erynthered Posted April 1, 2009 Author Share Posted April 1, 2009 Seriously, that means a lot that you say that. I know you've worked off a 1099 before, o that puts the mind at ease a bit. I did it for about 15 years. Though I made them/me pay my Sub S corp. Mucho Better! Link to comment Share on other sites More sharing options...
Chef Jim Posted April 1, 2009 Share Posted April 1, 2009 Seriously, that means a lot that you say that. I know you've worked off a 1099 before, o that puts the mind at ease a bit. There's working in the grey areas and then there's committing tax fraud. I love the 1099 people who write their schedule C income to zero. I ask them "so let me get this straight, not only are you cheating on your taxes but you're paying zero into SS and you have no income to contribute to your retirement off of (SEP or tradtional IRA). You do realize you'll have zero income during your retirement don't you?" That's when I get this look Link to comment Share on other sites More sharing options...
Pine Barrens Mafia Posted April 1, 2009 Share Posted April 1, 2009 There's working in the grey areas and then there's committing tax fraud. I love the 1099 people who write their schedule C income to zero. I ask them "so let me get this straight, not only are you cheating on your taxes but you're paying zero into SS and you have no income to contribute to your retirement off of (SEP or tradtional IRA). You do realize you'll have zero income during your retirement don't you?" That's when I get this look I'll tell you what, though, he was able to write off nearly half of my income last year. My car expenses were ridiculous. I put on nearly 20k business miles on my car. And that was just one deduction. Link to comment Share on other sites More sharing options...
Chef Jim Posted April 1, 2009 Share Posted April 1, 2009 I'll tell you what, though, he was able to write off nearly half of my income last year. My car expenses were ridiculous. I put on nearly 20k business miles on my car. And that was just one deduction. The miles write off is sweet. Are you contributing to a SEP? If not look at line 12 of your return. You can contribute 25% of that (up to $49k) which reduces your taxable income that much more and also gives you some great tax deferred growth.* * The proceeding was intended for internet message board entertainment only. Please seek the advice of a CPA with regard to any and all tax matters. Link to comment Share on other sites More sharing options...
DC Tom Posted April 1, 2009 Share Posted April 1, 2009 * The proceeding was intended for internet message board entertainment only. Please seek the advice of a CPA with regard to any and all tax matters. But asking for medical advice on a football board...that's fine. Link to comment Share on other sites More sharing options...
GG Posted April 1, 2009 Share Posted April 1, 2009 You figure the moral of the thread would be the insane tax code, and how it would make sense to simplify it. Link to comment Share on other sites More sharing options...
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