The fine folks at Midwest Striptease of all places, yes, that's correct, strippers, had some questions about their bookkeeping situation. They run a nationwide talent agency (actually two, check out their sister site) for both male and female strippers in cities like Orange Beach and Miramar Beach and sometime deal in cash as you can imagine is quite common in this industry. Most dancers are, nonetheless, self-employed and therefore considered independent contractors by the IRS. They earn by cash and non-cash tips which are subject to income taxes.
These tips can be harder to keep track of compared to having check payments or direct bank deposits that are associated with a salary or wage. We look forward to assisting them going forward.
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