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Thread: Who Does Your Taxes?

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    God/dess Bella21's Avatar
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    Default Who Does Your Taxes?

    Who goes to an organization like H&R block and who goes to an independent tax agent? In CA, does the government take 20%?
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    Default Re: Who Does Your Taxes?

    Oh yea, I'm a little wary of using Turbo tax... any feedback on that software?
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    Veteran Member DJ_WuLf's Avatar
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    Default Re: Who Does Your Taxes?

    Turbo Tax is the BEST software available. I've used it for 9 years as an Independant Contractor and Chapter S Corporation and never been audited. I "do" the taxes (in Turbotax) for several dancers here who actually file a return.

    It's difficult for an entertainer to go to H&R Block. They just do not understand the concept of cash payments with no records. I suggest an Accountant who knows the entertainment industry for the first year you file. Ask him ALOT of questions. Then do it yourself with Turbo Tax.
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    Default Re: Who Does Your Taxes?

    I can't find a place to download turbotax and I need it NOW to send in my taxes Does anyone know where I can get it?? Please help me!
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    Default Re: Who Does Your Taxes?

    are you taking about estimated quartlery payments?

    TurboTax comes out at the end of the year for filing the annual return.

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    Default Re: Who Does Your Taxes?

    Really? so turbo tax doesn't take care of quarterlies? How does everyone send those in then?
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    Default Re: Who Does Your Taxes?

    Well, it does and it doesn't. I used the 2003 version of TurboTax and it let me print out forms to send in for my quaterly payments for 2004.

    If you go to irs.gov and search for the 1040-ES form, you'll get it

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    Default Re: Who Does Your Taxes?

    Whew So december 15th is the deadline?
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    Default Re: Who Does Your Taxes?

    Actually the due dates on estimated tax payments are/were as follows

    1st quarter (jan, feb, march income) - April 15th 2004
    2nd quarter (april-may income) - June 15th 2004
    3rd quarter (june, july, aug income) - Sept 15th 2004
    4th quarter (sept, oct, nov, dec income) - Jan 15th 2005

    info for filing federal estimated taxes can be found at

    info for filing California estimated taxes can be found at

    The tax percentage you'll actually wind up owing is of course related to your declared income, your permissible deductions, tax favored investments (like home mortgage) etc. Very generally speaking, because it also includes FICA and self-employment tax, full time dancers will probably wind up paying something like 25% of their gross income in federal tax to the IRS and another 5% in gross income to the California Franchise Tax Board.

    As far as the Turbo Tax program, I've been using it for about 5 years now. The "appropriate" version for this year is called Turbo Tax Premier 2004 which is the only "personal" tax product which includes the Schedule C capability you will need (profit or loss from a business = independent contractor). A companion product you will also need is Turbo Tax State for California.

    Generally, assembly line tax accounting firms like H&R Block will not be all that familiar with small business tax filing procedures, nor will they be familiar with permissible tax deductions for dancers. As such, if you're going to pay an accountant be sure and pick one who has small business experience. But if you're willing to invest a few hours of your own time, you can do everything yourself with the two TurboTax products I mentioned.

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    Default Re: Who Does Your Taxes?

    thanks you guys!!!!
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    Featured Member GnBeret's Avatar
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    Default Re: Who Does Your Taxes?

    While I would agree that you're better off with Turbo Tax than an assembly-line processor like H&R Block, there are a couple of other considerations to factor into the equation that might make you lean towards employing an accountant if you can afford to do so - namely, it lessens the likelihood of your being audited and artificially creates a "first line of defense" if you are.
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    Default Re: Who Does Your Taxes?

    Whilst I "reconcile my accounts" on a monthly and quarterly basis via MYOB. I have an accountant who is worth every penny she costs (she costs a pretty penny too).

    Since this is the first year I'm going to be registered for GST (and therefore, have to do my BAS each quarter), she is going to help me out with my first BAS (Business Activity Statement). After the first one, she is going to "train" me (as such) to be able to do my BAS via MYOB.

    She already "trained" me on how to set-up MYOB so it is perfect for my situation.

    I also like having her do my yearly taxes (plus I will have her "go over" my quarterly tax and BAS as well) because I really do not want any trouble with the ATO (Australian Tax Office).

    As previously has been stated, I look at her as my first line of defense in re: audits. It will be "on her head" more than on my head as I would've had all my MYOB data "gone over" by her (quality control on my end, as well).

    Besides, it is thanks to her and how she managed to save me real big $$ in re: my 2003-2004 taxes that I was able to go over to Las Vegas.

    Whilst it may be "cheaper" to do it yourself... don't risk being audit-ed in my opinion and employ a professional ethical competant accountant. Yes.. someone who has experience with people in a cash based industry or even better... the exotic dance industry.

    I came across her due to my old long time club belong-ing to the same business yet not having the same accountant.


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    Default Re: Who Does Your Taxes?

    Ok, new question how much does everyone's accountant charge?
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    Default Re: Who Does Your Taxes?

    My accountant charges about $275+ to do my taxes...but with the amount of write-offs, etc...it's totally worth it. Peace of mind and knowing that my chances of being audited are very slim.

