10 months ago1 point(+0/-0/+1Score on mirror)1 child
> But ultimately the 1099 contractor has to report their income, otherwise they'd be in trouble if the IRS finds out about their income.
That's your fucking problem! Mr. Shekelberg is in the clear, and if you try to get him in trouble, don't forget that you signed an NDA, a non-compete clause, and an arbitration agreement. These rat fucks are ruthless and deserve the rope! They use our own laws to subvert us, which is why they laugh and mock us. Most countries don't allow foreigners to own land or do business, and for good reason.
Another one for a business is a Section 179 Deduction: *"Allows businesses to deduct the full purchase price of qualifying equipment (including certain vehicles) in the year they are placed in service, instead of depreciating them over several years."*
This is why you can find brand new luxury cars purchased in December for sale as pre-owned in January. Business owners buy a car (or cars) for the total amount they're expected to owe in taxes for that year, then sell it back to the same dealer for a few grand off. They get thousands off their tax bill in exchange for losing a few pennies in "depreciation" on the vehicle. They don't even bother registering the vehicle because they get 30- or 90-day temp tags from the dealer. Some don't even take the car off the dealer lot.
The dealer agrees to this because December is one of the slowest months of the year, but they're still expected to sell cars regardless. These "179" deals help the dealer put "points" up on the board to meet quotas and earn bonuses, while giving them fresh inventory of "used" cars they can sell to CarMax or auction for a profit in January, another very slow month. Dealers hate new cars; all the profit is in used cars.
The contractor DOES have a way to avoid taxes, but that's on you if you know how. You're getting Zelle transfers from a company to which you have no documented ties. It could be for anything. It's on you to report what you want. Who's looking? Who's asking?
Wasn't the IRS going to track any transaction above $600 or something like that?
I mean there is straight up tax fraud and creative legal ways to avoid it that are 100% legal and will stand up in court. Of course I can just not pay the tax, and lay low, hoping they don't find out... But that is a gamble that is hard to take if you have dependents and bills you need to pay.
Don't get me wrong, tax is fake and gay.. I'm just looking for the foolproof methods out there, check out the one I linked above.
But ultimately the 1099 contractor has to report their income, otherwise they'd be in trouble if the IRS finds out about their income.
That's your fucking problem! Mr. Shekelberg is in the clear, and if you try to get him in trouble, don't forget that you signed an NDA, a non-compete clause, and an arbitration agreement. These rat fucks are ruthless and deserve the rope! They use our own laws to subvert us, which is why they laugh and mock us. Most countries don't allow foreigners to own land or do business, and for good reason.
Check this one I posted a while ago: https://communities.win/c/ConsumeProduct/p/19AxC0QZwg/consume-income-taxes/c/4eRUZsqMKxF?d=50
100% valid and legal.
This is why you can find brand new luxury cars purchased in December for sale as pre-owned in January. Business owners buy a car (or cars) for the total amount they're expected to owe in taxes for that year, then sell it back to the same dealer for a few grand off. They get thousands off their tax bill in exchange for losing a few pennies in "depreciation" on the vehicle. They don't even bother registering the vehicle because they get 30- or 90-day temp tags from the dealer. Some don't even take the car off the dealer lot.
The dealer agrees to this because December is one of the slowest months of the year, but they're still expected to sell cars regardless. These "179" deals help the dealer put "points" up on the board to meet quotas and earn bonuses, while giving them fresh inventory of "used" cars they can sell to CarMax or auction for a profit in January, another very slow month. Dealers hate new cars; all the profit is in used cars.
I mean there is straight up tax fraud and creative legal ways to avoid it that are 100% legal and will stand up in court. Of course I can just not pay the tax, and lay low, hoping they don't find out... But that is a gamble that is hard to take if you have dependents and bills you need to pay.
Don't get me wrong, tax is fake and gay.. I'm just looking for the foolproof methods out there, check out the one I linked above.
Old news. That got scrapped.