PDA

View Full Version : Tax,irs


BRAD ROMEO
10-25-2006, 02:10 PM
Hi I Have Been In Business For 4 Yrs.
I Have No License,but Ready To Get One .
I Have Been Told Buy A Few PEOPLE THAT I DO NOT HAVE TO PAY TAX FOR THE FIRST 5 YEARS.THEY ARE JUST PEOPLE NOT IRS.ISTHIS TRUE.
THANKS BRAD

firefightergw
10-25-2006, 02:12 PM
NO I wish it was.

Randy Scott
10-25-2006, 02:31 PM
Does that mean you haven't been paying taxes for the last four years if you are just getting a business license now?

PTP
10-25-2006, 02:38 PM
Often, in the first years of business, a business won't make any profit. All of the income will go toward building the business and will be eaten up by various tax deductable expenditures.

If this is the case for your business, then no, you don't have to pay any taxes on your profit because there was no profit. You do however need to keep your records and file the appropriate paperwork such as quarterlies, year end, etc.

So, in a nutshell: You make a profit, you pay taxes. And if you say that you did not make a profit, you had better be able to prove that.

mslawn
10-25-2006, 02:45 PM
So after 4 years in business, you decide to ask this question? If you already do not know the answer to this, your best bet is to go to your local Mickey D's and flip burgers. I am not being rude, I am just telling the truth.

rodfather
10-25-2006, 05:18 PM
Hi I Have Been In Business For 4 Yrs.
I Have No License,but Ready To Get One .
I Have Been Told Buy A Few PEOPLE THAT I DO NOT HAVE TO PAY TAX FOR THE FIRST 5 YEARS.THEY ARE JUST PEOPLE NOT IRS.ISTHIS TRUE.
THANKS BRAD

I hope for your sake you have been filing returns at least!