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Thread: It's time to think about Income Taxes again

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    Banned Melonie's Avatar
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    Default It's time to think about Income Taxes again

    $10 off on my favorite program which can handle independent contractor income as well as investment income.

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    God/dess Emily's Avatar
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    Default Re: It's time to think about Income Taxes again

    Mel, don't act like you need a special time of year to think about taxes.

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    Veteran Member DJ_WuLf's Avatar
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    Default Re: It's time to think about Income Taxes again

    Well it makes ya think ALOT harder when the 1099's and the W-2's start showing up in the mail. I got my first 1099 on Monday.

    Don't forget that MANY people can file using turbotax for FREE. Check it out at http://www.taxfreedom.com/ after Jan 18th.
    14 years working in Strip Clubs. "What a long strange trip it's been"

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    Banned Melonie's Avatar
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    Default Re: It's time to think about Income Taxes again

    Don't forget that MANY people can file using turbotax for FREE. Check it out at after Jan 18th.
    True, but the 'free' turbotax feature has, in the past, not included Schedule C Independent Contractor income reporting capability, investment income reporting capability etc. It's typically for 'employees' who do not itemize deductions and who can file on a 1040EZ, thus not suitable for 99% of dancers.


    Well it makes ya think ALOT harder when the 1099's and the W-2's start showing up in the mail. I got my first 1099 on Monday
    My first couple of 1099's showed up in my mailbox this week as well.

    Well, THIS is the area where the feces may hit the fan for independent contractor dancers this year ! If and when a 1099 from their club arrives in their mailbox, they'll be forced to worry about filing an income tax return ... and also likely forced to worry about calculating and paying 2004 estimated tax non-payment penalties etc.
    Last edited by Melonie; 01-04-2005 at 07:07 PM.

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    Senior Member Fuschia's Avatar
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    Default Re: It's time to think about Income Taxes again

    Okay, I'm a bit confused. We're supposed to pay taxes quarterly. I get that. So the Jan 5th deadline is for what quarter? Do we also have to file with everyone else on April 15, other than a quarterly? I did work a "regular" job for part of 2004.

    And how many times can you use this Turbo Tax? Is this for the quarterly payments, too? I don't have the money for an accountant right now, so I'm on my own here. I did read all the posts I could find in this section, but I am still awfully confused....

    Fuschia

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    Senior Member Fuschia's Avatar
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    Default Re: It's time to think about Income Taxes again

    Okay, answered one of my questions with a little more searching-about which quarter we're filing for Jan 15. Whew.

    Fuschia

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    God/dess Emily's Avatar
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    Default Re: It's time to think about Income Taxes again

    You can use TurboTax to print out the forms for estimated taxes. When I used Tubotax to file my 2003 return, it asked me what I thought I'd be making in 2004 and it estimated what I'd need to pay in taxes for the year, and then divided by 4 for the quarter, which is essentially what I am paying. So I printed out these little vouchers and use those when I send in my quarterly payments. They also had the same thing going for my state. I was on my own for local county taxes.

    You don't actually "file" estimated taxes. You just send in a check in every quarter much the same as your employer would do for you every pay period if you had a normal paycheck job. If you are really unsure and can't hire someone, the best thing to do is overestimate what you owe and send that in.

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    Veteran Member DJ_WuLf's Avatar
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    Default Re: It's time to think about Income Taxes again

    The "Free" version of Turbo Tax DOES include Sched. C. It always has (for the past 10 years anyway) but its just not promoted by intuit. One lof the things they dont WANT you to know. It includes ALL the schedules (A D E ... even depreciation tables). Just no free advice about them. I really don't want or need anyones advice about how to fill out a 1040 so its perfect except for that limitation on AGI. BUT .... IMHO ...Anyone with an AGI above 30K needs more depreciation and deductions on that pesky Sched C.

