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chromelover

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#1

Do I have to pay taxes?

03-01-2003, 10:21 AM

Now that I got your attention, I got sum ??'s . Ok, I know I have to pay taxes, but I heard somebody say somethin about a minimum income that you don't got to worry about filin'. $500 or $5000.

And I wanna know,
Do we just report everything we earned last year or everything we earned up until the day we report this year.?

What if we only made like $1000-1200 last year? $1300-1500 total? we still gotta report?

The most importnant thing, what % ofincome is tax? Like 30%,10%, 50%? Whats the general tax?
I know it might depend on the state you in, but wut's the highest % you heard of.

Since I dont got no money to buya tax advisor, Im gonna just send 'em something. If I send em more than the % and not all the paperwork, they gonna come after me? How much paperwork I gotta send in? What if I send in the wrong shit?

What Im s'posed to do with the 1099 I got? Keep it, turnit in?
What all paperwork do I send in? What do I file unda for selfemployement?

Last but not least, whens the last due date?

Serious yall, somebody help.

I know this is alot of ??'s, but I heard yall was cool and help people out with this kinda shit.

Help me

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#2

03-01-2003, 10:26 AM

You don't know your own states income tax? What are you? 12?

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#3

03-01-2003, 10:26 AM

Originally posted by chromelover
I know I have to pay taxes

you've been misinformed
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chromelover

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#4

03-01-2003, 10:37 AM

Originally posted by DjSap
You don't know your own states income tax? What are you? 12?

I'm 93. So you gonna help me? You got answers?

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#5

03-01-2003, 10:40 AM

Originally posted by DjSap
You don't know your own states income tax? What are you? 12?

judging by his spelling, grammar and "net slang", he might even be 10. but not older than 13.

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#6

03-01-2003, 10:40 AM

I think for federal if you make more than $600 you have to file. And its for 2002, not anything this year assuming you are taking normal personal taxes.

With that low of income I think your tax won't be much.

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#7

03-01-2003, 10:44 AM

Since you have self-employment income greater than $400, you're legally required to file. Your standard deduction and your personal exemption will drop your taxable income tax down to zero though. Since you received 1099s then the IRS also has a copy and are technically waiting to see you file your reported income.

Edit: You're still subject to self-employment tax though. heh!
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echo465

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#8

03-01-2003, 10:44 AM

Originally posted by DatingGold
I think for federal if you make more than $600 you have to file. And its for 2002, not anything this year assuming you are taking normal personal taxes.

With that low of income I think your tax won't be much.

Actually, with that low of income, he might get money back depending on deductions and credits taken. Plus, if you bought your computer or office equipment last year, you can deduct it if you're self employed.

Go to a tax preparer, let them deal w/ it.

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chromelover

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#9

03-01-2003, 10:45 AM

Originally posted by DatingGold
I think for federal if you make more than $600 you have to file. And its for 2002, not anything this year assuming you are taking normal personal taxes.

With that low of income I think your tax won't be much.

Thank you, you've actually been of some help. Sorry, I didn't know that I wasn't allowed to use 'net slang' here. I guess I will have to use perfect speech from now on. Pardon me if I mispell a word, I don't know what overcame me.

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multisexsite

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#10

03-01-2003, 10:46 AM

It depends on if you are single, married, etc.
The minimum used to be $3k, not sure anymore though.
Each state has separate tax laws.

You pay state tax and federal tax. Some states dont have an income tax (Tennessee for example)

Judging by the amount of money you have made, I wouldnt bother to file taxes, as homeless people usually dont.
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#11

03-01-2003, 10:49 AM

you'll get a federal excemption of $7000 if you are single..so unless you made over this you wont have to pay..but you still have to file of course
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#12

03-01-2003, 10:50 AM

Based on your complete lack of understanding I would not attempt to handle your tax matters on your own. Go and get a professional accountant or go to one of the walk-in tax services like H&R Block since it sounds like you have a simple low income situation.

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chromelover

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#13

03-01-2003, 10:57 AM

Bigfish and Echo, multisex, thnx.

So, they are waiting for me to send this back in? When you talk about they got in on file, they want the form back.

Self employment tax? WTF?

Okay to 'xplain, Im sure you can tell I dont no the first thing to do with this, I lived with my parents up until mid last year and they used to take care of all this. I have an office job, which pay the bills, but Im doing this to see how I much I can make and if It s somethin I wanna do, So far I only made $1500 or something like it, so Im wonderin before I give this up, do I have to pay and how much?

I'm not supproting my self wit this. Lol.

in the end, im probly gonna have to get some tax person to do it. But I dont trust em. Last dude did my friends taxes ripped her off and she almost got in it with the law. So, I wanna zip this up quick and get it over with.

