Results 1 to 4 of 4

Thread: How should I do my taxes?!? HELP

  1. #1
    Member LaceyLuv304's Avatar
    Joined
    Feb 2010
    Posts
    64
    Thanks
    12
    Thanked 6 Times in 5 Posts

    Question How should I do my taxes?!? HELP

    ok so i basically had to quit my day job or else i wanna going to get fired. it was a very sudden thing. ive been dancing full time now where as before i was only dancing 2 to 3 nights a week becuase i worked at a salon 4 to 5 days a week. and t9o be honest .. i dont want to go back to getting a "regular" job. why would i? i work at a very cool, laid back, neighboorhood type bar/strip club and i bank it. but i know its not wise to just not claim anything. i ask the other girls at my club and they just look at me funny. I do know that i need to fill out an I9 but thats all i know. could anyone please provide me with some advice im doing this on my own and im not real good at this kinda stuff haha.. i cant even balance my checkbook... thanks ladies

    love lacey
    " Who are you to judge the life I lead. I am not perfect and i do not live to be. before you start pointing fingers, be sure your hands are clean."

    Bob Marley <3

  2. #2
    God/dess shanna dior's Avatar
    Joined
    May 2008
    Location
    Canada
    Posts
    4,980
    Thanks
    621
    Thanked 6,894 Times in 2,672 Posts

    Default Re: How should I do my taxes?!? HELP

    Get an accountant. Hopefully you've been holding on to receipts for work expenses so you can claim those, and keeping track of your earnings somehow. If not, start now, even in something as simple as a document that says how much you made each shift.

  3. The Following User Says Thank You to shanna dior For This Useful Post:


  4. #3
    God/dess Zofia's Avatar
    Joined
    Apr 2002
    Location
    Durham, North Carolina
    Posts
    2,417
    Thanks
    2,964
    Thanked 2,371 Times in 935 Posts

    Default Re: How should I do my taxes?!? HELP

    I9 is the club's problem. It's yours only if they ask you to fill it out. The should also ask you to fill out a W-4. If they did not, they'll be treating you as an independent contractor, for good and evil.

    As an IC, you are supposed to report your income and expenses on schedule C. All your ordinary and necessary expenses are deducted from your income and the net is what you are taxed on. Get a good CPA to help you with it the first year or two. While you may get conflicting advice, the best way to handle tip outs is to deduct them from your take and not even report that as income. (You do not want to 1099 the DJ and everyone else you tip out.) I opened a bank account just for my stripper business. I deposited my net earnings every night. That was my income report at the end of the quarter too. I got a debit card on the business account so I could make my deposits nightly and pay bills too. I also had a checking account tied to the business account so I could pay any bill that required a check. That way I had all my income and all my expenses running through one account. It's a business, and that's the way businesses. work. Out of the business account, I paid myself a draw every week and that's what I had to live on. I paid my quarterly estimates out of the business account.

    HTH
    Z

  5. #4
    God/dess Paris's Avatar
    Joined
    Nov 2002
    Location
    Oregon
    Posts
    6,345
    Thanks
    168
    Thanked 801 Times in 419 Posts

    Default Re: How should I do my taxes?!? HELP

    Keep a calendar of every shift you work. Then write on your calendar how much you earned that shift, how much you paid in house fees and tip outs. Ask for a receipt if the club offers it when paying house. ( I have an app on my iPad for this)

    Next item you need to track is any licensing fees you have to pay. Also write down any money you spend for work, like shoes, costumes, Stylist fees at the club, music downloads, business cards etc.

    If I couldn't write down my income and tip out info at the end of my shift, I did it as soon as I could. I didn't want to risk forgetting anything.

    Chances are that you'll get a refund from the IRS. Most dancer moms qualify for the Earned Income Tax Credit, and that could put $2600.00 in your pocket every April.

    If you work your numbers correctly, you shouldn't have to pay any federal income taxes. You'll still be responsible for any Social Security payments, but you get that back after you turn 65 for your retirement. Remember the more more you put into social security, the bigger your payments will be when you retire.

    Most dancers skip the paperwork, and they are only harming themselves in the long run. Filing a tax return every year will make your life so much easier when you need to take out a loan or go to school or prove to the IRS why you have cash going in and out of a bank account etc.

    Good luck! Check out Dollar Den for more tax filing info for dancers. There are lots of good threads in that section about filing your tax return. Also, try asking Melonie directly any specific questions you might have about filing taxes and setting up tax shelters. She is a wealth of financial information.


    Promote yourself and earn more money! This is a business that is owned by strippers for strippers. Let's make that money!


Similar Threads

  1. Taxes?
    By misselise07 in forum Other Work
    Replies: 21
    Last Post: 01-10-2011, 01:00 PM
  2. taxes
    By electrifiedlove in forum Other Work
    Replies: 1
    Last Post: 11-17-2010, 12:12 AM
  3. Replies: 6
    Last Post: 05-01-2008, 01:07 PM
  4. Taxes
    By exotica268 in forum Dollar Den
    Replies: 14
    Last Post: 03-07-2008, 04:14 PM
  5. Taxes
    By chevere in forum Dollar Den
    Replies: 2
    Last Post: 12-28-2005, 08:53 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •