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Thread: Filing Names

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    Default Filing Names

    Ok so I'm going to need to start filing taxes based off income earned from my club. One girl at my club said she filed as a gardener or something bizarre lmfao. I know some people file as a consultant and entertainer. I was wondering what do you ladies file as? Also what's the best name to file as so what you do is discreet or vague (ex. there are many types of consultants). Thanks!

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    Default Re: Filing Names

    Also my club doesn't require a business liscense, but they reccommend it for filing taxes - however I'm skeptical of doing it through them - don't want what I really do out there. Can I file without one? And can I also write a vague job description for the type of business on the form as well as my IRS tax forms?

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    Default Re: Filing Names

    basically you'll need to file as an unincorporated 'sole proprietor' business. The IRS provides a list of 'codes' to pick from, with the closest one to reality being 711510 – Independent Artists, Writers, & Performers

    Also as an unincorporated 'sole proprietor' business you will be required to file and pay estimated income taxes to the IRS every three months. The next filing / payment due date is September 15th ... covering income earned during June, July and August. Approximate amount owed will be 15% of your dancing earnings for social security / medicare tax, plus another 10% of your dancing earnings for federal income tax. If your state also levees a separate income tax, you'll need to file and pay estimated taxes to your state tax agency on the same date as well.

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    Default Re: Filing Names

    I am a student so I don't pay those state/federal taxes.

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    Default Re: Filing Names

    If you're earning any significant amount of money as a dancer you might. In fact, that's fairly likely if, as a college student, you're still considered to be a dependent of your parents - meaning that THEY get to claim your personal exemption on their tax return and you can't claim a personal exemption on your own tax return. And you'll need to file tax returns even if you don't wind up having to pay federal and state income taxes, due to Social Security / medicare taxes ( a.k.a. Self-Employment tax ) !!! At the very least you'll wind up paying the 15.3% Social Security / medicare tax on every dollar earned.

    Also note that if you a college student still considered to be a dependent of your parents, that you'll need to give your dancing earnings figures to your parents so that they can fill in the proper 'total household income' figures on your FAFSA student loan / grant application. The IRS shares tax return / 1099 income reports with FAFSA, and will cross-check based on your own social security number appearing on both your own tax return and as a claimed dependent on your parents' tax return.

    Absent a specific court judgement for 'emancipation', in general college students are legally considered to still be dependents of their parents until they reach age 24, get married, or join the military.
    Last edited by Melonie; 07-18-2012 at 11:50 AM.

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    Default Re: Filing Names

    Quote Originally Posted by JessicaCM View Post
    I am a student so I don't pay those state/federal taxes.
    I have been a full-time student every year I danced/camming (minus this one) and I've always owed a lot taxes. Even after deductions.

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