How do I find out what the state tax is ? And should I just send in like 600 bucks and assume I'm okay. It can't be over 50% right.

Help me

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#14

03-01-2003, 11:03 AM

Now that we're on this topic, would PayPal payments be subjective to tax? Isn't it like "cash"?
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cluck

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#15

03-01-2003, 11:05 AM

What if I made loads of cash but didn't recieve forms from anyone except wegcash? Would the IRS know I made any of the other money?

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cluck

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#16

03-01-2003, 11:06 AM

epassporte too. I was wondering about that.

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chromelover

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#17

03-01-2003, 11:09 AM

'you'll get a federal excemption of $7000 if you are single..so unless you made over this you wont have to pay..but you still have to file of course'
-------

Angels of porn, that sounds good. So you mean we don't send in a check with the filing papers. Can't I do this online or something?

KRL,
you make a good point. But I don't like them they cheat people. Its probly what Im gonna have to do anyway, but what all info do I need for them? Just go sign up and leave or I need to show reciepts and everything?

Okay. I never took a big course on taxes and never paid attention to them, bc my parents did that shit. So I am confused as hell on on this. I just moved out last year and they think Im gonna come running back home and thats not what I wanna do, so i do apprec8 that yo uall are leaving answers.

Now when I send off the file whatever form I don't know. Is that all or do I need to send a bucket of info with it? All this I don't know.

Help me

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BigFish

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#18

03-01-2003, 11:10 AM

Anything that fits the IRS definition of "income" is subject to tax. Even finding a CD player at your local beach is subjected to tax at its fair market value. Obviously IRS would never know of that but it just goes to show they have a very strict definition.
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BigFish

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#19

03-01-2003, 11:12 AM

Originally posted by chromelover
'you'll get a federal excemption of $7000 if you are single..so unless you made over this you wont have to pay..but you still have to file of course'
-------

Angels of porn, that sounds good. So you mean we don't send in a check with the filing papers. Can't I do this online or something?

KRL,
you make a good point. But I don't like them they cheat people. Its probly what Im gonna have to do anyway, but what all info do I need for them? Just go sign up and leave or I need to show reciepts and everything?

Okay. I never took a big course on taxes and never paid attention to them, bc my parents did that shit. So I am confused as hell on on this. I just moved out last year and they think Im gonna come running back home and thats not what I wanna do, so i do apprec8 that yo uall are leaving answers.

Now when I send off the file whatever form I don't know. Is that all or do I need to send a bucket of info with it? All this I don't know.

You should just go buy yourself TurboTAX 2002 Basic for 19 dollars. It does everything for you and also sends it electronically to the IRS for free.
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chromelover

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#20

03-01-2003, 11:21 AM

Originally posted by BigFish

You should just go buy yourself TurboTAX 2002 Basic for 19 dollars. It does everything for you and also sends it electronically to the IRS for free.

Sounds real good. Where do I find this TurboTax ware and are they like easy to understand, like the average dummy wouldn't have ?'s. Or do I have to know 'law terms' and all that?

So it's as simple as filling out a form and pressing a send button. If they say I have to pay $50-$200 in taxes, when do I send it? When I send the form or separtely after I get a note from them?

Help me

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BigFish

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#21

03-01-2003, 11:27 AM

Yeah, TurboTAX is easier than using Word. There's tutorials, help, videos and more. 2002 tax deadline is April 15, 2003.
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#22

03-01-2003, 11:27 AM

Turbo Tax

Since you have an office job, you'll get a form from them.

Whatever you earn doing this, will be considered sole proprietor income...self employed income, which is the highest of the taxable incomes. That's why so many recommend incorporating your business.

But, if you've only made $1500., you probably won't get killed.

As you grow, you may want to reconsider the accountant thing. Not all of them are crooks. Many tax preparers are very good and are not as expensive as CPA's.

PayPal is taxable income, as is ePassporte.

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cluck

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#23

03-01-2003, 11:51 AM

The big question for me is if they don't get a 1099 do they know about my income? I haven't kept track of ALL of it and alot came from Israel and Canada.

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chromelover

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#24

03-01-2003, 11:57 AM

I'm back. Now, thnx to everybody who tried to help. I m glad I came here. So, now I know more about it than I did before I got hiere. Im gonna run over to turbotax and do that. But still no one told me. Am I s'posed to keep the 1099 form that I got from the people who sent it to me? or do I mail that in to the IRS? And lastly if I owe anything, do I pay at the same time I file? Or do I do that later at request?

