Results 1 to 24 of 24

Thread: Depositing tipsI

  1. #1
    Member LolaCandy's Avatar
    Joined
    Apr 2017
    Location
    Massachusetts
    Posts
    46
    Thanks
    76
    Thanked 54 Times in 28 Posts

    Default Depositing tipsI

    I've worked a little under 10 nights since I started in June and I was wondering what happens when you don't deposityour money into your bank account in a timely manner. I haven't deposited anything since I started working which is no excuse , I have a fulltime job and other things to care of. But what should I be doing with my money? Do I deposit all of it? Or just the money I earn from rooms and drinks which are paid for by card? I have been tracking my sales for tax purposes. I believe my club does the 1099 tax form. I'm planning on going in this weekend so I will ask the owner how I will be filing my taxes. Please share any threads that could be helpful! Thank you.
    Lola

  2. The Following User Says Thank You to LolaCandy For This Useful Post:


  3. #2
    God/dess shanna dior's Avatar
    Joined
    May 2008
    Location
    Canada
    Posts
    4,980
    Thanks
    621
    Thanked 6,894 Times in 2,672 Posts

    Default Re: Depositing tipsI

    Well, nobody knows if you deposit your earnings in a timely manner, so nothing happens other than the cash just continuing to sit in your wallet, but maybe I'm misunderstanding that question.

    You're supposed to pay taxes on every dollar you earn, whether you deposit it in the bank or leave it in cash. At bare minimum, you should pay taxes on everything the club claims you've earned via the 1099 and every dollar you deposit in the bank, which should at the very least be enough to cover your expenses. This will minimize the risk of an audit. Whether you deposit and/or claim the rest of your earnings is up to you, but there's always a risk to holding on to large amounts of unclaimed cash around.

    The club owner probably won't be much help with filing your taxes. He'll likely tell you to get an accountant -- or not pay taxes on it if he's sketchy. Getting an accountant for the first year isn't a bad idea since then you can see how they did it, but you could also try to do it yourself with tax software. Hold on to receipts from all expenses you want to claim, and read through the Dollar Den because there's lots of great advice regarding what's deductible and how to file.

  4. The Following 4 Users Say Thank You to shanna dior For This Useful Post:


  5. #3
    Featured Member SuperJa's Avatar
    Joined
    Aug 2011
    Location
    Edmonton
    Posts
    1,668
    Thanks
    2,969
    Thanked 4,552 Times in 1,250 Posts
    My Mood
    Yeehaw

    Default Re: Depositing tipsI

    ^^
    I believe in the us you pay taxes quarterly as a contractor, so as long as your earnings for the quarter are believable you don't have to do regular deposits. You could put in all your tips on the last day before you file and it makes no difference (other than being a large cash deposit).

    I second getting an accountant for at least the first time you file. They did everything for me the first year and subsequent years i fill out the forms myself and they just sign off on them but it"s nice to know that i'm not missing anything. In Canada accountant fees are a write off for the next year but unsure if that is the case in the states.

  6. The Following 3 Users Say Thank You to SuperJa For This Useful Post:


  7. #4
    God/dess shanna dior's Avatar
    Joined
    May 2008
    Location
    Canada
    Posts
    4,980
    Thanks
    621
    Thanked 6,894 Times in 2,672 Posts

    Default Re: Depositing tipsI

    Quote Originally Posted by SuperJa View Post
    You could put in all your tips on the last day before you file and it makes no difference (other than being a large cash deposit).
    To expand on that a bit: if you deposit more than $10,000 at once, it will get reported to the IRS. Really, you should claim everything you deposit since there's a paper trail anyway, but just something to keep in mind.

  8. The Following 4 Users Say Thank You to shanna dior For This Useful Post:


  9. #5
    God/dess Gia2608's Avatar
    Joined
    Jul 2004
    Location
    Miami/ Ft. Lauderdale
    Posts
    3,337
    Thanks
    4,235
    Thanked 3,664 Times in 1,451 Posts
    My Mood
    Cheerful

    Default Re: Depositing tipsI

    Also, you do not have to pay taxes quarterly but it is recommended so you do not have a large liability to the IRS at the beginning of the year
    XoXo Gia
    Danielle Fishell (the Dish): "If the Super-Star thing doesn't work out, Gia makes a great stripper name"

  10. The Following 6 Users Say Thank You to Gia2608 For This Useful Post:


  11. #6
    Banned Eric Stoner's Avatar
    Joined
    Oct 2006
    Location
    NYC
    Posts
    5,150
    Thanks
    1,261
    Thanked 1,430 Times in 888 Posts

    Default Re: Depositing tipsI

    Quote Originally Posted by shanna dior View Post
    To expand on that a bit: if you deposit more than $10,000 at once, it will get reported to the IRS. Really, you should claim everything you deposit since there's a paper trail anyway, but just something to keep in mind.
    The reporting threshold has been $4000 for over a decade thanks to the Patriot Act. Any transaction of $4000 or more automatically gets reported.

  12. #7
    Veteran Member
    Joined
    May 2014
    Posts
    465
    Thanks
    323
    Thanked 476 Times in 208 Posts

    Default Re: Depositing tipsI

    Quote Originally Posted by Eric Stoner View Post
    The reporting threshold has been $4000 for over a decade thanks to the Patriot Act. Any transaction of $4000 or more automatically gets reported.
    I don't think this is correct. The below states 10000, and the entire document does not have any reference to 4000. And it's recent enough to refer to the Patriot Act and its amendments.

    Quote Originally Posted by Bank Secrecy Act, Anti-Money Laundering, And Office of Foreign Asset Control
    U.S. financial institutions must file a CTR, Financial Crimes Enforcement Network (FinCEN) Form 104 (formerly known as Internal Revenue Service [IRS] Form 4789), for each currency transaction over $10,000.

  13. The Following 2 Users Say Thank You to dpacrkk For This Useful Post:


  14. #8
    God/dess Gia2608's Avatar
    Joined
    Jul 2004
    Location
    Miami/ Ft. Lauderdale
    Posts
    3,337
    Thanks
    4,235
    Thanked 3,664 Times in 1,451 Posts
    My Mood
    Cheerful

    Default Re: Depositing tipsI

    Quote Originally Posted by dpacrkk View Post
    I don't think this is correct. The below states 10000, and the entire document does not have any reference to 4000. And it's recent enough to refer to the Patriot Act and its amendments.
    I agree. I am not sure I agree they reduced it either.
    XoXo Gia
    Danielle Fishell (the Dish): "If the Super-Star thing doesn't work out, Gia makes a great stripper name"

  15. #9
    God/dess Zofia's Avatar
    Joined
    Apr 2002
    Location
    Durham, North Carolina
    Posts
    2,417
    Thanks
    2,964
    Thanked 2,370 Times in 934 Posts

    Default Re: Depositing tipsI

    Oh wow, where to start. Lots of threads on this.

    1) You are a business. Businesses make deposits every day they have revenue so their money works for them.

    2) Your first year you don't have to file quarterly tax returns, but it's a good idea to do so.

    3) Cash reporting forms are required for $10,000 cash deposits, but banks can and do report smaller amounts. (See number 1.)

    4) Open a business checking account, deposit everything you make in the business account, pay all your ordinary and necessary business expenses from the business account.

    5) hold at least 30% of your gross revenues as a tax reserve.

    6) pay yourself a draw of an even amount out of the business checking on a weekly or bi-weekly basis.

    7) Pay your quarterly taxes from the business account every quarter.

    At the end of the year, pay yourself whatever is in the business account, less the 30% for taxes.

    9) Save money, as much as you possibly can as this is a short term profession,

    10) Once you have six months of personal expenses saved, start investing,

    11) Invest wisely and conservatively - if the investment cannot explain in very simple terms what they do to make money, then they are either a fraud or they have no idea what they are doing. Either way pass on that investment.

