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Thread: Taxes have me so nervous.... and clueless.

  1. #1
    Reznor
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    Default Taxes have me so nervous.... and clueless.

    I want to do my taxes! Yes that's right, for real. And I don't even know where to start. No receipts no W2's, no proof of income. No records no nothing. wtf? I know most girls don't do taxes. But I want to! I know I'll have to pay a lump sum and possibly be penalized. I don't mind that. My club keeps records of what we pay them, and how many dances we do, but they won't tell me how to get that info. They keep passing me to someone else.

    How the hell am I supposed to do this? I'm freaking out.

  2. #2
    God/dess scarlett_vancouver's Avatar
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    Default Re: Taxes have me so nervous.... and clueless.

    Ask louder. If you haven't been keeping those records yourself, you NEED the info the club has.

    Feature costumes for sale!

  3. #3
    Cally
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    Default Re: Taxes have me so nervous.... and clueless.

    Im having kind of the same problem.. im freaking out because I didnt do my taxes last year and I didnt keep track of anything from this year... Im almost scared to even try to do them. I have no clue how to even do my taxes let along find all this stuff.

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    God/dess Emily's Avatar
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    Default Re: Taxes have me so nervous.... and clueless.

    If you can't find accurate records, you should at least be able to estimate, right?

    I mean, if you know you make around $250 per night, and you usually work 4 nights per week, you can figure out what you made for the year.

  5. #5
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    Default Re: Taxes have me so nervous.... and clueless.

    Or use your bank deposits and monthly bills to estimate. Get all of your statements and receipts together to come up with something. But this should be a good wake-up call to start keeping track this year!

  6. #6
    Cally
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    Default Re: Taxes have me so nervous.... and clueless.

    ^^^ Oh it is Susan... I feel like a moron for not keeping records. I've already started for the next tax year... just have to worry about the last two years.

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    Default Re: Taxes have me so nervous.... and clueless.

    Oh Cally I feel you. I was shocked at how much I'm supposed to pay for GST...

    Doesn't help that I don't know one damn dancer i've met around here that pays taxes. They find it hilarious. There are those dancers that collect welfare...

  8. #8
    Cally
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    Default Re: Taxes have me so nervous.... and clueless.

    Yea I know a few dancers who collect welfare or dont pay taxes... actually I dont know many girls who pay taxes at all. They laughed when I mentioned im keep my reciepts for tanning, nails etc... meh... they're the ones who will get nailed in the long run.

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    Banned Melonie's Avatar
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    Default Re: Taxes have me so nervous.... and clueless.

    Yea I know a few dancers who collect welfare or dont pay taxes... actually I dont know many girls who pay taxes at all. They laughed when I mentioned im keep my reciepts for tanning, nails etc... meh... they're the ones who will get nailed in the long run.
    You're absolutely correct ... and probably sooner than later given the recent changes in the IRS focus towards 'cash' businesses, the automatic transaction reporting requirements which are now in place, and the auditing of more clubs due to recent high profile credit card overcharging lawsuits. If/when the IRS and state tax people discover that these girls are not only deliberately refusing to report their incomes and pay taxes, but that they are also collecting social benefit checks and services based on 'fraudulent' benefit eligibility applications, they'll be lucky to avoid jail time.

  10. #10
    God/dess scarlett_vancouver's Avatar
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    Default Re: Taxes have me so nervous.... and clueless.

    Cally and Molly, I can help you with your taxes if you want. Just ask questions, I read tax books for fun
    Start a Canadian tax thread.

    Molly, what do you mean you have to pay GST? In your situation that doesn't make sense.

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  11. #11
    God/dess scarlett_vancouver's Avatar
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    Default Re: Taxes have me so nervous.... and clueless.

    PS do last years taxes pronto...we're lucky in Canada that we don't have to file quarterly (but we can if we want), but the downside is that interest has been growing on what you owe from last year since last June.

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    Default Re: Taxes have me so nervous.... and clueless.

    thank you scarlett...yeah, I've only gotten speculative advice from imbeciles. I need to get on this shit...my dad used to do my taxes when I worked for the vet hospital, but I don't want him doing them now.

  13. #13
    God/dess Deogol's Avatar
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    Default Re: Taxes have me so nervous.... and clueless.

    Quote Originally Posted by mollyzmoon
    Doesn't help that I don't know one damn dancer i've met around here that pays taxes. They find it hilarious. There are those dancers that collect welfare...
    Yep - they will get busted. And they will always be looking over their shoulder when they are done dancing too.

    Yea, they got it all figured out... not.

