Clarence,
I'm choosing not to PM this information, as none of it is particularly "sensitive" by my estimates, and given the influx of new ladies due to the continued economic downturn, this may help someone else as well.
In the eyes of the IRS, you could list yourself straight up as a drug dealer, and you would be fine as long as you paid your taxes. The law explicitly states that ALL income, including illegally gotten gains, must be reported and taxed. The IRS is bound to privacy that prevents them from reporting to LE or other branches of the government what your occupation is, etc.
In terms of credit: first thing she needs to do is access her FICO scores from the three big credit unions. She will be able to find out exactly what information they have on her. Since 9 times out of 10, this information is out of date and missing large components. Get it fixed, and it will significantly help her scores, which will assist her growing business.
In terms of both taxes and proper advice on creating a solid business, she needs to find a provider/adult entertainer friendly CPA in her area. I think it is wonderful that you are willing to help her out, but at this point I feel it is her job to put her feelers out in the community to see what she can pull up. When it comes to dealing with the truly business end of things, she needs to keep it strictly business. If she starts thinking she can do "trades" in this particular arena as a way of saving money, then she will almost certainly screw herself over in the end.
I'm not sure what you mean by "resume." If it means "credit history," then please refer back to my line about finding a CPA. If instead you mean "business/professional resume," meaning she's hoping to use providing and/or her "business front" as a way of launching herself into the more vanilla professional world, then I'm sorry to say that she's about as delusional as those ladies who get into porn believing it an effective way to break into Hollywood. The IRS may not be able to report what she is, but if a legitimate company that she's applying to starts sniffing around to better understand her backstory and to verify whatever skills/experiences she's listed, that's going to be all kinds of bad news bears.
Instead, she needs to save her money. If she hasn't gone to college yet, do it, and be serious about it. Volunteer at locations and in positions a bit more challenging than manning the local soup kitchen or animal shelter. I have a BA, and I volunteer at locations that are in line with much of the work I have done in the past as a way of maintaining and improving both my skill set and networks. If she volunteers past a certain number of hours at a location, she can effectively put that on her resume. Attend workshops. If for any reason she is whiny or reluctant in regards to all this "extra work," please do feel free to point out that well rounded, multidimensional ladies both attract and retain higher quality gentleman.
Good luck!
I've recently met a young provider who needs to start paying taxes and establishing a source of income so she can get credit and have some sort of resume. Can any of you who are successful at this offer advice that I can pass along? What kind of business do you say you are in, how professional does your accounting need to be, can you offer any pitfalls to avoid, etc?
Feel free to PM me (I'd appreciate it very much).
Thanks!
Clarence,
I'm choosing not to PM this information, as none of it is particularly "sensitive" by my estimates, and given the influx of new ladies due to the continued economic downturn, this may help someone else as well.
In the eyes of the IRS, you could list yourself straight up as a drug dealer, and you would be fine as long as you paid your taxes. The law explicitly states that ALL income, including illegally gotten gains, must be reported and taxed. The IRS is bound to privacy that prevents them from reporting to LE or other branches of the government what your occupation is, etc.
In terms of credit: first thing she needs to do is access her FICO scores from the three big credit unions. She will be able to find out exactly what information they have on her. Since 9 times out of 10, this information is out of date and missing large components. Get it fixed, and it will significantly help her scores, which will assist her growing business.
In terms of both taxes and proper advice on creating a solid business, she needs to find a provider/adult entertainer friendly CPA in her area. I think it is wonderful that you are willing to help her out, but at this point I feel it is her job to put her feelers out in the community to see what she can pull up. When it comes to dealing with the truly business end of things, she needs to keep it strictly business. If she starts thinking she can do "trades" in this particular arena as a way of saving money, then she will almost certainly screw herself over in the end.
I'm not sure what you mean by "resume." If it means "credit history," then please refer back to my line about finding a CPA. If instead you mean "business/professional resume," meaning she's hoping to use providing and/or her "business front" as a way of launching herself into the more vanilla professional world, then I'm sorry to say that she's about as delusional as those ladies who get into porn believing it an effective way to break into Hollywood. The IRS may not be able to report what she is, but if a legitimate company that she's applying to starts sniffing around to better understand her backstory and to verify whatever skills/experiences she's listed, that's going to be all kinds of bad news bears.
Instead, she needs to save her money. If she hasn't gone to college yet, do it, and be serious about it. Volunteer at locations and in positions a bit more challenging than manning the local soup kitchen or animal shelter. I have a BA, and I volunteer at locations that are in line with much of the work I have done in the past as a way of maintaining and improving both my skill set and networks. If she volunteers past a certain number of hours at a location, she can effectively put that on her resume. Attend workshops. If for any reason she is whiny or reluctant in regards to all this "extra work," please do feel free to point out that well rounded, multidimensional ladies both attract and retain higher quality gentleman.
Good luck!
She could also establish her own business- an LLC is pretty easy... that way she can pay herself a salary.
I worked in strip clubs a couple years before becoming an escort. At the clubs, you're known by your stage name only although you may have to give them your real name when you apply. The clubs I worked at changed management faster than I changed my nail polish so my real identity got lost along the way. Most strippers work several different clubs and travel so there is no paper trail whatsoever. Although I was recently audited, it was for claiming a dependent, not for my line of work. I claim milege, clothing, food, travel expense, and even my 2 boob jobs.
Better safe than sorry, pay the taxes. Ladies who get busted that don't pay their taxes can get in trouble for money laundering charges.
There are other ways, but they can't be published on a open board.
Just as long as you pay your taxes, you are okay.
some good advice, here and via PM, thank you.
but just a clarification - she's less worried about the IRS than she is about future prospective employers and credit-granters.
she wants to find a "legit" part-time job. when you fill out an application and have large gaps in employment, it is often a red flag and employers will either ignore you or grill you. personal coach/trainer, masseuse, assistant, etc all sound like ideas with potential.
FYI, she is starting college in the fall as well.
again, thanks for the input.
that sounds good to her prospective employers. She'd be expected to have knowledge in that field. For credit, she should put as much income showing on her bank statements but she needs to report tax for it as well.