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Thread: owing taxes??

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    Duh owing taxes??

    Hey everyone, this is my second year filing taxes as a stripper( i am still learning). I filed my taxes this year and i owe 10,000 for taxes!! I know few other dancers who owes about this amount as well but i am pretty shocked. Last year i paid almost 4k for taxes, is anyone else paying this ridiculous amount?? i am doing quarterly payments so i can get it paid off this year. Can anyone give me any tips? insights? experience? anything helps! I recently started school so next year i wont be claiming as much, but for now i am stuck with this amount. Has anyone else gone through this? Thanks!

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    Default Re: owing taxes??

    Call the irs and explain your situation. They are usually pretty willing to work with you as long as you show you're making an effort. They can put you on a monthly payment plan.
    "People jack off with the left hand and point with the right."

    "You can check out any time you like, but you can never leave."

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    Default Re: owing taxes??

    Welcome to government where your hard earned money is redistributed to those the government deems as in need and the programs the government deems worth the money. Bleh

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    Veteran Member buttonpop's Avatar
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    Default Re: owing taxes??

    just to be clear, quarterly payments are for NEXT years taxes, not for paying off the taxes you owe from 2016.

    The IRS will put you on a 1 time only payment plan to pay off what you owe from 2016, if you request it. In addition you need to begin saving NOW for 2017 taxes and filing quarterly payments.
    Do your future self a favor and work hard now.

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    Default Re: owing taxes??

    double post sorry
    Do your future self a favor and work hard now.

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    Default Re: owing taxes??

    I've paid that much in taxes and more.

    I started putting money away into mutual funds and stocks within a SEP IRA to reduce my tax bracket a good bit while accruing some sort of growth on the money. I also deduct a lot, because living in LA, one needs to travel pretty much all the time to make dancing or really any part of this industry worthwhile. Also, health insurance is deductible, which can be a good chunk of money.

    Otherwise, it's good to save about 20-25% of your money for taxes. That is, assuming you are deducting as much as possible. Otherwise, for being self-employed, it should be about 33% of your income that is taxable.

    The IRS does tack on interest rates onto any payment they deem is late. As a self-employed individual, you can pay all your taxes in full first year of your business but you are responsible for making quarterly payments for every year thereafter.

    But yeah, 10k is a lot of money if you weren't expecting it....
    Last edited by ZeroSugarMonster; 04-19-2017 at 01:56 PM.

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