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  #1 (permalink)  
Old 12-02-2008, 03:55 PM
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Default taxation and new year planning

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... :-)
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  #2 (permalink)  
Old 12-02-2008, 09:54 PM
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ya i replied. I am sure no one is looking forward to paying taxes. Even those who make more than $1 million a year.
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  #3 (permalink)  
Old 12-02-2008, 11:11 PM
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Default well... in this case we would be looking forward...

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Originally Posted by lord_labaku View Post
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...
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  #4 (permalink)  
Old 12-03-2008, 12:00 AM
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Default

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).

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Originally Posted by chi_shark View Post
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...
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  #5 (permalink)  
Old 12-03-2008, 12:51 AM
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Default please...

thanks! i do have business activities... and i am not worried about audits...


Quote:
Originally Posted by senthil1 View Post
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).
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  #6 (permalink)  
Old 12-03-2008, 02:27 PM
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Default quixtar??

hope you are not talking about quixtar/amway or reliv business?
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Old 12-03-2008, 03:13 PM
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Default dont know quixstar and no not amway

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Originally Posted by new_horizon View Post
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...
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  #8 (permalink)  
Old 12-03-2008, 04:12 PM
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Quote:
Originally Posted by chi_shark View Post
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.
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Old 12-03-2008, 05:28 PM
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Default hopefully you will not be personal

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Originally Posted by lord_labaku View Post
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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Old 03-17-2009, 07:12 PM
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