    HTH
    Z

  16. The Following 5 Users Say Thank You to Zofia For This Useful Post:


  17. #10
    Banned Eric Stoner's Avatar
    Joined
    Oct 2006
    Location
    NYC
    Posts
    5,150
    Thanks
    1,261
    Thanked 1,430 Times in 888 Posts

    Default Re: Depositing tipsI

    Quote Originally Posted by dpacrkk View Post
    I don't think this is correct. The below states 10000, and the entire document does not have any reference to 4000. And it's recent enough to refer to the Patriot Act and its amendments.
    You are partly correct. Transactions of $10,000 or more MUST be reported. A Currency Transaction Report ( CTR ) must be filed by any bank or financial institution.
    BUT there are also Suspicious Activity Reports ( SAR's ) which must be filed for transactions over $3000 ( my bad ) if there is an unusual pattern or any one day's total transactions total at least $10,000. The regs. on this are voluminous with all sorts of hypos. Suffice to say that any deposit of $3000 or more raises at least a caution flag and the banks MUST keep detailed records of same which can be examined ON DEMAND. And the reporting requirements are NOT limited to banks.

  18. #11
    Veteran Member
    Joined
    May 2014
    Posts
    465
    Thanks
    323
    Thanked 476 Times in 208 Posts

    Default Re: Depositing tipsI

    Quote Originally Posted by Eric Stoner View Post
    You are partly correct. Transactions of $10,000 or more MUST be reported. A Currency Transaction Report ( CTR ) must be filed by any bank or financial institution.
    BUT there are also Suspicious Activity Reports ( SAR's ) which must be filed for transactions over $3000 ( my bad ) if there is an unusual pattern or any one day's total transactions total at least $10,000. The regs. on this are voluminous with all sorts of hypos. Suffice to say that any deposit of $3000 or more raises at least a caution flag and the banks MUST keep detailed records of same which can be examined ON DEMAND. And the reporting requirements are NOT limited to banks.
    Here is the section about Suspicious Activity Reports. There is no reference to $3000, nor The Patriot Act (to which you attributed this regulation in your previous post).

  19. #12
    Featured Member minnow's Avatar
    Joined
    Sep 2007
    Location
    USA
    Posts
    1,003
    Thanks
    242
    Thanked 519 Times in 315 Posts
    Blog Entries
    10
    My Mood
    Twisted

    Default Re: Depositing tipsI

    Quote Originally Posted by Eric Stoner View Post
    You are partly correct. Transactions of $10,000 or more MUST be reported. A Currency Transaction Report ( CTR ) must be filed by any bank or financial institution.
    BUT there are also Suspicious Activity Reports ( SAR's ) which must be filed for transactions over $3000 ( my bad ) if there is an unusual pattern or any one day's total transactions total at least $10,000. The regs. on this are voluminous with all sorts of hypos. Suffice to say that any deposit of $3000 or more raises at least a caution flag and the banks MUST keep detailed records of same which can be examined ON DEMAND. And the reporting requirements are NOT limited to banks.
    Coming back at Eric, and/or "Z" on this one: Those $3K and $10K figures being bandied about- do they apply only to cash transactions, or would writing a check in either amount trigger certain reports required. If I wrote a check(or made electronic transfer) of over $3K, say from a bank to a mutual fund/brokerage account, or vice versa, would that be a report triggering event ? Over $10K a different answer ? Thanks for any insights.
    I'm right 96% of the time. I don't sweat the other 5% .......................

