxes that you don't want to pay. Welcome to life.

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    Banned Melonie's Avatar
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    Default Re: paying tax as a stripper (what should I do)

    ^^^ again I don't want to come across as being preachy, but for a fact the IRS has greatly increased its use of automatic income / transaction reporting as well as gathering financial transaction data from the credit agencies / banks / credit card companies / gov't agencies - with the major purpose being the ability to 'reconstruct' the actual total spending of particular individuals. Ten years ago, before the IRS had this ability within 'easy reach', if there wasn't any official documentation of a person's income (i.e. employer W2's, bank 1099's etc.), and the person chose not to report this undocumented income, there was extremely little chance that the IRS would pursue the matter. However, with this new financial information at their virtual fingertips, the IRS can now request / receive / assemble spending side information for a particular person very quickly and easily. Thus if a person chooses not to report undocumented income today, they will be forever haunted with the possibility that as soon as that money comes out of the mattress and gets spent / invested, the IRS will soon be there to ask where this money came from in the first place, as well as presenting a bill for back taxes due on this money.

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    God/dess Emily's Avatar
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    Default Re: paying tax as a stripper (what should I do)

    yeah, but suggesting strippers to honestly report their income is pointless, so the next best thing is to at least be realistic.

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    Senior Member StellarGirl5792's Avatar
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    Default Re: paying tax as a stripper (what should I do)

    You could use on the sites like eztaxreturn.com or similar. As long as you don't file, you don't pay. I use one to estimate my return.

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    God/dess Lysondra's Avatar
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    Default Re: paying tax as a stripper (what should I do)

    You wanna claim you gave away more than you made?

    Why not be...what's that word...honest?


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