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Thread: tax question: what deductions are you taking?

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    Featured Member xoxoGracexoxo's Avatar
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    Default tax question: what deductions are you taking?

    Just looking for any possible way to bring my taxes down. Curse me for making so much money last year.

    Of course I'm claiming all my strippery purchases -- costumes, cosmetics, etc.

    I'm taking the standard 2-person deduction, for me and my guy.

    He gets an education credit.

    I'm claiming home office expense for my other work-from-home job.

    Anything I'm missing?

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    God/dess Emily's Avatar
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    Default Re: tax question: what deductions are you taking?

    charitible contributions
    IRA deduction
    mortgage interest
    health insurance premiums
    about $400 worth of shoes and dresses

    I'm not writing off any personal maintenance costs or my BA though.

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    Banned Melonie's Avatar
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    Default Re: tax question: what deductions are you taking?

    yup, the IRS position on Breast Augmentations is pretty clear. The 'Chesty Love' letter ruling clearly states that implants must be 'professional sized' i.e. larger than 1000cc each in order to be considered a legitimate business expense tax deduction. Smaller sized implants are deemed to be 'cosmetic' thus non-deductible as they fail the 'housewife' test.

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    Veteran Member LilMissSophie's Avatar
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    Default Re: tax question: what deductions are you taking?

    Quick question here: I paid nearly 7k in booth fees for 2006 (I was a peepshow "dancer"), and was wondering if things like paying for call-offs ($60) are still tax deductible as office space rent.

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    God/dess Emily's Avatar
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    Default Re: tax question: what deductions are you taking?

    yes, but you should have a receipt.

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    Veteran Member LilMissSophie's Avatar
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    Default Re: tax question: what deductions are you taking?

    I do have the receipts.

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    Banned Melonie's Avatar
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    Default Re: tax question: what deductions are you taking?

    if the 'peepshow' treated you as an independent contractor the answer is yes. However if the 'peepshow' treated you as an employee i.e. giving you a weekly paycheck with taxes withheld, then the answer is no.

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    Veteran Member LilMissSophie's Avatar
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    Default Re: tax question: what deductions are you taking?

    I did not receive a paycheck. I didn't have to fill out a 1099 form either, and didn't receive one, but I paid out booth fees every shift and was lucky enough to be friends with the woman who managed the dancers who gave me the receipts for the year. I actually started collecting receipts on my own at first only to be told a few weeks later that it was strictly not allowed. It's a very shady situation, I guess I am lucky because it's a 7k deduction.

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    Banned Melonie's Avatar
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    Default Re: tax question: what deductions are you taking?

    ^^^ it could become an even more shady situation if you claim a business expense deduction for $7k for fees paid to the 'peepshow', but the 'peepshow' does not in turn claim that same $7k as income on their own tax return. If IRS computers turn up this discrepancy, this could get both of you audited. This is probably the reason that the 'peepshow' told you that the issuance of receipts was strictly not allowed. If such an audit were to happen, your receipts would probably 'stand up'. However, the additional taxes leveed on the club could cause substantial problems.

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    Veteran Member LilMissSophie's Avatar
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    Default Re: tax question: what deductions are you taking?

    What you say is true, but I don't think I did anything wrong. I guess I could potentially get screwed in the matter--but it's not MY fault that they are not reporting what I paid to them. Although I have the receipts I'm sure they could come after me and say I made them up or something and accuse me of fraud. Ahhh!!!!!!

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    Banned Melonie's Avatar
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    Default Re: tax question: what deductions are you taking?

    ^^^ well, that's the tax tightrope that all dancers face who are working for clubs that 'bend' the tax rules. IRS computers are increasingly able to spit out discrepancies ... to compare the tax returns of all dancers working at the same club and compare incomes reported and deductions taken ...

  12. #12
    AlexxaHex
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    Default Re: tax question: what deductions are you taking?

    In an attempt to do my own taxes (yay Turbo Tax!), I see that I am able to write off quite a bit of lingerie/outfits that I used for work, my Dancer Wealth sales CDs, car mileage, website hosting, business cards and my cell phone bill since I did use it for keeping in touch with BDSM clients and club customers as well.
    I don't think I will be able to write off my gas expenditures though, since I didn't save receipts.
    Can I write off repairs made to the car that I used to get to and from work?

