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Thread: I'm paying taxes this year- help!

  1. #1
    Featured Member keira0304's Avatar
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    Default I'm paying taxes this year- help!

    I'm making way more than I thought I would per week (about twice as much as I estimated) so I have decided that it would make more sense to pay taxes (as I'm making over 13,500 or whatever # that is exempt). If I keep going at this rate, starting with the month of September, I will make between 20 and 25K from sept-dec. I didn't keep record of jan-may because my life was a fucking wreck, but I didn't make that much, I only worked February and March straight through, April sporadically, and then not at all May and June... worked a week in july-- but I didn't keep track because everything was crazy.

    So..... would it be all that bad to just pay taxes on what I make starting from when I *officially* went back to dancing at the end of August? I've been keeping every receipt and keeping track of my earnings and tip outs and everything. I want to pay taxes on the 20-25K or so I make so that when I go to buy a car or whatever... I will have proof of income.

    If I have 2,000 worth of deductions and I make 20000, that means I pay taxes on 18,000 of what I made right?? Also, if I'm living in a different state but I'm a resident in another state, do I pay taxes to the state I'm living in (where my address is) or where I'm a resident (where the address on my license is?). Are taxes cheaper in FL or CO?

    Would you recommend I find an accountant or just get turbotax???
    "Life and death, energy and peace. If I stop today it was still worth it. Even the terrible mistakes that I made and would have unmade if I could. The pains that have burned me and scarred my soul, it was worth it, for having been allowed to walk where I've walked, which was to hell on earth, heaven on earth, back again, into, under, far in between, through it, in it, and above."

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  2. #2
    Banned Melonie's Avatar
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    Default Re: I'm paying taxes this year- help!

    Obviously the law says that you're supposed to report all of your income.

    You are correct about a $20k gross business income, minus $2k of legitimate business expense tax deductions, results in tax being computed on an $18k net business income. However, there are a number of other factors i.e. exemptions, personal tax deductions, Social Security tax (a.k.a. Self-Employment tax) etc.

    As to state taxes, assuming that the state you work in and the state you live in both have a state income tax you must file returns with both states. Fortunately for you Florida does NOT have a state income tax, so you only need to file a state tax return and pay state income taxes to Colorado.

    TurboTax for Home and Business will be able to handle all of your requirements. However, you may want to pony up the fee in order to sit down with a good small business accountant ... because the accountant may be in a position to make several suggestions which will minimize your current and future years' tax liability.

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    Default Re: I'm paying taxes this year- help!

    i would SO get an accountant to do it.

  4. #4
    Honey71783
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    Default Re: I'm paying taxes this year- help!

    I just read that a stripper deducted her breast augmentation from her taxes:



    "To get more tips, a stripper with the stage name "Chesty Love" decided to get breast implants to make her a size 56-FF. A tax court judge allowed Chesty to write off the cost of her operation, equating her new, um, assets to a stage prop. Alas, the operation proved to be a problem for Chesty. She later tripped and ruptured one of her implants."

    I'm going to consult my tax advisor and see how that works. New boobies, here I come!!!

  5. #5
    Banned Melonie's Avatar
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    Default Re: I'm paying taxes this year- help!

    ^^^ exotic dancers or any other woman who works in a job where 'bigger tits means bigger tits' can legitimately deduct the cost of breast implants as a business expense. The kicker is that the implants must pass the 'housewife test' i.e. they must be of a size that no housewife would elect to get for purely personal reasons. The arbitrary limit on minimum implant size for deductibility is 1000cc each.

    Chesty Love's implants were about the same size as my own, and she 'sold' an IRS tax court judge on the concept that 'professional sized' implants are a burden where the girls' personal life are concerned ... thus the only reason that an exotic dancer would choose to get them would be for business purposes. To help out your Accountant, have him research the Cynthia Hess (Chesty Love's real name) IRS Letter Ruling.

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    God/dess anomar's Avatar
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    Default Re: I'm paying taxes this year- help!

    Quote Originally Posted by Honey71783 View Post
    I just read that a stripper deducted her breast augmentation from her taxes:



    "To get more tips, a stripper with the stage name "Chesty Love" decided to get breast implants to make her a size 56-FF. A tax court judge allowed Chesty to write off the cost of her operation, equating her new, um, assets to a stage prop. Alas, the operation proved to be a problem for Chesty. She later tripped and ruptured one of her implants."

    I'm going to consult my tax advisor and see how that works. New boobies, here I come!!!
    The size of the breast augmentation has to be severe enough as to not be simply cosmetic. I'll bet Melonie will chime in w/ the info about how many CCs, but... it's enough to significantly impact your quality of life.

  7. #7
    Moderator Miss_McKenna's Avatar
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    Default Re: I'm paying taxes this year- help!

    Wait, whats with the "$13,500" exempt thing the OP mentioned? Since I started I've mad about 5/6K, do I need to report this?


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    God/dess Zofia's Avatar
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    Default Re: I'm paying taxes this year- help!

    Quote Originally Posted by Miss_McKenna View Post
    Wait, whats with the "$13,500" exempt thing the OP mentioned? Since I started I've mad about 5/6K, do I need to report this?
    That depends on your other earnings. The general rule is if you do not make enough to owe taxes, no return is necessary. However, there are exceptions. For example if you want to claim the Earned Income Tax Credt, even if you owe no taxes, you need to file a return. Also, if you are owed a refund of all the taxes withheld, you must file a return to get the refund. For example. You worked a job for six months that paid you $3,400, and the employer withheld income taxes in the amount of $500. You got laid off and did not file for unemployment so that was your only income for the year. Assuming you are single and have no dependents, you would not owe taxes. However, you would like to get the $500 back. Thus you would have to file a return just to get the refund.

    HTH
    Z

    Disclosure under IRS Circular 230: To insure compliance with recently released Internal Revenue Rules, this communication was not written or intended to be relied on to avoid federal tax related penalties or for promoting, marketing or recommending to any party any tax related matters addressed herein.

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