I am a senior in college and I will be graduating this semester. I just got hired at a club and am planning to dance on the weekends only, and only until May. I have a friend who worked at the same club and she apparently never got any 1099s and never paid taxes because she had a vanilla job on the side which she used to put money in the bank and only used her stripper money to buy small things in cash.
However, I won't be able to do this because (a) I don't like the risks of not paying taxes and (b) even if I wanted to, I am planning to use the money to pay off a credit card debt and putting the rest in a savings account so it will be obvious that there is money coming in. The only thing I am worried about is the fact that if I file a 1099 in the future, if I wanted to get some high-ranking government job or something (I am not sure what I want to do with my degree yet but I'd rather not rule anything out, and law has been of interest to me for a while) then this might come up.
I am currently in the process of weighing the benefits versus the risks of only dancing for a little while (I am not anticipating making very much money either, but it would be better than what I was making waitressing). While I feel that it is a good decision considering my short-term financial future as I intend to put the money towards savings, opening a retirement fund, etc., I don't want it to have negative effects in the long-term future in other aspects of my life.
I will be starting work tomorrow so I think I have a couple of days or so before I break the $400 independent contractor threshold upon which point I will need to start paying taxes. Does any one have any advice?
edit:: Also, hypothetically speaking, since I'm just curious - I'm aware that the IRS receives automatic reports of deposits, etc. So what would happen in a situation where I am genuinely just being given cash by a "gentleman friend", am being paid back in cash for a loan to my roommate, it's my husband's money, etc.?



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and good luck!

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