  20. #13
    Veteran Member
    Joined
    May 2014
    Posts
    465
    Thanks
    323
    Thanked 476 Times in 208 Posts

    Default Re: Depositing tipsI

    Quote Originally Posted by minnow View Post
    Coming back at Eric, and/or "Z" on this one: Those $3K and $10K figures being bandied about- do they apply only to cash transactions, or would writing a check in either amount trigger certain reports required. If I wrote a check(or made electronic transfer) of over $3K, say from a bank to a mutual fund/brokerage account, or vice versa, would that be a report triggering event ? Over $10K a different answer ? Thanks for any insights.
    Regardless of amount, checks count as currency:

    Quote Originally Posted by Bank Secrecy Act, Anti-Money Laundering, And Office of Foreign Asset Control
    A currency transaction is any transaction involving the physical transfer of currency from one person to another and covers deposits, withdrawals, exchanges, or transfers of currency or other payments. Currency is defined as currency and coin of the U.S. or any other country as long as it is customarily accepted as money in the country of issue.

  21. #14
    God/dess Zofia's Avatar
    Joined
    Apr 2002
    Location
    Durham, North Carolina
    Posts
    2,417
    Thanks
    2,964
    Thanked 2,370 Times in 934 Posts

    Default Re: Depositing tipsI

    Quote Originally Posted by minnow View Post
    Coming back at Eric, and/or "Z" on this one: Those $3K and $10K figures being bandied about- do they apply only to cash transactions, or would writing a check in either amount trigger certain reports required. If I wrote a check(or made electronic transfer) of over $3K, say from a bank to a mutual fund/brokerage account, or vice versa, would that be a report triggering event ? Over $10K a different answer ? Thanks for any insights.
    Currency is cash, coin, paper money, U.S. Silver Certificates, U.S. Notes and Federal Reserve Notes along with similar items from other countries. Not checks, not credit card transactions, not money orders. Think about it, a check deposited creates its own paper trail, so too a credit card transfer. The IRS can find out about those if they want to. Cash, not so. Thus, the report.

    HTH
    Z

  22. The Following 3 Users Say Thank You to Zofia For This Useful Post:


  23. #15
    Banned Eric Stoner's Avatar
    Joined
    Oct 2006
    Location
    NYC
    Posts
    5,150
    Thanks
    1,261
    Thanked 1,430 Times in 888 Posts

    Default Re: Depositing tipsI

    Quote Originally Posted by dpacrkk View Post
    Here is the section about Suspicious Activity Reports. There is no reference to $3000, nor The Patriot Act (to which you attributed this regulation in your previous post).
    Did you READ your own link ? What you cite to is just ONE (1) set of Federal Regs. dealing with monetary transactions directed solely to BANKS. More importantly they are somewhat OUT OF DATE. Did you see the dates of publication ? They go back to 1987 ! Those regs. came out under Reagan and Bush The Smarter and were designed to detect and deter money laundering associated with drug trafficking. If you look at the language they repeatedly say "known or suspected " and " not usual ; not ordinary etc. " which are all kind of squishy and nebulous and thus cover a lot of ground.

    The regs. I cited are much more current.
    I cited to IRS and DHS regulations BOTH of which use the $10,000 and $3,000 figures as I previously described. Neither supercedes what you cited to per se but both sets of regs. go much further and use the 10k and 3k figures.
    Last edited by Eric Stoner; 08-03-2017 at 09:08 AM.

  24. #16
    Veteran Member
    Joined
    May 2014
    Posts
    465
    Thanks
    323
    Thanked 476 Times in 208 Posts

    Default Re: Depositing tipsI

    Quote Originally Posted by Eric Stoner View Post
    Did you READ your own link ? What you cite to is just ONE (1) set of Federal Regs. dealing with monetary transactions directed solely to BANKS. More importantly they are somewhat OUT OF DATE. Did you see the dates of publication ? They go back to 1987 ! Those regs. came out under Reagan and Bush The Smarter and were designed to detect and deter money laundering associated with drug trafficking. If you look at the language they repeatedly say "known or suspected " and " not usual ; not ordinary etc. " which are all kind of squishy and nebulous and thus cover a lot of ground.

