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Thread: still confused on taxes

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    Veteran Member heavenlyheidi's Avatar
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    Default still confused on taxes

    Last year i worked at two different clubs...one was only for about a month on weekends, the other was in atlanta. I had no credit card transactions there.

    I am still my club now and i am totally confused on what the deal is with taxes and i have been reading the forums and searching. First off, i dont think i need to file for last year because i hardly made anything and i had just started dancing.

    I am confused on what will happen to me next year....do dancers report their full income? What does the club report if they dont know what we make?

    I am a student and i get living expense loans from my school....so its not like i have zero income. I know that with CC transactions they keep track of our names but im not sure why. Does student status help?

    help!!!

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    Banned Melonie's Avatar
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    Default Re: still confused on taxes

    if you earned more than $700 total in 2006 the IRS requires you to file a tax return. At the very minimum you will wind up having to pay 15.3% self-employment tax on your 2006 dancing earnings.

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    Veteran Member heavenlyheidi's Avatar
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    Default Re: still confused on taxes

    how do clubs report this? girls at the club in alabama only reported the money they made from drinks. i am not sure about the club i am at now, but i only worked a couple times.

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    Veteran Member heavenlyheidi's Avatar
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    Default Re: still confused on taxes

    on a side note, i worked a regular job lsat year too and i am filing my w2 for that. As far as next year, what do i file?Does my work send me anything? What if most of my income comes from school loans?

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    Banned Melonie's Avatar
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    Default Re: still confused on taxes

    #1 - borrowed money does not count as income, since you will eventually have to pay it back. Money stemming from student loans should not be reported as income on your tax return.

    #2 - clubs may not make a report of your income to the IRS, or as you pointed out they may only report a fraction of your income - but the IRS requires that you report all of your club income on your tax return even if the club didn't issue you a 1099 form

    #3 - since you also have W2 income from a 'straight' job, you're definitely over the $700 reporting threshold and will have to file a tax return

    #4 - when you file your tax return, your straight job income gets reported as 'wages' on form 1040, and your dancing income gets reported as 'business income' on Schedule C

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