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Thread: Stripping, taxes, and financial aid. HELP!

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    Default Stripping, taxes, and financial aid. HELP!

    .....
    Last edited by yekaterina113; 02-17-2012 at 02:37 PM.

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    God/dess Zofia's Avatar
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    Default Re: Stripping, taxes, and financial aid. HELP!

    Wow! Where to start?

    Records, you're in business, stripping, you need to keep records. Apparently you don't have many records, but you do have a payment string on your credit cards. So you've got credit and somehow you made payments. Get a bank account, call it your business account. Deposit all your stripping money in the business account. Pay your business expenses out of the business account. It's too late to file estimated taxes for 2010. File your normal return for 2010, next year and pay your taxes on what you earned, as best as you can figure. For 2011, use the business account as your source of revenues and expenses. Put aside money in the business account for your estimated taxes. Pay your quarterly estimates. Good luck, ask questions.

    HTH
    Z

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    Featured Member K Sweet's Avatar
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    Default Re: Stripping, taxes, and financial aid. HELP!

    As a stripper you are an "independent contractor" and will need to pay $ at the end of the year to pay for taxes that would have been taken out of your paycheck at a wage job. There are ups and downs to being a contractor but an up is you can write off outfits, shoes, gas mileage, and any other "business expenses". Since there is no record of the money you make other than your own its up to you what to claim, however in this situation I would claim I made money so I could get assistance. That said, if you have a bank account get records of your deposits, tell the assistance agency that you are an independent contractor (hence no paychecks) and see if they can use that to judge eligibility for your situation. They may ask what kind of contract work you do, but its up to you if you want to tell them you're a stripper, or maybe a "party planner" or something that won't make them stereotype you. Also, I highly recommend TurboTax, and keeping "write-off" receipts safe in envelopes to make taxes easier.
    Goodbye Seattle Lusty Lady, where every Miss is a Hit, and every Hit is Missed. 1985-2010.

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    Default Re: Stripping, taxes, and financial aid. HELP!

    ^^^ there are even more issues involved, including still being a 'dependent' on your parents' tax return as a full time student under age 23 filing for tuition grants.

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    Default Re: Stripping, taxes, and financial aid. HELP!

    Personally, here is what I would do:

    Work on your hustle, maybe buy DancerWealth 2.0?, buy books on sales tactics and the like, try to make more money stripping, and then try to list yourself as self-employed using a vague title like "Consultant" or "Entertainment Consultant," and pay your taxes and the like and get a 1098 form or I098 form and take things from there. Then you're kosher with the government and you are employed by their standards. I mean, the working on your hustle part is optional.

    OR. You could get a part time job, work as minimal hours a week and use that as your cover job. Though, I still think that you should pay your taxes and such...

    Good luck.
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    Default Re: Stripping, taxes, and financial aid. HELP!

    ^^^ let me try this again ! If you are still considered a dependent on your parents' tax return due to your student status, then your tuition assistance eligibility is contingent on 'total household income' i.e. your own and your parents' income combined. The same principle applies to eligibility for home heating assistance and any other social welfare benefits as long as you are still considered a dependent !!!

    As a college student and being age 22, it is very difficult to 'drop' dependent status.

    And even if you neglected to tell the state social services people about your dependent status such that you were approved for heating assistance, technically those benefit payments count as additional 'income'. If the gov't happens to decide to do some cross-referencing of your social security number versus your parents' tax return, your own tax return, your college's bursar's office, your student loan / grant agency etc. At best, your dependent status would be 'dropped' ... which would be great for you but which would probably cost your parents thousands ( if not tens of thousands ) in additional taxes ! At worst, the student loan / grant agency could decide that your grant application was fraudulent ( because it did not include dancing income and 'income' from social welfare benefits ) and thus threaten future tuition grant money.

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    God/dess Zofia's Avatar
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    Default Re: Stripping, taxes, and financial aid. HELP!

    Quote Originally Posted by yekaterina113 View Post
    I have a question though, would it be wise to deposit EVERYTHING I make stripping, or a less amount (like $300/week). Because I know if you make over a certain amount, you're not eligible to get gas/electric covered. My last employer that I used, I made about $300/week and I was accepted so I think I'm going to do that amount. Would I just bring them my bank statement? And will they need proof of income, like receipts or a log or something?
    You are a business now. There is a difference between gross income and net income. Accounting rules and tax rules deduct business expenses from gross income to get the net which you are taxed on. So the answer is, deposit everything in the business account, pay all the business expenses out of the business account and if it suits, give yourself a draw of $300 per week.

    HTH
    Z

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    Default Re: Stripping, taxes, and financial aid. HELP!

    i wast thinking of going to H and R block lol to do my taxes because i have no idea how to do them im 18 and i attend U of H go coogs lol but i pay for my college with stripper money. I currently have a part time job at the current moment because i stopped stripping during school.

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    Default Re: Stripping, taxes, and financial aid. HELP!

    Quote Originally Posted by yekaterina113 View Post
    Well that's the thing... My parents don't claim me and I'm not considered a dependent on them because I don't live with them. For school, I need my parents' tax info til age 23...even though I live on my own and they don't assist me in any way, shape, or form.
    For everything else (state assistance, health insurance, etc), I don't need her info. It's really weird and stupid.
    that is fascinating as i was considered independent once my parents stopped claiming me and i was on my own. I haven't had to use my parents info for financial aid since i was a sophomore in college.

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