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Paying Taxes?

Discussion in 'Business & Tax Advice' started by Essential Clix, Dec 18, 2007.

  1. Essential Clix

    Essential Clix Executive VIP Premium Member

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    Do any of you guys do your own taxes, or do you pay someone to do it for you?
     
  2. HaRRo

    HaRRo Elite Member

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  3. Uptownbulker

    Uptownbulker BANNED BANNED

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    First of all, if you are a sole proprietor, you are going to get SCREWED DE LUXE on your online income.

    Incorporate.

    Secondly, NEVER do your own taxes, even if you know how.

    ALWAYS have a signature on those tax forms from the "preparer" as if there are serious errors in the returns, even if unintentional, the worst the IRS will do is yell at you, audit you and charge you more money.

    If YOU have prepared the returns and there are serious errors, even if unintentional, the IRS may well charge YOU with tax fraud, which is a CRIMINAL offence!

    Thirdly, get a GOOD accountant!

    A GOOD accountant will MAKE you more money than he or she costs.

    My $.02.
     
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  4. JerkJr

    JerkJr Newbie

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    I myself am a sole proprietor. I am looking to become an LLC. What is the best business to set up? I know a couple of other IMers that say I need to become a corporation and others say an LLC. What is the best option here?
     
  5. MistaRip

    MistaRip Newbie

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    which corp do u have?

    i'm not sure if it's better to incorp or use an llc
     
  6. Uptownbulker

    Uptownbulker BANNED BANNED

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    Without seeming to pimp my own service, generally speaking a for-profit corp is a better deal for most people.

    Any good accountant can make that corp show ZERO profit and therefore owe ZERO taxes; all quite legally.

    You would then ONLY owe taxes on the amount of money that the corp paid directly to you for "consultation", for example.

    LLCs are too complex for the average guy to keep up with and a real pain in the ass all the way around.
     
  7. MistaRip

    MistaRip Newbie

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    oh ok, thanks. i thought llc were easier. no yearly meeting and all that.

    which corp is best for internet marketing? s-corp?
     
  8. Uptownbulker

    Uptownbulker BANNED BANNED

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    You have your meetings at the local bar over a beer or two.

    For anonymity on the 'net a straight for-profit corp is the best way to go in my opinion.

    PM me if you have further questions.
     
  9. Ruck

    Ruck Guest

    Incorporate in Barbados--> 3% tax
    Incorporate in US state--->Dividends issued from Barbados = living expense and taxable
    Fly to Barbados once a month, withdraw $9,999 not a dollar more.

    Fly home. Keep your mouth shut and get a damn good accountant.
     
  10. MaestroDelWeb

    MaestroDelWeb Executive VIP

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    If you make over $500 from any company they are suppose to send you a 1099. If you want to do your own taxes there is a field in all the major software programs to add your 1099s. If you have people sending you PayPal that's where it gets a little more complicated and also where it gets easier to hide depending on who your clientele is.
     
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  11. sinewave

    sinewave Senior Member Premium Member

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    I would second this. Don't do business or consulting as an individual filing 1099's & 1040's. Find a good accountant and get his/her advice on incorporating based upon your individual circumstances.

    Best,
    Sine
     
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  12. sinewave

    sinewave Senior Member Premium Member

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    This depends entirely upon the state in which your're incorporated. For example, had I incorporated in the state where I reside, NY, I would be paying corporate taxes even if my business showed no income--let alone profit. That's why I'm incorporated in Delaware. I pay an agent on an annual basis and have "permission" from the NY Secretary of State to do business in the state of NY.

    The whole issue of getting that "permission" can look daunting, if the state in which you want to open your bank account requires it, but your banker will likely be more than willing to take care of that for you.

    Best,
    Sine
     
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  13. superman

    superman BANNED BANNED

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    Well if your smart you only file taxes for those
    online income the IRS can track :)

    Like when you make money on affiliate and the company is in another country .
    The IRS will never get that info ....

    Of coarse the smartest thing to do is off shore accounts but never tried that yet ..

    The IRS Sucks !!!!
     
  14. trakout

    trakout Newbie

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    So.. Does anyone live in Canada? lol 'cause I have no clue where to start in my case...
     
  15. Gallardo

    Gallardo Newbie

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    - Claim as much business expenses as possible. Things like software, ebooks, books and your own dining can be claimed as expenses.

    - Don't report all profits.

    - Report some profits, so you can get loans and credit facilities.
     
  16. Uptownbulker

    Uptownbulker BANNED BANNED

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    Well, as long as we are on the subject of incorporation, you might want to take a look at my service posted in "Buy, Sell, Trade":

    http://www.blackhatworld.com/blackhat-seo/buy-sell-trade/3623-anonymous-incorporation.html#post33904
     
  17. AgentZero

    AgentZero Jr. VIP Jr. VIP Premium Member

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    I have a question, if you setup a corporation with a bank account and lets say you got banned from EPN program, will you need to create a another corporation?
     
  18. simonj007

    simonj007 Newbie

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    If anyone's UK based an needs a really great bookkeeper...who by the way can do most of what's required for you over the internet/email - drop me a PM
     
  19. michro01

    michro01 Junior Member

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    So I shouldn't signup as a sole proprietor?
     
  20. megabump

    megabump Registered Member

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    Talk to an accountant and explain your situation. Otherwise, you are going to walk into your accountants office and he is going to tell you should have set up your business differently. Murphy's Law.