#1 Your tax return is one of the most commonly used ways to determine income level:
It’s used to:
- file for unemployment and determine weekly benefit
- take out a mortgage for a house or rent an apartment
- get a credit card
- get financial aid or a personal loan
- qualify for health insurance
- applying for a green card
#2 You should be writing off as much as possible that is an expense you occur for work. This lowers the amount of TAXABLE INCOME or the amount of taxes you will have to pay.
Common Stripper Writeoffs: Nails, Shoes, Outfits, Hair/Tanning, House fees, Pole Dance Class costs, Website costs
No matter what you write off, you need a receipt to prove the transaction.
#3 If you’re already paying your taxes as self-employed you should be paying them quarterly not once a year.
If you aren’t paying your taxes quarterly you are 100% incurring a fine each year you could avoid, even if the fee is small. Why give the government more $$ if you don’t need to?
Paying your estimated quarterly taxes helps you budget better and keep track of your income/expenses for the year as you go vs needing a LARGE sum of money at the end of the year making tax season less stressful.
#4 You need a spreadsheet or accounting system.
I get not everyone digs a spreadsheet, some of us love our pen & paper or simply don’t have a computer, and trying to fill in a spreadsheet on your phone or iPad is a nightmare. But it’s the easiest way to keep more accurate records and avoid common human error.
If you just can’t get behind a spreadsheet, sign up for QuickBooks, a similar service. You can write off the monthly subscription fee.
For best results do ALL OF THE ABOVE
#5 15% of the money you make should be set aside for taxes
It’s easy to want to fudge it a little or only claim a portion of your income but keep in mind hiding your cash income is considered tax evasion and can come with hefty penalties.
The IRS doesn’t give a damn how you made your money as long as they get their cut.
Paying your taxes is kind of like paying your house fees. Except paying your taxes actually helps you move up the financial ladder not just line some club owners’ pockets.
And similar to the club there are tons of rules on how and what you can do but as long as you follow them ain’t nobody gonna bother you.
Trust me when I say not paying your taxes is hurting you more than it is the IRS when they don’t get a cut of your money every year.
Your taxes don’t have to be scary and intimidating:
➡️ Step one: Getting your finances organized.
➡️ Step two: Create a routine to keep them organized.
➡️ Step three: Set up a bank account to put your tax money into -preferably one that has a high-interest rate. Might as well make money on that money till you pay????????♀️
