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Thread: Yup, just what I expected!!

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    Senior Member danni0316's Avatar
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    Default Yup, just what I expected!!

    So today I filed my taxes for the first time as an entertainer. I didn't file quarterly and after all the deductions and calculations... I owe the IRS a cool 10 grand. However, that is exactly what I figured it would be and this year I am going to be a little more craftier with my finances.
    "I love little girls they make me feel so good" -oingo boingo

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    God/dess Bella21's Avatar
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    Default Re: Yup, just what I expected!!

    Ouch. Had you been purposely saving for it, then?
    If you think school is hard, try being stupid.

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    Senior Member danni0316's Avatar
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    Default Re: Yup, just what I expected!!

    Yeah, I definitely had the money put aside to pay it off... it's just not fair!!
    "I love little girls they make me feel so good" -oingo boingo

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    Banned Melonie's Avatar
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    Default Re: Yup, just what I expected!!

    ^^^ unfortunately, the 'fairness' of tax rates depends on the point of view of the taxpayer ... or of the social welfare benefit recipients who feel that it is entirely 'fair' that a significant percentage of your 'easy money' earnings should be taxed away and given to them !

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    Featured Member scorpio's Avatar
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    Default Re: Yup, just what I expected!!

    then you did not do your taxes well enough. If you properly deducted all your expenses, chances are you would not owe any money. Go back and do it again.

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    God/dess Emily's Avatar
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    Default Re: Yup, just what I expected!!

    Quote Originally Posted by scorpio View Post
    then you did not do your taxes well enough. If you properly deducted all your expenses, chances are you would not owe any money. Go back and do it again.
    LOL
    Dancers don't have many expenses. Definitely not THAT many. I wish.

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    God/dess scarlett_vancouver's Avatar
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    Default Re: Yup, just what I expected!!

    then you did not do your taxes well enough. If you properly deducted all your expenses, chances are you would not owe any money. Go back and do it again.
    Even in Canada, where we can deduct literally everything that gets used even once for dancing (ie toothpaste, home office for costume storage), deductions are rarely that good!

    Wouldn't your income have to be lowered to the basic tax-free level (8k in BC) by deductions in order to not pay anything? So someone that earned 50k would need 42k in deductions...which then raises the question: "how do you live?".

    Feature costumes for sale!

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    Veteran Member LilMissSophie's Avatar
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    Default Re: Yup, just what I expected!!

    WOW I thought I had it bad! I owe 3700 federal and state, plus 557 estimated for 2007.

    Puts things in perspective...

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    Default Re: Yup, just what I expected!!

    You guys are scaring me. I spent a little more last year eventhough I saved I bought a new car too. I dont wanna do my taxes yet
    you live like an ivy vine
    you can only survive by clinging onto trees
    that's your flaw
    put down some roots so you can stand on your own
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    Banned Melonie's Avatar
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    Default Re: Yup, just what I expected!!

    ^^^ well, the IRS will already know about your savings, and will also already know about your car purchase, thanks to automatic reporting by bank interest 1099's and a motor vehicle dep't report which has taken place behind the scenes.


    And just to put things in perspective, despite the fact that I had been keeping up with quarterly estimated tax payments, I also wound up having to make a five figure payment with my tax return. Fortunately, the majority of this was due to a nice fat capital gain when a gold mining company I owned shares in received a generous buyout offer that was too good to turn down. Having to pay 15% long term capital gain tax rates sure beats the hell out of ordinary income tax rates plus self-employment tax, though.

  11. #11
    AlexxaHex
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    Default Re: Yup, just what I expected!!

    Wouldn't that be more like 30% then?^^I'd take the 15% instead too!

    I think I lucked out for 2006. I am only seeing that I owe about $2300, even with penalties for not making quarterlies. If I hadn't worked at that slow-as-hell-frequent $40-a-night-bikini-bar for half of the year and had a month long "layoff" due to club construction, I'd probably be more screwed too. Maybe it's a good (?) thing LA clubs suck so bad!

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