 Will my daughter have to pay taxes on this? |
If I pay off my daughter's bills ,including her vehicles, will she have to claim it as income and pay taxes on it? The total would be forty thousand.
Additional Details
She is not a ... |
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 Tax credits annual review? |
| i filled in the form but after checking details our income was £500 less than the year before does that mean they will owe us money?... |
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 Why does the uk let the government act the way they do..council tax..? |
| I've lived in england all my life and I cant believe we are letting our government get away with the stuff they are doing..specifically Council Tax... I understand that they may have to reform ... |
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 If you win 1.000.000 on deal or no deal, how high are the taxes? |
Won´t they be like a minimum of 27 % and depend on the rest of your income?
If you make 40.000 a year and win 1.000.000 - how much do you get to keep?
Additional Details
Just for ... |
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 Benefits??? Am I able to claim?? |
| I gave up my job as a manager two months ago, as I found it to stressfull. I have never claimed before. I live on my own and rent a private house. I am now running out of money to pay for it all. Can ... |
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 Can i claim my partners children on my taxes? |
| my partner and i have been together for 9 years in Virginia. She has 2 kids and i have one. All children live with us. Up until this point we have both filed taxes seperately. For the year 2007, ... |
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 UK only .. My Council Tax is now ....? |
£3,400 a year ..! ... it that because i have a 5 bed House in Essex..? .... Yet the scum bags a mile from me pay phuck all..!!!
OK , im lucky ...the house is mine ( payed cash for it 2 years ... |
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 Has anyone received their stimulus check yet?? |
| My husband and I both have social security numbers that end in numbers under 20, indicating that we will recieve our check today, May 2. We filed our taxes online in January and recvd our refund via ... |
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 What should i do with my tax check? |
you see i filed my tax check and get the federal part back what should i do with it?
any suggestion is ... |
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 Uk answers only please.? |
| does anybody out there know of any debt consolodation companys that come to your house to discus everything.any answers would be much appreciated.... |
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 I didn't say that I have not been or do not plan to pay my taxes owed from 2005? |
| I certainly do and have been paying since 2005, however, since I am on a repayment plan, why should I be further penalized by having the stimulus check applied to that balance as well. I feel like I ... |
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 Can home repairs be written off on taxes? |
| I have a pipe leak in the front yard getting fixed and it's going to cost 500 dollars. Will I be able to write that off when I do my taxes?... |
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 I have had a letter from a Bailiff company saying i owe £600 for council tax from a old address 2 years ago.? |
| It was a shared house and lost contact with my flat mates. Ive phoned the company and made a apponitment with them, as I cannot afford to pay it all immiediatly. What will their responce be?... |
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Mac M | Can i avoid paying income taxes on selfemployment income? |
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bbj1776
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Open a LLC and file for S corp tax filing, then make sure you show no profit. |
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babygirl
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yea sure but when the IRS catches up with you b prepared to pay big time and plan on wearing orange |
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You asked - I answered
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No. Once the government catches up to you - you'll owe them the taxes plus they bag you for all the interest too. I would strongly advise you not to attempt that. |
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I Bleed Sarcasm
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of course you can. if you want to go to prison. |
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glindatax
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A sole proprietor has to pay income tax and approx 15% social security tax (Self Employment tax) on their profit. If you have no profit, you pay no tax. If you have profit, you must pay this tax.
The only legal way to reduce the social security tax is to form an S Corporation (it could also be a LLC set up as an S corp). As the owner, you might expect to pay yourself about half of your profit in wages, which are subject to social security tax. The other half of you profit would flow to your personal 1040 on line 17. This would be subject to income tax, but would avoid social security tax. At this point the IRS has not questioned this tactic, but it could be subject to change if the IRS decided to crack down on it.
Please also note that by paying little or nothing into social security, you will get little or nothing back. As always, consult with a tax professional for specific answers. CPA Greg - glindatax.com
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Thomas B
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you can avoid it.....but that would be illegal |
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wartz
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Legally, no. |
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robrobiii
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You can until the tax man catches up with you...
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Cyn
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all the other answers you received are correct. If you are on a cash basis and can accelerate your expenses to the current tax year, you can reduce the amount of your income, thus your self employment taxes.
But, here is another concept for you. If you are married and your spouse is on payroll, have your spouse as a 50-50 partner in your business. Since their is a ceiling with the amount of self-employment (aka social security taxes) you pay, the social security on the outside payroll would go to reduce the amount of self employment taxes that would be paid. Same would apply to you if you were employed elsewhere. |
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Steve D
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Yes, until the IRS finds out that you haven't paid.
unless your clients are all private citizens and use cash (and you are in a business where you would not be a tax deduction), you may be able to slide under the radar. However, once you contract yourself out to a person who will be using your pay as a business or other deduction, you lose that chance, since they will report what they paid to you to the IRS (with your name on a 1099 since the IRS will want proof). |
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