New tax laws may effect cue sellers.

[Chili Palmer]

It does say

Great advice. I once had an attorney who did not keep logs. He guestimated. The IRS opened up a can of whoop on him. Luckily, there was a database of his calendar with all of his court cases. I was able to reconstruct his mileage to within about 20 miles of his guess. The IRS agent didn't believe that would be enough evidence until I showed him there was a federal record of the attorney in court on those days at those times. He randomly sampled about 10 of the records and found all to be spot on. [The attorney was an honest guy, he worked six days a week and only used his car for work, so he had taken the mileage back and forth to his house and subtracted those miles from his odometer at the beg of the year to determine how much he drove].

The moral of the story is to keep records!

Every owner I've ever dealt with did mileage the way the lawyer did - I have X miles on the vehicle, it's Y miles from home to work, X-Y= miles driven for work. Never had an issue.

 

[SlateMan]

It does say


Every owner I've ever dealt with did mileage the way the lawyer did - I have X miles on the vehicle, it's Y miles from home to work, X-Y= miles driven for work. Never had an issue.

This was during an audit. People get away with all kinds of things until they get audited. Then the agents will question everything. Funny thing was, the mileage probably wasn't even material to the entire return. He was just looking for ANYTHING at that point.

 

[Chili Palmer]

This was during an audit. People get away with all kinds of things until they get audited. Then the agents will question everything. Funny thing was, the mileage probably wasn't even material to the entire return. He was just looking for ANYTHING at that point.

Yep, was just pointing out that most people in this country operate the same way that attorney did - no logs, just estimations. And yeah, for an attorney the mileage better be immaterial or he's not a very good attorney

 

[Fatboy]

Your employer doesn't pay 1/2. Your employer reduces your wages enough to pay 1/2. That's where the government tries to fool everyone into thinking they aren't paying as much. They are doing the same thing with Healthcare. "Make the employer pay it!" The only problem is, the money has to come from somewhere, and it comes from the pot that is available for wages. The sad part is, when somebody else is paying the bill, that is when people stop paying attention to the cost. Most people who have employer provided insurance have no clue what the premium costs. They only know what they will have to pay out of pocket. The money paid out for premiums is no longer available for wages. Maybe that amount should be listed on the W2 as income and the employee should pay tax on it. Maybe then they would realize the actual cost of the benefit.

You haven’t employed many people have you?

I used to have 750-950 paychecks go out the door weekly in vegas for 12 years. I employed about 65,000 people during that period of time. We had high turnover in the phone rooms and almost no turnover In the other departments. I was 50% owner. It was OUR money that we matched to the employees. We didn’t pay people less, Christ that naive.

I can’t stand it

 

[Chili Palmer]

Your employer doesn't pay 1/2. Your employer reduces your wages enough to pay 1/2. That's where the government tries to fool everyone into thinking they aren't paying as much. They are doing the same thing with Healthcare. "Make the employer pay it!" The only problem is, the money has to come from somewhere, and it comes from the pot that is available for wages. The sad part is, when somebody else is paying the bill, that is when people stop paying attention to the cost. Most people who have employer provided insurance have no clue what the premium costs. They only know what they will have to pay out of pocket. The money paid out for premiums is no longer available for wages. Maybe that amount should be listed on the W2 as income and the employee should pay tax on it. Maybe then they would realize the actual cost of the benefit.

Not sure how I missed this.

Your employer absolutely pays half of SS and Medicare. As someone mentioned, the employee pays 6.2% and 1.45% (respectively). Those funds are deducted from employees paychecks. The employer then pays the total tax due which is 12.4% and 2.9% (respectively), the other half of SS and Medicare are considered a payroll expense. Sidebar: when paying payroll taxes there are three items - SS, Medicare, and Federal Tax deductions.

Not sure where you were going with the "make the employer pay for it" part or the part about not knowing how much it costs (that would be an ignorant employee in my opinion) as each year during renewal employees are generally given options for plans - which include the costs. The only reason I can think of employees not knowing the cost of their insurance is if 1) the employer pays the entire premium and the employee never sees it or 2) the employee never looks at their paycheck (ignorant/lazy?).

If you are a 2%, or greater, owner of an S corp then any medical premiums paid by the company are considered income (I literally just had that conversation with an owner of the company I work at - 5 minutes ago). It is included in income and is also taxed, and it is a deduction from the paycheck. The net affect of that is you are taxed on the premiums, at the end of the year the owners will receive a K1 that is then filed to for any tax benefits regarding medical premiums.

If you are an owner of a C corp, the company can pay for your medical premiums and they are not considered income.

 

[mrshifty]

You haven’t employed many people have you?

I used to have 750-950 paychecks go out the door weekly in vegas for 12 years. I employed about 65,000 people during that period of time. We had high turnover in the phone rooms and almost no turnover In the other departments. I was 50% owner. It was OUR money that we matched to the employees. We didn’t pay people less, Christ that naive.

I can’t stand it

I'm not an idiot. I understand that on paper the employer is paying 1/2. All I'm saying is that it is all figured in to your cost of employing people. You raise your prices, or reduce your wages to compensate for it. I'm pretty sure you didn't just give out huge raises or increase benefits without making up that money someplace. I feel that's why the government likes to put the burden on the employer. I believe there is a majority of the people out there that don't have a clue about where the money comes from. I challenge you to ask people that are getting their health insurance through their employer what the total cost of the premium is. At best they can tell you what they have to pay out of pocket. They have no clue that their employer is paying say, $800 a month on the premium also. That $800 isn't available for wages anymore.

