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#4
03-08-2013, 01:07 PM
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If you're writing checks for 45k to the IRS, it means you're not properly filing your quarterly estimated tax payments and are paying penalties with your return for insufficient estimated tax payments.
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Checkraise Dragonslayer <Retired>
"My armor color matches my playstyle" | ||
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#6
03-08-2013, 01:19 PM
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You will be needing this form pal: http://www.irs.gov/pub/irs-pdf/f2210.pdf
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Checkraise Dragonslayer <Retired>
"My armor color matches my playstyle" | ||
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#7
03-08-2013, 01:57 PM
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lol epic mcain gif !
and yea , tax evasion isnt fun regardless of how good your accountant is, rule #1 you pay your fucking taxes or you become wesley snipes. i do not sell tomatoes. America still hasnt opened their eyes to how valueable real produce is , currently only a select few retailers like whole foods have a market for serious tomates. I garden for a hobby. Andis i pay more in taxes in 1 year then you will make in 5 PS i own 3 businesses | ||
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#9
03-08-2013, 05:58 PM
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Nothing is on the books so their is no way for it to come back on me. I dont own a store. I sub contract from a store , home depot and lowes. I give my accountant my bank statements and reciepts. Im allowed a certain amount on business dinners, clothes and so on. What I make for the year and what I claim for the year are two big differences.
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#10
03-08-2013, 06:19 PM
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Quote:
You must wear them as a condition of your employment. The clothes must not be suitable for everyday wear. It is not enough that you wear distinctive clothing. The clothing must be specifically required by your employer. Nor is it enough that you do not, in fact, wear your work clothes away from work. The clothing must not be suitable for taking the place of your regular clothing. Examples of workers who may be able to deduct the cost and upkeep of work clothes are: delivery workers, firefighters, health care workers, law enforcement officers, letter carriers, professional athletes, and transportation workers (air, rail, bus, etc.). Musicians and entertainers can deduct the cost of theatrical clothing and accessories that are not suitable for everyday wear. How about a white cap, white shirt or white jacket, white bib overalls, and standard work shoes a painter is required by his union to wear on the job? Nope, it is not distinctive. Similarly, blue work clothes worn by a welder are not deductible even if the foreman requires them. However, required protective clothing like safety boots, safety glasses, hard hats, and work gloves are OK. Also, the IRS can find out even if it's not reportable by comparing your reported income to things such as your reported mortgage interest deduction, or by using a method called reconstruction of income using bank deposits etc., see the IRM (Internal Revenue Manual, basically the "rule book" for the IRS) @ the following link: http://www.irs.gov/irm/part4/irm_04-010-004-cont01.html When I was training, I had to attend several sessions of Tax Court. One of the cases was an individual who owned a small business and reported little income but yet had a huge house, fancy car, etc. The IRS used this method to estimate what they claimed was his income and wanted to assess a very large amount of tax based upon it. The IRS won, mainly because, in the U.S. Tax Court the burden of proof in ALMOST all circumstances is on the taxpayer unless you can "shift" the burden, something that goes beyond the scope of what needs to be said here. PM for more info. Edit: While the rule I quoted about clothing is speaking in reference to W-2 employees who claim their expenses on their Schedule A misc. deductions, the same rule applies to self-employed individuals who claim them on their Schedule C.
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