paying taxes?

[Kingbman1]

Im going to maintain about 12 yard next year and many people are telling me i wont need to pay taxes as long as they pay cash or make the check out to me personally. Then theres people telling me i need to pay taxes no matter what. please help

[K.Carothers]

Yes you have to pay taxes! Set up a metting with an accountant and build your business right. Its easier to start by being legit than it is to be in business for years then trying to go legit-you get use to the"unlegit" money.

[out4now]

Pay the taxes. And do get an accountant. If you plan to make the biz your career then get a lawyer as well asn draw up contracts so you have something for court in case you get stiffed for a job. You'll have to have insurance as well but at least you're covered. An attorney may also be able to help you determine the best form of biz for you as well depedning on your future plans.

[olderthandirt]

Im going to maintain about 12 yard next year and many people are telling me i wont need to pay taxes as long as they pay cash or make the check out to me personally. Then theres people telling me i need to pay taxes no matter what. please help
Legally yes! but lets be honest and admit that cash is untracable, and checks made out personally can come from selling a piece of junk. The trouble is when you get those same checks every wk. then its gonna be real hard to explain to the irs. :blush: Do it right

Mac

[DLS1]

Well it depends on your ethics if you pay taxes on cash. What you do now can determine your ethics the rest of your life. If you cheat on taxes than what else will you start cheating on and start justifying it by saying that others are doing it.

Don't worry about what a few bad apples are doing.

Pay your taxes and take the maximum expense deductions you can to reduce the taxes. Account for all income and you won't have any worries at audit time if there is ever an audit.

[K.Carothers]

Being new in the business I was wondering if we get audited more than others. I've never been audited in 18years. Now that I am a LCO does my odds go up? What's your experience?

[olderthandirt]

Well it depends on your ethics if you pay taxes on cash. What you do now can determine your ethics the rest of your life. If you cheat on taxes than what else will you start cheating on and start justifying it by saying that others are doing it.

Don't worry about what a few bad apples are doing.

Pay your taxes and take the maximum expense deductions you can to reduce the taxes. Account for all income and you won't have any worries at audit time if there is ever an audit.
DLS1 So your trying to tell me you never took that $30 bucks cash and just bought the guys lunch with it or spent it on gas???? If you answer yes then you need to see the pope and be granted saint hood becouse I don't believe it. The yrs to long to remember every penny that you take in.

Mac

[DLS1]

DLS1 So your trying to tell me you never took that $30 bucks cash and just bought the guys lunch with it or spent it on gas???? If you answer yes then you need to see the pope and be granted saint hood becouse I don't believe it. The yrs to long to remember every penny that you take in.

Mac

Yes that is what I am saying. I have one customer that has always paid me cash and it gets reported. It is sad that you can't comprehend there are people who report ALL their income. :dizzy: :dizzy:

How far have you slipped to the dark side? There is still hope for you.

[tiedeman]

if I remember correctly, you do not HAVE to pay taxes if you make under $2,000 for the work. I could be wrong, they could have changed it recently though. That was about 6 years ago.

[olderthandirt]

Yes that is what I am saying. I have one customer that has always paid me cash and it gets reported. It is sad that you can't comprehend there are people who report ALL their income. :dizzy: :dizzy:

How far have you slipped to the dark side? There is still hope for you.
I have not slipped to the dark side.And I don't try to BS everyone! And I'm sorry I'm not talking about 1 customers cash or are you running just a small little business. So you never recieved a tip and pocketed the few dollars? Sorry I don't buy it. And if it is true then your the only one that has not forgot that you got payed in cash for a change order or some other little thing and just stuck it in you pocket with your other money and forgot about it. Intentionally or not.

Mac

[Green Dreams]

Walk the line...I'd rather have the mob after me than the IRS...

[DLS1]

I have not slipped to the dark side.And I don't try to BS everyone! And I'm sorry I'm not talking about 1 customers cash or are you running just a small little business. So you never recieved a tip and pocketed the few dollars? Sorry I don't buy it. And if it is true then your the only one that has not forgot that you got payed in cash for a change order or some other little thing and just stuck it in you pocket with your other money and forgot about it. Intentionally or not.

Mac

It is really sad that you can't comprehend their are honest business people.
Now your trying to call it BS just because you don't report all your income.
If your not an honest person well it doesn't matter how many customers you have since it is in your nature to try to cheat with one or many customers.

I didn't say how many customers I have I only said their is one customer that pays cash. It goes to the heart of the person if the honest or not it doesn't have a thing to do with how much income you get.

Anyone else here want to tell olderthandirt they don't cheat on their taxes?

[tiedeman]

what I think is sad about the IRS is they are subcontracting out "Bounty Hunters" to collect on taxes, debt, etc. Those "Bounty Hunters" are basically debt collectors that can harrass you and look at YOUR personal records.

