Income taxes and your small business - InspectionNews

imported_John Smith · #1 (**permalink**) 10-24-2009, 06:59 AM

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???

John Ghent · #2 (**permalink**) 10-24-2009, 08:47 AM

Quote:

Originally Posted by imported_John Smith

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

EXACTLY!

Rick Hurst · #3 (**permalink**) 10-24-2009, 08:57 AM

Quote:

Originally Posted by imported_John Smith

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

Nick Ostrowski · #4 (**permalink**) 10-24-2009, 02:50 PM

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.

Jim Luttrall · #5 (**permalink**) 10-24-2009, 04:36 PM

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.

Lou Collier · #6 (**permalink**) 10-24-2009, 06:07 PM

delete