How much of tonight should you set aside for taxes?
Dancers are self-employed. Put 25 to 35 percent of net away every night and pay quarterly, and April stops being scary.
Questions
- How much should a stripper set aside for taxes?
- Most tax pros who work with dancers say 25 to 35 percent of net income. Self-employment tax alone is 15.3 percent on net profit, before income tax. Put it in a separate account every night and pay estimated taxes quarterly.
- Do I have to pay taxes on cash tips?
- Yes. Cash is income. Keep a daily log of what you made and what you paid the club; that log is what protects you and what gets your deductions counted.
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