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Thread: Help!!!filing taxes could dissapoint my family.

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    Veteran Member tropicalust's Avatar
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    Default Solved! Thanx :D

    Thanx
    Last edited by tropicalust; 08-18-2011 at 02:23 PM.
    "A real woman has to be a chef in the kitchen, a lady in the living room, and a whore in the bedroom..T-Lust"



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    Banned Melonie's Avatar
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    Default Re: Help!!!filing taxes could dissapoint my family.

    First assumption is that you are NOT a qualified dependent on your parents' tax return and are NOT a college student. If you are, things get complicated. With that said ...

    There is no official channel by which your uncle would find out the details of your tax return. There is always the possibility of an 'unofficial' channel i.e. if your uncle is a tax pro and he is buddies with other local tax pro's, if you went to one of his buddies an 'oh. by the way' situation could indeed develop.

    If you are doing webcam, where all of your earnings are by 'check' and all are documented via 1099's, and where most of your expenses are in the form of purchases and utility bills, there really isn't any huge deal to do your own taxes using any halfway decent tax program that can do Schedule C. My personal favorite is TurboTax for Home and Business, but there are also other very good programs available. Filing your own taxes will also be nearly free ( cost of the program is like $40-70 ), and there is zero chance of any 'leaks' re your tax information.

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    God/dess laurielegs's Avatar
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    Default Re: Help!!!filing taxes could dissapoint my family.

    I use turbotax for business too, the online version. It's not really that difficult and I like being in control of my own taxes and deductions.

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    God/dess Zofia's Avatar
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    Default Re: Help!!!filing taxes could dissapoint my family.

    I suggest for your first year, go to another CPA to do your taxes. In future years, you can use a program to do your taxes. Turbo-tax is a good one. As far as someone finding out, CPAs have confidentiality rules and I have found them to be very much respected in the industry. Also, the IRS takes confidentiality very seriously.

    HTH
    Z

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    Veteran Member tropicalust's Avatar
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    Default Re: Help!!!filing taxes could dissapoint my family.

    Solved! Thanx
    Last edited by tropicalust; 08-18-2011 at 02:19 PM.
    "A real woman has to be a chef in the kitchen, a lady in the living room, and a whore in the bedroom..T-Lust"



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    Banned Melonie's Avatar
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    Default Re: Help!!!filing taxes could dissapoint my family.

    ^^^ you're going to receive a 1099 form next February or March from any webcam site that paid you more than $600 in 2011. The IRS will also directly receive a copy. The 1099 forms will list the official name of the business entity which paid you. That business name must be transferred to a line item entry for 1099 income on Schedule C of your tax return by whoever prepares your tax return.

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    Veteran Member tropicalust's Avatar
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    Default Re: Help!!!filing taxes could dissapoint my family.

    Solved! Thanx
    Last edited by tropicalust; 08-18-2011 at 02:19 PM.
    "A real woman has to be a chef in the kitchen, a lady in the living room, and a whore in the bedroom..T-Lust"



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    Banned SweetNaughty's Avatar
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    Default Re: Help!!!filing taxes could dissapoint my family.

    I would investigate having a "tax pro" do your taxes if you don't want the word to get out. If you want to do it yourself, Turbo Tax would walk you through everything. I use Turbo Tax (LOVE IT!). It will probably take you 2 to 3 hours at the computer, max, to do your taxes (Federal and State). It sounds like Melonie knows what to recommend from a Dancer's perspective.

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    Banned Melonie's Avatar
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    Default Re: Help!!!filing taxes could dissapoint my family.

    ^^^ while it's not an absolute legal requirement, webcam sites that have automatic 1099 filing programs set up could very well still send out a 1099 even if the amount is less than $600. But to find out whether they will or won't, it's necessary to wait until March of 2012 to see if 1099's do or don't show up in your mailbox.

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    God/dess Zofia's Avatar
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    Default Re: Help!!!filing taxes could dissapoint my family.

