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Thread: Bank deposits. . . ?

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    Default Bank deposits. . . ?

    I couldn't really do a search from my phone, but I wanted to know how risky is it, being an escort, to make frequent deposits to the bank? Im not comfortable NOT keeping in the bank, plus I use my debit card for a lot of payments that can only be made over the phone. how do I find the limit here for deposits before my account is suspicious? And what if I use two different banks and alternate my deposits? Don't really want to answer questions later..

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    God/dess Deogol's Avatar
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    Default Re: Bank deposits. . . ?

    If you pay your taxes it isn't risky at all.

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    Default Re: Bank deposits. . . ?

    Gotta learn how to pay taxes being escort. .
    Ah the joys. Ugh.

    I do a search on this when ever I find the charger to my laptop.

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    Default Re: Bank deposits. . . ?

    Don't make them so frequently, maybe weekly. You could set up a business account and get a deposit envelope. On your deposit slips, make up generic businesses and names with various amounts, on your business, like out-of-town entertainment booking and consulting. If asked why cash, tell them it's because you've been burned by checks before in this business, and, yes, it's a pain to keep more records but you need to do it due to taxes. Find a very safe secret place to stash your cash between deposits. Keep private records (with your cash) of income for tax purposes and don't link income to individual's names even there. I don' t know what you're going to do about the new 1099-misc reporting, maybe keep the individual records below $600 per client per year.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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    Default Re: Bank deposits. . . ?

    That confused me a little
    I'm not good with this stuff at all. sorry

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    Default Re: Bank deposits. . . ?

    Form a corporation or LLC as appropriate to your tax circumstance. Get a TPIN from the IRS. It's free. Open a business checking account. If you travel a lot, find the bank with ATMs in more/most of the cities you travel to. Make daily deposits, if possible. (The exception is when you are in a city without your bank's ATM.) Keep good books. There are programs that will help automate the process, or just get some columnar paper and make entries by hand. (In ink.) Pay your quarterly installments. File your tax returns on time. If you have $10,000 deposits, fill out the paperwork to go with the deposit. Pay all your business bills from the business checking account. Get a debit card for the business account. American Express has a "sweep account" system set up with a lot of banks, but that may be more trouble than it's worth to you. (It may not, it definitely pays to look into it.) Remember, business income and business expenses all run through the business account. The business account and your records should balance. Pay yourself an advance from the business account. Put that money in your personal checking.

    Business is not difficult, just keep it simple and be honest with your books.

    HTH
    Z

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    Default Re: Bank deposits. . . ?

    Um who would put all their escorting income in the bank? Only an idiot.

    Audrina, I have a CPA and he is a client of mine. He is very experienced and I trust him. Get a Safe, Bank account and a Good CPA that'll walk you through this. I wouldn't take advice from anyone but an experienced escort and my CPA. I deposit no more than 4-5k in the bank... that's just me.. anyone have a problem with it? Oh the fuck well..

    .. Just like strippers don't put all their money in the bank escorts don't either so for someone to advice putting 10,000 in the bank LOL. Let's be real here, who says you have to report everything you make? Please hire a CPA

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    Default Re: Bank deposits. . . ?

    Quote Originally Posted by threlayer View Post
    Don't make them so frequently, maybe weekly. You could set up a business account and get a deposit envelope. On your deposit slips, make up generic businesses and names with various amounts, on your business, like out-of-town entertainment booking and consulting. If asked why cash, tell them it's because you've been burned by checks before in this business, and, yes, it's a pain to keep more records but you need to do it due to taxes. Find a very safe secret place to stash your cash between deposits. Keep private records (with your cash) of income for tax purposes and don't link income to individual's names even there. I don' t know what you're going to do about the new 1099-misc reporting, maybe keep the individual records below $600 per client per year.

    This makes more sense than anything else. This is exactly what I do.

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    Default Re: Bank deposits. . . ?

    The 'new' 1099 reporting is controversial and there is pressure to make it apply to businesses with a minimum of several employees. So that may not happen. Zofia's extended advice is good (especially keeping your deposits at a lower level). Unless you like to live dangerously and love taking risks with your livelihood and freedom, do not do anything that could be considered evading taxes. Keep accurate records and promptly pay your taxes. The IRS and likely states too are really looking for many ways to collect taxes, especially from cash businesses with a lot of income. This is certainly not a time to be 'clever' with income. And especially admitting it online.

    One more thing or so, even if you're not currently 'good' with things like this, you're going to have to get good at it for two important reasons. The more you know about taxes, the more you will save on taxes. And learning how to stay out of trouble will prevent authorities from looking into the sources of your income. (Except the possibility of breaking up marriages and criminal trafficking, I see nothing wrong with 'escorting', but authorities find it politically convenient to attack it publicly. Don't get caught up in personal greed which may greatly increase your risk of getting noticed.)
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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