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Thread: Never paid taxes

  1. #1
    Veteran Member Vegas_dancer's Avatar
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    Default Never paid taxes

    I have danced off and on for 3 years, and I have decided to turn it into a full time job that I can retire from. I have neverpaid taxes from dancing before. I have nothing in my own name, my bank car, credit cards, they are all my boyfriends.

    Anyway, I want to start a savings account, and other accounts so I can begin invesing my money and saving. I have no idea where to start on this. How much should I save for taxes? Should I open a seperate account just for my tax money, and a seperate savings account? How much should I save for taxes? I know its around 30%, but do you actually claim eveyrthign you make, or shave a little off? Then when its time to pay every quarter, you just fill out the slip and mail it in and hope they get it? After you have a little money saved up, what is a good way to start investing with a small amount?

    I want to start acting like I own a business and actually run it professionally, and I have no idea where to start, except I have been reading everything in this forum. Is there any other sugestions?

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    Veteran Member StuartL's Avatar
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    Default Re: Never paid taxes

    Being on the 'up and up' is a good place to start.

    If i were you, I'd open several bank accounts. Use one to save tax money into, so that it is there available to pay as and when needed. For now, at least, open another account that you save into and don't touch. Use this as your 'emergency fund'. Try and build it up to be the equivalent of 2/3 months money. If you are ill or injured and cannot work, this is how you will survive short term.

    Don't even think about investments until you have sorted that out.

    Next, find an accountant. get him or her to help put your taxes and deductions in order. Get and stay legal.

    It will be a while before you get these things sorted out.

    Good luck for now!

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    Banned Melonie's Avatar
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    Default Re: Never paid taxes

    Besides the possible tax enforcement issue, there is another issue of great importance too. If there is no 'paper trail' to show where money / earnings came from, in the mind of loan officers and bankers you have no official assets or official earnings potential. Thus if you earn say $50,000+ this year, but don't officially report the earnings and pay taxes on those earnings, from the standpoint of getting a future mortgage or a car loan you're officially unemployed (and living off of your boyfriend's income). If your boyfriend decides to hit the road, officially speaking all money that you have run through his bank accounts is HIS money not yours - any vehicle purchased and registered under your boyfriend's name is HIS vehicle not yours etc.

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    Veteran Member StuartL's Avatar
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    Default Re: Never paid taxes

    Good point. Well presented!!

    On a slightly different point, this is the opposite to what normally happens. I have met about 20 females (through work, obviously) who have bought something 'they really needed', which is usually a joint holiday. She paid for it on her credit card and he buggered off leaving her with the debts.

    It is always wise to keep a little something tucked away that only you know about.

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    Veteran Member Vegas_dancer's Avatar
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    Default Re: Never paid taxes

    The reason everything is in my boyfriends name is because my credit is very bad. I was irresponsbile when I was younger, and also had a lot of medical bills that I never paid. I couldnt get a car loan or mortage if I wanted to. I would like to start building my own credit up, but its such a mess, I dont know where to start. about 8grand in medical bills, 2 car repos.....
    We have been together for over 5 years, its a stable relationship, even if we did end it, he would never screw me over,it would screw him worse, because he cant afford all the credit he carries without my income, because his credit is carrying 2 people on it.

    I just want to start carrying myself, being self sufficient, have credit and start saving money for when I retire.

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