    The REAL Beauty of the free Turbo Tax is that you can "Play" with the numbers to get the result(s) you desire BEFORE you e-file. VERY Valuable at least to a creative person. This is invaluable when doing taxes for a person who has NO Idea (and no documentation) about how much money they earned during the year . This describes many dancers situations therefore making FREE turbo Tax probably the BEST choice for dancers!

    The FREE Turbo Tax will do everything the Pay (or CD) version will do other than offer you advice. TRY IT ....its free!
    14 years working in Strip Clubs. "What a long strange trip it's been"

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    Senior Member Fuschia's Avatar
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    Default Re: It's time to think about Income Taxes again

    Quote Originally Posted by Emily
    You don't actually "file" estimated taxes. You just send in a check in every quarter much the same as your employer would do for you every pay period if you had a normal paycheck job. If you are really unsure and can't hire someone, the best thing to do is overestimate what you owe and send that in.
    That makes SO much more sense. So I base what I send on the year before's earnings as well as what I estimate I will make in the current year, yes? And I do all the deduction and figuring when I actually file for 2004 (in April)? Thanks for everyone's help!

    Fuschia

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    God/dess Emily's Avatar
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    Default Re: It's time to think about Income Taxes again

    On Jan 15th, you send in for the 4th quarter of of 2004. If you didn't send anything in for the first 3 quaters of 2004 (they have deadlines of Apr 15, Jun 15 and Sept 15), you should do those as well. On April 15th, 2005, you have filed your 2004 return (or file an extension) with everything you owe (you may owe penalties if you did not send in paymesnts for the first 3Qs on their due dates).....as well as your estimated payments for the 1st quarter of 2005.

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    Senior Member Fuschia's Avatar
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    Default Re: It's time to think about Income Taxes again

    Thanks! I went and got a copy of TurboTax today, and am now up to my ears in long words and math. Fun! I'm starting to get the idea of it all, slowly-I really think they should teach this stuff in school. I'm good at math and all, but I'll never forget having to do a partial year resident form for MA-I cried. Though maybe teaching us how to actually help ourselves might not help the CPAs of the world.

    I'm not sure I actually have enough to pay the Jan 15th payment, but I think I've figured out how much I should send! I WILL be saving for the next payment. Lesson learned.

    Fuschia

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    Default Re: It's time to think about Income Taxes again

    I'm not sure I actually have enough to pay the Jan 15th payment, but I think I've figured out how much I should send! I WILL be saving for the next payment. Lesson learned.
    Fuschia, the four quarterly estimated tax payments are intended to be a rough substitute for the 'pay as you go' income tax payments taken out of the weekly paychecks of employees. However the next quarter coming up is also the income tax filing date - April 15th. On April 15th 2005, ALL of the taxes for all four quarters of 2004 are due and payable ON TOP OF the estimated tax payment for first quarter 2005. Also on April 15th 2005, any penalties resulting for non-payment/underpayment of estimated taxes during 2004 are due. If you don't have enough money to make the Jan 15th payment, and if you haven't previously sent in any estimated tax payments for earlier quarters of 2004, you've got a lot of money to earn between now and April 15th !

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    Senior Member Fuschia's Avatar
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    Default Re: It's time to think about Income Taxes again

    Thankfully, I only have the last quarter to pay-I had a "regular" job before then, so I had taxes taken out!

    Fuschia

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    Banned Melonie's Avatar
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    Default Re: It's time to think about Income Taxes again

    Quote Originally Posted by Fuschia
    Thankfully, I only have the last quarter to pay-I had a "regular" job before then, so I had taxes taken out!

    Fuschia
    Thankfully indeed !!~

    However, be aware that in all probability the amount of taxes withheld by your former employer probably assumed that your only 2004 income would be his paychecks. Therefore if you earned significantly more money as a dancer in the 4th quarter than you did at your former job, that your tax bracket may be kicked upwards and that you may owe more taxes on your employer paychecks than he withheld. You'll find this out pretty quickly as you start jamming numbers into the TurboTax program.

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