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| Legacy Archived Main Board Business chat and general industry chat. All participation is welcome. Dont post your fucking spam here. |
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06-02-2005
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#1 |
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Going Back to My Roots
Join Date: Mar 2003
Posts: 1,123
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Let's say someone owes the IRS about 10K right now ...
They are looking over past returns filed and realized from 1998-2001 when they were making the biggest amount of money they were making in their lives they had a jackass of a CPA at PriceWaterhouseCoopers who files everything through Schedule C's from his corporation instead of schedule K-1. From what I can see my biggest gain in refiling would be I would get back a great deal of SE taxes, especially since I payed myself a salary - most likely all of them I paid. Am I incorrect on this or is this correct? My salary was most likely over the amount required.. I believe it was $50K ... so i might have 20K left for Medicare.. etc under SE taxes. It has been a while since I have dealt with any of this. Besides this, and the fact it will be a bitch to refil the way he filed the originals... Do I have any other potential positives or negatives by refiling and trying to get back that SE tax I paid to cover my current tax debt? Anyone who can go over or point me to an article about the differences of claiming your Business income through Schedule C and K1 - I would really appreciate it.. or if you have any experience with it, post here.. I'm sure about anyone here who is American has some experience with this... |
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06-02-2005
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#2 |
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Going Back to My Roots
Join Date: Mar 2003
Posts: 1,123
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Looking a little closer, Schedule E was used every year but one which is the one that jumped out at me. The one year it was not used and SE Tax was paid it was to the Tune of $20,000.00 ... back in 1999 - The rest of the years no SE Tax was paid and the corporation was filing thru Schedule E only with a salary being paid ... which I forgot it truly doesn't matter what the amount is (according to my CPA at the time) as long as the IRS sees it as a fitting salary for your duties.
Are there any other tax benefits besides this year that would be achieved by refiling the other years differently? I hear so many people mention schedule K-1 when they talk about S-Corps being a way around paying taxes but schedule SE clearly states any income from K1 derived from self employment or any income from schedule C which would also be self employment income.. I find it hard to believe he slipped to the tune of me over paying $20,000 in taxes so I think there may be something missing here... Even though it was a small percentage of what I paid that year it is a nice chunk of change to say the least. I looked and the S-Corp was in effect the whole year, I can't see any other reason he would of filed that way this year and the rest of the years filed properly to avoid the SE tax... any ideas anyone? |
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06-02-2005
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#3 |
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Cramming 3 people in a Room to Attend Show
Want to see your own Advertising Here!
Join Date: Oct 2002
Location: Amid the Cornfields of Illinois
Posts: 5,366
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The quality of accouting advice available on message boards is on a par with the quality of legal and medical advice.
__________________
SEX STORY TEXT Exotic Material for Adult Websites Available for part time (project or ongoing) work ... |
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06-02-2005
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#4 |
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Hospitality Supervisor
Join Date: Oct 2002
Posts: 2,338
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This is the first and probably the last time but I couldn't agree more with PD, talk to an accountant or a tax attorney, not a bunch of hotheaded pornographers ;-)
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06-02-2005
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#5 |
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Hospitality Supervisor
Join Date: Oct 2002
Posts: 2,338
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This is the first and probably the last time but I couldn't agree more with PD, talk to an accountant or a tax attorney, not a bunch of hotheaded pornographers ;-)
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06-02-2005
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#6 |
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Going Back to My Roots
Join Date: Mar 2003
Posts: 1,123
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This is about the only board I would take hot headed pornographers advice off of Timon
 And only if they were the right posters...  Everything I'm reading says what he did the following years was illegal avoiding the SE Tax lol ... Fucking Taxes are a bitch ! I'm not the only one here that knows that though... |
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06-02-2005
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#7 |
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Hospitality Supervisor
Join Date: Oct 2002
Posts: 2,338
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Hey be glad you're paying taxes....
RawAlex didn't pay a penny last year, do you think it's fun being him?? ;-))) |
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06-02-2005
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#8 | |
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Members
Want to see your own Advertising Here!
Join Date: Oct 2002
Posts: 8,059
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Quote:
 earl:
__________________
Almighty Content. Your one stop for live content. Secret Friends, LATINA Secret Friends , My Cam Friends |
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06-02-2005
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#9 |
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Members
Join Date: Mar 2005
Posts: 864
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I agree...unless someone on this board crunches numbers for a living,
(i.e. Account/CPA) your best bet is to seek advise from one who does.
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06-02-2005
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#10 |
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Scored VIP to Anton's Piss Tank
Want to see your own Advertising Here!
Join Date: Oct 2002
Posts: 8,781
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Consult a tax attorney.
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06-02-2005
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#11 |
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Members
Respin bullshit press Your Comments Are Welcomed
Join Date: Nov 2002
Posts: 2,581
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I'd probably shut up and just pay what I owed this year, unless I was absolutely positive that all of my previous years were correct or wrong in my favor.
Nothing says I love you from the IRS like an audit notice. |
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06-02-2005
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#12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Going Back to My Roots
Join Date: Mar 2003
Posts: 1,123
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Quote:
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Linear Mode
