Results 1 to 6 of 6

Thread: Now making only cash...taxes?

  1. #1
    Senior Member slashingbeauty's Avatar
    Joined
    Aug 2003
    Location
    Anywhere but here
    Posts
    116
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Now making only cash...taxes?

    Alright, here it is:
    Even though I danced for over four years, I always had a paycheck coming in (from the club). Now that I am a bartender/waitress, I only make cash. I've asked to be put on payroll and been denied. Fine.
    So here's my question: Doing my taxes has been relatively easy, with a paycheck. Now what do I do? Am I supposed to save receipts? Keep track of my cash? Should I hire a tax-wise person to do them for me so I don't have to liquefy my brain trying to figure it out?
    Any help would be apperciated.
    Also (to make the post even longer for you I am considering going back to dancing in order to make more $$. As in, money that I would save, not spend. What are your best ways to save this $$ (I am a Spender, I can't help it). I would really prefer to put it somewhere where I can't touch it for 5 years or more.
    I hate money sometimes!

    -slashingbeauty

  2. #2
    God/dess GoldCoastGirl's Avatar
    Joined
    Oct 2002
    Location
    ...hehehe... email me to ask me where i am ! (i dare you!)
    Posts
    11,486
    Thanks
    42
    Thanked 127 Times in 51 Posts

    Default Re: Now making only cash...taxes?

    All the above questions and even some you havn't even thought about have been responded to already. Actually go "into" each of the threads on the first two pages and you'll most likely find the information you are seeking.



    enter: E3167322D9 for your 10% discount

  3. #3
    Member bloodyfun's Avatar
    Joined
    Oct 2004
    Posts
    15
    Thanks
    0
    Thanked 1 Time in 1 Post

    Default Re: Now making only cash...taxes?

    if you dont want to touch your money, best thing to do is get CDs.

    Here's a hint on maximizing your savings.

    For this excercise, we are assuming $5000 per CD

    for every $5000 you save, buy a CD

    the first one, you but for 1 year maturity

    the next one for two year maturity

    the next one for the three years, etc...

    When the first 1 year CD matures, take that money and put it in a 5 year CD

    heres what happens.


    You end up in a situation where after 5 years, you have 5 5 year CDs.

    But, because of the way they were staggered, each one will mature 1 year apart.

    So not only do you get the best interest possible from your CDs, you'll always have at least one getting ready to mature.

    That way, if you run into financial trouble, you've got a CD waiting for you.

  4. The Following User Says Thank You to bloodyfun For This Useful Post:


  5. #4
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: Now making only cash...taxes?

    welcome to the world of independent contractor self-employment, with estimated tax payments, self-employment tax payments, etc. On the flip side, you'll get to deduct business expenses. There's a ton of info here on this subject - everything that applies to an independent contractor dancer also applies to an independent contractor waitress.

  6. #5
    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: Now making only cash...taxes?

    Get Microsoft Money [disclosure, I own Microsoft stock, about 120 shares] or Quicken. Either will handle the accounting for you. Both have tax programs that will walk you through the tax returns you now have to file. You'll have to do quarterly returns as well as your annual return. Once you have it set up it doesn't take more than an hour a week to keep things going. You will need to save receipts for deductible items. You will need to keep track of your income. When I danced, I took all my money to the credit union ATM every night and deposited it. The next day, I sorted it into the proper accounts. MS Money will work with most bank and credit union online systems. Or you can go online with most banks and credit unions to move things around. There's a really good thread below on how much to save for taxes. I used a separate account, called the "tax account" for that. While you are setting up the online thing with your credit union or bank, I'd go ahead and set up for online bill pay. MS Money can do that as well. Once you have everything set up through the credit union and with MS Money, it is so easy to pay your bills and keep track of accounts.

    Good luck,
    Z

  7. #6
    Senior Member slashingbeauty's Avatar
    Joined
    Aug 2003
    Location
    Anywhere but here
    Posts
    116
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re: Now making only cash...taxes?

    Thank you everyone!! Hopefully this won't be so confusing for me after I get used to all of the differences. I appreciate your help!

    -slashingbeauty

Similar Threads

  1. Cash gifts & Taxes
    By cortigiana in forum Dollar Den
    Replies: 9
    Last Post: 12-07-2012, 12:34 PM
  2. Replies: 0
    Last Post: 08-27-2011, 01:08 AM
  3. Replies: 39
    Last Post: 03-16-2009, 08:59 AM
  4. Replies: 0
    Last Post: 05-22-2008, 01:34 AM
  5. Replies: 6
    Last Post: 05-01-2008, 01:07 PM

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
  •