myLot Discussions
| for us citizens... how do you do your taxes? | | so, i just got done e-filing my taxes. i've done it this way for the last 4 or 5 years. i do it cause it's easy and free. and (this is a bit strange, i know) i actually really like doing my taxes.
but this year i had some problems figuring out all the details of self-employment taxes. but i didn't want to pay a professional to figure my taxes for me. so, i did the best i could and filed.
how do you do your taxes? do you find it frustrating? | |
| | Do you think Timothy Geithner is the right man for U.S. Treasury secretary? Why? | | Geithner, who as Treasury secretary would oversee the IRS failed to pay some $34,023 in self-employment taxes between 2001 and 2004. When the IRS alerted him of this he paid "PART" of the taxes in 2006. By the time Obama decided to nominate him he still owed over $20,000 which he only paid AFTER finding out he would be nominated.At best he is incompetent and does not know how our tax system works. At worst he's a crook who knowingly evaded taxes until caught, and even then did his best to avoid paying taxes until he had the opportunity to land a cushy job next to the president. Can anyone who agrees with this choice explain to me why they think he's the right man for the job? If you are going to give me the excuse of "It happens to a lot of people" don't waste your time because I don't want those people to be Secretary of the Treasury either. | |
| | If you dislike paying income taxes... | | then check out FairTax.org. I am a member of the group in Florida and support The FairTax Act. The following is from their web site:The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, and, through companion legislation, the repeal of the 16th Amendment. The FairTax Act (HR 25, S 1025) is nonpartisan legislation. It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.The FairTax taxes... | |
| | Is it a hobby or business for income tax? | | I didn't make enough online this past year to worry about it anyway, but I was wondering if the money we get online from sites like this, and GPTs, writing, etc, are considered business or hobby income. If business, we would need to pay self-employment taxes, but if its hobby, you can claim it on the regular tax form. I don't think I spend enough time and effort at it for it to be considered a business. | |
| | 1099 Misc. Tax Form~ Do You Know What Box Your Earnings Should Really Go In? | | For everyone that is a member of a site that requires submitting a 1099 MISC Tax For do you know what box that site should put your earnings in? If you are not familiar with this tax form you can go here: http://www.irs.gov/pub/irs-pdf/f1099msc.pdf to take a look at it. All Gpt sites require this form as well as a couple others, they prepare the 1099 MISC and send it to you. Of course you should be aware that according to the IRS they should be putting your earnings into box #3 NOT box #7. Box #3 is "other income" and box #7 is "non-employee compensation", if they have box #7 selected you will be subjected to self-employment taxes. Why does this matter? Well lets say you earn $1,000.00 within a year on a Gpt Site, they put your earnings into box #7, you will loose between $150 - $160 of your earnings because of "self-employment taxes" (Thats 15%!). With box #3 there will be less taxes... | |
| | A Good Case for Universal Healthcare | | I draw a modest income with my media production business, but being self-employed makes health insurance damn near impossible to afford. Hell, with the way self-employment taxes are set up, we're lucky to be able to pay those.Because of this catch-22 (running your own business at the expense of normal company perks like medical care), I find myself thinking things that no one in an emergency should have to deal with. You see, at a Mother's Day barbecue last month, my son accidentally lit himself on fire. The barbecue was luau themed and he was wearing a grass skirt. Getting too close to an open flame with all of that dead grass and he was quickly running in circles in the backyard trying to put himself out before family members came to his aid.My first thought (other than, "Jesus, he's on fire!") was, "Is this bad enough to need an emergency room visit?"As soon as I got close... | |
| | When it comes to online earnings on taxes.. | | So I was just wondering, when it comes to online earnings on taxes, how exactly do you go about doing the taxes for them? Such as let's say someone's added efforts from a multitude of sites added to be uhh. $3,000 in a calendar year. According to the IRS's site you have to fill Self-Employment taxes out once you hit above $400 income in a calendar year. Would something as simple as a Paypal Payment Log printed out or an actual log sent by Paypal in the mail itself suffice to show where you made those earnings? Orrr! Do you actually have to go to all the individual companies you've earned from and get some kind of further proof that they're in fact the one's that paid you? I know that once you hit a certain amount of earnings on a given site, they send you some kind of tax form that you fill out but yeah. What about all those sites that you may earn very little on, but added together... | |
| | Treasury Secretary Appointment Over Looks Paying His Tax's | | Other appointments by president-elects who was found gulity of not paying their personal tax's and/or employing illegal's did not get a past,most all democrats believe Baracks Obama's appointment for treasury secretary will have no problem.
In my opinion I would not give him a pass if I uncovered he has been dishonesty on his own personal tax reports,it would be like putting the fox in the hen house,what say you?*Chicago Sun Times Story W/Link Below*He failed to pay self-employment taxes for money he earned while working for IMF from 2001 to 2003, according to materials released by the Senate committee. In 2006, the IRS notified him that he owed $14,847 in self-employment taxes and $2,383 in interest from 2003 and 2004, which he paid after an audit. The IRS waived penalties for those tax years.Transition officials discovered last fall that Geithner also had not paid the taxes... | |
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