The less smart end up with no end of agony from the IRS.
Prostitution is a misdeamnor, in most cases. You pay a fine, and that's it.
Tax evasion is a felony. You hire a lawyer, get your bank account and home liened, end up paying back taxes with exhorbitant interest, plus penalites plus you could face prosecution and even jail time.
What would you suggest they put down as their occupation on their tax returns if their only source of income is from this type of activities - escorts, call girls, prostitutes, etc.?
We file on a Schedule C either as a consultant. Sometimes girls will file as dancers which is what I did my first year. I file my taxes on all the money that I deposit into the bank, all the money I pay my bills with, all the money that puts food on my table.
It's been said that the gov't doesn't care what you do just as long as they get their cut. That's true with any profession.
I don't know why guys assume, not that you are, that we don't pay our taxes. Granted a lot of the fly by night girls just don't but those of us with something between our ears other than air tend to want to protect our assets and build a solid credit report.
To each their own but for me, the answer is clearly yes.
it is so that your eligible for disability or medicare ssi when you need it also if you return to corporate world you want to be consistently a tax payer at least claim some at least and write offs write offs write offs! lol
Keeping "all" of your money may seem like a good thing, but without filing taxes you are really a "nonperson". You can't buy property in the fear that the IRS will take it away from you, No income means no credit, you can't even rent a car without a credit card. Not to mention the fact that tax evasion is a felony.
The IRS doesn't care what you do, I have a bookie friend of mine that has been operating for decades without a problem. His secret?, He payes his taxes.
I don't believe in paying a single cent more than I have to, but not paying or at least filing is simply not an option, not if you ever want to accumulate anything at least.
I got advice from a CPA several years ago. He said always file timely and declare at least all bank deposits and enough to pay your Apt. rent and car payment. I think I would think this would be the best way, short of keeping a set books! The IRS can be like a enraged pit bull when they are after you.
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