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Thread: where to find a dancers tax accountant

  1. #1
    Newbie lacy00's Avatar
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    Default where to find a dancers tax accountant

    Who can do stripper taxes where can i find them so i can give my money away figure my life out! yaaay lol

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    God/dess Zofia's Avatar
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    Default Re: where to find a dancers tax accountant

    Look for a local CPA or IRS enrolled agent. The IRS website will have a list of enrolled agents. When you are interviewing prospective accountants, ask their experience with small businesses and independent entertainers. You are looking for someone who is not in a Big 4 firm or even in a big regional firm. You are looking more for a smaller well thought of local firm. But, not H&R Block or Liberty or Jackson Hewitt. Interview several. Ask about fees. Ask about how they feel about setting you up so you can do as much of your work as you feel comfortable with.

    HTH
    Z

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    Default Re: where to find a dancers tax accountant

    TurboTax Business.

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    Newbie lacy00's Avatar
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    Default Re: where to find a dancers tax accountant

    Thx Zofia! What does setting me up to do as much as I'm comfortable with mean? What parts of my tax could I do? What would be the accountants parts be?

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    God/dess Zofia's Avatar
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    Default Re: where to find a dancers tax accountant

    In year one, your accountant will set up your books. Probably use quick books or peachtree. I like peachtree, but quick books is cheaper and also easy to use. She will show you how to record income and expense. Either system will generate your reports and quarterly tax returns as well as annual returns.

    How much you are willing and able to do on your own will probably grow over time. When I was actively dancing, my first year, my accountant did everything. He (one of my accounting professors) set up my books on quick books. Every quarter, I ran a report and took it to him. After a couple of quarters he showed me how to do my own quarterly estimated tax returns and make my payments. After a couple of quarters, he turned me loose to do my own and said come back at the end of the year and we'll work out your 1040. By the time I graduated from college, I was doing everything on my own. I'd just meet with him once a year to go over my already prepared tax return to decide if we could make any changes to save some money. He set up my bank accounts and set up my account with the IRS for making quarterly payments. He also took care of getting my TPIN.

    When I set up my LLC, he and I went to the Law School and got a law professor to handle the legal work. We had to get a new TPIN and set up new accounts with the IRS. I never got audited. But, if I had my accounting professor would have gone with me to the audit. I did get a letter of inquiry from the service about a mileage deduction. My accounting professor and the law professor reviewed my response and made a few changes. The auditor was happy with the documentation I submitted, so that ended the matter. This was at a time when the IRS was romping all over Indy whacking wait staff with big estimates for under-reporting tip income. A lesson I learned early from my accounting professor was to make daily, or in my case nightly, deposits into my business account. Had the IRS ever wanted to check on income, I had all the money flowing into my business checking account. But, that didn't even come up when everyone else was getting put through the ringer.

    HTH
    Z

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    Newbie lacy00's Avatar
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    Default Re: where to find a dancers tax accountant

    Ok tnx! So for your quarterly reports you mostly record your income per night and your expenses and mileage and such? Do you include any house fees or tips?

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    God/dess Zofia's Avatar
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    Default Re: where to find a dancers tax accountant

    To make things simple, I count as income whatever I leave the club with. So, I take whatever I deposited as my income. There are loads of problems with house fees and having to issue 1099s, so it's just easier to use the net rather than your gross and then claim house fees as expenses and have the IRS want 1099s issued. Easier to just make a deposit of your take and call that gross income. That is perfectly legal too.

    Otherwise, I do take expenses such as mileage, costumes, theatrical makeup and the like. You can't take regular makeup, or shoes or clothes. So, it helps to buy things with a receipt that says "costume" or "theatrical makeup" on it. Travel is always an issue. Never take commuting expenses. So your trip from home to the club is not a deduction. But, if you are traveling out of town to a different club, then the mileage is a deduction.

    Hair and nails, not deductible. However, if you have your hair or nails done at the club, they might be if you get a receipt for them. Gym membership, not deductible to you. It is deductible for your club as a part of a employee fitness program to reduce healthcare costs. Not fair, but that's the way it is. So, now my company pays for my gym membership as a part of our employee fitness program. Of course, that would only apply to clubs that treat dancers as employees and provide healthcare benefits.

