Results 1 to 6 of 6
  1. #1
    imported_John Smith's Avatar
    imported_John Smith Guest

    Default Income taxes and your small business

    I'm amazed that there is very little discussion on the board about taxes. Last year I filed using Turbo Tax small business edition, but Im thinking I may be cheating myself out of deductions. I dont mind paying my fair (note I said fair) share, but certainly dont want to overpay. Lots of audiobooks I have been listening to really seem to focus on tax reduction to increase wealth. According to them, my goal should be to show very little actual income from the business.


    Thoughts???

    Similar Threads:
    Member Benefits1

  2. #2

    Default Re: Income taxes and your small business

    Quote Originally Posted by imported_John Smith View Post

    According to them, my goal should be to show very little actual income from the business.
    EXACTLY!


  3. #3
    Join Date
    Oct 2003
    Location
    Rockwall Texas
    Posts
    4,519

    Default Re: Income taxes and your small business

    Quote Originally Posted by imported_John Smith View Post
    According to them, my goal should be to show very little actual income from the business.
    Thoughts???
    Tho other side would be to show a buttload of income, no expenses and write out a huge check to the IRS for our goverment to foolishly spend.

    Let me get my calculator out and figure this one out.

    Does not compute.

    rick


  4. #4
    Join Date
    Mar 2007
    Location
    Spring City/Surrounding Philadelphia area
    Posts
    3,473

    Default Re: Income taxes and your small business

    Turbo Tax can be good but it is only as good as your ability to enter the information accurately. It's not as stupid proof when filing taxes for a business as it is for run of the mill personal income.


  5. #5
    Join Date
    Mar 2007
    Location
    Plano, Texas
    Posts
    4,170

    Default Re: Income taxes and your small business

    One thing to remember for self employed is that your income for loan approval for mortgages is based on your income. Showing no income can become a two-edged sword. There are no stated loans (liar loans) left after the mortgage fiasco so a little planning is in order.

    Jim Luttrall
    www.MrInspector.net
    Plano, Texas

  6. #6
    Join Date
    Mar 2007
    Location
    Richmond, VA
    Posts
    32

    Default Re: Income taxes and your small business

    delete

    Last edited by Lou Collier; 10-24-2009 at 06:54 PM.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •