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Thread: Taxes?

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    Default Taxes?

    Ladies I've never done this before.. i just started two days ago and I am an independent contractor at the club I work at. Can some one give me the lowdown on how handle being an independent contractor when it comes to taxes and dancing? Do I have to report all of my money? Can I count all of my house fees towards business expenses?

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    God/dess Zofia's Avatar
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    Default Re: Taxes?

    Lots of threads on this in Dollar Den.

    The basics are this:
    1. Open a separate checking account for your business (stripping),
    2. Every night or at least every night you work, deposit everything you make at work in the business checking account,
    3. Pay any ordinary and necessary business expenses from the business checking account,
    4. If you have to pay for something that is an ordinary and necessary business expense with a personal credit card, do an expense reimbursement to yourself from the business checking account,
    5. Hold about 30% of your deposits in the business checking account, or open a business savings account to hold about 30% of your deposits,
    6. For tax year 2017, you don't have to file quarterly returns, but it will be easier if you do, an accountant can help you set up your returns and get a TPIN for a very modest fee,
    7. Pay yourself a regular amount out of the business checking account remembering to hold back about 30% for taxes, and
    8. If you haven't filed quarterlies, your April 2018 tax return will be a big payment so you'll need that 30% cushion I wrote about above.

    HTH,
    Z

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    Default Re: Taxes?

    Quote Originally Posted by Rose2341 View Post
    Do I have to report all of my money?
    of course you do, everybody has to, or pay a big lump sum when the IRS find out

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