I've been dancing for a few years. I've been filing taxes as an independent contractor. I do not receive any 1099s. All my earnings are cash, received that day. I pay a house fee (rent for being allowed to work in their building) to the establishment, tip out (fees to dj, wait staff & host) & dance/VIP fees (a percentage of all dances or VIPs paid to establishment for using their couchs or VIP areas). I do not deduct these from my taxes because I didn't adequately keep track. I will for future tax returns. I have been deducting all other expenses related to my job (work uniforms, memberships,services for presentation like hair/makeup/nails).
My question is, should I create SMLLC, LLC, S-corp or continue as a Independent Contractor?
As a dancer, I'm not normally personally liable. I'm not sure if liability coverage of business would extend to me.
The reason I've been considering opening a SMLLC, LLC, S-corp is because of discrimination, trying to recieve loans, apply for apartments or homes, and growth.
A lot of companies like Chase, Paypal Venmo will freeze funds from workers like me. Even though I'm not doing any illegal activities. Some hotels refuse to serve workers like my Hyatt, Airbnb, Marriott. I do not bring anyone to my hotel. I use it for sleep, exclusively, for myself, alone. I am wondering if I create SMLLC, LLC, S-corp, I might have more protection from bank freezes, blocks or returning funds to customers? Also, if I'm a legitimate business, I might not be rejected from hotels.
As an independent contractor, its hard for me to get loans because I dont have 1099s. All I have is my tax returns. My taxs returns, are normally denied to 'inadequate income'. My taxs are so high; that I use the max deductions, to make tax payments lower. The problem is, when you do that, it makes your profits look smaller than what they actually are. Ive been have to pay cash for cars or anything big I want but it takes years to save for those things. I'd like to eventually get a house & start rentals but I get denied for home loans, personal loans & business loans. Would getting a SMLLC, LLC, S-corp help with this?
I get denied apartments because I'm not able to show consistent, adequate income. I dont receive receipts of payment or 1099s. I just have bank statements & tax returns. A lot of apartments, don't know how to deal with kind of income or see it as illegitimate income. My bank statements will show, one month I'll only make, 1200 a month & the next, 6000. I've been told by apartments, bank statements dont work as proof of income because I could be transferring the same income from bank to bank. Will creating a SMLLC, LLC, S-corp help with this?
You can achieve a lot today with social media & growing your name or business. All social medias (Instagram, tictok, snapchat, twitter, etc) systematically bans, blocks and shuts down workers profiles. Normally its from people reporting accounts for being 'over sexual'. These people are people who find dancers immoral. So, they report content. (Even though its a legal profession). All my content is fully dressed, not revealing anything and nothing being insinuated. Its normally, stories, precautions, day in the life videos (showing just my face, talking to a camera). If you get enough reports, they automatically remove your account. I've seen girls become famous or make thousands from exposure or one viral video. These can be great platforms for growth & to share my experiences with others, along with cautionary tales. If I have a SMLLC, LLC, S-corp based on dancing, can they take my information down or ban me (if I'm not doing anything sexual)?