Re: t
the thing that sucks is, if i am ever able to pay off my debt ever, by that time I will owe a lot of money for taxes the next year and then end up in debt again cuz I took out money to pay for tax. could be 20 grand. Peter knows, he told me. So, I am very nervous right now about taxes and my future. I will never have money cuz I am giving all the debt I payed off right back to the government. I am going to make a very believable detailed record. keep receipt for everything I do. I want to pay as little tax as possible. My dads friend recently got audited. so it's not all the big people. My dad told me. Peter told me I have no choice. says if i go to prison, I won't be able to answer ring orders.
Prison. For taxes? You? Do not worry about that. Just do not under report your income by more than 25% and you really do not have anything to worry about. The IRS has much bigger fish to fry than you.
Don't listen to Peter. You cannot go to prison. Peter is just telling you cuz he's jealous of your success.
Tell you what, all the credit card expense can be deducted because 90% of your credit card bill was for your business. Gas, food on trip to a bookstore because you want to find out what magazines there are to advertise, and lots of other expenses can be deducted. You can also say you pay your dad $700 a month for renting a office at his house. That can be deducted.
You earn too little for government to care. They usually audit big fish. You ain't nothing. So don't listen to Peter. I've been in business for 12 years. And what Peter said is the most rediculous thing I've heard. Yes IRS contacted me before. Sometimes they want to know how I reported my tax. I just sent them proof, stuff like my credit card bill, etc. And they just let me go. Sometimes they say they feel that I owe them another $1200. Then I just write them a check for $1200, then they let me go. There is no way a small man like you can go to prison. People who go to prison owe millions of dollars in tax. Not you.
I think the worse case senario is you get audited and the IRS feels that you owe them another $2000. Then they will ask you to write them a check for $2000. Once you paid $2000 then everything's fine. By the way, only 1 person out of 1000 persons will be audited, especially the ones who had problems with IRS in the past. That's all. So don't listen to Peter. He's jealous.
SacJB wrote :
if i go to prison, I won't be able to answer ring orders.
:lol: Gee is that your biggest worry ?
When your in a bit of jam- DONT PANIC, keep it calm and things will work out some how.
And don't forget for almost 5 months you were commission based. I paid off your credit card debt for nearly 5 months. You didn't earn a cent within these 5 months. So does that still count? So Pat is totally wrong.
I have spoken to Peter on phone and told him about that I have collected money directly from your customers for 5 months. So theoretically speaking you owe no tax. He totally agreed. So now he says that Im right, you owe no tax. So don't worry about that $9000 bullsh!t. It no longer stands.
