Discussion in 'Business & Tax Advice' started by KingStone, Feb 8, 2009.
Hopefully it is not too late. I might go out to look for an accountant in my area next week.
Speaking of taxes should I find an accountant or use turbo tax? I went full time with internet marketing and after using turbo tax according to the software I owe the federal govt 2,000.00
Would hiring an accountant be recommend in this case?
btw I reside in the USA
aust411 that's a little exaggerated don't you think?
my gf's dad didn't pay his taxes for like 5 years in a row.. he's a real lazy bastard.. he finally got off his ass and finished them. no problems.
if you owe 2k you either made a fortune or you aint claiming enough losses/deductions.
your using your
internet for business = deduction
anything you bought that you use for business
any meals,conferences,travel,hotels,party expenses where you talked business.
anything used for business has SOME deductions.
some people also sell stuff at a loss to there friends to claim the loss.
like domains worth 10k sell it to a friend for $2k thats $8k loss you can claim a percentage of that.
buy it back from friend for $2k later.
i havent paid taxes in 9 years since i worked fast food and they took it automatically.
Taxes aren't due until April anyway. I'll pay the week before they are due.
I had a uncle who didn't pay taxes for like 15-20 years, and eventually the irs caught up to him and all they wanted to do was work out a deal with him to pay back the taxes lol
$2,000 is a tiny amount of taxes to be paying if you made more than $10-15k last year. Seriously. You're going to pay at least 10% of that to have even a low-level clerk look over your finances. If you want to incorporate an accountant into your business dealings, you should hire one and meet with them once a month, every month. Give them receipts, invoices, copies of checks, expense reports, etc so that they can keep track of everything and take care of you. You'll have a much more accurate record to make line item deductions with. The first time you file with a large number of line item deductions, your filing will be reviewed much more closely. This is especially true with new, small businesses, who are notorious tax evaders. If you plan on being honest, then you don't need to worry too much about using software. Many of those companies also offer audit assistance, which would actually be quite adequate given your income.
Also, the IRS isn't going to raid your house if you don't pay your taxes and you get caught, they're going to send a letter in the mail that says, "You're being audited."
Apparantly that tax law was made illegally.
from what I understand the tax law is imposed under voluntary compliance, so if you sign the form, you're a volunteer...
Unfortunately this isn't like volunteering for the animal shelter
But a law is compulsary, seems stupid that it says you're a volunteer... Anyways yeah they passed the law when congress was out on xmas break. Dunno the full story but im sure u can google it. I think infowars.com has info on it.
Yea I've seen alot of the conspiracy videos on it, but what can you do, besides america is a great place to live overall... beats saudia arabia lol
get it out the way, theres nothing worse than unpaid tax looming over your head. a good accountant should pay for himself
I haven't done my taxes yet either...for 2007!
if u buy a brand new computer for lets say 1,000$ USD how much of that can we say is a tax write off? or percent that u were saying earler?
do u have any sites to learn more about 'write offs' deducations?
Thanks in advance
ps eager to hear back ;p
I am actually a tax preparer, I am ctec registered and an ERO with the IRS. So I know a little bit about all this fun tax stuff.
As for the $1000 computer you purchased this year you can write it off using a section 179 deduction. Their is no one easy place to learn all these answers without spending numerous hours and days studying and practicing this stuff. The best and most dependable site is IRS.gov. If you refrain from filing your taxes and you owe, the govt. will add lots of fines, penalties and interest to what you originally owed. If you run your own company then you will not be able to use the free e-filing options such as offered all over the web. It would be wise to either seek an experienced tax preparer to help you obtain all your deductions. If it is simple you may be able to walk yourself through all this, but may end up with a large headache.
P.S. Taxes are not voluntary. That amendment was added into the constitution many years ago.
Yep, and the amendment was added illegally.
The point is they have guns and an army. Let's not get political .
therefore, you should be subordinate like the borg...
The best way to deal with bullies is to curl up in a ball while they beat you over the head, and never speak out about it.
Things that are guaranteed in your life:
No but you should be intelligent about the how/when you choose to fight. I tend to agree with argument that income tax laws were passed illegally, however I have made a calculated decision to pay them anyways.
Separate names with a comma.