UncleBuck
Well-Known Member
I’m pretty sure lying to the irs about how my income is earned or used in order to evade taxes I owe is illegal
I believe they call it tax evasion
253 Economists in Support of S. 1129 a Medicare for All Health Care System
- Thread starter Padawanbater2
- Start date
I believe they call it tax evasion
londonfog
Well-Known Member
wow you really don't understand do you. I would feel sorry for you, but it is kind of funny seeing how lost you are on this. Now I sit back and watch who likes your shit. This will be very telling. Where Travis ?
UncleBuck
Well-Known Member
So you think the irs would be cool with it if I just stopped paying half my taxes and told them payroll was half of what it’s been for years?
why don’t I just payroll myself a dollar then call everything else dividends and pay no taxes? That’s even smarter
londonfog
Well-Known Member
the last part is when it comes illegal, the law clearly states it must be reasonable. you cannot have a salary of 25, 000 whilst receiving dividend of 250,000 as the shareholder (owner). very fucking reason I said keep it 50-50 or 60-40 which the law requires. You are not very good at this are you. who balance the money in your household ?
Sorry that you don't understand how to set up a S Corp and pay yourself a salary with dividends. Perfectly legal. Surprising for I though you were MUCH smarter than this. you are not. I would seriously call the IRS to see what I'm saying is true...then come an apologize.
here is a link to back up what I say. Not sure if you wise enough to understand so I'm sure you will come back with another foolish drunken statement. get hannimal
to explain . he got degrees and shit and studied some stuff
link vvvvvwhen you just to drunk to understand how to run a business
travisw
Well-Known Member
I haven't commented on your tax scam, leave me out of your trolling. Where Travis? You sound like a fucking moron. The tone you take with this account has always bordered on racist.. Troll better.
UncleBuck
Well-Known Member
Perfectly reasonable for a guy to have a kid and then only need half of his income. Hell of a smart ideathe last part is when it comes illegal, the law clearly states it must be reasonable. you cannot have a salary of 25, 000 whilst receiving dividend of 250,000 as the shareholder (owner). very fucking reason I said keep it 50-50 or 60-40 which the law requires. You are not very good at this are you. who balance the money in your household ?
Sorry that you don't understand how to set up a S Corp and pay yourself a salary with dividends. Perfectly legal. Surprising for I though you were MUCH smarter than this. you are not. I would seriously call the IRS to see what I'm saying is true...then come an apologize.
here is a link to back up what I say. Not sure if you wise enough to understand so I'm sure you will come back with another foolish drunken statement. get hannimal
when you just to drunk to understand how to run a business
will certainly never get detected as a clear tax evasion scam
londonfog
Well-Known Member
Bingo that was fast
londonfog
Well-Known Member
Perfectly reasonable for a man to realize that he can become a business man and operate a S corp. You really are not good at this. Not a scam when it is perfectly legal again read the link or just have someone explain it to you. Who else can we get to magically pop up ?
UncleBuck
Well-Known Member
Oh yeah the irs will definitely buy payroll decreasing by half
londonfog
Well-Known Member
Is that really your argument ? Again please have someone explain this to you. Do you have a CPA ?
UncleBuck
Well-Known Member
Yeah, the cpa does the taxes for all of our family’s llcs
londonfog
Well-Known Member
??? multi-member LLC or single member and what are they classified as ??
Fogdog
Well-Known Member
Both of you guys are well informed and as an interested bystander, I did a little searching.
According to the authors of Turbotax:
Can a self employed person avoid some or most FICA taxes using an S-Corp? Yes
Can they avoid paying any FICA taxes using the S-Corp loophole? No
How an S-Corp Can Reduce Your Self-Employment Taxes
Updated for Tax Year 2019
OVERVIEW
If you're self-employed, one way to help avoid higher Social Security and Medicare taxes is to organize your business as an S-corporation.
If you're self-employed, you'll usually have to pay higher Social Security and Medicare taxes, collectively known as self-employment taxes, than if you were an employee of a company. One way to help avoid these higher taxes is to organize your business as an S-corporation. The Internal Revenue Service may take a close look at your taxes if you choose this route, as you could end up lowering your overall tax liability while generating the same net income.
Self-employment taxes
Whether you're self-employed or an employee, you'll have to pay Social Security and Medicare taxes to the government. When you work for someone else, you're only responsible for part of these taxes, while your employer pays the balance. However, if you're self-employed, you have to pay both portions of this tax. The combined employee and employer portions of this tax amount normally amounts to 15.3 percent.
S-Corp distributions
If you organize your business as an S-corporation, you can classify some of your income as salary and some as a distribution. You'll still be liable for self-employment taxes on the salary portion of your income, but you'll just pay ordinary income tax on the distribution portion. Depending on how you divide your income, you could save a substantial amount of self-employment taxes just by converting to an S-corporation.
Risks of S-Corporations
The IRS tends to take a closer look at S-corporation returns since the potential for abuse is so large. For example, if you make $500,000 in one year but only designate $20,000 of that as salary income, you might trigger an IRS inquiry, since you are avoiding so much self-employment tax. The guiding principle is that you must designate a "reasonable" amount of your income as wages, rather than a distribution. What constitutes "reasonable" can often be a gray area, but if you push the envelope too far, you put yourself at risk for an IRS audit and potentially penalties and interest on any back taxes assessed by the IRS.
How an S-Corp Can Reduce Your Self-Employment Taxes
If you're self-employed, one way to help avoid higher Social Security and Medicare taxes is to organize your business as an S-corporation.
turbotax.intuit.com
londonfog
Well-Known Member
Both of you guys are well informed and as an interested bystander, I did a little searching.
