I guess we need a "tongue-in-cheek" smiley. Of course no 1099 would be needed. That was a sideways stab at government intrusion.
I'm not an accountant, but Jacqueline appears to be using the right code. Some type of service business would be my guess. Retail might indicate the need for inventory. Fortunately, her product is recyclable. Wow, maybe she could even get some "green" tax credits? (insert tongue-in-cheek smiley here).
- OldGrump
- 05-10-2011, 11:34 AM
- pmdelites
- 05-10-2011, 05:06 PM
old grump, i get your tongue-in-cheek-ness, now. you're right, there's lots of screwing going on w/out having the govt budge in for a three-some [cue up The Beatles "Tax Man" from their 1966 album Revolver http://en.wikipedia.org/wiki/Taxman]
yrs ago, i had my own incorporated business [filed paperwork w/ state of TX and IRS; an "S" corp, not a personal "C" corp or Schedule C business] and had to file tax returns [990s?]. i classified/categorized my corp as a professional services business [i was a hi-tech consultant].
my CPA told me that for incorporated businesses, a professional services business has one of the highest tax rates, like 35-38% or something in that ballpark.
so, he said load up on expenses so that the income is very low to non-existent. the IRS doesnt care if you loose money every year [they do for Schedule C corporations]. obviously, you dont want to go in the red each year.
so, i paid myself a decent salary, paid for all my health care insurance, bought computers, phones, software, funded my SEP-IRA, etc. and would up w/ little or no net income.
so, ladies, when you decide to become a tax-paying business, i suggest you work with a CPA to get all your ducks in a row. you probably get good info from the Powder Room.
then, let's get back to fecking!!!
quiz: who knows what "LAGNAF" in my signature means??
yrs ago, i had my own incorporated business [filed paperwork w/ state of TX and IRS; an "S" corp, not a personal "C" corp or Schedule C business] and had to file tax returns [990s?]. i classified/categorized my corp as a professional services business [i was a hi-tech consultant].
my CPA told me that for incorporated businesses, a professional services business has one of the highest tax rates, like 35-38% or something in that ballpark.
so, he said load up on expenses so that the income is very low to non-existent. the IRS doesnt care if you loose money every year [they do for Schedule C corporations]. obviously, you dont want to go in the red each year.
so, i paid myself a decent salary, paid for all my health care insurance, bought computers, phones, software, funded my SEP-IRA, etc. and would up w/ little or no net income.
so, ladies, when you decide to become a tax-paying business, i suggest you work with a CPA to get all your ducks in a row. you probably get good info from the Powder Room.
then, let's get back to fecking!!!
quiz: who knows what "LAGNAF" in my signature means??
- OldGrump
- 05-10-2011, 09:28 PM
- Abraham
- 05-10-2011, 09:38 PM
In response to #2, yes you should be paying taxes.
In response to #6, things govt regulates or runs well.........Gasoline (highly regulated); DMV (well oiled machine); Medicare (broke); Education, etc. Hmmmmmm, maybe govt involvement is not such a good idea. Some years ago the feds took over the Mustang Ranch near Reno and it soon failed.
In response to #6, things govt regulates or runs well.........Gasoline (highly regulated); DMV (well oiled machine); Medicare (broke); Education, etc. Hmmmmmm, maybe govt involvement is not such a good idea. Some years ago the feds took over the Mustang Ranch near Reno and it soon failed.
- pmdelites
- 05-11-2011, 03:38 PM