Do you write off Check delivery / Wire / Paypal fees? - GoFuckYourself.com

jawanda · 12-15-2004, 02:07 PM

They are usually pretty small, but they add up so I write those suckas off ... do you?

-p

Sosa · 12-15-2004, 02:11 PM

wes · 12-15-2004, 02:12 PM

No.

I should huh?

jawanda · 12-15-2004, 02:14 PM

Quote:

Originally posted by wes
No. I should huh?

Might as well!

I have my checks fedexed from one sponsor at $10 a pop .. turned out be about $500 at the end of the year (weekly payouts).

PrivateIvy · 12-15-2004, 02:16 PM

Of course, it's a business expense

Ivy

Snake Doctor · 12-15-2004, 02:19 PM

Quote:

Originally posted by jawanda
Might as well!

I have my checks fedexed from one sponsor at $10 a pop .. turned out be about $500 at the end of the year (weekly payouts).

Yeah but if they're taking $10 out of your check...then your income is reduced by $10.....which is the same thing a write off would do.

So you don't necessarily write them off when you're paying fees to receive money....just when you're paying a fee to send money

xclusive · 12-15-2004, 02:22 PM

of course i have a few thousand recipts to write off everything is legit though...

MandyBlake · 12-15-2004, 02:23 PM

Quote:

Originally posted by Lenny2
Yeah but if they're taking $10 out of your check...then your income is reduced by $10.....which is the same thing a write off would do.

So you don't necessarily write them off when you're paying fees to receive money....just when you're paying a fee to send money

I was going to say....but if you're never really receiving that money, then it's not income and therefore you're not really paying anything out of pocket.
Way in the beginning I was like...can we show the fees we paid to our 3rd party processors? Our accountant was like no....since you never actually got that money and you never paid out of pocket.
It's more hassle than it's worth I feel.

jawanda · 12-15-2004, 02:24 PM

Quote:

Originally posted by Lenny2
Yeah but if they're taking $10 out of your check...then your income is reduced by $10.....which is the same thing a write off would do.

So you don't necessarily write them off when you're paying fees to receive money....just when you're paying a fee to send money

Interesting point, thats what i was wondering about.

Snake Doctor · 12-15-2004, 02:27 PM

Alot of people are under the illusion that there's something magical about a tax write off.....I guess from the movies or some shit.

All a write off does is reduce the amount of income you pay taxes on, but some people think if you have a $1000 write off it reduces your tax bill by $1000....that's not true.

WiredGuy · 12-15-2004, 02:29 PM

Of course, its a business expense.
WG

chemicaleyes · 12-15-2004, 02:30 PM

Quote:

Originally posted by PrivateIvy
Of course, it's a business expense

Snake Doctor · 12-15-2004, 02:30 PM

Quote:

Originally posted by MandyBlake

It's more hassle than it's worth I feel.

Yeah its a real pain. Most of the tax laws are written in confusing language so accountants and lawyers can get rich explaining them to us.

BTW, have I mentioned that you're a seriously sexy biatch?

Pornwolf · 12-15-2004, 02:36 PM

Quote:

Originally posted by Lenny2
Alot of people are under the illusion that there's something magical about a tax write off.....I guess from the movies or some shit.

All a write off does is reduce the amount of income you pay taxes on, but some people think if you have a $1000 write off it reduces your tax bill by $1000....that's not true.

I've always found this pretty funny. It's amazing how many people think this way.

jawanda · 12-15-2004, 02:37 PM

Quote:

Originally posted by Pornwolf
I've always found this pretty funny. It's amazing how many people think this way.

Lol, I've never had that illusion, but it DOES help.

Shit, I'm still paying off taxes from two years ago .. every bit helps!

-p

IPK · 12-15-2004, 02:49 PM

Quote:

Originally posted by WiredGuy
Of course, its a business expense.
WG

Fred Quimby · 12-15-2004, 02:53 PM

Quote:

Yeah but if they're taking $10 out of your check...then your income is reduced by $10.....which is the same thing a write off would do.

Sorry but that is incorrect.

say a sponsor pays you $100 for the pay period minus the $10 fee = $90 to you.

the sponsor will 1099 you $100 not $90 and you must report $100. If you report a different amount then the sponsor is reporting, then the red flags go up.

You got paid $100 then you paid the sponsor a FEE of $10

Snake Doctor · 12-15-2004, 02:55 PM

Quote:

Originally posted by Fred Quimby
Sorry but that is incorrect.

say a sponsor pays you $100 for the pay period minus the $10 fee = $90 to you.

the sponsor will 1099 you $100 not $90 and you must report $100. If you report a different amount then the sponsor is reporting, then the red flags go up.

You got paid $100 then you paid the sponsor a FEE of $10

If I only had to report income I got 1099's for I'd be a VERY VERY happy guy.

I throw 1099's in the trash.

Also, there should be a line (or addendum) on the 1099 for the expense which you could then write off.

Fred Quimby · 12-15-2004, 02:57 PM

Quote:

Originally posted by Lenny2
All a write off does is reduce the amount of income you pay taxes on, but some people think if you have a $1000 write off it reduces your tax bill by $1000....that's not true.

