Thread: Do I have to pay taxes on this?

Hey all,

Last year I made about ~$8,000 from a Canadian CPA network (I'm in the US) and I got in trouble with them and had my account terminated. They never sent me a 1099 form for last year, so does that mean I still have to pay taxes on the money I made? I don't really have an idea on the exact amount I made with them either...I'm wondering if they even reported it to the US IRS....

Thanks!

This question has come up in many times although the exact details are subtly different.

Here is the answer once and for all, for this poster and any other:

If you earn a dollar, a million dollars, or $7.50....YES, you are required to pay taxes on it. If you choose not too, that's a decision only you can make. However, the correct answer in this case and every other one who asks it is.....YES, YOU OWE THE TAX.

Did they pay you everything before terminating your account? Yes you have to pay tax but only on the amount you actually collected

Yep, you owe on it, form or not.

These types of things are why a good accountant is worth what you pay. Get yourself set up as an LLC and start enjoying the tax advantages. You have to pay either way, but with an LLC its much easier to deduct expenses, depreciate things like your computer, etc. and lower what you owe. I know a guy who owns a printing company, and one year he owed almost no fed tax at all, all through lowering his taxable income with biz expenses, equipment depreciation, etc. Even if you don't LLC, get a real tax accountant to handle things for you. You'd be amazed at the deductions they know about that you never even heard of.

Oh, and talk to them at the BEGINNING of the year, not just at the last minute before tax time. There are certain things you should be tracking, certain ways of doing things, etc. that will make deductions acceptable or not. For example, my LLC is located officially in my home, so anytime I drive anywhere for biz, it's deductible mileage. I started that when I was freelancing graphic design. The guy I was primarily working for offered me office space in his building for free, but then my drive to and from (50 miles a day) wouldn't be deductible because it was commuting, not business travel. And once you're on biz travel, your meals become deductible.

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DISCLAIMER: I'm not an attorney, CPA, tax guy, etc., and can barely even find my keys in the morning, so this is just FYI and I don't make any claim, warranty, guarantee that it is accurate. Always consult a professional. That's what they're there for, and the good ones are worth it.

There is no law in the united states requiring you to pay income tax on your income.

but if you don't pay it, the mafiosa goverment will come for your neck eventually.

you should all really check this website out:

http //www paynoincometax com/