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Thread: I really want to pay taxes! Help!!

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    Member heavensqt's Avatar
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    Default I really want to pay taxes! Help!!

    OK I've looked around on here but I can't really seem to find the info. to answer my questions. Any input from you ladies would be great!

    I started dancing Jan. 2006 and only worked to pay off my car note, car insurance, gas, and personal needs. The car is not under my name and I was only added as a driver on my brothers insurance. I have no bills, bank account,credit cards or paper trails. I'm a student at a cosmetology school and was given a pell grant to pay for all of my schooling. This is the main reason I want to pay my taxes.

    I only worked about 3 nights a month and some months I didn't even work (my b/f took care of my payments) so I'd say I only made a few thousand (6-7). At the clubs I worked at I signed maybe 3 1099 sheets. I don't have any receipts that show what I invested into myself for deductions. So here are my questions..

    * Question 1: Do I need receipts to get tax deductions on house fees, shoes, outfits,and my license or can I give an estimate?

    * Question 2: Will I be paying back a lot of money or will I get money back? How will this work... I don't have any money saved but someone told me if I file I will get money back and I'll send back in some of that money to pay for my taxes. True/False

    * Question 3: What happens to the 1099's I sign at the club when I get hired? Where do they go? Does the IRS get these?

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    Member heavensqt's Avatar
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    Default Re: I really want to pay taxes! Help!!

    One other question... If and when you get a 1099 in the mail what income is repoted on that? I don't think the clubs have any info on what I've made. Maybe only when I've been payed with a credit card but that hasn't been much money maybe in total 1000 for all 3 clubs.

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    God/dess VenusGoddess's Avatar
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    Default Re: I really want to pay taxes! Help!!

    You'll need a receipt for all store-bought items. If you had to buy a license, that is pretty much your receipt. You would need a receipt for housefees, but most clubs won't give them. You will most likely have to pay money on your taxes. The 1099 you sign at the club is giving the club the info they need to report your earning to the IRS. Yes, the IRS gets this information. When you get the 1099, it will show however much you earned at the club that they could track (usually credit card tips/money). You should get a 1099 from each club that you worked at, if you filled out a 1099 form.

    When you file, you either send what you owe or you wait for a refund. Most IC's owe taxes...and you are an IC (Independant Contractor) if you fill out a 1099.

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    Featured Member Katherine's Avatar
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    Default Re: I really want to pay taxes! Help!!

    You actually don't need to pay taxes on less than (I'm pretty sure- please confirm this somewhere) 7,300. Below that and you pay 0%... I've only pulled in like 2-6 grand myself for quite a few years, so didn't bother. I didn't even file (which that's wrong and I'm afraid of being flagged as I'm making a significantly higher income now and filing and paying this year...). So I wouldn't be too worried.

    If you've gone above that, you may be able to get back below with whatever deductions you have coming, or you need to get an accountant...

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    Default Re: I really want to pay taxes! Help!!

    yes you must file a tax return if your annual income exceeds $700. But in fact you won't actually have to pay any significant amounts of income tax until your income starts approaching $30k ! Now the self-employment tax is another story, because you'll be hit with that 15.3% Social Security/medicare tax essentially from the first dollar that you earn.

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    God/dess VenusGoddess's Avatar
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    Default Re: I really want to pay taxes! Help!!

    Quote Originally Posted by Katherine View Post
    You actually don't need to pay taxes on less than (I'm pretty sure- please confirm this somewhere) 7,300. Below that and you pay 0%... I've only pulled in like 2-6 grand myself for quite a few years, so didn't bother. I didn't even file (which that's wrong and I'm afraid of being flagged as I'm making a significantly higher income now and filing and paying this year...). So I wouldn't be too worried.

    If you've gone above that, you may be able to get back below with whatever deductions you have coming, or you need to get an accountant...
    Maybe for a W-2 wage earner...but not for an IC. An IC pays taxes no matter how much or little they make through the year. A W-2 employee pays taxes out of their earnings...

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    Member heavensqt's Avatar
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    Default Re: I really want to pay taxes! Help!!

    ok well no matter what I'm going to file but should I wait for the 1099's to come in. I don't think they will since when I filled the papers out I put old home addresses b/c I didn't want them to go to my moms house and have her find out what I was doing. Now I'm sure I've only made about 1,000 or so on credit cards the rest was cash. Do you think I'll be safe if I file without them?

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    Default Re: I really want to pay taxes! Help!!

    You need to make sure you get whatever 1099s are coming to you. That WILL be forwarded to the IRS so you need to make sure what you report agrees with the 1099s.

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    Default Re: I really want to pay taxes! Help!!

    ^ Yes. Call the clubs up and tell them you need to have the 1099's sent to a new address. Have them sent to a friend's house if you don't want your mom seeing them...but you should not file your taxes without those 1099's. If what you claim on your 1099 is different than what they say you made, it'll just cause more work. Wait for the 1099's.

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    Featured Member Katherine's Avatar
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    Default Re: I really want to pay taxes! Help!!

    Sorry, my mistake (with my last post). Thanks for clearing that up.

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    Default Re: I really want to pay taxes! Help!!

    I know a little about this. I did taxes in college and am now a financial advisor. Simple answers to your questions,
    One: Do try to get as many receipts as possible they will help and if audits do happen and can go back for years.
    Two: True, back taxes do happen occasionally but more often than not you will have a return (from any money that club pays you). I make that caveat because although I would suggest you report your tips, it is at your discretion.
    Three: Your 1099 form should have been sent to the IRS, and it means that you are an independent contractor, and has room for reporting Misc. income. Ask your employer for another copy if you can’t find yours.

    As suggested by another member see an accountant if it gets to be too much, but there are free services at lots of locations nation wide, look for CVITA programs.

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