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Thread: If I only danced three days last yr.....

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    Featured Member Fawn's Avatar
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    Default If I only danced three days last yr.....

    If I only danced three days last year, and did not deposit any of the money as I still have yet to go and finally open a bank account, and I havn't made any big purcheses is it nescessary that I pay taxes for it. I still have a regular job, and I will be paying taxes for that, but I didnt want to spend a bunch of money on a guy to tell me how to do my taxes since I only danced three day's. Thought I'd save that for next year. Is this ok, or can it get me into trouble. It was december when I finally started dancing.
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    God/dess Emily's Avatar
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    Default Re:If I only danced three days last yr.....

    you are asking if it's okay

    it depends...it's illegal, so while you CAN do it, if you get caught, it'll suck. It's unlikely you'll get caught though. And the CPA can help you with all your tax situations. He might be worth the money in that he can get you a bigger refund than he costs.

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    Banned Melonie's Avatar
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    Default Re:If I only danced three days last yr.....

    Actually, if you earned less than $700 total in 2003 (after subtracting business expenses like costumes and shoes, stage fees and tipouts) then you do not need to file a tax return. However, this minimum amount is cumulative, meaning that if you earned other money working a straight job etc. and if the total amount of money you earned combining straight job earnings, dancing earnings, and all other earnings is greater than $700 then you DO need to file a tax return. Since you will be reporting your straight job income, I assume that you are over the minimum and therefore you should report your dancing income as well. After all, if you are audited next year it might be very difficult to explain to the IRS auditor that you started dancing on January 1st ( the implied assumption if you report lots of dancing income on your 2004 return but absolutely none on your 2003 return).

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    Default Re:If I only danced three days last yr.....

    Melonie basically hits it on the head. You may be below the minimum filing threshold. Also, if you can knock your self-employment income below $400 with deductions (I don't know how much you made in the 3 days), there will be no self-employment tax due.

    One advantage of filing is that you could put the money in an IRA and allow it to grow tax free from here on out and have no current tax liability (although you may have a self-employment tax liability). Now, if you didn't have much income overall last year, you're only saving 10 cents on the dollar (plus state tax, if any), however you will still get the tax-free growth going forward.

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