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Thread: Taxes Question

  1. #1
    miss marina
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    Default Taxes Question

    I have never done my own taxes before. I was at my moms tonight and we got into it over taxes, she said there is no way i could prove how i make money from dancing since i get no paycheck and they just hired me, only looking at my ID. How do i do my taxes when they come around again? I know i can just put self employed but she said i needed proof. What do u girls do? I want to start doing them myself, plus i want to buy a house in a couple years. Can anyone help me on this?

  2. #2
    Member taxdomme's Avatar
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    Default Re: Taxes Question

    Kudos to you for your responsible attitude!

    You do indeed need to file taxes and not having a paycheck or 1099 doesn't matter. The government is concerned that you report your income regardless of in what mode you receive it. You put your non-1099 income (cash) on the Schedule C on Line 1 'Gross Receipts'. Remember that there are alot of businesses, like bodegas, that deal only in cash - I deal in cash often as well and need/do report it.

    Remember how they nabbed Al Capone for tax evasion!
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  3. #3
    Veteran Member Robertjordan's Avatar
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    Default Re: Taxes Question

    I realize this is dangerous advice but....

    The correct thing to do is to report every dollar earned on your tax return. However, the IRS cannot possibly track all of the cash that you receive. I'd recommend that you report at least a reasonable amount of the money you make that is not W-2 or 1099 income. It's probably a bad idea to not report 10's of thousands of dollars as the more you make the harder it would be to hide it and likewise the stiffer the penalty. But a hundred dollars here and hundred there, who's to say? I would create a tracking system, whether its a spreadsheet or journal or whatever. That would be your record and evidence if the IRS ever comes calling. The more organized you are the less they'll question off the books cash. Only deposit money that you record as income, money you don't record just keep in cash.

    I don't know you but if I earned a substantial amount of money in cash, I don't know, let's say $70,000, I'd probably report $60,000 or so. It's easy for me to say though as I'm not in a cash business like you are and it's not my skin they'll be after.

  4. #4
    miss marina
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    Default Re: Taxes Question

    Thanks. i wasnt trying to get out of paying(i have paid since i started working) i just wasnt sure how to do them myself when the time comes around again.

  5. #5
    AlexxaHex
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    Default Re: Taxes Question

    A notebook with the dates and amounts of money earned is sufficient (like a day planner or something), although a spreadsheet is probably more credible in the event of an audit. Write down your house fees, because I believe they can be used as write offs. Tip-outs are not.
    Remember to keep receipts and know what deductions you can take (costumes, shoes, business cards, website hosting, business phone bill, etc). Deductions are listed in many threads in the Dollar Den section.
    I did my taxes on my own for the first time this year. Rather than getting a tax accountant, I purchased Turbo Tax (the one with Schedule C/self employment features) and it did all the math for me.
    I don't think you need "proof" of your self-employment per se. Just be as honest as you can about the numbers and keep organized records. You should be fine.

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