Need help to file taxes and run legit escort business

Hey, My hometown is Nashville and im confused on how this works and what I would put on my taxes? do I need to get a business license? can I open a checking and savings account and if something does happen it does not get taken or whatever ...

So I just need to know how to keep books and what I need to do to be legit and everything? If you do know of or if you have filed your taxes before or you are a person that can book keep for me or teach me how to book keep I will very much be glad if someone would help me with this. I plan to file obviously not this tax season but the tax season for 2015 so let me know what I need to do or if you can help me or something. k thanks any lil info you give me will help me a lot. You could email as well if it is actually info that is worth a damn and not spam k thanks messagebuffie@gmail.com and if I can help you out in any way do not hesitate to contact me k thanks

Non lawyers are not supposed to give legal advice
HOWEVER

Google these words: taxes for escorts
You also might want to try other words in place of escorts like sex workers and etc.

If you live in a state where there is no state income tax [e.g. Texas] then things are easier

good luck

There are too many issues here to adequately address them. Are you only concerned about taxes? Will you actually have an agency with employees? A physical location?

It sounds like you are most concerned with reporting income and paying taxes. If that's the case, go to a CPA and they can help you set up you books. Most people call it a consulting business, etc.

You're asking a classic question, that all new business folks struggle with when they start. And seriously, again, all new business folks, not just folks that may happen to frequent this board. Muse's comment is correct:

It sounds like you are most concerned with reporting income and paying taxes. If that's the case, go to a CPA and they can help you set up you books. Most people call it a consulting business, etc. Originally Posted by Your Naughty Muse

The key issue is simply finding someone (CPA) you can trust, that can help with the tax stuff. I'm sure that you'll get a pm, or two, or dozens, with help offers. But seriously, you should find a tax person (CPA) in your area. Otherwise, the logistics of dealing with tax paperwork, even once a year will be a pain.

Some folks do create their own business (consulting, house sitting, dog walking, etc.)with a business name, checkbook, etc. Some don't. Some think it's helpful for assist staying UTR. Regardless, if money is used for rent/mortgage/utilities etc, you really need to have a source of income that is taxed. Thus, the discussion is back to finding a tax guy/gal (CPA).

I think this is a topic that is and should be discussed in the private, girl-only forums, not here in a public forum.

Seek the advice of a CPA on tax issues.

Lawyer first, cpa if necessary. PAY somebody and earn your money, rather than bartering. You get what you pay for...do you want some guy who's already busted a nut watching your back?

Turbotax online is probably the easiest way.

Use it to record your income (in real time), keep receipt for your expenses (or get an app that uses pictures of receipts take by celphone).

Then at tax time, the software will drive you thru the process...

Regardless of what services are provided, income is income and its report able. Failure to report can lead to problems that have a 7-year tail.

Unless formulate a biz or do a complicated tax return, the individual tax payer can declare income from "miscellaneous sources" ... You can also generate your own 1099's, online or again, through Quicken or Turbotax.

If nothing else, start keeping records of your income and expenses. Regardless of what choices you make today - - or later - - the income and expense recording by you will help a lot should you decide to go legit or semi legit in the I-sell-time game.

19Trees

I'm not a CPA, or a tax attorney, but I think the 19Trees is oversimplifying. Although I may stand to be corrected, I think the law is that if it is determined that your business is illegal, you cannot deduct expenses. You are essentially taxed on gross income, no?

I'm not a CPA, or a tax attorney, but I think the 19Trees is oversimplifying. Although I may stand to be corrected, I think the law is that if it is determined that your business is illegal, you cannot deduct expenses. You are essentially taxed on gross income, no? Originally Posted by TexTushHog

That is correct.

It is how the federal government is shutting down or at least trying to shut down legal (under state laws) medical marijuana dispensaries.

The IRS audits them and disallows all of the expenses for the reason TexTushHog stated, then assesses taxes on the gross income, and later interest and penalties. It is often enough to put them out of business.

Looking at that showcase and reading those reviews, I really wish I was a CPA, living in Nashville and in a position to barter.

Most states sell licenses for people that perform massage. Get one (or if you work in several states get a few) of those, and just declare ALL of the non-cash income and xx% of the cash-income, enter it all into turbo tax or quicken and things will be easy at tax time.

Admittedly things get complicated (and riskier) when

+ you have employees
+ you own or lease business property
+ if your employees are sex workers and the property is used as brothel, things will get way more dicey...

Work solo, get a massage license and file a "cash massaged" return every year and things should go fairly easy with no need to "launder" (show source of funds) since you will have declared every year at tax time.

High performers, high-earners so to speak have done well with seller financed property investments. It enables provider to gain home ownership, without having to qualify for or maintain a bank mortgage. Financed over, say 7 years (18-25?) its a perfect way to get a valuable home using cash earned, one-massage-at-a-time.

19Trees

Most states sell licenses for people that perform massage. Originally Posted by 19Trees

I have a general knowledge of the laws in Texas regulating persons who give massages, but I don't know the laws of other states (unlike 19Trees, who has apparently conducted a national survey on the issue of whether "states sell licenses for people that perform massage"). I will state unequivocally that Texas does NOT "sell licenses for people that perform massage." In Texas, a person who wants to perform massage must (1) complete 500 hours of training at an approved massage school, (2) pass a test, (3) submit a license application, which includes a criminal background check, and (4) pay an application fee. See:

http://www.dshs.state.tx.us/massage/mt_apply.shtm

Without quoting Jon's entire post, I'll just add that Missouri and Kansas both require "graduation" from state approved training schools after x # of hours. And state licenses are issued after various additional requirements are meet, similar to Texas, for both states, from each states Healing Arts Board. In addition, for Kansas, as the state licensing only became effective in late 12, numerous municipalities already had license requirements. Which requirements must also still be meet.

I'm going to take this back to the earlier comment of: Get a local CPA who can help with the annual taxes, and as they know the local rules for numorous types of small businesses, you can also get specific information to help go along the appropriate trail for the location you are in, and set up a record keeping system, etc (the op's original query).

Last, did not Muse end this discussion at post 3?

http://www.irs.gov/Businesses/Small-...le-of-Contents

You should read the above document to see what you can expect if audited. Tax professionals may very well shy away if they have doubts about a clients business since they are licensed.

To start you should use Quicken/Quickbooks for records and Turbotax for the tax return.