I'm starting a business and just looking at what kind of tax record keeping and what to pay and when to pay it seems like a mountain of paperwork. Whats the deal with all these taxes?
2006-10-10 08:13:08 · 17 answers · asked by Hansome-G 1 in Business & Finance ➔ Taxes ➔ United States
because the tax system is a product of current political trends. There isn't a long term plan present, its just whatever party that controls congress pushes through its tax policy. If they lose control then the other party alters said policy. After years of schizophrenic treatment of the tax code you get the tax system we have in place now
2006-10-10 08:14:11 · answer #1 · answered by Spaceman 6 · 3⤊ 2⤋
Not only does the government decide what sorts of taxes it want to impose upon you, it also bows to pressure from lobbyists, thereby guaranteeing that the resulting amendments, changes, regulations etc are welded atop the tax structure; moreover, anytime someone discovers a "tax loophole" the government responds (eventually) by changing regulations so that the hole is more or less plugged.
Sound silly, doesn't it? It is. Thirty years ago my tax return was two sides of a single sheet. Now I need an accountant. (Tho I don't live in the US it's the same everywhere.)
2006-10-10 08:19:31 · answer #2 · answered by kerangoumar 6 · 0⤊ 0⤋
Lots of reputable tax prep firms offer Income tax Courses, and I would recommend taking one. It will help with both the business and personal side. Ask questions first, to ensure that Schedule C (self-employment) will be covered, though. Some of the firms don't delve that far into things in a Basic Course.
Of course, I know this because I teach one of those classes. I won't try and hide that fact. If you're interested, let me know and I'll hook you up with a class in your area. If not, I'll be happy to find someone who can work with you on your first return, and explain it to you, and then maybe future years you can take over and do yourself once you get it.
Let me know if I can be of further assistance!
2006-10-10 08:21:21 · answer #3 · answered by Katie Short, Atheati Princess 6 · 0⤊ 0⤋
First fill out an extension form and mail that throughout. in case you lost alot of money, and don't think of you will owe, you do not ought to deliver income. in case you think of you're able to owe and function some money attainable - deliver in a charge with the extension - you are able to continuously stick to it on your 2008 taxes... you likely won't have the means to talk to the guy you prefer to talk to genuine away. in simple terms remember that this next week is their busiest week of the year and you will possibly not have the means to get in genuine away. refer to an experienced enrolled agent - ideally an area accountant with over 10 years adventure. An enrolled agent is somebody who has been examined on their wisdom of the tax regulations by using the IRS. Interview 3 tax preparers/accountants and have confidence your intestine as to which of the three you need to use. not everybody who hangs out a tax prep shingle is truthful or knowledgeable. in case you have acquaintances who're in company, ask them who their tax accountant is. Ask as many human beings as you are able to who does their taxes and get referrals. attempt to stay remote from the great field places like H&R Block or Jackson Hewitt. additionally stay remote from places that don't have generic company consumers... those places pop up for tax season and then are long gone
2016-11-27 19:36:43 · answer #4 · answered by yao 4 · 0⤊ 0⤋
Because it's so frickin political. Do you know all income tax, etc could be eliminated if they just had an 18% sales tax? It's because special interest groups work to make the tax code benefit them.
2006-10-10 08:16:08 · answer #5 · answered by Anonymous · 0⤊ 2⤋
It's a scam. People devise ways to make things so complicated that you don't even bother to try to understand so they can extract money from you easily. I remembered one job I had and we had to write up our own performance reviews. You would think that be simple enough, but they made it so complicated with codes and instructions that you pretty much don't care anymore and of course this will affect the bonus I get so I won't get too much because I was unable to write it according to their instructions.
2006-10-10 08:18:36 · answer #6 · answered by Anonymous · 0⤊ 2⤋
So you won't figure out how to make the tax laws work for you and just pay to shut up those guys from the IRS
2006-10-10 08:14:29 · answer #7 · answered by Anonymous · 1⤊ 2⤋
Only the government can answer that. They're so smart they iplement tax situations in which they can't even comprehend.
2006-10-10 08:16:31 · answer #8 · answered by negoshable 1 · 0⤊ 1⤋
the IRS actually has a great resource to help you keep accurate records, and how to report for your taxes here: http://www.irs.gov/businesses/small/index.html
2006-10-10 09:53:11 · answer #9 · answered by RamsGod 3 · 0⤊ 0⤋
Take a business accounting course. Not hard once you know it.
2006-10-10 08:14:42 · answer #10 · answered by Anonymous · 2⤊ 0⤋