Business strangled with taxes?
922961
Yes, Finland is an example of where the "tax and spend" mentality kills new businesses.  However, we've got the "tax and spend" people here in the USA, and sometimes it can be vicious as well.  \n\nHere in the USA, a self-employed person has the following taxes:\n\n15.5% - Social Security "Contribution" (it's a tax)\n20% - approximate personal income tax on what they take home \n\nIn addition, some business have other taxes.  So, a good starting point is 40% which included the self-employed person's personal income tax.\n\nWhere we lose out here is that we must pay our own health insurance.  For my wife and me (just 2 people) we pay about $550 a month for a policy that still leaves me with around $200 a month in medical bills.  So, to make it equal with Finland, you're looking at $750 a month in medical bills.  \n\nOnce the business picks up, each employee costs the employer 7.5% of the employee's income in Social Security Taxes, plus the health insurance if that is offered.  The employer also has to pay taxes for that person's "workman's compensation" insurance in case they get hurt on the job.  And, the employer has to pay "unemployment  insurance" in case the employee must be fired.  \n\nMind you, our "Social Security" pays you barely enough to live on should you get disabled, and about $1000 a month when you retire -- not enough to live on by any means.  Social Security pays a slightly better amount to your children if you die before they are raised.
349239
You got some pretty bad responses here, I'm afraid.\n\nDeal with the state first.  States will come out and shut down your business in relatively short order, while the IRS can take a long, long time to get around to you and doesn't have the same power to simply close your doors like the state does. Getting closed down would leave you without the income you will need to repay the taxes.  Some states will arrest people for state tax debts, too.  Handle the state first, and pay what you can to the IRS later.  You naturally will need to deal with the IRS later, but I think you'll find it easier to do with your business still operating.
57112
No, they're full of fees and surrender charges.  You also have to pay taxes at your ordinary tax rate when you take it out, rather than the capital gains rate which is usually less.  The salesman makes more money on them than the investor.
102776
The difference between the cost of the merchandise and the amount of money you sold it for, minus legitimate business expenses, is taxable income and must be reported.  In additon you are actually supposed to make quarterly payments when you are self employed, although depending on how much you make the IRS may not make an issue of it.\n\nIf you can afford it it would be a good idea to have an accountant work it out for you.  The up side is, if you find out that, after expenses, you actually lost money, that's a deduction from your regular income.  But they won't let you keep showing losses forever... the usual limit is three years.
292581
IRS.GOV look under pub 557 that is Tax-exempt status for your business. That might help.
625024
Wow.  There are some dumb responses here.  Anistasia (other respondent) was pretty much on target, though.  The key questions will involve: (1) the form of the business, (2) your husband's role in the business, (3) your role in the business, (4) the type of tax that didn't get paid, and (5) the laws about marriage property in your state.\n\nShort answer:  Yes, there's a good chance that this can become a problem for you, even if it's just convincing the IRS you're not a valid target.  If they believe they can get to your husband by rattling your cage, they might, even if they know they can't get to you.\n\nTo answer your question, one would need to ask you these questions:\n(1) What kind of business is it?  Corporation?  Sole Proprietorship?  If the business is a limited liability form (corp., LLC, etc.), it may serve to contain the problem to just the company and its assets.\n(2) Does your husband own the company or just work at it?  What is his role in the company?  If he owns it, are there other owners?\n(3) What kind of tax is it?  For some tax types, the IRS can push right through a corporate structure and assign some of the liability to individuals involved in operating the company, officers or not.\n(4) How are you involved?  Are you an officer in the business?  (Even if you are an officer "just on paper", you could be on the hook.)  Do you help run it?  Do you do its books?\n(5) What are your state's laws regarding marriage property?  In some states, the debt of one spouse is basically the debt of both.  In other states, the debts are separate (or separable).\n\nAs you can see, there is no short, easy answer for you.  You should probably consult with a lawyer or CPA who has experience in handling such matters.  Good luck.
1175069
I use an accountant because she pays for any mistakes and she knows " Tax Loop Holes that are totally legal " .Besides the IRS can charge more interest rates than anyone else I know .LOL  Taxes are one of those things you make sure is done by someone you can charge if done wrong . H&R block didn't get the breaks my accountant has .Might be basic forms they use or something .Ask around your area or phone book .
341443
Go to the local Tax Assement.  Unpaid taxes get taken out of the sale of a house at closing and can go on for years so you might not be able to motivate some people to sell that way.  I think it all depends on what city you are in.
343963
Yes, I just went through the same thing. I didn't make a huge profit though, so mostly it balanced out. I was so freaked out about it that I was afraid to have my taxes done. It turned out that I was all worked up over nothing.
366268
contact the IRS or Department of Revenue.  Request a Compromise and Release.  This will give you the power to work with the IRS and work out a payment arrangment to pay the past due taxes.  \n\nIf taxes are not paid, your bank accounts, savings, property (Home, car or any asset) can be attached with liens or seized but the IRS!!!
557317
http://www.irs.gov/businesses/small/article/0,,id=110417,00.html
1014188
Unless you register your business, it's called self-proprietorship. Don't forget to do your taxes.
194935
If you are renting a unit to store your business supplies or whatever it would be a tax write off.
253873
Try the Fair Tax.  Eliminate all taxes and enact a sales tax.
563782
You should contact your local (and, in the US, your state) tax authorities.  These are the people who may require sales tax and returns from you.  If you have not done the returns before, they should have no problem with getting you the forms and giving you some help to get them completed, so you can do them right.  Keep notes of the numbers you call, the people you talk to, and the advice they give you, because mistakes might happen, and those notes may help you avoid being penalized for it if they do.
487362
well, I think this goes to two different things...\nA. multiple people may use one SS# \nB. the businesses may not be operating legally and paying taxes
877526
What would those be???\nDeath and taxes???