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Thread: never done taxes

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    Exclamation never done taxes

    Hello pretties,
    I need some help.
    I am 22 yr old, I am currently in nursing school and get most of my school paid for with alot of grants from FAFSA and some loans. I decided to start dancing the end of May 2016. I worked out in vegas and then started dancing in Dallas instead. I live in Michigan for school and travel to dance.
    I have never had a job where I had to file taxes. I am quite concerned on what I should do, I Do not even know where to start. My mom claims me on her taxes and I get alot of financial aid because I do not come from a well off family. If I file for taxes will I lose my financial aid? I go to a very expensive institution and literally not afford that to happen to me. If I file for taxes can I file independent and tell my mom to not claim me anymore? I only live with her during the summer, school stared so I move back to my apartment which is 45 minutes away from home. My mom and dad are divorced but my dad does the taxes for her and I am primarily concerned about him finding out what I am doing, or wondering where im getting so much money from. My mom knows how much I am making and does not mind on whatever I decide to do. I do not want him to find out nor do I want to lose my money in grants and loans.

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    God/dess Zofia's Avatar
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    Default Re: never done taxes

    1. Sounds like you are not a dependent anymore. So, your mom can't claim you on her taxes.
    2. FAFSA can be a thorny issue, talk to a financial aid counselor at school. You might want to phrase income in the hypothetical. As in "if I made $xx,xxx.00 last tax year, what would that do to my financial aid?
    3. Taxes, set up a separate bank account for your stripping business.
    4. Report your income (that will be what you walk out of the club with) on Schedule C.
    5. Pay your business expenses from the business account and pay yourself out of the business account.
    6. Report your ordinary and necessary business expenses on your Schedule C.
    7. Pay your quarterly taxes from your business account.
    8. Hire a CPA to set up your taxes and business account for at least the first year. It is probably money well spent to have your CPA do your first quarterly tax return and your first annual tax return. (You can probably do the the subsequent quarterlies yourself.)
    9. Make a deposit of all your stripping money every night or the next day when the bank opens. Deposit into your nightly earnings in your business account.
    10. Get a credit card specifically for your business and pay the bill monthly from the business account.

    HTH
    Z

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    God/dess Gia2608's Avatar
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    Default Re: never done taxes

    Yeah, I don't think your mom can claim you on taxes anymore unless they changed the laws. Let me see how to put this without giving advice that is illegal.....If you theoretically just started dancing in the last few years it would not be abnormal to claim a loss on your taxes. When I went back to school I had not filed taxes for a few years and did 2 or 3 years at once and claimed very little money- even though I had been dancing at the time. I got almost 2 years of school paid by grants.You are, at some point before you finish this program going to have to pay either taxes or tuition but you can probably skate by the next year (maybe 2) if you are smart and careful.
    XoXo Gia
    Danielle Fishell (the Dish): "If the Super-Star thing doesn't work out, Gia makes a great stripper name"

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    Default Re: never done taxes

    The thing I would add to Zofia's info above is this
    Since you are under 24 and still in school 1/2 time or more you would still be consider a qualifying child if your parents provided over 1/2 of your support. In determing support scholarships for college are not included as support. In IRS Pub 17 is worksheet 3.1 that helps determine if you parents provided more than half your support. The determination of your status as a qualifying child has significant impact on your tax return.

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    Default Re: never done taxes

    thanks so much girls, definitly helped clear things up for me.
    I graduate 2018, I was very stuck on deciding to file for taxes this year or just take the risk and wait to do it next year because i wont have to worry about losing financial aid money because ill be done with school anyway

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  10. #6
    God/dess Zofia's Avatar
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    Default Re: never done taxes

    Quote Originally Posted by leeleexoxo View Post
    thanks so much girls, definitly helped clear things up for me.
    I graduate 2018, I was very stuck on deciding to file for taxes this year or just take the risk and wait to do it next year because i wont have to worry about losing financial aid money because ill be done with school anyway
    File your taxes. Be the ethical person.

    HTH
    Z

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  12. #7
    Senior Member moonangelko's Avatar
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    Default Re: never done taxes

    As a fellow college student, keep ur money from being traced and wait till u graduate to file taxes. Seen too many dancers fuck over their financial aid.

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