  14. #14
    God/dess Emily's Avatar
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    Default Re: Taxes have me so nervous.... and clueless.

    Even if they never get busted, they will leave the business with NOTHING to show for it.

    I pay taxes not because I'm afraid of getting caught (although that's part of it)...but I do because I'm greedy. I love having my investments.

  15. #15
    Reznor
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    Default Re: Taxes have me so nervous.... and clueless.

    So what do I do?

    If I shell out 200 bucks for an accountant would he take my word for it and make it all nice and organized?

  16. #16
    God/dess Emily's Avatar
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    Default Re: Taxes have me so nervous.... and clueless.

    You could do it on turbotax if you wanted (that's what I do).

    Yeah, he'll take your word for it. The IRS is the one you have to convince and a tax preparer will help you with putting it all together.

  17. #17
    Senior Member DanMorris95156's Avatar
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    Default Re: Taxes have me so nervous.... and clueless.

    Reznor -

    Taxpreparers are to rely upon your information unless they have information to the contrary or for some really larger reason they believe you are misprepresnting the facts. Don't suggest that you aren't being truthful and your accountant should accept your records and recollection of the facts.

    Be open and honest and I am sure your accountant will help you.

    Regards,

    Dan Morris
    Daniel D. Morris, CPA
    [email protected]

  18. #18
    Featured Member Lizette's Avatar
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    Default Re: Taxes have me so nervous.... and clueless.

    Quote Originally Posted by Reznor
    So what do I do?

    If I shell out 200 bucks for an accountant would he take my word for it and make it all nice and organized?
    I too vote for TurboTax. If you plan to deduct business expenses, use the Premier version ($60 on amazon.com). If not, use the Deluxe version ($35). It's *very* easy to use.

    If you do not have receipts for your expenses, you could use credit card statements, PayPal statements, and cancelled checks. If you paid cash for them, well, I guess you can't deduct them because you have no proof.

  19. #19
    AlexxaHex
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    Default Re: Taxes have me so nervous.... and clueless.

    I'm curious to know if each period starts and ends with January 1st or if there is another date when you start and end the fiscal year?

    I started dancing in November, but I'm not sure if I should start documenting from January or not.

    I haven't done my taxes in YEARS. I'm so clueless as to how to go about doing it without W2s. Been self-employed for close to 6 years, but I was making less than $30K in NYS and I heard that I didn't have to file. I'm in CA now so I think the minimum income is different.

    I should probably just start keeping better track and just hire an accountant.

  20. #20
    Featured Member goreantx's Avatar
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    Default Re: Taxes have me so nervous.... and clueless.

    Someone told me you have to pay 40% of your income if you report as tips and only 5% if you set up a business, then pay yourself a "salary" and credit the profits as business profits.

    I think the easiest way to figure out taxes is to go around the club until you find an accountant who wants company and grill him about it.

  21. #21
    Curious Guest
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    Default Re: Taxes have me so nervous.... and clueless.

    What category on the schedule C would these costs go under? Do tanning and lotions etc go under the same category? My options to choose from are
    A. Materials/supplies, COGS
    B. Repairs/Maintainance
    C. Other business expenses (keep in mind anything in this category will be itemized at the end of schedule C visible to the IRS)
    D. Supplies

    I have a bookkeeper helping me, unfortunately she's never done taxes for a dancer. We know the basics but no short cuts can anyone help?

  22. #22
    Banned Melonie's Avatar
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    Default Re: Taxes have me so nervous.... and clueless.

    as moderator I would remind everyone to think twice before posting any statements which could be construed by aggressive IRS or state tax auditors who might be visiting this site to be an admission of past tax evasion. For a fact New Yorkers are/were required to file tax returns if they have over $700 in earned income in a single year, not $30,000 !

    As to 'fiscal' years, for individuals and sole proprietor (independent contractor) businesses, the tax year is January 1 to January 1. Some corporations choose to start/end their year on different dates to take advantages of seasonal trends in business ... i.e. an incorporated northern dancer might choose October 1 to October 1 in order to gain 'interest' on taxes resulting from typically higher summer earnings.

    Incorporating can offer some advantages for dancers who travel frequently, who operate in several different states, who wish to provide themselves health benefits, who have 'high' expenses i.e. feature costumes and driving 25,000 miles per year from club to club. Incorporating offers essentially no advantages for dancers who work at one local club near where they live, plus being incorporated may actually increase accounting costs due to the necessity of keeping corporate records and filing two tax returns (corporation plus individual).

    As to attempting to deduct tanning, lotions etc. I strongly suggest that you use the SEARCH function with the entry 'housewife test'.

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