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    Default Re: Who Does Your Taxes?

    Quote Originally Posted by VenusGoddess
    My accountant charges about $275+ to do my taxes...but with the amount of write-offs, etc...it's totally worth it. Peace of mind and knowing that my chances of being audited are very slim.
    Mine charges $350 and he works with a lot of dancers so he understands that we have special accounting needs and knows all the stuff he can audit for me.
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    Default Re: Who Does Your Taxes?

    My accountant costs $400AUD per hour however she is very highly worth it. She helps me minimise my tax, always able to give me the proper and correct information and the company she works for ( PKF Bundall ) has a quality control system so that the information she does send me is correct.

    This is how I know what I can and cannot 'write' off. She won't cost as much as she did in the past as I'm now armed with the information that I require and use MYOB... therefore reducing the time it will take her to 'process' my tax (or even BAS).


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    Default Re: Who Does Your Taxes?

    I do my own.

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    Default Re: Who Does Your Taxes?

    Quote Originally Posted by DJ_WuLf
    It's difficult for an entertainer to go to H&R Block. They just do not understand the concept of cash payments with no records. I suggest an Accountant who knows the entertainment industry for the first year you file. Ask him ALOT of questions. Then do it yourself with Turbo Tax.
    I agree with you DJ Wulf that it may be difficult for an entertainer to go to H&R block,but not because they don't understand the concept of cash payments, but because it is somethng they wouldn't see very often. I have worked for block in Canada for 11 years and wouldn't have any problems doing a return for an entertainer, but up here they established what is called third-party penalties for tax preparers. That basically means that if I falsely prepared a return, or know that the clients info wasn't correct, ie she owns a house and 3 cars but only reported $ 20,000 in income, then I can be charged a penalty for doing that return. That is why I will tell anyone don't tell me anything they don't want me to know because then I would have to prepare the return based on that info, or not prepare it at all. And also keep a log of your daily income that way you have some kind of documentation should you get audited.
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    Default Re: Who Does Your Taxes?

    That basically means that if I falsely prepared a return, or know that the clients info wasn't correct, ie she owns a house and 3 cars but only reported $ 20,000 in income, then I can be charged a penalty for doing that return.
    The same is basically true of "professional" tax preparers in the US. However, in both cases, the tax preparer always has the "good faith" defense i.e. the person provided legitimate looking financial information for tax return preparation and asserted that that financial information they provided was complete and accurate.

    I'm sure though that as gov't budget problems get worse in both countries, tax laws and automatic cross-checks will continue to tighten - particularly in cases where there is no "official" employer/financial institution generated income documents to back up reported income claims.

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    Default Re: Who Does Your Taxes?

    Hi, I posted this on another thread... I was wondeirn gif I can get a "real" job that gives me a w2 and then write what I make as a dancer under "tips"?
    I want to start the quarterly thing next year, but I am worried about what to do for this year.. thanks!
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    Default Re: Who Does Your Taxes?

    Quote Originally Posted by gypsy_girlchild
    Hi, I posted this on another thread... I was wondeirn gif I can get a "real" job that gives me a w2 and then write what I make as a dancer under "tips"?
    I want to start the quarterly thing next year, but I am worried about what to do for this year.. thanks!
    Gypsy,
    You are in the realm of damage-mitigation. The answer to your last ? depends on how much you made and when. Penalties are calculated from how much and when it was due to when it was paid. They get real nasty if you do not pay by April 15 of the next year. You can still mitigate a lot of damage by paying q3 estimated taxes late since we are talking months not quarters or years.

    The answer to the first question is you can have a normal job and vastly overwithold there and not have to pay an estimated tax. It can be done, but it muddles the waters a lot and is rife with the potential to still end up short for the year and owe penalties. If a dancer is married and makes $1000 a week, hubby could overpay $300/week on his witholding and cover your shortfall. It gets so messy that except for partime dancers it is not worth it-easier to bite the bullet and keep things straight and file the estimates. The first time is a pain, but 2nd and 3rd time the pain is primarily writting the check.

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    Default Re: Who Does Your Taxes?

    Also, you wouldn't be able to work "any" job and claim tips. If you try to claim tips at a job that isn't tip based...and the company that you are working for isn't paying their share of the taxes on those tips...then you set yourself, the company, and the other employees up for being red-flagged for audits.

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    Default Re: Who Does Your Taxes?

    Thanks for the advice, I am currently trying to find the number for a CPA that does taxes for dancers to see what he has to say.
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    Default Re: Who Does Your Taxes?

    Turbo tax is a fairly solid tax software, but like all software it is a matter of garbage in then garbage out.

    The advantage of using an accountant, and even H&R Block, is that if a mathamatical error, failure to file the proper form, filing an improper form, or a gross error in interpitation of tax law, results in penalties the firm will usually pay the penalty but you will have to pay the tax liability. Penalties arising form insufficent or inaccurate information provided to the accountant are usually not covered by the firm.

    As for who does my taxes? I do.

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    Default Re: Who Does Your Taxes?

    ^LOL, Jon...I love your siggy line!! Haahaa

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