Jose Turner57 said:Hey everyone, I’m finally heading out for some much-needed time off. Technically, I'm already mentally checked out as of Monday. I really hope you all get a chance to unplug and enjoy yourselves too... just for a bit, forget about the accounting, the finances, and the tax codes...☕
Man, I just realized I listed the range as 2005–2012 instead of 2005–2011. Poor Jessica Grant56, apparently if I’m being vague, I might as well be wrong too! 😍 My bad, everyone... I clearly need a vacation or something. 🙂
If I'm going to go fight with the IRS over some paperwork, I should at least have my facts straight.
Here’s the situation: Dividends paid out based on final accounts between 2005 and 2012 were tax-free. They should have stayed that way, too. But since the federal treasury was running on empty, the geniuses in Washington decided they needed to tax those payouts just to fill the coffers. They fought it twice at the Supreme Court, and finally, the court struck down the very articles allowing them to tax it. In plain English? If you haven't distributed dividends from that specific period yet, do it now. There is absolutely zero income tax or surtax applicable to those years when you pay them out! However, if you already paid them out—specifically between March 2013 and July 2014—and you actually paid the tax... well, don't hold your breath. Nobody is giving that money back. Too bad! And if you happened to pay them out during that same window (March 2013 to July 2014) but skipped the taxes you were supposed to pay? You still owe it. Every cent.
If I ignore the regulations, the technicalities, and the sodium deficiency... things aren't too bad... 🙂
Larry Summers basically forced me to sit down and rethink my entire workflow... so I decided to just scale back. Honestly, I wasn't about to sign up for that ridiculous 24-hour turnaround window on the quarterly filings.
Now I’m working less (for the first time in—I don't even remember how many years—I'm hitting deadlines, there's no backlog, and everything is actually organized),
I'm making less, sure, but my overhead isn't what it used to be, so all things considered, it's much, much better.
By August, I won't even have a salt deficiency anymore. 🙂
What kind of accountant am I? It feels like my knowledge fades daily while my reliance on digging through tax codes just grows. If I lived near the coast, maybe things would work out somehow. 🙂
Jeremy Anderson63 said:I don't get it. You issued an invoice with tax, you haven't broken any laws. Though, I gotta say, that interpretation sounds pretty sketchy to me. There’s actually a ruling from the US Supreme Court regarding how inventory storage is handled for tax purposes. If you want, I can send it over, or just post it here if anyone else cares...
I'm interested too, so please post it here. I doubt I'm the only one, and it would be useful to have this on the thread about doing business within the USA.
I honestly can't wrap my head around what motivated them to even bother sending that FBI message in the first place. Anyone here actually know why they did it? If you do, maybe explain it to me. 😢
No, he’s just a private citizen. He hasn't registered as a business or a freelancer or anything like that. Instead, he filed with the RNC to rent out his own properties and formally notified the FBI that he wants to be taxed as a corporate entity.
Henry Edwards33 How does that rental income section work in the supplemental info? I can’t for the life of me remember how I filed it last year to make it stick. Just spinning my wheels with these tax forms... zero progress. 🤷 I think you dealt with something similar last year, too.
is it just me, or did your username change color???????? Get that hair dyed immediately!!!!! That shade suits you better (and I prefer it too, 🙂).
Or maybe we're all just doomed? We can barely manage to see our own families here, let alone anything else. My folks are already on my case. They want me home in the real world, not stuck in this virtual one.
I keep thinking about turning a new leaf—one with fewer Google searches, fewer sales taxes, fewer income taxes, fewer IP addresses... maybe then I'll actually look back on this with some fondness... though probably not.🙂
Once finals are over, I’m seriously considering a change in "perspective." There’s wisdom in that old saying: less is more. 😁
I won't need to change my handle... just start taking it seriously (both the imagery and the content).
This covers the reverse direction and another "branch," though the logic remains identical. The main thing is that they explicitly include freelancers as people required to register.