Deleted
Joined: Oct 7, 2024 16:35:44 GMT -5
Posts: 0
|
Post by Deleted on Nov 13, 2013 10:26:35 GMT -5
You should probably delete this thread, Loony. I don't want "beerwench" to show up in a court document!!!
|
|
Rocky Mtn Saver
Junior Associate
Joined: Dec 23, 2010 9:40:57 GMT -5
Posts: 7,461
|
Post by Rocky Mtn Saver on Nov 13, 2013 10:27:41 GMT -5
Your business got a $15,000 tax deduction for buying that food as inventory. Thus, you as the owner owed less taxes because of the deduction. Following me so far? You as the owner didn't pay taxes on that $15,000 for the groceries that you took home.
Thus, what you have done is essentially you have written off as deductions on your taxes your own personal groceries for the whole year. No one is allowed to simply write off their personal groceries as a deduction from their taxes (on top of the rest of their deductions).
You have understated on everything the amount of income and things like income that you received for the year. It's as if my employer started to pay me in groceries for half my income, and I didn't say anything about it on my IRS forms. Now, my income appears to only be $15,000 and I only pay taxes on $15,000. When in reality, I get another $15,000 worth of food from my employer and pay no taxes on that. See where the IRS might be justifiably upset?
|
|
NomoreDramaQ1015
Community Leader
Joined: Dec 20, 2010 14:26:32 GMT -5
Posts: 48,082
Member is Online
|
Post by NomoreDramaQ1015 on Nov 13, 2013 10:43:30 GMT -5
You guys do realize this has all been said multiple times already since before she even opened the store? Either Loony is trolling and she's not this dense or she IS this dense and no amount of repetition is going to make it sink in.
|
|
Deleted
Joined: Oct 7, 2024 16:35:44 GMT -5
Posts: 0
|
Post by Deleted on Nov 13, 2013 10:47:01 GMT -5
this thread is making my head hurt. I can't believe someone has been in business for 3 years and still has no basic concept of revenue, profit, business expenses, etc.
|
|
Rocky Mtn Saver
Junior Associate
Joined: Dec 23, 2010 9:40:57 GMT -5
Posts: 7,461
|
Post by Rocky Mtn Saver on Nov 13, 2013 10:49:22 GMT -5
this thread is making my head hurt. I can't believe someone has been in business for 3 years and still has no basic concept of revenue, profit, business expenses, etc. I know, right? I've worked with small business owners who don't know rules or who need things explained/clarified where bookkeeping is concerned. But all of them have understood the basic difference between business expenses and home expenses, and between revenue and profit.
|
|
NancysSummerSip
Community Leader
Joined: Dec 19, 2010 19:19:42 GMT -5
Posts: 36,681
Today's Mood: Full of piss and vinegar
Favorite Drink: Anything with ice
|
Post by NancysSummerSip on Nov 13, 2013 10:53:59 GMT -5
this thread is making my head hurt. I can't believe someone has been in business for 3 years and still has no basic concept of revenue, profit, business expenses, etc. I know, right? I've worked with small business owners who don't know rules or who need things explained/clarified where bookkeeping is concerned. But all of them have understood the basic difference between business expenses and home expenses, and between revenue and profit. I have an idea. When Loony's tax evasion trial come up - YM road trip! Philly is a great city! Good restaurants, good sightseeing, good cultural stuff, good neighborhoods. We'll take a section of the courtroom for ourselves, get permission to film and sell it to business schools for their Business Finance 101 courses. It's a gold mine, I tell ya!
|
|
Sum Dum Gai
Senior Associate
Joined: Aug 15, 2011 15:39:24 GMT -5
Posts: 19,892
|
Post by Sum Dum Gai on Nov 13, 2013 10:54:03 GMT -5
I could see it. Only a tiny percentage of returns are audited every year so you can get away with being sloppy/clueless and cross your fingers that you aren't one of the unlucky ones that the state/fed actually looks at. If you are the fines will put you out of business though.
|
|
tloonya
Junior Associate
What status?
Joined: Dec 18, 2010 16:22:13 GMT -5
Posts: 8,452
|
Post by tloonya on Nov 13, 2013 10:58:18 GMT -5
Loony - you are one audit away from fines and maybe even jail time.....if this is all true - which I can't say I completely buy into...... Why? What have I done to deserve jail time? Maybe you don't completely understand whaty is going on and you think you do? I am having every step of mine reflected trough the bank. Whatever I am buying with cash I have receipts for. Where did you come up with jsil time from Just because i do not write in the stupid book?...What if i did...in russian? No, seriously, you are just such panikers and downers. There is nothing and no one i am cheating espesially IRS! I know better!
|
|
Rocky Mtn Saver
Junior Associate
Joined: Dec 23, 2010 9:40:57 GMT -5
Posts: 7,461
|
Post by Rocky Mtn Saver on Nov 13, 2013 11:00:26 GMT -5
No, seriously, you are just such panikers and downers. There is nothing and no one i am cheating espesially IRS! I know better! Apparently not.
|
|
Rocky Mtn Saver
Junior Associate
Joined: Dec 23, 2010 9:40:57 GMT -5
Posts: 7,461
|
Post by Rocky Mtn Saver on Nov 13, 2013 11:01:00 GMT -5
I could see it. Only a tiny percentage of returns are audited every year so you can get away with being sloppy/clueless and cross your fingers that you aren't one of the unlucky ones that the state/fed actually looks at. If you are the fines will put you out of business though. I guess this would put the $95 fee for not having health insurance in a proper perspective...
|
|
Sum Dum Gai
Senior Associate
Joined: Aug 15, 2011 15:39:24 GMT -5
Posts: 19,892
|
Post by Sum Dum Gai on Nov 13, 2013 11:01:02 GMT -5
Do you claim the groceries you take home as both a loss on your business taxes and as income on your personal taxes?
|
|
Rocky Mtn Saver
Junior Associate
Joined: Dec 23, 2010 9:40:57 GMT -5
Posts: 7,461
|
Post by Rocky Mtn Saver on Nov 13, 2013 11:02:21 GMT -5
I am having every step of mine reflected trough the bank. So you share your $15k undeclared income in food products with the bank manager? I'm sure he appreciates it!
|
|
Deleted
Joined: Oct 7, 2024 16:35:44 GMT -5
Posts: 0
|
Post by Deleted on Nov 13, 2013 11:05:06 GMT -5
Fruit baskets make a great present!
|
|
Deleted
Joined: Oct 7, 2024 16:35:44 GMT -5
Posts: 0
|
Post by Deleted on Nov 13, 2013 11:06:22 GMT -5
nobody can be this stupid....can they?
|
|
Sum Dum Gai
Senior Associate
Joined: Aug 15, 2011 15:39:24 GMT -5
Posts: 19,892
|
Post by Sum Dum Gai on Nov 13, 2013 11:07:11 GMT -5
If you do your own taxes and don't know the difference between revenue and profit I can pretty much guarantee you're doing them wrong. The IRS gets really touchy about tax fraud even in cases of ignorance. If you're paying somebody to file your taxes you could generate a bit of extra revenue by selling tickets to YMers for those meetings.
|
|
Rocky Mtn Saver
Junior Associate
Joined: Dec 23, 2010 9:40:57 GMT -5
Posts: 7,461
|
Post by Rocky Mtn Saver on Nov 13, 2013 11:09:51 GMT -5
If you do your own taxes and don't know the difference between revenue and profit I can pretty much guarantee you're doing them wrong. The IRS gets really touchy about tax fraud even in cases of ignorance. If you're paying somebody to file your taxes you could generate a bit of extra revenue by selling tickets to YMers for those meetings.
|
|
tloonya
Junior Associate
What status?
Joined: Dec 18, 2010 16:22:13 GMT -5
Posts: 8,452
|
Post by tloonya on Nov 13, 2013 11:12:24 GMT -5
this thread is making my head hurt. I can't believe someone has been in business for 3 years and still has no basic concept of revenue, profit, business expenses, etc. 4 years, exuse moi
|
|
Rocky Mtn Saver
Junior Associate
Joined: Dec 23, 2010 9:40:57 GMT -5
Posts: 7,461
|
Post by Rocky Mtn Saver on Nov 13, 2013 11:14:51 GMT -5
If you do your own taxes and don't know the difference between revenue and profit I can pretty much guarantee you're doing them wrong. The IRS gets really touchy about tax fraud even in cases of ignorance. If you're paying somebody to file your taxes you could generate a bit of extra revenue by selling tickets to YMers for those meetings. Y'know, if she thinks that her business is making $200k profit annually and she's doing her own taxes, it's also possible that she's massively overpaying taxes. The IRS might ask her to start doing training seminars for all the small businesses in the area!
|
|
mmhmm
Administrator
It's a great pity the right of free speech isn't based on the obligation to say something sensible.
Joined: Dec 25, 2010 18:13:34 GMT -5
Posts: 31,770
Today's Mood: Saddened by Events
Location: Memory Lane
Favorite Drink: Water
|
Post by mmhmm on Nov 13, 2013 11:22:51 GMT -5
If your answer to Dark's post (Reply #111) is "no", Tloonya, you are committing tax fraud. * Now, where did I put that Excedrin bottle?
|
|
Abby Normal
Senior Member
Joined: Dec 22, 2010 12:31:49 GMT -5
Posts: 3,501
|
Post by Abby Normal on Nov 13, 2013 11:25:24 GMT -5
Loony - you are one audit away from fines and maybe even jail time.....if this is all true - which I can't say I completely buy into...... Why? What have I done to deserve jail time? Maybe you don't completely understand whaty is going on and you think you do? I am having every step of mine reflected trough the bank. Whatever I am buying with cash I have receipts for. Where did you come up with jsil time from Just because i do not write in the stupid book?...What if i did...in russian? No, seriously, you are just such panikers and downers. There is nothing and no one i am cheating espesially IRS! I know better! Holy Hannah! Looney don't worry about needing health insurance. You need to spend that money on a lawyer and an accountant. The jail give you medical anyway...
|
|
Rocky Mtn Saver
Junior Associate
Joined: Dec 23, 2010 9:40:57 GMT -5
Posts: 7,461
|
Post by Rocky Mtn Saver on Nov 13, 2013 11:26:43 GMT -5
Can anyone imagine trying to be the Looney Company tax preparer?
|
|
tloonya
Junior Associate
What status?
