Filed my taxes today...

joconnor424

joconnor424

New member
Sep 27, 2011
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US
First time I've ever had to owe the IRS. My asshole feels raw and sore from the pounding.

Any of you guys an s corp? If so, do you claim any business expenses? It wasn't very clear to me where I could claim business purchases.
 


You may want to amend your tax return if you are really asking if any of us claim business expenses...
 
Search for "tax evasion". Depending on where you live and how much you make you can start a corporation in another country with a low tax rate and then give your own greedy government the finger. I think if you live in the US they roadblocked that option now? Not sure, I live in Europe...

Oh ps it's not illigal and there are companies that specialize in this that can help you set this up.

Oh and get a good accountant that will really work with you to lower your taxes as much as possible and that know's about all these things like for example those tax evasion structures. Don't go for just any accountant, I did that and it just caused headache, I got a good one now and if I got him in the beginning I would have more money now, so do your homework on that part.
 
Facepalmus Maximus

Zaino said:
you prepared your 1120 yourself? Talk about getting an ass pounding.
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Fucking this.

And WHY the FUCK would you file now if you don't have a refund coming?? WHY THE FUCK would you pay the .gov ONE THIN DIME before you absolutely HAD TO on APRIL 15th at Midnight??

wtf.

Must have owed them about eleven bucks.
 
I went from an 1120 to a sched. C. No fcking way im doing either without a cpa. I w/ouldnt even file the ez form without a cpa.
 
I haven't even filed last years. I'm a little worried this year because I've heard they are auditing out the butthole with the economy as it is, they hired more auditors and are paying out less than past years.

I didn't file for 3+ years 10 years ago and it worked out alright but I didn't make much money those years.

I have a rental property but that's about it. I basically went bankrupt this year with medical bills (with health insurance) so who knows. I'm not filing bankruptcy but I'm on payment plans to hospitals which suck a lot more than taxes.
 
OP, I'll give you a GOLDEN advice that I wish I had known on my 1st year of business: have separate business and personal credit cards. Don't buy anything personal on your business credit card.

When tax season comes all you have to do is give your account 12 statements.
 
avatar33 said:
OP, I'll give you a GOLDEN advice that I wish I had known on my 1st year of business: have separate business and personal credit cards. Don't buy anything personal on your business credit card.

When tax season comes all you have to do is give your account 12 statements.
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I actually am doing that right now. I have a credit card that I wasn't using (got it originally to use it for a vacation) and have dedicated that to the business. I also have a business checking account so yeah, I'm keeping things as separate as possible.

Thanks for the tip!
 
jeanpaul1979 said:
Search for "tax evasion". Depending on where you live and how much you make you can start a corporation in another country with a low tax rate and then give your own greedy government the finger. I think if you live in the US they roadblocked that option now? Not sure, I live in Europe...

Oh ps it's not illigal and there are companies that specialize in this that can help you set this up.

Oh and get a good accountant that will really work with you to lower your taxes as much as possible and that know's about all these things like for example those tax evasion structures. Don't go for just any accountant, I did that and it just caused headache, I got a good one now and if I got him in the beginning I would have more money now, so do your homework on that part.
Click to expand...

Tax evasion is by definition illegal.

Tax avoidance on the other hand, is not.
 
avatar33 said:
OP, I'll give you a GOLDEN advice that I wish I had known on my 1st year of business: have separate business and personal credit cards. Don't buy anything personal on your business credit card.

When tax season comes all you have to do is give your account 12 statements.
Click to expand...

Yea, I need to start doing that.

Problem is, my current personal card has a 30k limit. I don't think a new card in my businesses name will have a limit that high.

I might just get another personal card with like a 5k limit on it and just use that for personal expenses every month.

As long as business and personal transactions are separate it makes things a whole lot easier for bookkeeping.
 
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