Taxes

from one 40yr old, to another:

- it's a 1099; no taxes were withheld
- W2s & 1099s are required by law to be mailed (to address on W4) by JAN 31 of the FOLLOWING year
- if not received by JAN 31, request a duplicate 1099 from IRS
- if not received by JAN 31, use a blank 1099 & list as "öther income"
- earnings (total from that employer in the year) less than $600, do not have to be 1009d
- some employers 1099 if under $600
- depending on classification, FICA taxes may be due
- call the promoter for info
- call the IRS for info

$400 isn't worth the IRS's time.
 
TATE said:
Unlike other unnamed countries to the North, we Americans love paying taxes. We know it's our patriotic duty to support the many excellent programs our politicians work so diligently to preserve and develop every moment of their esteemed tenure. It truly is our pleasure to pay federal and state income tax, sales tax, social security and medicare taxes, state disability tax, propery tax, unemployment insurance taxes, gasoline, alcohol and tobacco taxes, duties both domestic and foreign, excise tax, use tax, business federal, state and local taxes, license and motor vehicle fees, and a myriad of never ending fees we entrust our government to administer.
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And guess what happens when you die....:D
 
bdorman said:
And guess what happens when you die....:D
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I love this poem:


Tax his land, Tax his bed, Tax the table At which he's fed.
Tax his tractor, Tax his mule, Teach him taxes Are the rule.
Tax his work, Tax his pay, He works for peanuts Anyway!
Tax his cow, Tax his goat, Tax his pants, Tax his coat.
Tax his ties, Tax his shirt, Tax his work, Tax his dirt.
Tax his tobacco, Tax his drink, Tax him if he tries to think.
Tax his cigars, Tax his beers, If he cries, then tax his tears.

Tax his car, Tax his gas, Find other ways To tax his ass.

Tax all he has Then let him know, That you won't be done till he has no dough.
When he screams and hollers Then tax him more,
Tax him till he's good and sore.
Then tax his coffin, Tax his grave, Tax the sod in Which he's laid.
Put these words Upon his tomb, 'Taxes drove me to my doom.. . '

When he's gone, Do not relax, Its time to apply The inheritance tax.
 
I will say this. In a room full of small business owners, accountants, dentists, and lawyers, an IRS auditor would be as welcome as a blowfish in a hemophiliac ward.

Honestly, there are few things as exciting as your first IRS audit. The reality is nowhere near as bad as the perception, but you are basically dealing with an enforcer of many complex, vague, unknown and misunderstood laws who has the power to wipe out everything you've worked for in your life. I have actually found the IRS to be fair to deal with. Most relatively honest people who are trying to follow the laws have nothing to worry about, but full blown field audits are costly and time consuming. There are so many laws and regulations that it's virtually impossible to follow the tax laws to the "t", even for $500 an hour tax lawyers.
 
TATE said:
I just read a pretty good audit story. (By the way, any audit story that doesn't involve me is pretty good).

IRS examiners noticed a self employed contractor's annual income exactly matched his reported 1099's. So they went back a few years. Lo and behold, the same thing happened in each of those last years. Knowing that relatively low percentages of 1099's get issued for contractors, they easily figured out that the contractor reported his income by the exact amounts he received in 1099's instead of his actual income, which was a lot more.

My pool winnings were pretty easy to bury. I saved two McDonald's receipts just in case.
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That's no lie, it's always easy to laugh when its the *other* guy...

That said, I'm no tax expert either but I handle my winnings the same way; I can pick a handful of losing lottery tickets out of the trash and I'm good to go.


Eric >More or less.
 
Tate, nice poem. Thanks for sharing, it is especially appropriate on election day!
 
Let me tell you how it will be
There's one for you, nineteen for me
'Cause I'm the taxman, yeah, I'm the taxman

Should five per cent appear too small
Be thankful I don't take it all
'Cause I'm the taxman, yeah I'm the taxman

Now my advice for those who run racks
Declare all the pennies for your tax
'Cause I'm the taxman, yeah, I'm the taxman
And you're working for no one but me
 
This thread about (imagine the dramatic voice) "What do I do about the $400 in winnings and taxes?) ranks right up there with the thread about "My wife is divorcing me ... should I let her keep the cue I had made for her?"

The problems one faces can certainly be challenging ... good grief! :p
 
Blue Hog ridr said:
Its just another Feeding the Troll Scam thread.

After all her past financial woes, she just wants to show everyone that she wants to become an honest Tax paying citizen.

That $415 is long gone and very doubtful that she has any intention of paying tax on that or anything that she earns.

Nice try tho Rhea.
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Think you are too judgement of people, and situations you really know nothing about. Have you ever met Rhea in person, or are you make ASSumptions from reading wisdom on AZB. Or did you received a Private Message about Rhea from a "trusted azb member"?

Maybe Rhea is trying to be fair with her Uncle in D.C., Uncle Same the Tax Man.
 
CocoboloCowboy said:
Think you are too judgement of people, and situations you really know nothing about. Have you ever met Rhea in person, or are you make ASSumptions from reading wisdom on AZB. Or did you received a Private Message about Rhea from a "trusted azb member"?

Maybe Rhea is trying to be fair with her Uncle in D.C., Uncle Same the Tax Man.
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...................Have you not seen all the threads and posts BY Rhea? Really? Realllly??????
 

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CocoboloCowboy said:
Think you are too judgement of people, and situations you really know nothing about. Have you ever met Rhea in person, or are you make ASSumptions from reading wisdom on AZB. Or did you received a Private Message about Rhea from a "trusted azb member"?

Maybe Rhea is trying to be fair with her Uncle in D.C., Uncle Same the Tax Man.
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Uncle Same Wants You :withstupid:
 
For the record, I didn't mean any insult to Rhea by bringing up the 10K minimum. She previously said she only worked for wages for 2 months this year. I was just trying to help out with info.
 
TATE said:
For the record, I didn't mean any insult to Rhea by bringing up the 10K minimum. She previously said she only worked for wages for 2 months this year. I was just trying to help out with info.
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We know you weren't being insulting. I wasn't either in my above post. There were guys at the pool hall that wanted to pay their tab with EBT and I was wondering what would happen if you got caught gambling with food stamps.
 
asiasdad said:
Unless you have other taxable income
(ie: reported to the Feds)
you would have no tax on those earnings.
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It's a feeble reminda to all of us that she used to be a contenda. Or, aka, fishing for stakehorses with 4th place finishes....
 
TATE said:
For the record, I didn't mean any insult to Rhea by bringing up the 10K minimum. She previously said she only worked for wages for 2 months this year. I was just trying to help out with info.
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Your information was presented like information, that she may not know. Msybe she had a percentage of her winning withheld thus wanting the 1099.
 
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