Joined: Dec 18, 2010 16:22:13 GMT -5
Posts: 8,452
|
Post by tloonya on Nov 13, 2013 11:29:35 GMT -5
If you do your own taxes and don't know the difference between revenue and profit I can pretty much guarantee you're doing them wrong. The IRS gets really touchy about tax fraud even in cases of ignorance. If you're paying somebody to file your taxes you could generate a bit of extra revenue by selling tickets to YMers for those meetings. I Have an ACCOUNTANT! Understood? Food in PA isn't taxable. I am only paying taxes for flowers and water I sell. I am also giving a lot of food presents out with certain amount of purchase. How does anyone account for that? Just wondering... And about tickets for my meetings with an accountant - it would be waste of your money. We mostly talk about families etc. I give her my bank info, all the figures and whatnot and there she goes... Simple.
|
|
Rocky Mtn Saver
Junior Associate
Joined: Dec 23, 2010 9:40:57 GMT -5
Posts: 7,461
|
Post by Rocky Mtn Saver on Nov 13, 2013 11:31:48 GMT -5
If you do your own taxes and don't know the difference between revenue and profit I can pretty much guarantee you're doing them wrong. The IRS gets really touchy about tax fraud even in cases of ignorance. If you're paying somebody to file your taxes you could generate a bit of extra revenue by selling tickets to YMers for those meetings. I Have an ACCOUNTANT! Understood? Food in PA isn't taxable. I am only paying taxes for flowers and water I sell. I am also giving a lot of food presents out with certain amount of purchase. How does anyone account for that? Just wondering... You know the IRS is a federal institiution dealing with federal taxes, right?
|
|
Deleted
Joined: Oct 7, 2024 16:35:44 GMT -5
Posts: 0
|
Post by Deleted on Nov 13, 2013 11:31:57 GMT -5
"no tax on food in PA"....there you have it, people! Stop being haters!!!
|
|
Rocky Mtn Saver
Junior Associate
Joined: Dec 23, 2010 9:40:57 GMT -5
Posts: 7,461
|
Post by Rocky Mtn Saver on Nov 13, 2013 11:32:54 GMT -5
If you do your own taxes and don't know the difference between revenue and profit I can pretty much guarantee you're doing them wrong. The IRS gets really touchy about tax fraud even in cases of ignorance. If you're paying somebody to file your taxes you could generate a bit of extra revenue by selling tickets to YMers for those meetings. I Have an ACCOUNTANT! Understood? Food in PA isn't taxable. I am only paying taxes for flowers and water I sell. I am also giving a lot of food presents out with certain amount of purchase. How does anyone account for that? Just wondering... And about tickets for my meetings with an accountant - it would be waste of your money. We mostly talk about families etc. I give her my bank info, all the figures and whatnot and there she goes... Simple. Okay, so you tell her that you personally take home $15,000 of food from your inventory every year, right?
|
|
NomoreDramaQ1015
Community Leader
Joined: Dec 20, 2010 14:26:32 GMT -5
Posts: 48,082
Member is Online
|
Post by NomoreDramaQ1015 on Nov 13, 2013 11:34:19 GMT -5
I'm thinking Loony's accoutant is named Saul.
|
|
Sum Dum Gai
Senior Associate
Joined: Aug 15, 2011 15:39:24 GMT -5
Posts: 19,892
|
Post by Sum Dum Gai on Nov 13, 2013 11:36:36 GMT -5
Food isn't subject to sales tax, which you file quarterly. A business making money by selling food is subject to state and federal business taxes though.
|
|
Virgil Showlion
Distinguished Associate
Moderator
[b]leones potest resistere[/b]
Joined: Dec 20, 2010 15:19:33 GMT -5
Posts: 27,448
|
Post by Virgil Showlion on Nov 13, 2013 11:40:28 GMT -5
Serious...unfortunatelly. Thanks and please, stay with me here. What is Fed exchange? And what subsidy? I had looked at insurance premiums available...its freaking THOUSANDS!!! (of dollars)... What will that subsidy? A whole thing? I can't afford even third of it!!! I am dead serious...who signed it? Are they among us? Virgil signed it. Do you have an insurance broker that you can talk with? You might have options because you are a business, but I have no idea. Archie made me. Get 'im, tloony!
|
|
tloonya
Junior Associate
What status?
Joined: Dec 18, 2010 16:22:13 GMT -5
Posts: 8,452
|
Post by tloonya on Nov 13, 2013 11:45:46 GMT -5
Do you claim the groceries you take home as both a loss on your business taxes and as income on your personal taxes? As income (?) on my personal taxes? Groceries I take home - income? What are you talking about?
|
|
justme
Senior Associate
Joined: Feb 10, 2012 13:12:47 GMT -5
Posts: 14,618
|
Post by justme on Nov 13, 2013 11:48:12 GMT -5
A couple of those celebrities sitting in jail right now had accountants too.
|
|