 Should i use turbotax? |
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 How long do i need to keep my receipts? |
| i have a business and need to know when to throw the receipts away? Does anyone know?... |
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 Can I get income tax exemption for the tution fee I paid for my Nursery going LKG child? |
| According to 6 CPC, the tution fee for the nursery going child can be reimburshed. In the same way, can we claim the tution fee for the nursery going child from Income Tax.... |
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If you apply for a job and the salary brackets are let's say:
20 - 23K and you mention to your potential employer you were on 22K, which is a possibility they will either offer you same or ... |
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 What is tax return? |
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 Child Tax Credit? |
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 Do you need to file taxes seperately for each W2 form? |
I do promotional work for several companies and receive a W2 form for each. Do I have to file for each individually or can I add the totals wages, taxes, and amounts of all and file one form?
A... |
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 My 17 year old daughter claimed exempt and is arguing that she doesnt owe tax - but she still has to pay right |
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 If I sell used items on Ebay, do I have to claim the income on my taxes? |
| As far as I know- Garage Sale income doesn't count as income... does it?... |
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 If the uk council has bailiffs on your case, can u tell the council you wont deal with the bailiffs? |
andf ask them to deal with it and take money owing to them out of your wages? will they or do they do this?
Just that the bailiffs have askedf for more than i can afford £90 PW, we are on ... |
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 I a wife is widowed during the middle of the year.. how will she file her taxes? Married filing individually? |
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| Child ssn#? |
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| Help inland rev gone mad i got bailiff's on the way want 9 n half grand for two yrs? |
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 I am 24 yrs old, and have never filed my taxes. Where do I begin? |
| I am 24 yrs old, have worked in 5 states, and have never filed my taxes. With all the moving I have done, I haven't always been around to collect W-2's... and then all the change of ... |
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Doctor_009 | Can we pay cash to the construction contractors? |
We are getting some construction work done in our business. This is costing about $20K. And the contractor is asking for the payments in cash. Is it legal to pay cash to the contractor. If so, would I be able to report these expenses in my tax returns? He said he will give me the receipt for the payments we do. I got good references of this contractor about the work. Also, I saw his work in other place. I understand that he wants to save some money by not reporting this income. But I am wondering if that would be of any problem for me reporting these are expenses in my tax returns? |
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Paco
 |
Absolutely not.
If the transaction is under $10,000 then it is the contractor's responsibility to report it as income and there is no problem. If it is over $10,000 than it is your responsibility to report the cash transaction on the IRS form 8300. Cash transactions of over $10K are not illegal, but unreported cash transactions are illegal (for you). You could face sever penalties.
Like I said, under $10K it would be OK. It's his responsibility. Also it doesn't help to give him three payments under $10K. Don't believe him.
Likewise, you should never carry $10K on a plane or in a car. The government has the automatic right to confiscate the money, and you have to prove to them that you obtained it illegally. It doesn't help if you have it as a mix of travelers checks and different currencies.
In your case you are not selling a car for $20K. You not only want to do the transaction but you want to put it on your tax form. |
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bostonianinmo
|
While it's legal to pay in cash you should not pay for something that expensive in cash for numerous reasons. Getting robbed on the way from the bank is one damn good reason for not handling that amount of cash.
Tell him that it's your policy to handle transactions of that size in certified funds. He can choose the bank if he wishes, or you can ACH the funds directly to his bank, but it won't be a briefcase full of cash. Cash Transaction Reports (CTR) are going to be filed by your bank either way so keep it all open and above board. While it's not your responsibility to pay his taxes or make sure that he does, conspiring to hide the transfer of funds can have breathtakingly heavy penalties for all parties concerned. |
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Sunshine71
|
You can pay cash, it's legal. If you trust that the work will be done well and correctly, and you get a valid receipt. you can use it as a business expense. Truthfully, I would check with your accountant to see what he or she advises. I wouldn't pay more than a deposit if you pay with cash, until the whole job is satisfactorily completed to your specifications. |
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Judy1
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Cash is legal tender. But have him fill out s W-9, and give him a 1099, or you too are hanging out legally. |
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Jerkwithhotsauce
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Sure, you can pay him in cash. And yes, if it is reported to the IRS you both may be in hot water. But HEY! The s**theads that are working for the Feds in the Middle East are doing the same thing, so what the spit, go for it. |
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Travis M
 |
honestly.. Give it to him in case, as long as you have the documentation you are all set. And by you doing him this favor by saving him a good %, you should talk him into taking 200-300 off of the price for doing him a favor ( its better than nothing).. I forgot to mention.. My father and brother are contractors... they will go for the deal trust me* lol as long as you have reciepts and amounts on paper its as good as anything |
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v b
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1. I don't like cash because it can turn into he said/you said. Then how do you PROVE you gave him the money?
2. You don't file a form 8300 (that's for RECEIVING cash, not PAYING cash), you file a form 1099-Misc. You don't pay ANYTHING until you have a signed W-9 showing his SSN.
3. Why do you "understand that he wants to save some money by not reporting this income." Uh, gee, you pay your taxes, right? Why shouldn't he pay his? (And even if you cheat, I don't.) The IRS is going to see your 1099-Misc to him and ask him about it. When he claims you didn't pay him that much, they come back to you and ask for proof that you paid him. No proof, no deduction for you.
4. If your state has a sales tax on services, you are also allowing him to cheat the state. |
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Jss
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You can make payment in cash, but the contractor is required to report this income. However, when you give so much money in cash to a person, then you may have to report it as it is over $10,000.
To be safe and keep your accounting proper pay by business check. |
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xeniah
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MY HUSBAND IS SELF EMPLOYED AND HAS A HELPER. We paid him cash for his help this year which totalled to almost 25K. We never had him fill out a w-9. He is still working helping my husband. Can we still send him a 1099 when we dont have a W9? Can we have him fill out a W9 now for last year? We are going to start paying him by business check starting next week so that we have absolute accurate records of how much we pay him. We definitely can't afford to pay his portion of the taxes! I appreciate any feedback you have. Thank you sooooo much. |
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