[DLS1]

what I think is sad about the IRS is they are subcontracting out "Bounty Hunters" to collect on taxes, debt, etc. Those "Bounty Hunters" are basically debt collectors that can harrass you and look at YOUR personal records.

Can you explain about these bounty hunters? So they are not IRS employees.

All I can say is declare ALL your income and expense and sleep well knowing that if a customer gets mad and reports they paid cash to you then you have nothing to worry about if they turn you in.

Now if you claim questionable expenses they disallow then at least you pay the taxes on what is disallowed and no jail.

Crossing over the line expenses is if the IRS looks at the expense and laughs at it then you may be in more trouble than just paying the taxes on it. I saw somewhere this is called the IRS "Laugh" rule.

[tiedeman]

no, they are not IRS employees. They are basically sub-contracted out work. I will look around for the article that I read about it

[lafrance4078]

Maybe we should all just keep our money in a shoe box under our bed. Cut up your social Security card, and fake your own death. Then we wouldn't have to worry about the IRS. :drinkup: :drinkup:

[tiedeman]

I have thought about that many times :)

[K.Carothers]

Why not do away with the IRS and go the flat tax way?
Everyone will pay then.

[tiedeman]

I like the idea of a 12 month flat rate tax plan based on your previous years income.:)

[olderthandirt]

It is really sad that you can't comprehend their are honest business people.
Now your trying to call it BS just because you don't report all your income.
If your not an honest person well it doesn't matter how many customers you have since it is in your nature to try to cheat with one or many customers.

I didn't say how many customers I have I only said their is one customer that pays cash. It goes to the heart of the person if the honest or not it doesn't have a thing to do with how much income you get.

Anyone else here want to tell olderthandirt they don't cheat on their taxes?
You ever working and the customer comes out and offers you a can of pop? well if you took it did you declare it as added income becouse of it's added value? If you did'nt you cheated on your taxes. Its a tip with value!!!!!!!!
Don't try to tell me how you always payed every penny of income couse it don't cut it :angry:

Mac

[DLS1]

You ever working and the customer comes out and offers you a can of pop? well if you took it did you declare it as added income becouse of it's added value? If you did'nt you cheated on your taxes. Its a tip with value!!!!!!!!
Don't try to tell me how you always payed every penny of income couse it don't cut it :angry:

Mac

Never got a pop from anyone but I will remember to declare it. :D :D :D

[olderthandirt]

Never got a pop from anyone but I will remember to declare it. :D :D :D
Thats a shame, well theres always hope that someone will take pity on you and offer you a small token of appreciation. And if it ever happens you be sure to declare it. I'm sure the irs auditors are reading this now and will be following you. :dizzy:

Mac

[GatorLawnCare]

With gross income of over $1.5mil yearly, And the fact that the 20 guys i have working for me work as consultants (don't have to pay tax on them or SSA :p ) And i have 2 accountants and one tax man on staff & i have Hadley any taxes to pay (no more than $50,000 a year) They find tons of loop holes for me. payup The rest of the money i don't need goes to my stock broker to make me richer :blob3: And i give all my guys a Christmas bonus up to $700 cash (and no less then $500), so they don't have to pay taxes. And i take it off as a biz loss so i don't have to deal with the taxes on that money ether. my point is there is a way around taxes if you have a good accountant and tax man

[DLS1]

Thats a shame, well theres always hope that someone will take pity on you and offer you a small token of appreciation. And if it ever happens you be sure to declare it. I'm sure the irs auditors are reading this now and will be following you. :dizzy:

Mac

You need to read the thread 'How does the IRS find out". and you will see their are some honest LCO on this site.

I never said I wasn't offered a pop I said I never got a pop from anyone. So that means people offered me something to drink but I never took it since I always have something to drink in my vehicle and i don't have to worry about declaring it on my taxes.

Speaking of IRS auditors it would appear you are one that needs to look over their shoulder after you read "How does the IRS find out". They can easily find you through email addresses. So in the future start declaring that cash and cans of pop.

Oh one other thing you just might stop saying you cheat when declaring your income where all of the world and the IRS can see it on the internet. :angel: :angel:

[olderthandirt]

I'll take my chances with the irs over the can or two of pop I recieved and did'nt declare, otherwise you better go back and show me where I ever said I cheated? Sorry still don't buy it, You always carry a pop with you and never run out? I see you only been doing this for 4 yrs so your a small op. or solo and must be scared sh!tless of an audit. Don't worry there not bad! been through 2 and came out squeeky clean :D :angel: And no the irs does not monitor e-mails :laugh: :laugh: :laugh:

Mac

[DLS1]

Legally yes! but lets be honest and admit that cash is untracable, and checks made out personally can come from selling a piece of junk. The trouble is when you get those same checks every wk. then its gonna be real hard to explain to the irs. :blush: Do it right

Mac

My mistake you really didn't say you are cheating so all you lurking IRS agents don't bother auditing dirt a third time. He is squeaky clean. :D :angel: