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Thread: Benefits of filing/not filing taxes?

  1. #26
    Moderator charlie61's Avatar
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    Default Re: Benefits of filing/not filing taxes?

    ^ I think the only problem is that $2300 is a hard pill to swallow considering she could take a risk and keep that money.

    I file, but I know that's a problem I deal with every year right before I have to pay up.

  2. #27
    God/dess Zofia's Avatar
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    Default Re: Benefits of filing/not filing taxes?

    Quote Originally Posted by charlie61 View Post
    ^ I think the only problem is that $2300 is a hard pill to swallow considering she could take a risk and keep that money.

    I file, but I know that's a problem I deal with every year right before I have to pay up.
    I agree there is a risk/reward tradeoff. Like you, I don't like the downside risk of not filing.

    Z

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    Moderator charlie61's Avatar
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    Default Re: Benefits of filing/not filing taxes?

    ^ I might consider taking the risk if only my own record were at bay...but I'm a dependent, so there's no way I'd put my family in danger of suffering as a result of my choices.

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    Default Re: Benefits of filing/not filing taxes?

    I would also add that, if the National Health Care bill passes as written, changes in IRS authority will also GREATLY increase IRS investigative focus on the non-reporting of income by 'young' Americans working in 'cash' businesses ... since the IRS would stand to gain not only the taxes due on the non-reported income but also the new $900 ( or whatever ) penalty for failure to purchase health insurance coverage.


    (snip)"Kaiser Health News looks at the expanded role that the Internal Revenue Service will have if Democrats' pass their health care legislation. Most notably, both the House and Senate bills would require Americans to submit proof of insurance with their federal tax returns, or else they will face a tax for not complying with the mandate to be paid to the IRS. While the article mainly focuses on the logistical challenges posed by the new responsibilities given to the IRS, it doesn't explore another potential problem -- tax non-compliance.

    The individual mandate won't affect most Americans, who are already covered either through existing government programs or through their employers. Those most inclined to be uninsured by choice -- and thus likely to be most resistant to the mandate -- are the so-called "young invincibles" who have low health care costs and can't justify paying the expensive monthly premiums. In fact, according to Census Bureau, 8 million of the uninsurerd are between 18 and 24 years old and 10 million are between 25 and 34. Members of this subgroup are also more likely to work on their own, or do cash intensive jobs such as bartending or wiating tables, where it's easier to float below the radar and avoid filing tax returns. Though it's difficult to quantify, it would seem that individuals in this position would be less likely to file tax returns after Obamacare is implemented if doing so meant the added burden of presenting proof of health insurance, or facing an additional tax penalty."(snip)

    from

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    Featured Member MsClaireVoyant's Avatar
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    Default Re: Benefits of filing/not filing taxes?

    "I think the only problem is that $2300 is a hard pill to swallow considering she could take a risk and keep that money."

    ^^ This! Everyone takes risks in life. It's just about deciding which ones are worth it for you, and why.



  6. #31
    Senior Member Allie Cat's Avatar
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    Default Re: Benefits of filing/not filing taxes?

    File. Better to be on the safe side. Plus you don't want to screw over your family.
    I've got soul, but I'm not a soldier.

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    Veteran Member Autumn Lily's Avatar
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    Default Re: Benefits of filing/not filing taxes?

    I've just been advised by a few coworkers to not file, since I AM a dependent, and claiming my income myself would mean eliminating my dependency status. And with my family health insurance, if my father cannot claim me as a tax dependent, then I cannot be kept under the plan's Health insurance.

    Is there a way to file these and not claim myself as a dependent???

  8. #33
    Moderator charlie61's Avatar
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    Default Re: Benefits of filing/not filing taxes?

    ^ you have to claim less than what the IRS would estimate your parents use to support you.

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  10. #34
    Veteran Member Autumn Lily's Avatar
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    Default Re: Benefits of filing/not filing taxes?

    ^ Would I still be able to claim business expenses such as makeup, gas mileage, hair, etc?

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    Moderator charlie61's Avatar
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    Default Re: Benefits of filing/not filing taxes?

    ^ I wouldn't recommend it. Especially if you're claiming as an IC and not specifically as a stripper. You'd want to look as legit as possible. Which means you DON'T want to bring Sephora receipts to H&R Block.

  12. #36
    Veteran Member Autumn Lily's Avatar
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    Default Re: Benefits of filing/not filing taxes?

    Ha-ha, true that. ^

    Although I plan on using Turbo Tax, honestly.

    Is it recommended filing quarterly? I've heard some girls will file annually, but it's harder to save up the money to do that.

  13. #37
    God/dess Zofia's Avatar
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    Default Re: Benefits of filing/not filing taxes?

    Quote Originally Posted by Autumn Lily View Post
    Ha-ha, true that. ^

    Although I plan on using Turbo Tax, honestly.

    Is it recommended filing quarterly? I've heard some girls will file annually, but it's harder to save up the money to do that.
    The basic rule is you have to file quarterly. There are exceptions. But, it is easier to file and pay estimated taxes.

    HTH
    Z

  14. #38
    Moderator charlie61's Avatar
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    Default Re: Benefits of filing/not filing taxes?

    Quote Originally Posted by Autumn Lily View Post
    ^ Would I still be able to claim business expenses such as makeup, gas mileage, hair, etc?
    If I were you, I'd file through H&R your first time at least. If you're a student, you'll get a significant discount. Claiming as an IC (at least from my perspective) is pretty damn difficult.

    And if you want to do it correctly and make it seem more legitimate (i.e. you aren't sitting on your home computer clicking buttons and making shit up), I'd consider taking it to a professional. Superstrippers often have their own personal accountants (but these strippers tend to be nearly 100% legal with what they claim, and are also claiming as specifically strippers or entertainers). Without some kind of professional backing, your shoddy account-compiling might just scream AUDIT ME!!!

    Plus, H&R does offer a kind of cool guarantee with their filing system. If you get audited, they will pay a substantial amount of your court fees, and will also help represent you in court. Nice!

    Back to your question...You CAN claim on gas mileage. But I really would be wary about bringing up things like makeup and hair products. To claim these items, you are essentially saying "I cannot perform my job without these items, and bought them SOLELY for the purpose of this job." Which, I'm guessing, is not the case with a lot of your stuff. Every petty thing you try to claim will just make your taxes seem less and less professional.

    In other words, I would be very conservative about what you claim. Claim maybe a pair of shoes and an outfit, or something like that.

    Just consider your inability to claim everything as an 'asshole tax' for not paying taxes on 100% of what you make. I know that sounds harsh, but do you know what I mean?

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