#3024962 - 11/09/12 12:05 PM
Re: Post here - you don't need a link
[Re: waynesworld]
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youngandfree
6 Point
Registered: 09/26/12
Posts: 650
Loc: Greene County, Tn.
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Wildcat. Thanks for the concern, but had you read my post carefully, you would have seen that I said a portion of those van be written off. Seeing as my CPA world for the IRS for 30 years, I would guess she knows what she is doing. Young I would not use that statement as a fact. Working for the IRS makes no matter on weather they know what they are doing. I have seen where the IRS can not agree with each other on what is deductible. Also you would be amazed on the times the IRS is wrong. Also what they did in the IRS matters on if they even have knowledge of the code. Some agents have never read the code as a lot of tax prepares have not read any of it. Also the CPA behind a name does not mean they understand all the law either. But it does say they have a general knowledge and can memorize some of it. 
The tax laws are pretty clear on what can be written off if you own and operate a home-based business. No rocket science needed or team of lawyers needed. But thanks for the concern.
She handles some of the wealthiest people in Middle Tennessee and Kentucky and has had, what few audits there have been, go very well.
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#3024988 - 11/09/12 12:17 PM
Re: Post here - you don't need a link
[Re: Encore Eye Candy]
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waynesworld
8 Point
Registered: 05/13/12
Posts: 1454
Loc: Mboro, Tennessee
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When you make a statement on the tax law being clear about anything that shows you do not know the law.
Funny you mention science
Albert Einstein admitted, "The hardest thing in the world to understand is the income tax."
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#3024992 - 11/09/12 12:18 PM
Re: Post here - you don't need a link
[Re: de novo]
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youngandfree
6 Point
Registered: 09/26/12
Posts: 650
Loc: Greene County, Tn.
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Last year, after 9 months working my new business, I made nearly 6 figures. I didn't pay but $1,280 in taxes.
The tax laws are on the books, for all to learn and use them to your advantage.
Does this $1280 include Social Security and Medicaid or only federal income taxes?
Only Federal..... but since I am still earning a salary from a J.O.B. I am still paying SS and Medicaid thru that income and have the option to pay 13.3 percent in Social Security and Medicare taxes on my first $32,600 in self-employment earnings and 2.9 percent in Medicare tax on the remaining $200 in earnings. In other words...The majority of my home based business earnings are FREE from being taxed for SS and medicaid.
I plan on retiring by next Fall, at the latest. Then, my only income will be my home based business.....and the income I foresee coming in then will EASILY handle what the Govt taxes me for SS ad Medicaid. I wont even notice it. lol
Forgot to mention,..50% of what I pay in in Social Security can be DEDUCTED from my taxes as well.
And all of this is based on how much you make and whether or not you show a profit or loss for the year.
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#3025000 - 11/09/12 12:20 PM
Re: Post here - you don't need a link
[Re: waynesworld]
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youngandfree
6 Point
Registered: 09/26/12
Posts: 650
Loc: Greene County, Tn.
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When you make a statement on the tax law being clear about anything that shows you do not know the law.
Funny you mention science
Albert Einstein admitted, "The hardest thing in the world to understand is the income tax."
When it comes to a home based business, they are as clear as they can be. Pretty simple actually. Even I can understand them. If you don't want to believe it, stick your head back in a hole and keep working for someone else building their dreams instead of your own.
Here is a good link that explains the basic tax advantages of a homebased business.
http://www.bankrate.com/finance/money-guides/a-dozen-deductions-for-your-small-business-3.aspx
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#3025022 - 11/09/12 12:28 PM
Re: Post here - you don't need a link
[Re: youngandfree]
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waynesworld
8 Point
Registered: 05/13/12
Posts: 1454
Loc: Mboro, Tennessee
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Ok where are the laws for home based business deductions. I will give you a tip it is not a publication printed by the IRS.
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#3025030 - 11/09/12 12:32 PM
Re: Post here - you don't need a link
[Re: waynesworld]
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youngandfree
6 Point
Registered: 09/26/12
Posts: 650
Loc: Greene County, Tn.
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Wayne....I am not going to argue with you. The laws are there and Smarter people than you or I have them listed and explained. ANY competent CPA who knows the codes can tell you all about them.
I can assure you, I keep flawless records, receipts, and itemized statements and have went thru 2 tax filings with ZERO problems.
I beluieve you just like to argue about something you are too lazy to educate yourself about.
Do you need my accountants phone #?
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#3025044 - 11/09/12 12:37 PM
Re: Post here - you don't need a link
[Re: waynesworld]
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waynesworld
8 Point
Registered: 05/13/12
Posts: 1454
Loc: Mboro, Tennessee
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None of that web site has the law in it. It is just someone idea's on what are deductible and what are not. As I stated before it is not as clear as you think. Now you may claim some things that an agent may challenge but you may also not be claiming some things that you could.
All that is not to turn people off of owning there own business as that is a great sealing of being your own boss. But you have to understand that some things are not as clear as you may think. Taxes is one of them and the fact that someone worked for the IRS doesn't mean they know what they are doing as a statement of fact. The person you have may be the best person in the word on taxes I don't know or care. If you are happy with them then that is what matters. As the fact is if you are audited you will be the only one responsible for what is on the paper.
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#3025045 - 11/09/12 12:39 PM
Re: Post here - you don't need a link
[Re: Bambi Buster]
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DntBrnDPig
8 Point
Registered: 04/12/05
Posts: 1610
Loc: Cleveland, TN
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Many of those get forced to join the military because they have no other option.
That portion I have highlighted above is so wrong on so many levels, I'm not sure where to begin. Let's just say for now that it is evidence of the cultural/generational divide and the entitlement mentality at the root of many of the problems that threaten to bring this nation down around our heads.
I'll bite. Tie that into entitlement for me.
You cannot tell me that everyone who joins the military did so as their first option in life. A lot of kids sign up because they have no other job prospects and no chance at school. A recruitment officer - many of who are as slick as used car salesmen - convince them to sign up. They sign up to better their lives. If they did it soley for love of God and country you would see more military careers instead 4 and out - they get their benefits and leave.
Serving in the military is an honorable thing. It's a sacrifice. One MOST would not have made if they had other viable options. If you read into that to the point you think I am saying something different - that's your problem.
So please explain to me why it is wrong. In detail. On so many levels. Change my mind on it. I am completely up for being wrong, but 'God and Country' and 'obligation' is not a valid reason.
_________________________
Any time you can get out to hunt, is a good day to hunt.
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#3025048 - 11/09/12 12:41 PM
Re: Post here - you don't need a link
[Re: Encore Eye Candy]
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DntBrnDPig
8 Point
Registered: 04/12/05
Posts: 1610
Loc: Cleveland, TN
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LOL. True story. I was thinking the other day about all these 'young' democratic nations we are trying to spawn and the crooked people taking charge... It's not that different then here.. they just are more polished turds.
_________________________
Any time you can get out to hunt, is a good day to hunt.
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