Listen to Bikerbrain - really good advice. Another thing to consider is some mundane job - that requires minimal 1-3 hours for 2-3 days a week. You use this and the consulting "gig" to bolster the income to a decent level, pay the taxes and you look semi-legal. Then Invest like crazy. What is your dream. I know several providers who are indeed looking to start their own businesses and this provides them the mechanism to support themselves while so doing. Good luck -
Hello,
Im a 18/f that has been in the business for a few months now and im curious, where are you supposed to put all the money? You cant put it in a bank and you cant invest it so what can you do? Are there any girls on here that have done this for several years and successfully retired? If there are any escorts on here that would like to share their expierience with me feel free to email me at [email protected]
You are in business - you don't have to have a business 'license' to do business in general. If you want you can name your company and file a DBA certificate. What you MUST do is pay taxes.
As long as you pay your taxes on the money your 'business' earns, the IRS and banks don't give a flip what that business is. Hey, you could even claim to be a consultant and they couldn't refute it.
As long as you are paying taxes on what you earn, you can bank or invest your money however you want.
Good advice. I'd also suggest you look into buying health insurance. The premiums are even tax deductible for the self employed. You can check out Blue Cross or Kaiser online. I'm sure there are plenty of others. It's a good thing to have - even though your 18 and think your indestructible. Plus, at your age the premiums will be pretty low.
Listen to Bikerbrain - really good advice. Another thing to consider is some mundane job - that requires minimal 1-3 hours for 2-3 days a week. You use this and the consulting "gig" to bolster the income to a decent level, pay the taxes and you look semi-legal. Then Invest like crazy. What is your dream. I know several providers who are indeed looking to start their own businesses and this provides them the mechanism to support themselves while so doing. Good luck -
Well my dream is to invest and live off my money. Im just trying to figure out how much money i need and what the most money i can make is. So you guys are saying that some escorts claim every dollar they make?
I'm saying that you MUST claim every dollar that you make, unless you want to run afoul of the IRS! Again, the IRS isn't going to ask every detail about what you do to make your income, as long as they get their fair share of it via taxes.
Remember that Al Capone was a murderer, a whiskey runner during prohibition, and an organized crime boss. What did they take him down with? Failure to pay taxes.
al capone most likely had a mansion and fancy cars
I do believe in writing down all your bills on one sheet of paper (house, insurance, medical bills) and have a legit source of income to pay for all that (get a retail liscense and sell comic books/star wars figures at the local flea market) and pay for everything else in cash
I have been told that if you run a business that is linked to sex (strip bar, escort, massage clinic) and you get busted, the IRS can take everything you own away under some RICO law so it is best to have a small business that isn't related to sex that can't get you in trouble.
Disclaimer: I ask people all the time what they do to avoid legal trouble but they don't sell books on outsmarting the police at the local bookstore so this is the best I can do.
I am not trying to be rude, but I have read several of wannarideher's posts on this board and she has always been badly mistaken. At least her error this time is unlikely to get an unsuspecting reader into trouble which, unfortunately, many of her other posts might do.
RICO is a very complex set of statutes and I won't try to explain it all here. What matters for our purposes is that it only applies to specific types of crimes, and prostitution is not one of them unless it is committed as part of an organized crime ring's operatrions. Even then, RICO would probably apply only to the people who take a share of the proceeds and not to the ladies themselves.
Even when RICO does apply, the IRS has nothing to do with it. The IRS only deals with federal taxes. A RICO penalty is not a tax. (Note, though, that tax evasion IS one of the crimes covered by RICO. Accepting money for sex won't trigger RICO, but failing to pay taxes on it is another matter.)
Whether and how RICO applies to a given defendant does not depend upon what kind of business she runs. It depends instead upon which predicate crime she has committed.
Penalties do not include taking EVERYTHING you own, though the penalties can be large enough that this is their practical effect.
And even if RICO DID work this way (by which I mean if it applied to prostitution and if the penalties included forfeiting everything you own), having a "a small business that isn't related to sex" wouldn't protect you. It might not get you into trouble, but if you were penalized under RICO for something else the business would just be one of the things you owned and would be seized along with everything else. My point here is that even aside from her misunderstanding of the law, wannarideher's logic is badly flawed.
I don't mean to be harsh to wannarideher, but she has posted suggestions involving a wide variety of legal topics and has been flat out wrong in all of them. I simply want to make this point clear before anyone gets into trouble by heeding her posts.
I know they don't have books on outsmarting the police, but they do have law books. If you feel compelled to offer legal advice, please read one and get at least some semblance of what you are talking about.
Your anecdotal theories about how the law works are extremely counter productive for someone who might actually be in need of real legal advice. Most of what you offer has no foundation in fact, and could serve to get someone in serious trouble if they were to listen to you. It is the reason that practicing law without a license is illegal. The potential for harm is just too great.
I'm sure there are many subjects that you are very qualified to talk about, the law is not one of them. Please think about what you are doing before someone takes your well intentioned, but very misguided advice and gets themselves in a world of trouble.
"II have been told that if you run a business that is linked to sex (strip bar, escort, massage clinic) and you get busted, the IRS can take everything you own away under some RICO law so it is best to have a small business that isn't related to sex that can't get you in trouble"
You keep writing "I have been told": Who tells you this stuff? Seriously now, stop listening to this person.
I doubt that all ladies declare every dollar they earn. Find a good financial planner and he/she can run the numbers for you. How much you want to wind up with and when. You might get him/her to trade services. Or you sould send me all your money and I'll invest it for you. lol
We aren't saying the ladies claim every dollar they make. I have no information about what they say in their tax returns, but I presume most under-report their income. The point is that doing so is a crime, and is more serious than escorting.
Don't forget that Al Capone had a very elaborate operation that made it almost impossible to link him to any of his mob's crimes, and he had some of the best accountants money could buy handle his books to further protect him. The IRS got him anyway.
The point is that if a provider declares her income and pays taxes and then is audited the IRS will be on the lookout for spending beyond her means. Spending includes everything from buying things to investing the money. Even safe deposit boxes can be found. The fact is that a good provider can make a lot of money so why not declare it all and pay Uncle Sam his fair share? This way you can take the profits and invest them legally - IRA's, TBills, stocks, bonds, real estate, whatever.
Thank you guys for all the responses. I will be on the look out for a accountant and lawyer with lots of experience in this field. It sounds like paying my taxes is a very good deal i am just worried about the goverment trying to take everything i own like wannarideher says because i look at escorting as a once in a lifetime thing and i dont want to mess it up.