What about the Tax Man?

10 replies
I love the information found in these forums, but I don't see much discussion of business structure and setup. I have spent 20+ years preparing taxes for self employed individuals, and there are many ways to leverage the IRS code to provide financial advantages when starting a business.

Is there any interest in discussing this topic? - only 2 1/2 months until tax time!

Terry
#man #tax
  • Profile picture of the author PhiladelphiaSeo
    I have a personal accountant who handles everything for me.
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  • Profile picture of the author Alexa Smith
    Banned
    Originally Posted by Beachboard View Post

    I love the information found in these forums, but I don't see much discussion of business structure and setup.
    No, indeed ... and there are some very good reasons for that.

    First, it's an issue on which - for many - only the advice of a qualified, licensed, regulated professional will do, and for obvious reasons those few members who do fall into that category are typically reluctant to give "advice to individuals" in an open forum (though sometimes they'll kindly offer a few factual statements on the subjects raised).

    Secondly, this international forum has over 350,000 members from over 100 countries, and (unlike those of "internet marketing") the principles underlying such issues as business structure and set-up tend to vary very widely indeed from country to country.

    Originally Posted by Beachboard View Post

    Is there any interest in discussing this topic? - only 2 1/2 months until tax time!
    "Tax time" also varies from country to country.

    There might be mileage for some, but I'm not sure whether it would contravene any of the forum's policies (though I'm sure you didn't intend it in a "promotional" way). Possibly asking the Moderators might produce some insights?
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    • Profile picture of the author KenJ
      Hi Beachboard (Great Name)

      I don't think many people will want to talk about it. But there are many marketers who need to use your expertise. IMHO

      When I need my end of year accounts - I use an accountant.
      When I need tax help and advice - I use a Tax specialist
      When I need a lawyer - Guess what I do?

      What surprises me is the number of people who use forums and public places to get professional advice.

      You could be a resource here.

      Kenj
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      • Profile picture of the author Beachboard
        @ kenj -
        You make a great point - an accountant is not a tax specialist, and there are tax specialists who focus on very specific niches, as I do. Certainly each person should find professionals that fit his or her specific needs, for each country, state, business form, etc.

        The advice I would give is to GET advice - I think it is an overlooked facet of building a business. Better to plan ahead for the legalities than to try to fix it after the fact.

        Thanks!
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        • Profile picture of the author James Vang
          Originally Posted by Beachboard View Post


          The advice I would give is to GET advice - I think it is an overlooked facet of building a business. Better to plan ahead for the legalities than to try to fix it after the fact.
          I guess the saying "It's better to ask for forgiveness than to ask for permission." doesn't really apply to this situation huh?
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        • Profile picture of the author Alexa Smith
          Banned
          Originally Posted by Beachboard View Post

          an accountant is not a tax specialist
          Please excuse the observation that I find this a strange comment from someone apparently offering tax advice.

          Even I, with my limited experience of this subject, am aware that whether or not that's true depends on what sort of qualifications, experience and licensing s/he has: "cost/management accountants" are not tax specialists, clearly, but in many countries there are people like CPA's (US) and ACA's (UK) who are certainly "tax specialists" - giving people tax advice is specifically what they do for a living, and they're specifically educated, qualified and licensed to do so, as well as usually accepted as such by the countries' tax authorities.
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          • Profile picture of the author JohnMcCabe
            Originally Posted by James Vang View Post

            I guess the saying "It's better to ask for forgiveness than to ask for permission." doesn't really apply to this situation huh?
            The IRS has their own dictionary. The word "forgiveness" does not appear.

            About the closest they'll come is, "it's better to be stupid than crooked."

            Being stupid will cost you the taxes you failed to pay plus penalties and interest.

            Being crooked will cost you a chunk of your life. See "Al Capone" - the IRS took down a crime boss that the rest of the federal, state and local law enforcement types could not touch...
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  • Profile picture of the author shane_k
    I personally wouldn't use a forum to get tax advice. I would prefer to talk to a tax specialist in my city.

    also, I think it would be easier for everyone to talk to a tax specialist in their own cities as many of us come from many, many different countries, and each country will have a different tax code, so for someone to come on here and say such and such is deductable, or do this for your taxes, could possible get others in trouble because the person giving the advice and the person asking for advice would more than likely be from two different countries.
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    • Profile picture of the author myob
      Originally Posted by shane_k View Post

      I personally wouldn't use a forum to get tax advice. ....
      Personally, I wouldn't use a forum to get any professional advice, including marketing.
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  • Profile picture of the author jwmann2
    How about we see what the guy has to say and then we ask a tax specialist about it? Just a thought.
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