Sponcer money..... 1099 ???? - Page 3

BIZMANRACING · 07-30-2008, 06:40 PM

hi mike

lets not get to excited about this....lol.

sorry for the headache. all in good fun right.......

Mike Meier · 07-30-2008, 06:54 PM

Quote:

Originally Posted by BIZMANRACING

hi mike

lets not get to excited about this....lol.

sorry for the headache. all in good fun right.......

Well lucky for you I work for an insurance company, not the IRS or the State....lol. Though I would have liked to see the look on your face when you read my post.

BIZMANRACING · 07-30-2008, 07:23 PM

LOL

i figured something like that....lol. i just knew that irs guys "probally" did race. but, yes mission accomplished you would of rolled over on the ground laughing had you seen my face.

i still wish something out of this. but, no i will not do something stupid. life is good, who needs jail or come face to face with the irs agent.

G Schenck · 07-30-2008, 08:03 PM

Quote:

Originally Posted by Julie Jordan

how you can try to circumvent the rules.

Julie, I liked that wording. It's like what some racers do to the rule book.

Greg

Signman · 07-31-2008, 10:35 AM

Carlos

What you are asking is a gray area. Having been self employed for over 20 years there is plenty of that to explore. Some of those will get you into a big bill with the IRS and State of NJ. And they do not play well!!

What you are thinking of is a way to avoid paying income tax on a bonus. If it is in the form of a check and there is an audit, the issuer of the check is going to state the truth. The check can be written out to your wife, kid, company, what ever but it was written as a bonus for you selling their product. If you are unlucky it could be expensive.

Look at Al Sharpton. A major public figure in NYC, NY State and at some level nationally. Doesn't pay taxes to the IRS for several years. Gets audited, goes to court and settles for much less than owed. His method works great if you owe enough that the savings minus the cost of accountants and attorneys is a profit. (although he could afford it)
A public figure getting press over this cannot be the only plus.

Can you stomach handle it! How big are your family jewels?

The best advise is to search out a good accountant with integrity. A former IRS auditor or someone who has had a lot of exposure to audits and auditors would be good.

Hey you can always do what you please and answer for it later! Play dumb and deal with the phone calls. paper work, threats, public embarrassment and fines. Hell you can be another one of those who the IRS ripped off!!

Just kidding! What you are describing is not a good idea!
Jack has been around for years and knows the ins and outs!
Julie does not give out bad advice!

BIZMANRACING · 07-31-2008, 12:55 PM

O.K. i surrender.

everything you say is correct frank. reading your words hit home pretty hard. "avoid paying taxes on a bonus" the other thing that you said was that if they ask the issuer of the check what it was for, the truth will be known. so unless., i can get him to lie, or modify the truth, i guess i'm asking for trouble.

as for the size of "my stones" i've been here before. back in the day when i got divorced, i was just so dambed depressed i didn't pay taxes for 5 years. try that one on. once i took steps to correct, i got retainer information of 25,000, plus the taxes i would have to pay. i was ready to jump off a building and call it quits. a friend turned me on to an accoulant that i used for years. he got me off paying just a few thousand dollars. biggest load ever to get off my back. for years he made my money disappear. the friend that turned me on to him stopped using him since he was afarid it would come back and bite him. it never did. but, his new accountant the next year, he owed the irs like 15,000. that didn't stop me i countinued to use him. then i got remarried.

now my wife does our taxes, being the daughter of a police officer, i was never going to get away with it again. now i to pay every single year. i made it so i guess i owe it. but, i'm not allone in this boat. i'm 12 years away from early retirement so maybe its time to buy that house in florida, or if i'm still in the car business i'll go back to my beloved south carolina. charleston was a great place to live in the early 80's and they don't sell cars on sunday, or at least they didn't. but, something got to give. i didn't give 20 years of my life defening freedom in the heart of the cold war to get a pension, just to give it all back because i make to much. thats just bull**** in my eyes. or maybe i'm just selfish. in any case i need some tax help here. since when i retire, the governement isn't going to give it back to me.

thanks for letting me use your forum for this, i'm done venting. BACK TO THE DRAWING BOARD