  13. #13
    AlexxaHex
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    Default Re: tax question: what deductions are you taking?

    ^^Oh nevermind on the mileage/gas/repairs deductions. I just read the 'commuting' thread.

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    Banned Melonie's Avatar
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    Default Re: tax question: what deductions are you taking?

    yup, 44.5 cents per mile general deduction for business travel by car. However, be really careful about the conditions under which you try to take this deduction, because it is the #1 reason for independent contractors being audited.

    As far as the lingerie deduction, the 'housewife test' still applies. Same goes for bikinis or anything else that could be purchased by a 'housewife' who wouldn't have any business purpose for doing so.

    The cell phone bill will probably fly as long as you also have a 'land line' for personal use. However if your cell phone is your only phone the IRS could disallow it.

  15. #15
    AlexxaHex
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    Default Re: tax question: what deductions are you taking?

    I have a land line now, but didn't in most of 2006. I guess it's probably not kosher then?

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    Default Re: tax question: what deductions are you taking?

    your call ! maybe claim 50% as business, 50% as personal.

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    Featured Member saphire123456's Avatar
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    Default Re: tax question: what deductions are you taking?

    it helps to look over the year's credit card/bank statements Which you should keep/be able to find online) i write off some travel, some dinners, my acct also takes $11500 off the top as a non taxable gift, but i have out of country relatives, although, my gfs claim that one too so hmmm...but the trick is to not go to HRBlock (they're horrible and overpriced) but to find a very very good accountant that does a lot of private contractors

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    God/dess Emily's Avatar
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    Default Re: tax question: what deductions are you taking?

    Quote Originally Posted by saphire123456 View Post
    my acct also takes $11500 off the top as a non taxable gift
    what will you do if you get audited? I figred working a cash business and taking the max gift shows red flags and puts one at high risk for audit. They will want to know who gave you the gift.

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    Featured Member saphire123456's Avatar
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    Default Re: tax question: what deductions are you taking?

    hence the foreign relatives...so i'd think long and hard if i didn't have any

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    God/dess Emily's Avatar
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    Default Re: tax question: what deductions are you taking?

    but I don't see how that would work. Wouldn't you have to show a check or something?

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    Featured Member saphire123456's Avatar
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    Default Re: tax question: what deductions are you taking?

    i go out of the country/see my relatives enough to clear the customs declaration question red flag (the question about how much $ you're bringing with you)

  22. #22
    Picaresque
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    Default Re: tax question: what deductions are you taking?

    Quote Originally Posted by saphire123456 View Post
    i go out of the country/see my relatives enough to clear the customs declaration question red flag (the question about how much $ you're bringing with you)
    what country are you from? (Just curious )

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    Featured Member saphire123456's Avatar
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    Default Re: tax question: what deductions are you taking?

    i'm originally from russia, i've been in the states for 15 years

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    God/dess
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    Default Re: tax question: what deductions are you taking?

    Here's a guide to some deductions you might be missing out on:

    Advertising: web site hosting expenses, business card printing, photo shoots for promotional photos

    Car and truck expenses: travel to modeling shoots, clubs that aren't your main club

    Commissions and fees: out of pocket fees for competitions (NOT your nightly house fees unless you track your income by including them. If you make 500 then pay out 50 and record 450 in income, you cannot then deduct the 50 in fees again)

    Supplies: Costumes and props used for work, stage cosmetics, wigs, etc

    Travel: travel to work, including airfare, car rental, hotel expenses, and deductible meal expenses (the IRS provides a chart of allowed expenses by city; you can take 50% of that as a deduction) in other cities where you stay overnight to work

    Other expenses: visits to clubs to evaluate them for future work, memberships to professional organizations

    Home Office (Form 8829): if there is a room/space in your house you use for your office you can take a deduction for business use of your home. In my office I do stuff like maintain my website, plan for work, sew costumes, etc.

    I am not an accountant but one reviews my taxes, so there you go -- we all vary, but some of you may not be taking all of the deductions you're entitled to as a self-employed person.

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