|
|
#71
10-07-2005, 12:51 PM
|
|||
|
|||
Re: So if I don\'t pay my taxes...then what??
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] It's nice to see how some of you are such obedient citizens. I hope the shackles are not on to tight. [/ QUOTE ] Shackles. Shackles. Seriously, go [censored] yourself with a telephone pole. [/ QUOTE ] Wow, did i hit a nerve? AND GO SUCK ON YOUR MOTHERS PENIS. [/ QUOTE ] If you think paying your taxes is the same thing as being shackled, you're too dumb for words. [/ QUOTE ] Well then i must be because you think so. How on earth can anyone argue against your logic. 
|
|
#72
10-07-2005, 12:59 PM
|
|||
|
|||
|
Re: So if I don\'t pay my taxes...then what??
as i said before, and i'm a SBSE IRS officer, odds of an audit are extremely low barring certain flags, and if an audit did happen and we found inconsistencies, the worst that would happen is a payment schedule (often not even a fine) to help you pay the balance due. we look to work with customers, not against them.
to help some of you out (and this is a common case that I see all the time) many small/shady business owners withhold taxes from their employees' paychecks and then simply refuse to pay the government those taxes. do we have them arrested? no. in fact, they are usually only contacted politely for the first few months until we send an officer in, and he/she only goes in to counsel the businessowner and help him make the payments. in most cases, a fine is not levied. and i have yet to see a single arrest while working here (2+ years). having said that, i do recommend paying taxes, but more as a salve for your conscience as a US citizen than out of fear of going to jail [img]/images/graemlins/tongue.gif[/img]
|
|
#73
10-07-2005, 02:07 PM
|
|||
|
|||
|
Re: So if I don\'t pay my taxes...then what??
What an interesting post. Tell me, what are the fines for failing to include income? What are the assessments and how much can one expect to reduce them in correlation to interest, fines and otherwise for a one year as opposed to multi-year violation?
In case you can't tell, I'm a cynic and don't believe your advice is correct.
|
|
#74
10-07-2005, 02:18 PM
|
|||
|
|||
|
Re: Is Rakeback Taxable?
Actually it's really weird. Every other type of income you make, whether it be lottery winnings, normal wages, gambling profits, etc. is taxable, But rakeback isn't. You are free to make $100k/year in rakeback and the government lets you not claim it.
Syke. - Jags
|
|
#75
10-07-2005, 02:43 PM
|
|||
|
|||
|
Re: Is Rakeback Taxable?
[ QUOTE ]
Actually it's really weird. Every other type of income you make, whether it be lottery winnings, normal wages, gambling profits, etc. is taxable, But rakeback isn't. You are free to make $100k/year in rakeback and the government lets you not claim it. Syke. - Jags [/ QUOTE ] Precisely why is this? Isn't rakeback basically just a discount off of rake, and thereby money that would otherwise have been won at the table? Also, everyone who has flamed this is a tool. This thread is interesting and useful.
|
|
#76
10-07-2005, 02:57 PM
|
|||
|
|||
|
Re: Is Rakeback Taxable?
[ QUOTE ]
Actually it's really weird. Every other type of income you make, whether it be lottery winnings, normal wages, gambling profits, etc. is taxable, But rakeback isn't. You are free to make $100k/year in rakeback and the government lets you not claim it. Syke. - Jags [/ QUOTE ] I cant tell if your being sarcastic or not, but theres actually a really good case for why rakeback is not taxable income. Do you claim coupons you use to buy goods as taxable income? Its long been held that frequent flyer miles are not taxable. I think theres a good case that rakeback and frequent flyer miles are functionally equivalent and have no problem leaving them off my taxes.
|
|
#78
10-07-2005, 05:49 PM
|
|||
|
|||
|
Re: Is Rakeback Taxable?
There is not a good argument for rakeback to be excluded from income. Your example of coupons is comparing apples to oranges.
Gambling income is a taxable activity, therefore a return of your expenses related to that income is taxable. Coupons and frequent flyer miles are not taxable because you are not able to deduct the cost of the flight or the goods purchased with the coupons. If these items are deductible for you, then you only get to deduct the actual cash paid, which makes the coupons effectively taxable.
|
|
#80
10-07-2005, 08:21 PM
|
|||
|
|||
|
Re: Is Rakeback Taxable?
There are no age specific restrictions that keep a minor from filing as a professional. I would sat that it really depends upon the amount of income earned by the minor that determines if filing as a professional is beneficial.
Minors can be audited just like adults, but the only time that I have ever seen it happen is when the parents were also audited because of income shifting.
|
 |
|
|
Linear Mode