07-30-2008, 06:40 PM	#21
BIZMANRACING Junior Member Join Date: Oct 2004 Location: east brunswick, new jersey Posts: 62 Likes: 0 Liked 0 Times in 0 Posts	Re: Sponcer money..... 1099 ???? hi mike lets not get to excited about this....lol. sorry for the headache. all in good fun right....... __________________ S/ST 1739 Carlos Mendes

07-30-2008, 07:23 PM	#23
BIZMANRACING Junior Member Join Date: Oct 2004 Location: east brunswick, new jersey Posts: 62 Likes: 0 Liked 0 Times in 0 Posts	Re: Sponcer money..... 1099 ???? LOL i figured something like that....lol. i just knew that irs guys "probally" did race. but, yes mission accomplished you would of rolled over on the ground laughing had you seen my face. i still wish something out of this. but, no i will not do something stupid. life is good, who needs jail or come face to face with the irs agent. __________________ S/ST 1739 Carlos Mendes

07-31-2008, 10:35 AM	#25
Signman Member Join Date: Oct 2003 Location: Lower Slower Delaware Posts: 493 Likes: 14 Liked 199 Times in 74 Posts	Re: Sponcer money..... 1099 ???? Carlos What you are asking is a gray area. Having been self employed for over 20 years there is plenty of that to explore. Some of those will get you into a big bill with the IRS and State of NJ. And they do not play well!! What you are thinking of is a way to avoid paying income tax on a bonus. If it is in the form of a check and there is an audit, the issuer of the check is going to state the truth. The check can be written out to your wife, kid, company, what ever but it was written as a bonus for you selling their product. If you are unlucky it could be expensive. Look at Al Sharpton. A major public figure in NYC, NY State and at some level nationally. Doesn't pay taxes to the IRS for several years. Gets audited, goes to court and settles for much less than owed. His method works great if you owe enough that the savings minus the cost of accountants and attorneys is a profit. (although he could afford it) A public figure getting press over this cannot be the only plus. Can you stomach handle it! How big are your family jewels? The best advise is to search out a good accountant with integrity. A former IRS auditor or someone who has had a lot of exposure to audits and auditors would be good. Hey you can always do what you please and answer for it later! Play dumb and deal with the phone calls. paper work, threats, public embarrassment and fines. Hell you can be another one of those who the IRS ripped off!! Just kidding! What you are describing is not a good idea! Jack has been around for years and knows the ins and outs! Julie does not give out bad advice! __________________ Frank Ferrucci ?/SA 1271

07-31-2008, 12:55 PM	#26
BIZMANRACING Junior Member Join Date: Oct 2004 Location: east brunswick, new jersey Posts: 62 Likes: 0 Liked 0 Times in 0 Posts	Re: Sponcer money..... 1099 ???? O.K. i surrender. everything you say is correct frank. reading your words hit home pretty hard. "avoid paying taxes on a bonus" the other thing that you said was that if they ask the issuer of the check what it was for, the truth will be known. so unless., i can get him to lie, or modify the truth, i guess i'm asking for trouble. as for the size of "my stones" i've been here before. back in the day when i got divorced, i was just so dambed depressed i didn't pay taxes for 5 years. try that one on. once i took steps to correct, i got retainer information of 25,000, plus the taxes i would have to pay. i was ready to jump off a building and call it quits. a friend turned me on to an accoulant that i used for years. he got me off paying just a few thousand dollars. biggest load ever to get off my back. for years he made my money disappear. the friend that turned me on to him stopped using him since he was afarid it would come back and bite him. it never did. but, his new accountant the next year, he owed the irs like 15,000. that didn't stop me i countinued to use him. then i got remarried. now my wife does our taxes, being the daughter of a police officer, i was never going to get away with it again. now i to pay every single year. i made it so i guess i owe it. but, i'm not allone in this boat. i'm 12 years away from early retirement so maybe its time to buy that house in florida, or if i'm still in the car business i'll go back to my beloved south carolina. charleston was a great place to live in the early 80's and they don't sell cars on sunday, or at least they didn't. but, something got to give. i didn't give 20 years of my life defening freedom in the heart of the cold war to get a pension, just to give it all back because i make to much. thats just bull**** in my eyes. or maybe i'm just selfish. in any case i need some tax help here. since when i retire, the governement isn't going to give it back to me. thanks for letting me use your forum for this, i'm done venting. BACK TO THE DRAWING BOARD __________________ S/ST 1739 Carlos Mendes