Business Owners and Lawful Money Tax Returns

[Axe]

Given the hypothetical scenario you presented there appears to be several options to reconcile the accounting records of the business to the accounting records provided to the IRS.

The first would be to show the total gross receipts on Sch C line 1b. Then show a reduction in the amount of lawful money which was demanded on Sch C line 2 which includes 'any other adjustments.' There is a note in parentheses on that line to 'see instructions' but I have not been able to locate specific instructions for that line in the instructions. This option should allow the local borough to match/reconcile figures easier than the following option.

For the second option, the specific instructions on page C-4 in regard to Line 1b it states: 'If the total amounts that were reported in box 7 of Forms 1099-MISC are more than the total you are reporting on this line, attach a statement explaining the difference.' Therefore you could attach a short statement. However, this option would be more burdensome for the local borough to match figures. However, the local borough would be showing more receipts on their records vs the Sch C so they would be less likely to make a fuss compared to the opposite situation in which their receipts would be less than the Sch C.

The IRS is supposed to follow this when dealing with a potential hobby loss. But if a demand is made for lawful money should one worry about or even consider what a subject under the Internal Revenue Code has to deal with?

Any thoughts on the best way to sign the return?

True Name for LEGAL NAME, LEGAL NAME only, etc.

Thanks.

[David Merrill]

Any thoughts on the best way to sign the return?

True Name for LEGAL NAME, LEGAL NAME only, etc.

Thanks.

I advise truthfully;


True Name dba First Middle LAST.

[number88]

I advise truthfully;


True Name dba First Middle LAST.

Hello,

long time student here and my first post. I've studied this site and all things lawful money related for 2 years and have been redeeming since last year. I opened up my own business last year and had opened the business account with my lawful money demand on the signature card to make sure all transactions from the beginning are all lawful money. I also had a notice and demand for lawful money documented notarized the bank account was open. I am highly appreciative of all the eye opening information, the more I studied the more it has sense to me.

In regards to SCHEDULE C FORM 1040, does anyone have a recommendation on how and where to note the total amount of lawful money redeemed under PART 1 Income?

Would I put the total amount redeemed in lawful money in Gross Receipts? Then create a supporting schedule for all checks and deposits with the lawful money demand on them (and including the signed signature card)?

I am just a bit confused on where to put lawful money amount for business. ANY help or clarifications is greatly appreciated. I also look forward to being more active in this forum!

[lorne]

Good stuff. I saw this invisible rope trick on tv https://youtu.be/2zbWMQXNkzc Two guys on either side of the road pretend to pull a rope; tug of war. Good enough to fool a motorist.

I realized it's like our money system, we pretend that Federal Reserve notes are real money. But it's an illusion. Seems the banking cartel's domination was based on secrecy and now the secret is out. You probably won't be successful as a nontaxpaying business owner until you realize ... it's not money, there is no rope!