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Thread: Ive read and still cofused...Taxes

  1. #1
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    Default Ive read and still cofused...Taxes

    I just recently started dancing...around mid-October and I only dance 1 or 2 nighrs a week and I haven't worked all January. This is my first time dancing ever and I'm reading through tax threads and I'm so lost, I don't know where to begin. I heard a horror story about a dancer being charged so much by the irs. Someone please help me out.

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    Default Re: Ive read and still cofused...Taxes

    It helps to talk to the other dancers about who does their taxes so you can find CPA who does dancer taxes. I cant do this myself this year so Im going to the CPA all the girls use at my small club.
    Its confusing I know and theres some answers SWers cant provide.
    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



  3. #3
    Yekhefah
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    Default Re: Ive read and still cofused...Taxes

    Keep a record of every night you work and how much you took home after tip-out. At the end of the year, add it all up. That's your income. Take that number to a CPA who deals with independent contractors (preferably other dancers) and let him figure it all out. They spend years learning how to save as much of your money as possible, so don't try and do it yourself. When you're self-employed the laws are ridiculously complicated.

    And like you mentioned, you can really wind up in trouble if you don't pay.

    Remember to keep receipts for dancer outfits, shoes, and whatever you bought for work. You can claim those items as deductions, and not have to pay as much tax.

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    God/dess montythegeek's Avatar
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    Default Re: Ive read and still cofused...Taxes

    Lady,
    The process is not hard at all, merely picky. If you have income and it is not in a paycheck with witholding, it is your reponsibility to pay estimated taxes. Once you get past generally understanding the form it should take a half-hour or so per quarter to do this.

    The key is keeping records- every day. Either get a pocket notebook, or get a check register at the bank. Once a week, while it is still fresh in your mind transfer this info to a spiral notebook with a section for income, and one for deductions. Never postpone doing this record keeping, or it will cost you money. You MUST keep organized or it will take 8 times as long later to sort things out and you will forget stuff.

    For all practical purposes, a low-dance-income will not have to pay much taxes beyond the social security (so called self-employment) 15% or so. The IRS is not going to seize yor car for $150 in taxes due, but a basic rule of nature is that "shit happens always at the wrong time", and your income is not high, so you do not have much flexibility.

    I cannot say it enough--keep good records,keep receipts, and do not delay records for a tv show or a gossip session. Do not say you will do it tomorrow. If you have to make it a rule that you cannot leave work until you write everything down, just take 5 minutes and everything will be fine. You can write stuff down in a little notebook while peeing.

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    Featured Member MadisonM's Avatar
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    Default Re: Ive read and still cofused...Taxes

    Keep all of your receipts for things you bought for work (clothes, shoes, makeup) and every night when you get home from work, write down how much money you brought home that night. If you also get paid from your club (besides tips) they will give you a tax form at the end of that year stating how much they paid you. If you have a checking or savings account that accumulates interest, your bank will also send you a tax document stating how much you made in interest that year. Take all these things to your accountant, and they hopefully will know what to do. Try to find someone who has worked with other dancers before, because they will be the most knowledgeable about what you can and can not use as deductions. Ask some of the girls you work with who they go to for taxes.

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    Default Re: Ive read and still cofused...Taxes

    Ha, this thread has helped me a lot. I'm pretty tax retarded in general.

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