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Thread: Business Owners and Lawful Money Tax Returns

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  1. #9
    Quote Originally Posted by David Merrill View Post
    The question is how much withholdings are you paying?
    There are no withholdings, I have to pay at the end of the year or quarterly.

    Possibly you are not paying any Withholdings. Then you don't have to File because you have no taxable income. However it is turning up wise to file, include evidence you Demanded lawful money. This keeps the IRS agent from assessing you on the hearsay of others, like your clients/employers/bosses.
    Yes, that's what I'm asking. I have "mostly" redeemed lawful money, but not all the time. I have been caught here and there where I had to do an electronic transfer and was unable to get the demand. I do not have the demand on my sig card at the credit union where I handle my affairs. I put the demand on the checks as they come in. Yes, I need to get that changed but it's not changed for 2010.

    So I have some FRN liability.

    So your saying that if you ONLY use lawful money then you shouldn't even file?

    And if you do file, as a business, you have to list expenses in order to determine net profit.

    If you list expenses with no taxable income, then you have a loss, and they want to send you
    a check, at least at first. Do it for more than a couple years and they'll audit you.

    If you are a business that is a corp or an LLC, then you have to get an EIN (employee id number)
    from the IRS so they can send you your quarterly declaration forms.

    So what, you have an LLC, you don't make any money but have expenses?

    Or tell them you're not in business, and lie?

    I just want to get my head around this. I appreciate everyone coming in on this to give me
    a hand figuring this out. You're really making it all sound very simple, but the reality is different
    when you're filling out the return line by line.

    I would really like to know if anyone here is actually running a business, and filing in this manner.
    Last edited by Axe; 04-22-11 at 02:28 AM.

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