Correct

To figure out how much in taxes you will save, just subtract your tax bracket % by $1,000.

So, I'm in the 35% tax bracket plus around 8% for state, that's 42%

42% of $1,000 is $420

So for ever $1,000 in deductions I can come up with, 42% stays in my pocket.

Fred Quimby · 12-15-2004, 03:00 PM

Quote:

Originally posted by Lenny2
If I only had to report income I got 1099's for I'd be a VERY VERY happy guy.

I throw 1099's in the trash.

Also, there should be a line (or addendum) on the 1099 for the expense which you could then write off.

Ha Ha,,,here is a good tip,,,,LEAP options are NOT reported to the irs

Plus,,,if you do make an honest mistake ((((cough cough))))) under the new rules,,,the IRS only has 3 years to catch it.

so anything you did 3 years ago is now in the clear

Snake Doctor · 12-15-2004, 03:04 PM

Quote:

Originally posted by Fred Quimby
Correct

To figure out how much in taxes you will save, just subtract your tax bracket % by $1,000.

So, I'm in the 35% tax bracket plus around 8% for state, that's 42%

42% of $1,000 is $420

So for ever $1,000 in deductions I can come up with, 42% stays in my pocket.

Sure, I'm not saying deductions aren't useful.....what I'm saying is they aren't magical.

People say shit all the time like why don't you buy this and that and this for 10K....you'll get to write it off.....as if I basically get these things for free just because I get a deduction.

But it doesn't work that way.

Also, if you get audited, the IRS doesn't care so much about 1099's.....they're going to want to see your bank records.
If I have 50K in 1099's but put 100K in the bank, they're going to want to know about that other 50K.

tranza · 12-15-2004, 03:09 PM

I don't really pay taxes....

Snake Doctor · 12-15-2004, 03:11 PM

Quote:

Originally posted by tranza
I don't really pay taxes....

Yeah you have to make some money before you're liable for taxes.

Top Jimmy · 12-15-2004, 03:17 PM

I write off the snacks I eat while working. Save those receipts.

uno · 12-15-2004, 04:19 PM

I do too.

Top Jimmy · 12-15-2004, 04:39 PM

Quote:

Originally posted by Pornwolf
I've always found this pretty funny. It's amazing how many people think this way.

It just reduces taxable income. Doesn't everyone know that?

12-15-2004, 02:07 PM	#1
jawanda Confirmed User Join Date: Feb 2003 Posts: 6,040	Do you write off Check delivery / Wire / Paypal fees? They are usually pretty small, but they add up so I write those suckas off ... do you? -p

12-15-2004, 02:12 PM	#3
wes Confirmed User Join Date: Apr 2002 Location: Vegas/Pacific Palasades Posts: 3,150	No. I should huh? __________________ Hot Mom Blog : Tempting Teens : Spicy Tacos : Smutx Free Porn

12-15-2004, 02:22 PM	#7
xclusive Too lazy to set a custom title Join Date: Apr 2004 Location: Buffalo, NY Posts: 35,218	of course i have a few thousand recipts to write off everything is legit though... __________________ I support MediumPimpin.com / Shemp's Outlawtgp.com /

12-15-2004, 02:27 PM	#10
Snake Doctor I'm Lenny2 Bitch Join Date: Mar 2001 Location: On top of my soapbox Posts: 13,449	Alot of people are under the illusion that there's something magical about a tax write off.....I guess from the movies or some shit. All a write off does is reduce the amount of income you pay taxes on, but some people think if you have a $1000 write off it reduces your tax bill by $1000....that's not true. __________________ sig too big

12-15-2004, 02:29 PM	#11
WiredGuy Pounding Googlebot Industry Role: Join Date: Aug 2002 Location: Canada Posts: 34,469	Of course, its a business expense. WG __________________ I play with Google.

12-15-2004, 02:11 PM	#2
Sosa In Tushy Land Join Date: Oct 2002 Location: Nebraska Posts: 40,149	yes

12-15-2004, 02:16 PM	#5
PrivateIvy Confirmed User Industry Role: Join Date: Oct 2003 Location: North Carolina Posts: 4,257	Of course, it's a business expense Ivy

12-15-2004, 03:09 PM	#22
tranza ICQ: 197-556-237 Join Date: Jun 2003 Location: BRASIL !!! Posts: 57,559	I don't really pay taxes.... __________________ I'm just a newbie.

12-15-2004, 03:17 PM	#24
Top Jimmy Confirmed User Join Date: Dec 2004 Location: Down your street Posts: 2,513	I write off the snacks I eat while working. Save those receipts. __________________ Don't reply. Let it die.

12-15-2004, 04:19 PM	#25
uno RIP Dodger. BEST.CAT.EVER Industry Role: Join Date: Dec 2002 Location: NYC Area Posts: 18,450	I do too. __________________ -uno icq: 111-914 CrazyBabe.com - porn art MojoHost - For all your hosting needs, present and future. Tell them I sent ya!