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Thread: How do you guys do your taxes?

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    Member lucy-lou-who's Avatar
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    Post How do you guys do your taxes?

    Do you keep track of everything you make in order to do your taxes, or just approximate based on averages? Or something else? I haven't been dancing for that long but I want to know what I should be doing.

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    God/dess Zofia's Avatar
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    Default Re: How do you guys do your taxes?

    1. Open a business bank account.
    2. Deposit your take home after every shift. (Your deposits become your record of income.)
    3. Pay all your ordinary and necessary business expenses from the business bank account. (Keep receipts or a ledger too.)
    4. Hold at least 30 % of your deposits for taxes.
    5. Pay yourself a draw from the business account after your expenses and holding back your taxes.

    Never mix the business with personal when it comes to money. So you need a separate personal account. If you start to travel a lot, or buy lots of costumes, it may be helpful to get a business credit card for paying ordinary and necessary expenses.

    Meet with a CPA or Enrolled Agent and she can set you up to do your quarterly tax returns. After the accountant does them once or twice, you should be able to handle them from there on. You might want your accountant to do you annual return the first year, but pay attention to what she tells you and you should be able to do it from then on.

    HTH
    Z

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    Default Re: How do you guys do your taxes?

    Quote Originally Posted by Zofia View Post
    1. Open a business bank account.
    2. Deposit your take home after every shift. (Your deposits become your record of income.)
    3. Pay all your ordinary and necessary business expenses from the business bank account. (Keep receipts or a ledger too.)
    4. Hold at least 30 % of your deposits for taxes.
    5. Pay yourself a draw from the business account after your expenses and holding back your taxes.

    Never mix the business with personal when it comes to money. So you need a separate personal account. If you start to travel a lot, or buy lots of costumes, it may be helpful to get a business credit card for paying ordinary and necessary expenses.

    Meet with a CPA or Enrolled Agent and she can set you up to do your quarterly tax returns. After the accountant does them once or twice, you should be able to handle them from there on. You might want your accountant to do you annual return the first year, but pay attention to what she tells you and you should be able to do it from then on.

    HTH
    Z
    I second everything said above.
    One more thing. When I used to dance, I also opened a corporation. I believe it was S Corp. Since stripping is all cash business, IRS looks better at cash businesses that are incorporated vs sole proprietor. Also, if you’re ever looking to be employed by a straight employer, having a Corp is all that’s going to show up on a background check. I worked in nyc and they issued girls checks every night. Well since I had a Corp they issued a check in a Corp name, not mine. Later when I decided to get a vanilla job, my name wasn’t associated with that club.

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