 

[mrshifty]

Not sure how I missed this.

Your employer absolutely pays half of SS and Medicare. As someone mentioned, the employee pays 6.2% and 1.45% (respectively). Those funds are deducted from employees paychecks. The employer then pays the total tax due which is 12.4% and 2.9% (respectively), the other half of SS and Medicare are considered a payroll expense. Sidebar: when paying payroll taxes there are three items - SS, Medicare, and Federal Tax deductions.

Not sure where you were going with the "make the employer pay for it" part or the part about not knowing how much it costs (that would be an ignorant employee in my opinion) as each year during renewal employees are generally given options for plans - which include the costs. The only reason I can think of employees not knowing the cost of their insurance is if 1) the employer pays the entire premium and the employee never sees it or 2) the employee never looks at their paycheck (ignorant/lazy?).

If you are a 2%, or greater, owner of an S corp then any medical premiums paid by the company are considered income (I literally just had that conversation with an owner of the company I work at - 5 minutes ago). It is included in income and is also taxed, and it is a deduction from the paycheck. The net affect of that is you are taxed on the premiums, at the end of the year the owners will receive a K1 that is then filed to for any tax benefits regarding medical premiums.

If you are an owner of a C corp, the company can pay for your medical premiums and they are not considered income.

I understand that the employer pays 1/2. I'm just saying that the employer has to make a profit. He is going to get that half by raising prices, reducing wages, or a combination of both. If they raised wages by that amount and the employee paid it all on their own, the employee would see the actual cost. As far as the employee knowing the cost of their health insurance, I would say most pay stubs only show what the employee pays. It shows nothing of the contribution that the employer pays. When I have told employees at the company I work at what we are paying towards their health insurance, they stare at me in disbelief. Go out and ask people that are getting health insurance from their employer what the total cost is! At best they can tell what is withheld from their check. They won't have a clue what the employer is paying.

 

[Fatboy]

I'm not an idiot. I understand that on paper the employer is paying 1/2. All I'm saying is that it is all figured in to your cost of employing people. You raise your prices, or reduce your wages to compensate for it. I'm pretty sure you didn't just give out huge raises or increase benefits without making up that money someplace. I feel that's why the government likes to put the burden on the employer. I believe there is a majority of the people out there that don't have a clue about where the money comes from. I challenge you to ask people that are getting their health insurance through their employer what the total cost of the premium is. At best they can tell you what they have to pay out of pocket. They have no clue that their employer is paying say, $800 a month on the premium also. That $800 isn't available for wages anymore.

I’ll give you a good reply tmr, I know your not a idiot. And what I just read I agree with you, you are correct.

Kindest regards
Eric

 

[tomatoshooter]

How about all the pool tournaments handing out cash every week- no one is taking a SS# to issue 1099s. This week I saw a Facebook sight where they POSTED the winners names- their photos holding the cash winnings from the tournament AND the Calcutta- WITH the dollar amounts clearly visible on the envelopes they were holding - first and Second were over $600 in prize and Calcutta money for each person.

Is that stupid or what? _ I guess they used those prize photos to promote the tournament online.

Not that I'm in any danger of winning money in a tournament but I wonder if that means I can write off my pool room as a business expense.

I won't say I like seeing a quarter of my paycheck disappear but the roads, military, firefighters, police, etc. have to be paid for somehow. How well that money is spent is debatable. I do feel like I should be able to hire someone to help out with a couple of odd jobs without worrying about the tax man. It's also bullshit that they charge sales tax on a used car. If I'm a retailer, I don't pay sales tax when I buy merchandise, that is applied to the sale. If I'm paying sales tax on your car you should get that tax that you paid back.

 

[tomatoshooter]

That's the general consensus of business owners, got to pay tax this year? Good, means I made money

Poor GE

Meet the 18 profitable companies that paid no taxes over 8 years

Between an array of loopholes and laws that encourage tax-avoidance, even companies that mint profits can skip out

www.cbsnews.com

 

[tomatoshooter]

I'm giving thought to selling my ivory jointed Rick Howard cue w/ 2 shafts.
Hmmm, I could sell the buyer 1 shaft for $575, couple days later the 2nd shaft for $575, couple more days the butt for $575.
I reckon that'll work.

You may have to worry about more than the IRS

 

[7stud]

it would seem that most of those transactions for cues and things fall under goods and services and not commercial sales.
so no 1099 for them.

I think the way it works is:

Paypal G&S = commercial
Paypal F&F = non-commercial

 

[classiccues]

Just going to claim the 12.5 million illegals as dependents. That should get me a nice credit.

 

[Floyd_M]

Politician's need to put there Grubby Tax Tentacles in their own pockets & yank out all those Gooberzillions in Kick-Backs.
It go a long way to balancing the US Budget they raised(?) overspent this past year.

 

[classiccues]

Here is my prediction: The tax laws will be evaded just like the pachyderm enamel laws have been.

 

[jeagle64]

I'm giving thought to selling my ivory jointed Rick Howard cue w/ 2 shafts.
Hmmm, I could sell the buyer 1 shaft for $575, couple days later the 2nd shaft for $575, couple more days the butt for $575.
I reckon that'll work.

Over 600 total for the year accumulated.


Sent from my iPhone using AzBilliards Forums

 

[Floyd_M]

Leave JUST enough money in your bank to deal with bills, the rest stashed cash.