Topic: Taxes, taxes, and more taxes Form this that and schedule this?

[ElCheapo]

Just getting in gear now and doing the "end of year". This marks the first year I have to fill out a Schedule "C" (I'm in the states). Has anyone had to do this before? Just wanted to know some of the pitfalls if anyone has experienced them.

I think I will be meeting with a tax dude this week just to make sure I get it right. I have been hiding under that radar for 3 years now. Hiding can be good except when you want to finance something like say.......... a Honda CB 750 K0 

[Sam Green Racing]

Hey Cheapy, thank your lucky stars you don't live in the UK.

Happy new year.

Sam.

[74cb750]

Get a business tax id number, and deduct all the parts you buy for your K0.
You can show a loss for 3-4 years and be ok.

Claim the stuff you sell on ebay as part of your business.
Works for me.
peace

[ElCheapo]

Get a business tax id number, and deduct all the parts you buy for your K0.
You can show a loss for 3-4 years and be ok.

Claim the stuff you sell on ebay as part of your business.
Works for me.
peace

At this point I would claim underwear as a right off  . I have plenty of right offs. Dont want to get to crazy as I KNOW I would not hold up to an audit right now. If they really figure out what I made in the past years (on the side) I might be in the clink. Funny thing is I think if the did audit me they would find they owed me money, much to thier dismay. 

[Sam Green Racing]

It might not be a good idea talking about your business infront of millions of surfers.

[ElCheapo]

It might not be a good idea talking about your business infront of millions of surfers.

Let'em come. This year is completely on the level.

[750goes]

onya

in Oz you need to keep records for SEVEN years, and the TAX man can come looking for you for those seven years even if they are all prepared by an accountant, and have you audited..irrespective if you owe them or not..

I just found out that a previous accountant (no longer in business and I cannort find him) had not submitted my tax returns for two years (5-6 years ago) . I also paid this prick (can I use that word) a few grand for the privilege. I only found this out when the Tax man did a random check on businesses and their registration details recently (just a walk by thing)..

It's going to cost me another few large for my new Accountant (just completed returns) luckily not being fined. but the trauma of recovering data from an old pc on old software, then trying to gather all the paper trails is BS...


good luck

[Bob Wessner]

in Oz you need to keep records for SEVEN years

I believe it's the same here in the U.S., however, typically if you have not been audited within 3 years, you probably won't be.

[ElCheapo]

in Oz you need to keep records for SEVEN years

I believe it's the same here in the U.S., however, typically if you have not been audited within 3 years, you probably won't be.

True I think on the audit thingy. But this year I have all of my paperwork together so I am sure I will get audited.