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Horse with no Name (1000+ posts) Send PM | Profile | Ignore | Tue Nov-01-11 11:57 PM Original message |
Some friends owe the IRS $85k |
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alcibiades_mystery (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 12:00 AM Response to Original message |
1. Fines and penalties my left foot |
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Name removed (0 posts) Send PM | Profile | Ignore | Wed Nov-02-11 12:03 AM Response to Reply #1 |
3. Deleted message |
MADem (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 12:09 AM Response to Reply #3 |
7. If you are self-employed you need to have the discipline of an employer and |
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alcibiades_mystery (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 12:11 AM Response to Reply #3 |
9. A self-employed person pays exactly the same amount in taxes as a non-self-employed person |
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iris27 (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 12:15 AM Response to Reply #9 |
11. Not true - self-employed folks have to pay the additional half of SS/Medicare taxes that are paid by |
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JVS (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 12:16 AM Response to Reply #11 |
12. If your work doesn't bring that money into the company, your boss would fire you. |
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hfojvt (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 12:27 AM Response to Reply #12 |
16. maybe |
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county worker (1000+ posts) Send PM | Profile | Ignore | Thu Nov-03-11 02:02 PM Response to Reply #16 |
39. If you do a schedule C the employer portion of FICA is a business expense. |
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Sherman A1 (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 04:24 AM Response to Reply #12 |
19. Agreed |
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county worker (1000+ posts) Send PM | Profile | Ignore | Thu Nov-03-11 02:04 PM Response to Reply #19 |
40. If that were true you are paying every expense the business has which is pure bull shit! |
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alcibiades_mystery (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 12:26 AM Response to Reply #11 |
15. Since half of the self employment tax can be deducted from gross earnings |
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hfojvt (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 12:21 AM Response to Reply #3 |
14. that's hard to imagine |
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gateley (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 12:03 AM Response to Reply #1 |
4. The fines and penalties ARE excessive and oppressive whether |
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alcibiades_mystery (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 12:14 AM Response to Reply #4 |
10. Oddly, I've never run into this supposed problem |
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gateley (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 09:06 AM Response to Reply #10 |
25. As do I. nt |
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JVS (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 12:19 AM Response to Reply #4 |
13. Without stiff fees, nobody would pay. |
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gateley (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 09:07 AM Response to Reply #13 |
26. Good point, but I still think they're punitive. As well they |
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Matariki (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 01:04 AM Response to Reply #1 |
17. You don't know what you are talking about. |
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Liberal_in_LA (1000+ posts) Send PM | Profile | Ignore | Thu Nov-03-11 01:57 PM Response to Reply #1 |
37. agreed, The IRS doesn't apply fines and penalties like student loans and payday loans |
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Mimosa (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 12:01 AM Response to Original message |
2. EASY! |
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Horse with no Name (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 12:05 AM Response to Reply #2 |
5. This was probably more like the deal |
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PassingFair (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 06:55 AM Response to Reply #5 |
22. Maybe he owed on taxes for his employees as well. |
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Yupster (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 12:06 AM Response to Reply #2 |
6. Self employed people have to pay |
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Mimosa (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 10:13 PM Response to Reply #6 |
29. Exactly! |
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Quantess (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 12:10 AM Response to Original message |
8. I know someone who owes IRS 4 times that amount! |
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Downwinder (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 01:12 AM Response to Original message |
18. Did they follow Legal advice? |
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Lyric (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 06:15 AM Response to Original message |
20. We are so quick to crucify individuals for being "tax cheats" |
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lunatica (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 06:41 AM Response to Original message |
21. They can make an 'Offer in Compromise' |
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Mimosa (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 10:14 PM Response to Reply #21 |
30. IRS has gotten TOUGH |
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WolverineDG (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 07:22 AM Response to Original message |
23. Have they actually talked to the IRS? |
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seabeyond (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 07:35 AM Response to Original message |
24. i am sorry for your friends BUT... when i was young and poor, i let my brother do my taxes cause i |
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unblock (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 11:43 AM Response to Original message |
27. generally speaking, fines are assessed only for trying to get away with something illegal. |
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Mimosa (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 10:10 PM Response to Reply #27 |
28. Penalties and interest rack up the debts people owe to the IRS |
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unblock (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 10:48 PM Response to Reply #28 |
31. but the bulk of the problem is simply that they didn't pay the proper taxes in the first place. |
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Mimosa (1000+ posts) Send PM | Profile | Ignore | Thu Nov-03-11 01:08 PM Response to Reply #31 |
35. ^ "They had the government's money" ^ ? |
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riderinthestorm (1000+ posts) Send PM | Profile | Ignore | Wed Nov-02-11 11:22 PM Response to Reply #27 |
32. But "illegal" is entirely in the eyes of the IRS, as we discovered when we were audited |
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unblock (1000+ posts) Send PM | Profile | Ignore | Thu Nov-03-11 09:14 AM Response to Reply #32 |
33. well there's certainly an element of "racket" to many institutions |
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Mimosa (1000+ posts) Send PM | Profile | Ignore | Thu Nov-03-11 01:12 PM Response to Reply #32 |
36. Riderinthestorm, you said exactly what I heard from accountant who used to work for IRS |
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AngryAmish (1000+ posts) Send PM | Profile | Ignore | Thu Nov-03-11 09:19 AM Response to Original message |
34. I'm a lawyer. I never talk to the IRS without my tax lawyer. |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Thu Nov-03-11 02:00 PM Response to Original message |
38. That sounds like the result of neglecting a small mistake and allowing it to snowball |
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