Thnx

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echo465

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#25

03-01-2003, 12:14 PM

Originally posted by chromelover
I'm back. Now, thnx to everybody who tried to help. I m glad I came here. So, now I know more about it than I did before I got hiere. Im gonna run over to turbotax and do that. But still no one told me. Am I s'posed to keep the 1099 form that I got from the people who sent it to me? or do I mail that in to the IRS? And lastly if I owe anything, do I pay at the same time I file? Or do I do that later at request?

Thnx

Follow the instructions with the TurboTax software. It tells you what to send, and where to send it.

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#26

03-01-2003, 12:19 PM

Originally posted by chromelover
I'm back. Now, thnx to everybody who tried to help. I m glad I came here. So, now I know more about it than I did before I got hiere. Im gonna run over to turbotax and do that. But still no one told me. Am I s'posed to keep the 1099 form that I got from the people who sent it to me? or do I mail that in to the IRS? And lastly if I owe anything, do I pay at the same time I file? Or do I do that later at request?

Thnx

The 1099 stub is for your personal records. In your case, you don't need to send anything in except for your income tax forms via electronic e-file through turbotax.
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#27

03-01-2003, 12:26 PM

Does ccbill send tax forms?

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#28

03-01-2003, 01:11 PM

Looks like boneprone got bored again

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chromelover

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#29

03-01-2003, 02:58 PM

"Looks like boneprone got bored again"
===========

whats a boneprone? A new tax? Do I have to pay that one too? Or some nick 4 a tax lawyr?

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#30

03-01-2003, 03:01 PM

whats a boneprone? A new tax? Do I have to pay that one too? Or some nick 4 a tax lawyr?

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#31

03-01-2003, 03:07 PM

Oops! Just found out. Okay. Sorry bout that.

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chromelover

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#32

03-01-2003, 03:31 PM

Thank yall.

Im felling better that I know what todo now. Im headed over to TurboTax.com, then I'm going home.

Nighty!

Yall are some kewl people!

Peace

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#33

03-01-2003, 03:42 PM

want the red pill, or the blue pill?

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#34

03-01-2003, 05:29 PM

Originally posted by cluck
The big question for me is if they don't get a 1099 do they know about my income? I haven't kept track of ALL of it and alot came from Israel and Canada.

they do not get a report of your income but you must report all income, even made from Canada.

I would just estimate how much you made, the sponsors should have stats programs that show how much they sent you right?
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#35

03-01-2003, 05:34 PM

Originally posted by cosis

they do not get a report of your income but you must report all income, even made from Canada.

I would just estimate how much you made, the sponsors should have stats programs that show how much they sent you right?

Yea, you gotta report every cent that goes to your pocket. But I think he wants to know what can happen if you pay only for the 1099 you receive and nothing else.
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#36

03-01-2003, 06:16 PM

Yeah basically what I wanna know is are they gonna know about the other stuff? Like do they know by my bank deposits or anything? It's not that I'm not gonna declare the other stuff, it's just that I don't know exactly how much it was. Some accounts died from inactivity and whatnot. I can definetly estimate, it's just a matter of how much I have to panic over this stuff.

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#37

03-01-2003, 06:19 PM

Originally posted by cybermike
Does ccbill send tax forms?

No, but you should still report the income.
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#38

03-01-2003, 07:39 PM

Originally posted by cluck
Yeah basically what I wanna know is are they gonna know about the other stuff? Like do they know by my bank deposits or anything? It's not that I'm not gonna declare the other stuff, it's just that I don't know exactly how much it was. Some accounts died from inactivity and whatnot. I can definetly estimate, it's just a matter of how much I have to panic over this stuff.

I believe only 1% of all self employed get audited annually. Still if you are of the unlucky 1% it is best to have your act together. They likely will not check anything unless you are selected for an audit. Then they will check everything.

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#39

03-01-2003, 07:41 PM

Originally posted by cluck
Yeah basically what I wanna know is are they gonna know about the other stuff? Like do they know by my bank deposits or anything? It's not that I'm not gonna declare the other stuff, it's just that I don't know exactly how much it was. Some accounts died from inactivity and whatnot. I can definetly estimate, it's just a matter of how much I have to panic over this stuff.

If you get audited the tax man won't give a shit about your 1099's. Especially if you're self employed.
He'll want to see your bank statements and if you've deposited more than you reported as income you'll have some splainin to do

My accountant doesn't want check stubs or any of that shit, I just give him the bank statement every month and we go by that.

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cluck

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#40

03-01-2003, 07:43 PM

I'm also 19 and have never needed to pay taxes before. Would this make them less likely to audit me if I declare what seems to reasonably close to what i made?

Plus what happens if I get audited? Do I have to pay or go to jail or what? If its just a fine in the unlikely event that it does happen I've got that covered.

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