yah... it's the best business idea... you get inccome, lots of it, every year without doing much work!
Intuit probably makes the most money in software industry after microsoft, like right after microsoft
I do computer support for a local city government, the office my CPA works at, occasionally for a doctor's office; then I also operate the video board during football and soccer seasons for the athletic department of the school district I'm employed at.
Well it sounds like you do a bit of work on the side. In that case, you might just want to get a ficticious name and stay with a sole proprietorship. You would save money on corporate filings and keep things simple. Good luck.
__________________ Always outnumbered, never outgunned.
Hey, it's not the software co.'s fault, the Tax Code is overly complex, bloated and continually changing.
According to President GWB, "The tax code is a complicated mess. You realize, it's a million pages long."
By the way, if you go to the US Government Printing Office (www.gpo.gov), you can order a complete set of Title 26 of the US Code of Federal Regulations (that's the part written by the IRS), all twenty volumes of it, at the bargain price of $974, shipping included. According to the US Government Printing Office, it's 13,458 pages in total. The full text of Title 26 of the United States Code (the part written by Congress - available for an additional $179) is a mere 3,387 printed pages, bringing the adjusted gross page count to 16,845.
Best tax tip... lie lie lie, & after that lie again!!
Slow down there sport. Unless you've dealt with an IRS agent, I wouldn't be giving such advice. Believe me they don't mess around. Especially when they give you 30 days to come up with all proof regarding certain deductions or else you owe them, with interest. Plus fines!
__________________ Always outnumbered, never outgunned.
Hey, it's not the software co.'s fault, the Tax Code is overly complex, bloated and continually changing.
According to President GWB, "The tax code is a complicated mess. You realize, it's a million pages long."
By the way, if you go to the US Government Printing Office (www.gpo.gov), you can order a complete set of Title 26 of the US Code of Federal Regulations (that's the part written by the IRS), all twenty volumes of it, at the bargain price of $974, shipping included. According to the US Government Printing Office, it's 13,458 pages in total. The full text of Title 26 of the United States Code (the part written by Congress - available for an additional $179) is a mere 3,387 printed pages, bringing the adjusted gross page count to 16,845.
Yep, all true. It would really help if Congress could make up their damn minds about certain regulations. They can't seem to make up their minds about anything. Oh yeah, they also change their stance on certain tax issues by the size of our deficit and such little things as the war in Iraq and stuff like that. Now doesn't make you feel all warm and fuzzy?
__________________ Always outnumbered, never outgunned.
Well it sounds like you do a bit of work on the side. In that case, you might just want to get a ficticious name and stay with a sole proprietorship. You would save money on corporate filings and keep things simple. Good luck.
Not a lot anymore, now that I've gotten things running smoothly; but enough such that I need to start keeping better track of it for tax purposes. Part of the decision will depend on how things play out with the job I applied for a couple weeks ago; as a district employee I can't invoice the district for the side work I do, the pay has to go through payroll and all the normal deductions. If I get this new job I can invoice them, then just 1099 everything so the need to form a corporation goes down a lot.
__________________
Everyone is finally equal. No one is smarter than anyone else. No one is stronger than anyone else. No one is better. Everyone is worse.
^^^ and how are we expected to plan, prepare and implement appropriate financial and estate plans when they change the Code 'temporarily' or add a Sunset Provision?? Many changes expire, or may not even take effect at all. My mother kept getting mad 'cause every time I saw her I felt compelled to remind her it would be best if she could kick the bucket in 2010. In any instance, no sooner than 2008-2009 please and, definitely, not after 2010.
^^^ and how are we expected to plan, prepare and implement appropriate financial and estate plans when they change the Code 'temporarily' or add a Sunset Provision?? Many changes expire, or may not even take effect at all. My mother kept getting mad 'cause every time I saw her I felt compelled to remind her it would be best if she could kick the bucket in 2010. In any instance, no sooner than 2008-2009 please and, definitely, not after 2010.
Tell her since she only has a 12 month window to "make it", you'll help her off the cliff if things get dicy.
__________________ Always outnumbered, never outgunned.
Not a lot anymore, now that I've gotten things running smoothly; but enough such that I need to start keeping better track of it for tax purposes. Part of the decision will depend on how things play out with the job I applied for a couple weeks ago; as a district employee I can't invoice the district for the side work I do, the pay has to go through payroll and all the normal deductions. If I get this new job I can invoice them, then just 1099 everything so the need to form a corporation goes down a lot.
Phelan, I think you're misunderstanding the benefits/negatives of forming a Coporation. Well at least a C Corp. anyway. Benefits of forming a corp. are two fold....
1. Limited liability
2. Ability to raise large amounts of capital
That's pretty much it. There are more details to it, but I don't think they apply to you. In your case the negatives would be...
1. Double taxation
2. Cost of formation and cost of upkeep. Most likely you'll have to pay someone to file your taxes for even the simplest of corps.
So... make sure to do some research before you plop down good money to file for a corp. Also, when forming corps. the state you file in is as important as the reason for forming. Good luck.
__________________ Always outnumbered, never outgunned.
Most small biz formations elect LLC or Sub Chap S status these days, should tell you something. Setting up an LLC is an easy DIY in most states too, just have to avoid certain prohibited words, i.e., financial, etc. One word to the wise, consider a single-member LLC, as many states have a low annual renewal fee for the 1st member, then skyrocket for each additional thereafter. The diff in NY is thousand$$$.
there should just be a flat tax rate for all income levels that is taken out of our pay and we shouldn't be required to file a return unless there's an error.
there should just be a flat tax rate for all income levels that is taken out of our pay and we shouldn't be required to file a return unless there's an error.
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