    HTH
    Z

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    Newbie lacy00's Avatar
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    Default Re: where to find a dancers tax accountant

    Quote Originally Posted by Zofia View Post
    To make things simple, I count as income whatever I leave the club with. So, I take whatever I deposited as my income. There are loads of problems with house fees and having to issue 1099s, so it's just easier to use the net rather than your gross and then claim house fees as expenses and have the IRS want 1099s issued. Easier to just make a deposit of your take and call that gross income. That is perfectly legal too.

    Otherwise, I do take expenses such as mileage, costumes, theatrical makeup and the like. You can't take regular makeup, or shoes or clothes. So, it helps to buy things with a receipt that says "costume" or "theatrical makeup" on it. Travel is always an issue. Never take commuting expenses. So your trip from home to the club is not a deduction. But, if you are traveling out of town to a different club, then the mileage is a deduction.

    Hair and nails, not deductible. However, if you have your hair or nails done at the club, they might be if you get a receipt for them. Gym membership, not deductible to you. It is deductible for your club as a part of a employee fitness program to reduce healthcare costs. Not fair, but that's the way it is. So, now my company pays for my gym membership as a part of our employee fitness program. Of course, that would only apply to clubs that treat dancers as employees and provide healthcare benefits.

    HTH
    Z

    Cool I'm an employee at mine too but they'd never pay my gym membership lol. So I can add plane train or bus tickets or mileage and gas to my tax deductions? Also how do you get "costume" on my receipts? Where can iI purchase "costume" recipted items? Sounds kinda hard to get your dance gear deducted. Shoes should so get deducted! I think I'll have to get anaccountant from word of mouth also. It might take me years to find one by looking them up that happens to know about stripper taxes

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    Newbie lacy00's Avatar
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    Default Re: where to find a dancers tax accountant

    Also hotel expenses? What ask can ideduct for traveling

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    Default Re: where to find a dancers tax accountant

    This thread discusses doing taxes as an employee dancer: https://www.stripperweb.com/forum/sh...loyee+tax+form and suggests you'd file your taxes like normal and then the cash income would be reported on a separate federal tax form for tip earnings that were not reported to the employer.

    I know you've gone on strip trips, so those travel expenses you could deduct since it was for work. I think the income you made traveling to other clubs, IF you were not considered an employee at those clubs, would require quarterly estimated taxes as you were working as an independent contractor. Save all your receipts for travel expenses and keep track of mileage as those will help you in writing off those expenses; you'd also need to have them in case you're ever audited by the IRS. Someone correct me if I'm wrong!
    Last edited by AngieLee; 01-12-2015 at 03:23 PM. Reason: I accidentally a word

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    God/dess Zofia's Avatar
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    Default Re: where to find a dancers tax accountant

    Quote Originally Posted by lacy00 View Post
    Cool I'm an employee at mine too but they'd never pay my gym membership lol. So I can add plane train or bus tickets or mileage and gas to my tax deductions?
    Not to the club where you are an employee. But, you can if you go to a different club. Also, gas in included in the standard mileage rate. So, you can't take gas and mileage.

    Also how do you get "costume" on my receipts? Where can iI purchase "costume" recipted items?
    I bought stuff at Costume Delights in Bloomington that actually sold and rented theatrical props and costumes. So, they had no problem with receipts that said "costumes". Also, there was a place called Lake Effect Lighting in Bloomington. They rented theatrical lighting equipment. They would also do special order costumes. Even stripper clothes if I was nice to them.

    Shoes should so get deducted!
    I know! Of all my stripperwear, shoes are the least useful outside of a club. But, the IRS is so not going for shoes unless you are a house painter.

    I think I'll have to get an accountant from word of mouth also. It might take me years to find one by looking them up that happens to know about stripper taxes
    Ask them to tell you what they know about taxation for independent entertainers. If they know that, they'll know stripper taxes. If they don't, they won't.

    HTH
    Z

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