Taxtime

Dear Madam to shore,

I am a professional "male companion." Now that tax time has come around again, I find I am in the usual quandary as to how to list my profession on my tax forms. Any advice?

Sincerely,

Professional Guy

Cher M. Guy,

First, you must be determining whether you are the paid employee or the independent contractor. This, it is being not so difficult. If Madame, she is giving you the form W-2, then it is that you are the employee and you are filling out the form 1040. If, Madame is not giving you the W-2, and she is not withholding for you the federal taxes, then it is that you are filling out the schedule C. with the form SE. Tres simple, non?

Here it is where everything, it is being the little bit complicated. Many of the self-employed persons in the profession such as yours are wishing to have the discretion. When they are being asked what is the profession, they are liking to say, "housekeeper", or "landscape architect" or "masseuse". This is being no good. If you are the landscape architect, or the housekeeper, then you can only be deducting from the taxes the expenses which are having to do with the landscape architecture and the housekeeping. Soon, we will be discussing the deductions in the greater detail, but for now, you are simply being honest and straightforward and saying, "I am the professional male companion.

I will explain for you now what are some of the important things to be remembering when you are reporting for yourself the income. Many of the professional companions are finding themselves to be audited because they are forgetting that all of the little gifts from Madame, they are considered to be the income. This means that if Madame, she is putting the condo in Acapulco into your name, then you must be reporting this as the income for your taxes. Keep this in mind when Madame, she is giving you the very expensive gifts. Sometimes is being better to say, "but non, it is enough that I am having your love." Now you are not having the nuisance for the income tax, Madame, she is flattered, and you are still having the use of the condominium with Madame. Everybody is winning, non?

You are seeing that if you are the very skilled professional, then you are having very much of the income to report. You will wish to be offsetting some of the income with the itemized deductions. Many persons are being alarmed, thinking that the itemized deductions, they are the big difficult thing. But non. Simply list the expenditures which are applying to the professional business. Now you are seeing why it is being important that you are reporting the actual business. If you are the housekeeper or the masseuse, then you can only be deducting the expensive vacuum cleaners and the massaging tables. If you are listing the leopard print undergarments and the suggestive lingerie, then this is being considered only the hobby, and the Internal Revenue persons will suppose that you are the big fruit. As long as you are reporting the actual employment, then everybody is understanding that this is being the legitimate business expense.

Bon Chance, M. Guy and remember to file early. There is being no excuse for the lateness.