    The regs. I cited are much more current.
    I cited to IRS and DHS regulations BOTH of which use the $10,000 and $3,000 figures as I previously described. Neither supercedes what you cited to per se but both sets of regs. go much further and use the 10k and 3k figures.
    Did _you_ read it? Particularly the part in red "e-CFR data is current as of August 1, 2017" or the amendment dates of the original publication: "52 FR 2859, Jan. 27, 1987, as amended at 68 FR 25111, May 9, 2003; 76 FR 6687, Feb. 8, 2011; 79 FR 28399, May 16, 2014." Even in the absence of that observation, just your brain: why would a recent website only have information from original publication without its amendments.

    Anyway, the wording is as such because you changed your stance to "BUT there are also Suspicious Activity Reports ( SAR's ) which must be filed for transactions over $3000 ( my bad ) if there is an unusual pattern or any one day's total transactions total at least $10,000." I provided you the actual letter of the law concerning SARs. It doesn't have these requirements.

    By the way, you didn't cite anything. Instead of hand waving, you could provide any source whatsoever. Until then, one should be inclined to believe the actual federal regulation instead of anecdotal evidence and hearsay, particularly since you've already backpedaled about it being within The Patriot Act, and already admitted you were incorrect at least once about the amount.

  25. #17
    Banned Eric Stoner's Avatar
    Joined
    Oct 2006
    Location
    NYC
    Posts
    5,150
    Thanks
    1,261
    Thanked 1,430 Times in 888 Posts

    Default Re: Depositing tipsI

    Quote Originally Posted by dpacrkk View Post
    Did _you_ read it? Particularly the part in red "e-CFR data is current as of August 1, 2017" or the amendment dates of the original publication: "52 FR 2859, Jan. 27, 1987, as amended at 68 FR 25111, May 9, 2003; 76 FR 6687, Feb. 8, 2011; 79 FR 28399, May 16, 2014." Even in the absence of that observation, just your brain: why would a recent website only have information from original publication without its amendments.

    Anyway, the wording is as such because you changed your stance to "BUT there are also Suspicious Activity Reports ( SAR's ) which must be filed for transactions over $3000 ( my bad ) if there is an unusual pattern or any one day's total transactions total at least $10,000." I provided you the actual letter of the law concerning SARs. It doesn't have these requirements.

    By the way, you didn't cite anything. Instead of hand waving, you could provide any source whatsoever. Until then, one should be inclined to believe the actual federal regulation instead of anecdotal evidence and hearsay, particularly since you've already backpedaled about it being within The Patriot Act, and already admitted you were incorrect at least once about the amount.
    Rather than talk past each other, YOU ARE RIGHT. The regs. you cited are correct. BUT that is not the entire picture as I have repeatedly tried to point out.
    For instance the Financial Crime Enforcement Network requires financial institutions to report all wire transfers of $3000 or more. Likewise 3 transfers of amounts less than $3000 but close within a short time frame also must be reported i.e. three transfers of $2999.
    PLUS banks have "know your customer " regs. where deposits or withdrawls out of the ordinary MUST be inquired into. If you typically deposit , withdraw , cash and write checks in the hundreds of dollars and then suddenly start dealing in the low thousands your bank MUST report that. Do your own search and read up on how Eliot Spitzer and Dennis Hastert were both nailed by reports filed by their own banks using SAR's.
    If you listen to people who follow what banks typically do they are actually reporting MORE than what is required of them. Some banks have a threshold of $1000 where INTERNALLY they decide whether of not to look at the transaction and then POSSIBLY file a SAR. Again, do your own search and you will see that it is NOT just the Federal Regs. that are involved but what banks are doing on their own in an overexercise of caution.

    As to the $4000 that was posted here years ago in the context of the Patriot Act. Apparently you are RIGHT and it was an unofficial amount. Or an inaccuracy. Mea culpa, mea culpa , mea maxima culpa.
    Again , there are the Regs. which set out what the banks must do and the banks own internal rules and procedures that in some cases go well beyond what the law requires.

