this is a pretty serious question. failing to pay taxes on income earned MIGHT be called income tax evasion. a nicer subject to discuss on this forum than to be discussed in federal court!!! "taxes and death" usually discussed in the same breath. my advice...if you run legit, you can tell it like it is and sand tall, if it's legal, clam it!!! don't look back. HOWEVER, if someone else does your taxes, you should understand what the implications are if they are wrong or lie on your return. this does happen.<p>merry Christmas to all! outside of religous implications, Christmas is for lovers and children. if you are either...you should be considered one of God's miracles. a fan of lesco bids all SEASONS GREETINGS!
I find that it is a lot easier to pay my taxes than it is to run all over town cashing customer checks at different places. It was a real shock my second year though. I made more money doing this than I did working at a local Phone company making $18.00 an hr. Got into a higher tax bracket. Thank GOD for expense's. I do question the part where I have to pay extra for being self-employed though. I don't think that is fair, but I pay it. The real reason, I pay is because it is the law. And I damn sure don't want to tangle with the IRS. They usually will catch you and they usually win.<p>Jim
I have always paid taxes. I use a good accountant. The IRS has a way to estimate how much money you make. By how much your bills(rent, house payment etc.) are. I read an AP story where a man was fined 25000$$ + his taxes. For not paying the right amount. They even used his credit card records to see how much money he had spent on a vacation. It has been shown that the IRS goes after those that can least afford to defend themselves. Why lose sleep over something that sooner or later you will have to do. You may need these tax records to get a loan too. Especially being self employed.<br>Charles
Yeah, that's right, why lose sleep? Plus, if you run "below the table" that's where your income will ultimately stay. I know of a few guys who "play the game" and make okay money, but all the guys who make serious money in the lawn business are straight players.
Pay the taxes and be able to sleep at night. Reporting your income and paying the sel-employment tax is also the only way you will ever qualify for social security if this is your full-time business. That means you're covered for social security disability benefits as well, which is probably more important to most of us and our families right now than the retirement benefits.
GLC, all income must be reported. From every job source. Just being parttime has no bearing on whether you pay taxes on that income. The IRS will include it with your fulltime job. Although you should list it seperatly. I would itemise because you have more expenses with the lawn service business.<br>Charles