Taxes.. to claim or not to claim.

Discussion in 'General Shop Talk' started by visualpoetry, Aug 6, 2008.

  1. visualpoetry

    visualpoetry TPF Noob!

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    I just filed for my DBA last week and have some questions. What are you opinions on filing for a TIN and claiming income and expenses? What about for someone who's income from photography is around 20%? I'm just looking for opinions in the matter. Can someone get audited if they have a DBA and doesn't file their taxes for their photo biz? Have any of you had any experiences like this one?

    Thanks in advance.
     
  2. Alpha

    Alpha Troll Extraordinaire

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    If you have a business, file taxes. End of story.
     
  3. icassell

    icassell TPF Noob!

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    You can get audited with or without cause -- file your taxes.
     
  4. Alpha

    Alpha Troll Extraordinaire

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    Aside from the fact that the vast majority of us are honest people and would file taxes if we had businesses, I sincerely hope that no one on this forum would be stupid enough to publicly recommend that you evade taxes.

    If you aren't going to pay your taxes, I'd suggest for both your sake and the forum's liability that you not talk about it here.
     
  5. flipsidestudio

    flipsidestudio TPF Noob!

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    20% is more than zero.

    I'm also wondering why anyone would publicly discuss tax evasion but either way, my recommendation is that you file.

    If you don't know how to go about doing so, get an accountant to help you, that's what they're for.
     
  6. visualpoetry

    visualpoetry TPF Noob!

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    Wow. It's not that I am not an honest person. Like I said.. I'm new to the business end of this. I am just starting to make money which is why I posed the question. If I wanted to be "dishonest" I wouldnt have asked at all.
     
  7. visualpoetry

    visualpoetry TPF Noob!

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    But.. none-the-less.. thank you for your opinions. They do help.
     
  8. sperry

    sperry TPF Noob!

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    obviously, you want to file your taxes. no question there.

    how you file them should be a topic for your accountant/CPA. they can guide your through all of your options based on the myriad of factors in how your business is run.

    there are a number of options well within the law that will help save you money and allow your business to maintain healthy growth. i wish i could offer you specific advice, but each person/business is different.

    talk to a pro.
     
  9. Big Mike

    Big Mike I am Big, I am Mike Staff Member Supporting Member

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    I also suggest hiring an accountant. Not only will they help you file your taxes, but they can help you maximize your write offs. Tax laws will vary from place to place but usually, if you have a home business, you can write off a portion of your rent/mortgage/utilities. Not to mention all the other business expenses that you can write off.
     
  10. visualpoetry

    visualpoetry TPF Noob!

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    Excellent idea, guys. Thanks so much. I am going to do some research and look into an accountant.
     

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