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Thread: A B C'S for Taxes

  1. #1
    Veteran Member Stipperella's Avatar
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    Default A B C'S for Taxes

    I will soon start dancing and still after reading alot in the Dollar Den I am still clueless about Taxes. I need a little a b c's lesson. I don't want to get in trouble with the IRS.

    Let's start from the beginning

    i start dancing make x amount of dollars lets say a month and then?
    where should i put it? save it? should i save all or no? should i stay away from banks? should i put it in the bank? Should i keep all at home? and what do you mean declare? How do you declare?

    I;m sorry I am the cluelessest girl in this dollar den forum. I don't get it at all.

    Hopefully someone can guide me. or can advise me of what book to read. Taxes for dummies maybe if it exsists?

    Thanks!!!!!!!!!!!

  2. #2
    God/dess VenusGoddess's Avatar
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    Default Re: A B C'S for Taxes

    Get a qualified accountant.

    A. Keep track of your earnings per your accountant's advice.
    B. Give that information to your accountant.
    C. Let you accountant do your taxes when they are due.



    Hope that helps!

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    Default Re: A B C'S for Taxes

    Is doing taxes really that easy? BTW, thanks VG..I hope its that simple.
    Or does that only apply for people who have good accountants that are familiar with the industry?

    Stripperella- Youre not alone. I have never done my taxes. My mom always adds me in. Even when I was dancing I didnt do them. Never claimed anything- not a dime. That year I was on my mom's taxes. Actually, doing that is probably not a good idea.

    <------re thinks financial plan
    you live like an ivy vine
    you can only survive by clinging onto trees
    that's your flaw
    put down some roots so you can stand on your own
    -Kenpachi



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    God/dess VenusGoddess's Avatar
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    Default Re: A B C'S for Taxes

    You really need to have your taxes done by a qualified accountant (one who is familiar with the industry). I recommend it for anyone receiving a paycheck from a club and ESPECIALLY for anyone who is an IC (Independant Contractor) since you have to file every quarter...it's just easier to give the figures to the accountant and let them do the work.

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    Banned Melonie's Avatar
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    Default Re: A B C'S for Taxes

    before we can even start with a,b,c's we need to know whether the club you're dancing at treats you as an employee (the club collects money from customers, and you get a paycheck from the club every week with taxes withheld) or as an independent contractor (you collect money from customers directly and pay fees/percentages to the club). Two totally different sets of IRS rules and reporting procedures apply in the two different cases.

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    Senior Member Fuschia's Avatar
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    Default Re: A B C'S for Taxes

    This all brings me to the question...how do you find an accoutant who's familiar with dancing, and is not going to be a big perv? The girls I've talked to in OH all seem to do their own taxes.

    Also-if you dance part time, are the tax rules still the same?

    Fuschia

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    Veteran Member Stipperella's Avatar
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    Default Re: A B C'S for Taxes

    Independant contractor.... two nights a week

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    God/dess VenusGoddess's Avatar
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    Default Re: A B C'S for Taxes

    Quote Originally Posted by Fuschia

    Also-if you dance part time, are the tax rules still the same?

    Fuschia
    Yes...they're the same.

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    Veteran Member Artemis's Avatar
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    Default Re: A B C'S for Taxes

    Finding an accountant isn't that easy. I've been trying to figure all this tax stuff out since I got on this site, and I still haven't got it. I am having a super hard time finding an accountant familiar with the industry. I got a book called The Idiots Guide to Accounting, and I'm learning a bit of the terminology, but it's really more for people with a business.
    Artemis

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    Default Re: A B C'S for Taxes

    You may be able to get some names from your club manager...

  11. #11
    Member Jon_CPA's Avatar
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    Default Re: A B C'S for Taxes

    Quote Originally Posted by Artemis
    Finding an accountant isn't that easy. I've been trying to figure all this tax stuff out since I got on this site, and I still haven't got it. I am having a super hard time finding an accountant familiar with the industry. I got a book called The Idiots Guide to Accounting, and I'm learning a bit of the terminology, but it's really more for people with a business.
    But Atremis, you are in business!!

    1. Start by asking the other people in your profession, ie dancers, DJs, Club managers, ect.
    2. Ask other people in similar professions, Belly dancers, Actors/Actresses, Musicians, Models. The key is that they are all in the entertainment industry. The Basics for the tax accounting is similar the specifics of the industry vary. An accountant who has learned basics of the entertainment is more likely to have learned the specifics of your industry than an accountant who does not deal with any entertainment clients.
    3. The phone book!! look for sole practioner CPAs. When you call them you can ask what type of clients they deal with. You can tell them you are in the entertainment industry (you don't have to tell them the specifics)
    4. Search the web, put in your area, taxes, CPA, and "entertainment industry". See what turns up.
    5. Check with your state's CPA Society. Call them and tell them you are in the entertainment industry looking for a CPA who deals with entertainment clients.
    Hope this helps

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