    Btw, many people think that North Fork Bank and HSBC filing SAR's on Spitzer was payback. As N.Y. Attorney General he had gone after both and got them to pay millions because of excessive fees that they had been charging. But I digress.
    Last edited by Eric Stoner; 08-03-2017 at 12:42 PM.

  26. #18
    Member LolaCandy's Avatar
    Joined
    Apr 2017
    Location
    Massachusetts
    Posts
    46
    Thanks
    76
    Thanked 54 Times in 28 Posts

    Default Re: Depositing tipsI

    Thank you ladies! That was all very helpful. Now that we're on the topic of depositing tips can we talk about the dirty look I got from the bank teller when I told her I wanted the cash in hand changed to hundreds?! She didn't believe my starbucks tip jar story lol. Need to come up with other creative ways to keep a cover what do you girls do?
    Lola

  27. #19
    Featured Member SuperJa's Avatar
    Joined
    Aug 2011
    Location
    Edmonton
    Posts
    1,668
    Thanks
    2,969
    Thanked 4,552 Times in 1,250 Posts
    My Mood
    Yeehaw

    Default Re: Depositing tipsI

    I just tell them if they ask tbh. A lot of times if you come in with hundreds of $1 on a regular basis they put two and two together themselves already anyways.
    I haven't really had any teller give me issues but i just don't care about what they think. Like sorry if my job offends you just take my money kthanks.

  28. The Following User Says Thank You to SuperJa For This Useful Post:


  29. #20
    Member
    Joined
    Aug 2017
    Posts
    31
    Thanks
    18
    Thanked 33 Times in 14 Posts

    Default Re: Depositing tipsI

    Canadian dancer related question. Can we claim all dance related expenses since we're an independent contractor? How far is too far to claim? I would imagine I could use a portion of my cell phone bill, shoes, outfits... would personal upkeep such as hair, beauty products etc be ok to claim or is it too far?

  30. #21
    God/dess Zofia's Avatar
    Joined
    Apr 2002
    Location
    Durham, North Carolina
    Posts
    2,417
    Thanks
    2,964
    Thanked 2,370 Times in 934 Posts

    Default Re: Depositing tipsI

    Quote Originally Posted by sweetchey20 View Post
    Canadian dancer related question. Can we claim all dance related expenses since we're an independent contractor? How far is too far to claim? I would imagine I could use a portion of my cell phone bill, shoes, outfits... would personal upkeep such as hair, beauty products etc be ok to claim or is it too far?
    You don't say where you are, but the rule in the U.S. is all ordinary and necessary business expenses are deductible. Ordinary and necessary generally don't include hair, nails and beauty products. Nor does it include gym fees or personal trainers. Costumes and theatrical makeup are ordinary and necessary. Same with ultra-high heels. You might even get away with dance shoes with low to no heel. But, be prepared to defend those purchases in an audit. Cell phone is questionable unless you use it almost exclusively in your business. Thus, I think it is better to have two cell phones, one for business and one personal. Never mix the two. Also, have a business bank account and never mix business with personal money. Work related travel expenses are deductible. But, not commuting expenses. Thus, the daily commute from home to the club is not deductible. If you do the traveling dancer gig, then trips away from your home base are deductible as is a hotel, but not meals. Unless you are entertaining a client, then meals are deductible.

    HTH
    Z

  31. The Following User Says Thank You to Zofia For This Useful Post:


  32. #22
    God/dess shanna dior's Avatar
    Joined
    May 2008
    Location
    Canada
    Posts
    4,980
    Thanks
    621
    Thanked 6,894 Times in 2,672 Posts

    Default Re: Depositing tipsI

    Quote Originally Posted by sweetchey20 View Post
    Canadian dancer related question. Can we claim all dance related expenses since we're an independent contractor? How far is too far to claim? I would imagine I could use a portion of my cell phone bill, shoes, outfits... would personal upkeep such as hair, beauty products etc be ok to claim or is it too far?
    Shoes and outfits, sure. Portion of cell phone bill, alright, as long as you are calculating it properly -- it's much easier to have a separate business phone and plan though. Personal upkeep, eh. Some folks are very liberal with their deductions and never get audited so it works out for them. It depends how lucky you feel. Above all: keep it realistic. Make sure the income you're claiming after deductions and taxes is enough to live on in your area. Oh and make sure you keep receipts (not just credit/bank statements) for everything you deduct.

