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chi_shark
12-02-2008, 03:55 PM
hey guys, what are you doing for taxation and new year planning for your businesses? This is the first time i will be filing taxes with IRS for my new business... i plan to use turbotax and quickbooks - dont have much activity this year... just want to know how many others are also looking forward to it and what they are doing about it... i know that taxes are not due until mar 15...

i have a feeling that no one will reply... but lets see... :-)

lord_labaku
12-02-2008, 09:54 PM
ya i replied. I am sure no one is looking forward to paying taxes. Even those who make more than $1 million a year.

chi_shark
12-02-2008, 11:11 PM
ya i replied. I am sure no one is looking forward to paying taxes. Even those who make more than $1 million a year.

o lord labaku... in this case, i am talking to those of us who have started up a company in recent times and are looking forward to offsetting their incomes by the company expenses and hence save on taxes...

senthil1
12-03-2008, 12:00 AM
If you are independent contractor you can take some allowed expenses. If you are salaried employee you need to show loss for getting some benefit. Generally if you show loss for 3 years continously then IRS mostly deny on third year. In any case if you take too much expense you are inviting audit and that is going to be nightmare. I do not think it is a good idea to start a company just for expenses unless you are going to do business. Atleast you should be doing independent contracting(corp to Corp).

o lord labaku... in this case, i am talking to those of us who have started up a company in recent times and are looking forward to offsetting their incomes by the company expenses and hence save on taxes...

chi_shark
12-03-2008, 12:51 AM
thanks! i do have business activities... and i am not worried about audits...


If you are independent contractor you can take some allowed expenses. If you are salaried employee you need to show loss for getting some benefit. Generally if you show loss for 3 years continously then IRS mostly deny on third year. In any case if you take too much expense you are inviting audit and that is going to be nightmare. I do not think it is a good idea to start a company just for expenses unless you are going to do business. Atleast you should be doing independent contracting(corp to Corp).

new_horizon
12-03-2008, 02:27 PM
hope you are not talking about quixtar/amway or reliv business?

chi_shark
12-03-2008, 03:13 PM
hope you are not talking about quixtar/amway or reliv business?

sorry to disappoint you... i dont have quixtar or amway and none you guys can be potential customers unless you are business people who need marketing help in the specific industry that i am in... so - no - i am not going to throw you a sales pitch if you respond with your wisdom...

lord_labaku
12-03-2008, 04:12 PM
sorry to disappoint you... i dont have quixtar or amway and none you guys can be potential customers unless you are business people who need marketing help in the specific industry that i am in... so - no - i am not going to throw you a sales pitch if you respond with your wisdom...

Hopefully your attitude is a little better towards actual potential customers, who are business people, who need marketing help in the specific industry that you are in.

chi_shark
12-03-2008, 05:28 PM
Hopefully your attitude is a little better towards actual potential customers, who are business people, who need marketing help in the specific industry that you are in.

o lord! right back at you! thanks for your concern...

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03-17-2009, 07:12 PM
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