    Quote Originally Posted by Melonie View Post
    ^^^ you're going to receive a 1099 form next February or March from any webcam site that paid you more than $600 in 2011. The IRS will also directly receive a copy. The 1099 forms will list the official name of the business entity which paid you. That business name must be transferred to a line item entry for 1099 income on Schedule C of your tax return by whoever prepares your tax return.
    There you go again, just making things up. There is no, zip, zilch, zero, nada requirement to attach the names of the businesses that 1099 you to your Schedule C. The only requirement is that the income reported on line 1 of Schedule C be greater than or equal to the total of your 1099s. If not you will get a computer generated audit notice asking you to explain the discrepancy.

    Z

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    Banned Melonie's Avatar
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    Default Re: Help!!!filing taxes could dissapoint my family.

    There is no, zip, zilch, zero, nada requirement to attach the names of the businesses that 1099 you to your Schedule C.
    Perhaps this is technically true, but my own accountant doesn't agree. The absence of a matching business name when making 'revenue' entries on Schedule C can increase the chances of unwanted IRS attention in any case. If specific business names and 1099 amounts aren't listed as line items on Schedule C, the IRS can and has assumed that the filer has neglected to report that 1099 income.

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    God/dess Zofia's Avatar
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    Default Re: Help!!!filing taxes could dissapoint my family.

    Quote Originally Posted by Melonie View Post
    Perhaps this is technically true, but my own accountant doesn't agree. The absence of a matching business name when making 'revenue' entries on Schedule C can increase the chances of unwanted IRS attention in any case. If specific business names and 1099 amounts aren't listed as line items on Schedule C, the IRS can and has assumed that the filer has neglected to report that 1099 income.
    There you go again, making things up. There is no place on the Schedule C to put in specific business names. If your accountant is telling you this, you are not understanding what he is saying. Which, given your dedication to fantasy, I am sure is the case.

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    Default Re: Help!!!filing taxes could dissapoint my family.

    Quote Originally Posted by BringOnTheMen View Post
    ^^so I have worked at two clubs, both of which had me fill out a 1099 (both DJV), but only one has any documentation of me earning over $600 and I'd prefer to only file taxes for this one, especially because I switched clubs at the quarter. When I file taxes, will they be filed under the clubs name because of this or can I still have an alias job like "freelance promoter" or "actor?"
    On Line A of Schedule C, the service wants your field of business that was the principal source of income you report on Line 1. (Note, there is no place to attach the names of your 1099 reporters.) If in doubt, the IRS does have a list from which you can consult. However, actor or entertainer is adequate for the service. On Line D you enter YOUR employer identification number. If you don't have one, leave Line D blank. If you have an LLC, do not enter its EIN on Line D. Your LLC will have a separate informational return to file. Here are all the instructions for filling out a Schedule C. Fascinating reading.

    HTH
    Z

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    Banned Melonie's Avatar
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    Default Re: Help!!!filing taxes could dissapoint my family.

    Note, there is no place to attach the names of your 1099 reporters
    This is technically true of the Schedule C form itself. However, when e-filing, every tax preparation program includes the supporting detail of individual 1099's. And there have been MANY past instances where failure to provide the supporting detail has resulted in dancers being contacted by the IRS after filing their tax return essentially requiring them to 'prove' that particular 1099 income was actually included in their Schedule C line 1 entry versus being additional unreported income. Granted this IRS 'enforcement' measure may have something to do with the occupation code listed on the Schedule C.

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    Veteran Member tropicalust's Avatar
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    Default Re: Help!!!filing taxes could dissapoint my family.

    Solved! Thanx
    Last edited by tropicalust; 08-18-2011 at 02:20 PM.
    "A real woman has to be a chef in the kitchen, a lady in the living room, and a whore in the bedroom..T-Lust"



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    Default Re: Help!!!filing taxes could dissapoint my family.

    ^^^ the legally correct answer is yes, as a self-employed person, you're required to report all income over $400 per year from whatever source.

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    God/dess sammii's Avatar
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    Default Re: Help!!!filing taxes could dissapoint my family.

    Quote Originally Posted by tropicalust View Post
    okay thank you so much. I guess I just need to find somebody to do my taxes. But I wont worry to much now I still have time. Is there anyway to have an accountant online? so I can send him all my info and he would do my taxes?
    I'd like to know the answer to this too, if anyone knows.

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