    Personally, I err on the conservative side and don't deduct anything that I/the average woman would normally buy. That includes hair and beauty products, getting my hair done, regular La Senza panties, or my phone bill. For the phone, I don't pay more than I would if I wasn't dancing, and the amount I could deduct if I calculated it accurately isn't worth the effort to calculate it.

  33. The Following User Says Thank You to shanna dior For This Useful Post:


  34. #23
    Member LolaCandy's Avatar
    Joined
    Apr 2017
    Location
    Massachusetts
    Posts
    46
    Thanks
    76
    Thanked 54 Times in 28 Posts

    Default Re: Depositing tipsI

    Quote Originally Posted by SuperJa View Post
    I just tell them if they ask tbh. A lot of times if you come in with hundreds of $1 on a regular basis they put two and two together themselves already anyways.
    I haven't really had any teller give me issues but i just don't care about what they think. Like sorry if my job offends you just take my money kthanks.
    Yea thats right. I'm owning my shit next time!
    Lola

  35. #24
    Newbie
    Joined
    May 2017
    Posts
    9
    Thanks
    4
    Thanked 6 Times in 5 Posts

    Default Re: Depositing tipsI

    Quote Originally Posted by shanna dior View Post
    Well, nobody knows if you deposit your earnings in a timely manner, so nothing happens other than the cash just continuing to sit in your wallet, but maybe I'm misunderstanding that question.

    You're supposed to pay taxes on every dollar you earn, whether you deposit it in the bank or leave it in cash. At bare minimum, you should pay taxes on everything the club claims you've earned via the 1099 and every dollar you deposit in the bank, which should at the very least be enough to cover your expenses. This will minimize the risk of an audit. Whether you deposit and/or claim the rest of your earnings is up to you, but there's always a risk to holding on to large amounts of unclaimed cash around.

    The club owner probably won't be much help with filing your taxes. He'll likely tell you to get an accountant -- or not pay taxes on it if he's sketchy. Getting an accountant for the first year isn't a bad idea since then you can see how they did it, but you could also try to do it yourself with tax software. Hold on to receipts from all expenses you want to claim, and read through the Dollar Den because there's lots of great advice regarding what's deductible and how to file.
    Shanna Dior,

    You mentioned tax software. Which one would you recommend? I saw Quickbooks for Self Employed. I am not sure that would allow you to file taxes however. Having used Quickbooks for Business at a previous employer, I assume it's probably more for tracking expenses. Also, you said "getting an accountant for the first year isn't a bad idea", is that so we can see what we can and can't claim (i.e. Botox, types of makeup, Juvaderm)? Do you have any Dancer Friendly CPA referrals?

    Thanks in advance!

Similar Threads

  1. Depositing Cash
    By sessik86 in forum Dollar Den
    Replies: 66
    Last Post: 06-13-2015, 12:00 PM
  2. Color Depositing Shampoos?
    By J.D. in forum Body Business
    Replies: 0
    Last Post: 01-01-2010, 07:30 PM
  3. Depositing money
    By PinkLove in forum Dollar Den
    Replies: 27
    Last Post: 10-03-2007, 02:43 PM
  4. Depositing $$$ Away from Home
    By showmethemoney in forum Dollar Den
    Replies: 14
    Last Post: 08-02-2006, 03:09 PM
  5. Depositing your Ones...
    By lucyloo in forum Stripping (was Stripping General)
    Replies: 21
    Last Post: 04-24-2004, 10:26 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •