Rocky Mtn Saver
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Post by Rocky Mtn Saver on Nov 13, 2013 11:49:19 GMT -5
This is the closest approximation I could easily find. I don't know how Looney's taxes are filed exactly, but she provided a service to her business in exchange for goods (food): Topic 420 - Bartering Income Bartering occurs when you exchange goods or services without exchanging money. An example of bartering is a plumber doing repair work for a dentist in exchange for dental services. You must include in gross income in the year of receipt the fair market value of goods and services received in exchange for goods or services you provide or may provide under the bartering arrangement. www.irs.gov/taxtopics/tc420.html
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Tennesseer
Member Emeritus
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Post by Tennesseer on Nov 13, 2013 11:50:14 GMT -5
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... ...and three hots with a cot too!
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Nov 13, 2013 11:50:30 GMT -5
A couple of those celebrities sitting in jail right now had accountants too.
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Sum Dum Gai
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Post by Sum Dum Gai on Nov 13, 2013 11:53:27 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? You're taking income in the form of food. It's not cash, but the cash value is still taxable personal income.
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Deleted
Joined: Oct 7, 2024 16:26:24 GMT -5
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Post by Deleted on Nov 13, 2013 11:55:22 GMT -5
ROFL! Loony, I will come visit you at the federal pen. The mandatory minimum sentence for embezzling melons from yourself is 25 years. It will get lonely. You have God's permission to take a homosexual lover to pass the time.
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Nov 13, 2013 11:56:09 GMT -5
As income (?) on my personal taxes? Groceries I take home - income? What are you talking about? You're taking income in the form of food. It's not cash, but the cash value is still taxable personal income. If the IRS didn't tax the value of payment in goods (like groceries), a ton of people would ask to be paid in groceries, rent, cars, gas, etc! Heck, I'd take part of my salary in groceries if I could avoid paying taxes on it!
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tloonya
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What status?
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Post by tloonya on Nov 13, 2013 11:57:22 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? I take aspirin. Or Motrin. Generic. Now...how can I answer anything if I don't even understand what is Dark asking? Also, imagine how funny you sound...let's say I became hungry AT WORK. So I took stuff for soup and roll...and I wrote it in the BOOK! -rofl-I bet audit person would DIE laughing. He will automatically suspect that being this honest I am hiding some big stuff! So another example. I am throwing rotten veggies away. Should I write it as losses? ACTUALLY should I? Seriously? Because if I had not eaten that soup it could had been a trash...how do you go by that? See what you had done? Now I have thoughts
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Sum Dum Gai
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Post by Sum Dum Gai on Nov 13, 2013 12:01:56 GMT -5
Here is an example Loony to help you understand. I have a guy that's offered to work part time and be paid in products from my store. If I do that he still has to claim the full retail value of the products as non cash wages on his personal tax return. He will owe taxes on them, even though I didn't pay him any money, because the IRS will consider all the games and toys as income. Right now you're paying yourself in a mix of food and cash. Both are still taxable income.
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Nov 13, 2013 12:03:02 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? I take aspirin. Or Motrin. Generic. Now...how can I answer anything if I don't even understand what is Dark asking? Also, imagine how funny you sound...let's say I became hungry AT WORK. So I took stuff for soup and roll...and I wrote it in the BOOK! -rofl-I bet audit person would DIE laughing. He will automatically suspect that being this honest I am hiding some big stuff! So another example. I am throwing rotten veggies away. Should I write it as losses? ACTUALLY should I? Seriously? Because if I had not eaten that soup it could had been a trash...how do you go by that? See what you had done? Now I have thoughts $15,000 of seafood per year is not the same as one bowl of soup on a cold day. It's roughly 10% of your revenue that you're taking home to eat. And yes, to answer your question, rotten food should be recorded so you don't pay extra taxes on stuff you couldn't sell. Seriously.
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Nov 13, 2013 12:04:59 GMT -5
oh- and any EITC being received these past 4 years? especially when the DD was younger, could have been a bunch. Oh, I'm sure that the IRS wouldn't dare tell the State of PA, the Dept of Education, or the University if they found tax fraud in an audit. I mean, whose business could it possibly be?
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tloonya
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Post by tloonya on Nov 13, 2013 12:05:08 GMT -5
ROFL! Loony, I will come visit you at the federal pen. The mandatory minimum sentence for embezzling melons from yourself is 25 years. It will get lonely. You have God's permission to take a homosexual lover to pass the time. Ive always been curiious...
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Sum Dum Gai
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Post by Sum Dum Gai on Nov 13, 2013 12:05:29 GMT -5
Any rotten food you throw out is a legitimate loss because the business had to buy it first. Of course you should be claiming it. If your accountant isn't putting that stuff in your books right now they're screwing you. Find an accountant that knows what they're doing.