According to the authors of Turbotax:
Can a self employed person avoid some or most FICA taxes using an S-Corp? Yes
Can they avoid paying any FICA taxes using the S-Corp loophole? No
How an S-Corp Can Reduce Your Self-Employment Taxes
Updated for Tax Year 2019
OVERVIEW
If you're self-employed, one way to help avoid higher Social Security and Medicare taxes is to organize your business as an S-corporation.
If you're self-employed, you'll usually have to pay higher Social Security and Medicare taxes, collectively known as self-employment taxes, than if you were an employee of a company. One way to help avoid these higher taxes is to organize your business as an S-corporation. The Internal Revenue Service may take a close look at your taxes if you choose this route, as you could end up lowering your overall tax liability while generating the same net income.
Self-employment taxes
Whether you're self-employed or an employee, you'll have to pay Social Security and Medicare taxes to the government. When you work for someone else, you're only responsible for part of these taxes, while your employer pays the balance. However, if you're self-employed, you have to pay both portions of this tax. The combined employee and employer portions of this tax amount normally amounts to 15.3 percent.
S-Corp distributions
If you organize your business as an S-corporation, you can classify some of your income as salary and some as a distribution. You'll still be liable for self-employment taxes on the salary portion of your income, but you'll just pay ordinary income tax on the distribution portion. Depending on how you divide your income, you could save a substantial amount of self-employment taxes just by converting to an S-corporation.
Risks of S-Corporations
The IRS tends to take a closer look at S-corporation returns since the potential for abuse is so large. For example, if you make $500,000 in one year but only designate $20,000 of that as salary income, you might trigger an IRS inquiry, since you are avoiding so much self-employment tax. The guiding principle is that you must designate a "reasonable" amount of your income as wages, rather than a distribution. What constitutes "reasonable" can often be a gray area, but if you push the envelope too far, you put yourself at risk for an IRS audit and potentially penalties and interest on any back taxes assessed by the IRS.
How an S-Corp Can Reduce Your Self-Employment Taxes
If you're self-employed, one way to help avoid higher Social Security and Medicare taxes is to organize your business as an S-corporation.
ummm why did you just not say I was right ? Go back and read everything you paste, I said. Even the part about abuseBoth of you guys are well informed and as an interested bystander, I did a little searching.
According to the authors of Turbotax:
Can a self employed person avoid some or most FICA taxes using an S-Corp? Yes
Can they avoid paying any FICA taxes using the S-Corp loophole? No
How an S-Corp Can Reduce Your Self-Employment Taxes
Updated for Tax Year 2019
OVERVIEW
If you're self-employed, one way to help avoid higher Social Security and Medicare taxes is to organize your business as an S-corporation.
If you're self-employed, you'll usually have to pay higher Social Security and Medicare taxes, collectively known as self-employment taxes, than if you were an employee of a company. One way to help avoid these higher taxes is to organize your business as an S-corporation. The Internal Revenue Service may take a close look at your taxes if you choose this route, as you could end up lowering your overall tax liability while generating the same net income.
Self-employment taxes
Whether you're self-employed or an employee, you'll have to pay Social Security and Medicare taxes to the government. When you work for someone else, you're only responsible for part of these taxes, while your employer pays the balance. However, if you're self-employed, you have to pay both portions of this tax. The combined employee and employer portions of this tax amount normally amounts to 15.3 percent.
S-Corp distributions
If you organize your business as an S-corporation, you can classify some of your income as salary and some as a distribution. You'll still be liable for self-employment taxes on the salary portion of your income, but you'll just pay ordinary income tax on the distribution portion. Depending on how you divide your income, you could save a substantial amount of self-employment taxes just by converting to an S-corporation.
Risks of S-Corporations
The IRS tends to take a closer look at S-corporation returns since the potential for abuse is so large. For example, if you make $500,000 in one year but only designate $20,000 of that as salary income, you might trigger an IRS inquiry, since you are avoiding so much self-employment tax. The guiding principle is that you must designate a "reasonable" amount of your income as wages, rather than a distribution. What constitutes "reasonable" can often be a gray area, but if you push the envelope too far, you put yourself at risk for an IRS audit and potentially penalties and interest on any back taxes assessed by the IRS.
How an S-Corp Can Reduce Your Self-Employment Taxes
If you're self-employed, one way to help avoid higher Social Security and Medicare taxes is to organize your business as an S-corporation.
Never did I say the latter part. ( of your statement...not the copy and paste )
Fogdog
Well-Known Member
OK
Do you want to fight everybody here or can I say that I'm not interested in going back through all the posts? If you read MY post, copied here:
Both of you guys are well informed and as an interested bystander, I did a little searching.
According to the authors of Turbotax:
Can a self employed person avoid some or most FICA taxes using an S-Corp? Yes
Can they avoid paying any FICA taxes using the S-Corp loophole? No
Where do I say that you were claiming the latter part? Maybe that was directed at Buck? Maybe I just included it for my own satisfaction? Maybe I was confirming what you were saying? Stand down, please. We mostly agree.
londonfog
Well-Known Member
I was either right or I was wrong .UB could either be right or he wrong. We can't both be well informed on this when we saying the opposite of one another. UB was fucking wrong I was fucking right. PERIOD. Is there a reason why you just can't say he was wrong ? Are you scared of UB or is there something else ? No where did you say I was right.
Stand down. Shit if I'm right say it..then I will fucking not say anything about this. Handing out free solid info and get called scummy and illegal and you come with this bullshit but afraid to call UB out.
UncleBuck
Well-Known Member
I am holding his dog hostage lol
londonfog
Well-Known Member
Well don't hurt it
UncleBuck
Well-Known Member
I will if he says one bad word about me