My books balance out, no worries here! Tax evasion definitely isn’t worth it IMO.
How much are you guys setting aside for taxes?
I set aside 22% in FL (7% sales tax + 15% revenue)
depends on your net income.
He should of asked for cash. That’s tax evasion 101.
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haha cash, that’s jail time 101. proves you were absolutely deliberate in your evasion, EVEN IF YOU WEREN"T.
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I was just kidding but seriously though… Ask any professional criminal
this guy took cash, al capone took cash. these guys were both professional criminals. jails are full of professional criminals. especially in the us, here in canada they rarely put people in jail but they can.
U.S jails/ prisons are full of all sorts of people. Full being the key word. I wasn’t encouraging tax evasion and accepting cash isn’t illegal. You just have to report it. Legal tender is legal tender.
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I’m setting aside 15% for taxes. Our sales tax rate is 7.44%.
Is that business tax only? Or both business tax and personal tax
Thankfully, TN doesn’t require sales tax on things like services of real property such as maids/window cleaning, nor do we have a personal income tax, we don’t even need a business license, and the subsequent tax which I can never find out how much, until we reach 3k in sales.
If I were to start making like a few hundred, I will probably set aside 25% of it for any tax related issues . Even the 35 I’ve made so far I’ll have to declare it next year as “additional income”.
It’s for business tax, but that should also cover my employer tax. I’m an LLC so as I understand it that should be a passthrough tax and I’ll pay federal tax on my earnings personally.
So we are about the same.
I’ll mess with many people but I don’t play with the tax man. I like sleeping soundly.
Local big boy has been popped 2 out of the last 4 years. Last time it was not paying his employment taxes. He had a nice shiny fancy car at one point…
I don’t recall ever hearing about anyone winning that game. It’s like trying to defeat gravity. You might be able to overcome it for a while, but it always gets you in the end.
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Eh some rats get away with things but not all I and I personally 1) don’t gamble, 2) like sleeping (integrity) and want the right to complain about my roads and the government. To do that I figure I have to play by their rules.
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the taxman is coming to my house at 8:30 this am to begin a multi year audit including me my wife and my children, yes they want all records of everyone in the household.
Even if you are doing it 100% right still causes a little concern. Let us know how it goes.
got audited in 2010 by Labor and Industries. They found this one utterly stupid thing we were not doing. Now we have to do it and it’s always painful teaching the new guys.
We have to break our time card down by service and hours daily…
The Government is really great and making the simplest things overly complicated. Just look at any Government website. Have you ever used a website at any level of Government that is actually easy to use?
Yes the New Mexico ones because they’re out of date and no one has the ability to do anything. They’re easy to use because there’s no info and no functionality.
Actually Colorado’s website is pretty nice