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Deleted
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Post by Deleted on Nov 13, 2013 12:06:53 GMT -5
Here is an example Loony to help you understand. I have a guy that's offered to work part time and be paid in products from my store. If I do that he still has to claim the full retail value of the products as non cash wages on his personal tax return. He will owe taxes on them, even though I didn't pay him any money, because the IRS will consider all the games and toys as income. Right now you're paying yourself in a mix of food and cash. Both are still taxable income. does she have to declare the "market value" - what she sells the food for to customers - or the wholesale price that she pays for the food? The IRS has a chart. 1 mackerel = $20 1 melon = $3 1 chicken, Amish = $15 1 chicken, nonAmish = $8 and so on.
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swamp
Community Leader
THEY’RE EATING THE DOGS!!!!!!!
Joined: Dec 19, 2010 16:03:22 GMT -5
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Post by swamp on Nov 13, 2013 12:07:00 GMT -5
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Deleted
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Post by Deleted on Nov 13, 2013 12:08:34 GMT -5
"It's a write-off for them." "How is it a write-off?" "They just write it off." "Write it off what?" "Jerry, all these big companies, they write off everything." "You don't even know what a write-off is." "Do you?" "No, I don't." "But they do. And they're the ones writing it off." "I wish I had the last twenty seconds of my life back." - Kramer and Jerry, in "The Package"
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NomoreDramaQ1015
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Post by NomoreDramaQ1015 on Nov 13, 2013 12:09:01 GMT -5
who is your accountant? what credentials? and how did you vet them to decide this was the one to do your books
She saw his billboard and decided to just call Saul!
Or maybe she got references from Nick Cage and Westly Snipes.
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Sum Dum Gai
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Post by Sum Dum Gai on Nov 13, 2013 12:09:20 GMT -5
Here is an example Loony to help you understand. I have a guy that's offered to work part time and be paid in products from my store. If I do that he still has to claim the full retail value of the products as non cash wages on his personal tax return. He will owe taxes on them, even though I didn't pay him any money, because the IRS will consider all the games and toys as income. Right now you're paying yourself in a mix of food and cash. Both are still taxable income. does she have to declare the "market value" - what she sells the food for to customers - or the wholesale price that she pays for the food? I'm pretty sure she has to claim the retail value as personal income. She'd need to ask her accountant.
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swamp
Community Leader
THEY’RE EATING THE DOGS!!!!!!!
Joined: Dec 19, 2010 16:03:22 GMT -5
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Post by swamp on Nov 13, 2013 12:11:33 GMT -5
No, I don't have a duty to report crimes. Unless they are one of my Attorney for the Child clients and it's a crime being perpetrated on them.
But as an attorney, I should warn Looney, and any other poster who is admitting to tax fraud, that the 5th amendment is there for a reason. shut the fuck up.
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tloonya
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What status?
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Post by tloonya on Nov 13, 2013 12:13:10 GMT -5
I take aspirin. Or Motrin. Generic. Now...how can I answer anything if I don't even understand what is Dark asking? Also, imagine how funny you sound...let's say I became hungry AT WORK. So I took stuff for soup and roll...and I wrote it in the BOOK! -rofl-I bet audit person would DIE laughing. He will automatically suspect that being this honest I am hiding some big stuff! So another example. I am throwing rotten veggies away. Should I write it as losses? ACTUALLY should I? Seriously? Because if I had not eaten that soup it could had been a trash...how do you go by that? See what you had done? Now I have thoughts $15,000 of seafood per year is not the same as one bowl of soup on a cold day. It's roughly 10% of your revenue that you're taking home to eat. And yes, to answer your question, rotten food should be recorded so you don't pay extra taxes on stuff you couldn't sell. Seriously. YOU KNOW HOW MUCH FOOD I THREW AWAY in 4 years? More than I ate! For sure! Especially in the summer. Also how do you prove I threw out that much? Weight it and WHEW! How do I weight rotten stuff So, considering that I had never written off my trash I am cleared and free to go? And do not forget how much food I give away as gifts and never wrote it off...so you guys pretty much...screwed with all of your 'jail time' crap!
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Sam_2.0
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Post by Sam_2.0 on Nov 13, 2013 12:13:41 GMT -5
I have to leave now. I am trying to stifle my laughter and I think my co-workers are getting a bit concerned thinking I may be sick or crying at my desk again
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swamp
Community Leader
THEY’RE EATING THE DOGS!!!!!!!
Joined: Dec 19, 2010 16:03:22 GMT -5
Posts: 45,617
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Post by swamp on Nov 13, 2013 12:14:04 GMT -5
No, I don't have a duty to report crimes. Unless they are one of my Attorney for the Child clients and it's a crime being perpetrated on them. But as an attorney, I should warn Looney, and any other poster who is admitting to tax fraud, that the 5th amendment is there for a reason. shut the fuck up. do we all have to send you a dollar now? $50 for a consult, please.
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Virgil Showlion
Distinguished Associate
Moderator
[b]leones potest resistere[/b]
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Post by Virgil Showlion on Nov 13, 2013 12:14:49 GMT -5
No, I don't have a duty to report crimes. Unless they are one of my Attorney for the Child clients and it's a crime being perpetrated on them. But as an attorney, I should warn Looney, and any other poster who is admitting to tax fraud, that the 5th amendment is there for a reason. shut the fuck up. I think she's suggesting that she isn't currently writing off rotting vegetables as losses. She's asking if it's OK to do so. What's wrong with that?
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swamp
Community Leader
THEY’RE EATING THE DOGS!!!!!!!
Joined: Dec 19, 2010 16:03:22 GMT -5
Posts: 45,617
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Post by swamp on Nov 13, 2013 12:15:32 GMT -5
No, I don't have a duty to report crimes. Unless they are one of my Attorney for the Child clients and it's a crime being perpetrated on them. But as an attorney, I should warn Looney, and any other poster who is admitting to tax fraud, that the 5th amendment is there for a reason. shut the fuck up. I think she's suggesting that she isn't currently writing off rotting vegetables as losses. She's asking if it's OK to do so. What's wrong with that? Looney admitted to taking food from the store and not accounting for it. That's tax fraud. My advice stands.
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tloonya
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What status?
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Post by tloonya on Nov 13, 2013 12:18:49 GMT -5
swamp - you best exit this thread! Do you have a duty to report this? Why am I feeling that there is annoying insect flying around me and I want to swat it and I can't...DARN! And mostly I am feeling it is just annoying and useless and buzzing and buzzing...
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Virgil Showlion
Distinguished Associate
Moderator
[b]leones potest resistere[/b]
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Post by Virgil Showlion on Nov 13, 2013 12:20:30 GMT -5
I think she's suggesting that she isn't currently writing off rotting vegetables as losses. She's asking if it's OK to do so. What's wrong with that? Looney admitted to taking food from the store and not accounting for it. That's tax fraud. My advice stands. Ah. You had the eyes bugging out smiley in the reply to her post about the rotten vegetables. I thought I might be missing something. tloony, one word: Bitcoin. Untraceable. Technologically outside the reach of any auditor or agency. When the IRS comes to haul you away for grand theft melon, that's where you hide the loot.
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Nov 13, 2013 12:22:03 GMT -5
I think she's suggesting that she isn't currently writing off rotting vegetables as losses. She's asking if it's OK to do so. What's wrong with that? Actually, I think she's making fun of us for the act of suggesting that she record rotten fruit losses. Like we're all nuts to think about it and she's so much smarter for not understanding concepts of inventory and taxes.
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Deleted
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Post by Deleted on Nov 13, 2013 12:22:59 GMT -5
Loony misspoke...she takes the rotten food home, riiiiiiiight.....
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tloonya
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Post by tloonya on Nov 13, 2013 12:25:38 GMT -5
do we all have to send you a dollar now? $50 for a consult, please. $50 for 'shut the fuck up'? you have nerve!!!
I said I am taking food I paid for...you people never read! I had yelled about it 3 times! But who is listening?
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Nov 13, 2013 12:26:01 GMT -5
$15,000 of seafood per year is not the same as one bowl of soup on a cold day. It's roughly 10% of your revenue that you're taking home to eat. And yes, to answer your question, rotten food should be recorded so you don't pay extra taxes on stuff you couldn't sell. Seriously. YOU KNOW HOW MUCH FOOD I THREW AWAY in 4 years? More than I ate! For sure! Especially in the summer. Also how do you prove I threw out that much? Weight it and WHEW! How do I weight rotten stuff So, considering that I had never written off my trash I am cleared and free to go? And do not forget how much food I give away as gifts and never wrote it off...so you guys pretty much...screwed with all of your 'jail time' crap! Y'know, if you're failing to record taking home 10% of your inventory, failing to record giving away 10% of your inventory, and failing to record loss of another 10% of your inventory, it's no wonder that your business isn't making much money.
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Nov 13, 2013 12:26:43 GMT -5
I said I am taking food I paid for...you people never read! I had yelled about it 3 times! But who is listening? Certainly not you.
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