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TOPIC: What's your delusion
Created by: outdoorsWNC
Original Starting post for this thread:
You don't think it's delusional, but it is. What's your fondest hope? -- That no matter how much money you make, or how you make it, someone else will pay for the environment that enabled you to make the money? -- That America will be so completely and effusively well armed that no one will dare fire a shot at another? -- That a tower will be built to the ionosphere, with an elevator to the top, allowing you to step off the top and into Earth orbit?

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Case in point On March 29 2013. the day before the end of my fiscal year, I had a sum of money in escrow accumulated by "The rule of 22" Which means you take 22% of your gross weekly receipts and place them in an interest baring fiduciary account. (larger businesses sometimes go by the rule of 18..same principle)

This 22% includes all collected sales tax, FICA, Comp, and Withholding, which generally leaves about 9% toward your state and federal income tax.

I pay my quarterlies with money collected at POS and deducted from payroll, (payroll cost is calculated on a weekly basis)...my personal liability...$0

When I did my transfers for State and Federal taxes last week, it was taken directly from the fiduciary account, with fund that were projected during fiscal 2011, and collected during fiscal 2012...My personal liability...$0

Did I exhaust the funds in the account...No How much did I have left to roll over into fiscal 2013? NOYFB...but I will say it was mid to high teen % of the total that existed pre 2012 tax.

Again, This is how a REAL business operates

The guy who "bought himself a job" with the tool box and a pickup uses funds that are not his for operating capital, goes out of "business" in two years, files bankrubtsy and ends up calling "American tax relief" so he can pass on his debt to other taxpayers... because the idiot is paying business tax out of his personal income. So he ends up in the 28% bracket with too few deductions to cover it and without two nickles to rub together to show for it.

These are what you Right wingers laughably refer to as "the small business owner who creates most of the American jobs" because you lump a knuckle dragger roofer who employs his idiot cousin and his ex brother in law in with businesses with 95 employees as "small businesses' when they have NOTHING in common.

It's semantics, but "small business" needs to be redefined. That would be bad news for Republicans, because it is only this lumping these totally false equivalents into one group that allows you to come up with your duplicitous and faux claims that the personal tax rates effect "businesses" and "job creation"

Businesses don't "create jobs" either, but that is another discussion

Rosemont IL
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Goodenuff ...Will you really feel better if I toss you a bone and tell you that MAYBE my first two quarterlies when i first started my business may POSSIBLY have been only partially paid for by my clients? It is probably not the case, but it is a plausible hypothetical. If it will get you and some other to end this ridiculous denial of the reality of business and taxes, I would be happy to humor you. Just let me know

Rosemont IL
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BS....Mark this day in history....you got it right and we agree 100%

Rosemont IL
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OK, BS, read this very carefully and slowly...

If a customer or customers owe far more than the business' total tax liability for all reason, yet that customer or customers haven't paid by the time the tax liability is paid, explain how the customer paid the tax?

Brooklyn Park MN
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no company or corp pays taxes.the customer pays all taxes for all companys or corps.it is that simple.all taxes paid by company or corp has to be collected form it customers.it is a hidden way to get more money form you......BS

Kingston TN
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I confused nothing. Your delusions of grandeur are, well interesting. Your understanding of the English language is something else.

To pay is defined as to give someone what is due, usually money. If a company has a tax liability that is due, the company pays. Period.

Call it what you want if that makes you feel better. My guess is that if questioned by the IRS about a tax liability, you would say something like: "We paid that", not "my customers paid that."

Make no mistake, I understand exactly what you are trying to do.

Brooklyn Park MN
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Good...You confuse "not falling for it" with the being taken aback by the facts Accounts receivables are no excuse, and it makes no difference if you are a corporation, LLC, single proprietor or S or C corp.

If you lack the cash flow to partition your tax liability, you don't have a business, you have a hobby you can't afford, and you best get a job.

I am totally weary of people who use funds that don't belong to them as operating capital, and then whine and run to a lawyer when they are expected to deliver those funds to their rightful owners, the American tax payers.

I think we lost our way some time in the 80s when Reagan was telling Union Tradesmen to quit their jobs and run a "business", most of which consisted of a tool box, a shed and a pickup truck with bad brakes.

The guy with the wrench and the screw driver who is 10K in tax debt then get lumped in with companies that has 95 employees as a 'small business" and are canonized as "the biggest job creators" and you right wingers hand wring because they are asked to honor their tax liability.

This is why I LMAO at those who cklaim the problem with the economy is "corporate taxes" and the ultimate irony is, the corporations are laughing their asses off as well.

I'll say it again...Businesses, real ones, don't "pay taxes" They collect and partition funds, and transfer them quarterly Consumers pay taxes, not businesses

Rosemont IL
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Well, I do understand financial statements, and that there are differences between a Sole Proprietorship, a Partnership, a Corporation, an S Corporation, and that there are so many different ways to set up a(n) LLC that I can’t comment on those. I don’t, however, understand your use of the word “partisan”. No matter…

So, you are one of those fortunate companies that collects every invoice, in its entirety, in advance of you having to pay for your business expenses and the COGS items.

Most businesses have an issue with customers paying on time, and even if they do get paid on time for an AR, the timing between receiving payment and the time required to pay your own vendors, and the Tax Man often requires paying those BEFORE you are paid by your customer.

Let’s not talk about those delinquent accounts that may end up being written off as bad debts in a period beyond the period that you had to pay income taxes on that AR amount (sales/revenues on the Income Statement and an asset on the Balance Sheet), which was part of your income for a prior period.

There’s a difference between Accrual Accounting and Cash Basis accounting. There’s a difference between BT Income, and Income allowed for tax purposes, and Income Statements allowed for other purposes.

But you know all this don’t you?

I understand where you are trying to go with your posts. I'm not falling for it.

You wrote a check, or had an electronic transfer made, you paid.

Brooklyn Park MN
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Goodenuff ,,,I'll say it again My tax liability is collected from my clients long before my quarterlies are paid, I, like many smart business owners, OVER project and partisan those funds in escrow. In the immortal words of may Dad, a man who arrived in NY from god forsaken central Sicily with virtually NOTHING and had a seven figure net worth within 20 years....."Unless you are a public company, if your business debt, savings and operating capital exceed your realistic post tax revenue, you don't have a business, you have simply bought yourself a job. In other words, if your business is operating with funds that in the end are actually tax liability, you may as well close your doors and get a W-2 Job somewhere, because you are a hamster on a wheel. Not knowing this is the reason tax debt negotiators (AKA Tax deadbeat services) have become a cottage industry, why bankruptcy is at an all time high, and half of all businesses fail in the 1st two years of operation.

Rosemont IL
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I think residents of Hazleton should be taxed at least 12 times.

Winter Garden FL
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TOPIC: What's your delusion