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I thought everyone will need to somehow pay some income taxes? who doesn't?
I do not. Never will. If it get close I will buy something. We are not taxed on what we make, we are taxed on what we keep. That is what they want. Keep the money moving.
If I do not spend it the IRS will take it and the government will spend it.
I do not. Never will. If it get close I will buy something. We are not taxed on what we make, we are taxed on what we keep. That is what they want. Keep the money moving.
If I do not spend it the IRS will take it and the government will spend it.
spend it on what? real estate properties? rental properties? where did you get all these tips from?
spend it on what? real estate properties? rental properties? where did you get all these tips from?
I spend mostly on equipment for my business. Go to the IRS web site and look at a schedule C. Really there is nothing I buy I can not write off. There are also many other forms. One poster files three.
Driller1....You make it sound so simple! That is the first clue that you are uninformed. Yes, you can depreciate equipment and yes, that can lower or eliminate your tax bill for that year, but....there is a lot more to depreciation than that! Upon disposition of the equipment there is recovery, and that may or may not make a big change in your tax bill. This is a big subject and can not be adequately addressed with the bits of information given here. An Enrolled Agent is a person that specializes in taxes and is approved to represent you at an appeals conference with the IRS. The IRS recommends on their web site that you use only an Attorney, CPA, Enrolled Agent or a Registered Tax Return Preparer to prepare your taxes. The Attorney, CPA and Enrolled Agent have unlimited rights of representation before the IRS. The RTRP is limited representation. Which one has the most tax experience? .....Probably the Enrolled Agent in most cases.
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