Log in or Sign up
Coin Talk
Home
Forums
>
Coin Forums
>
Coin Chat
>
Taxes..
>
Reply to Thread
Message:
<p>[QUOTE="Detecto92, post: 1862437, member: 75105"]Also, I have to make tax payments quarterly with IL just the same as I do the IRS.</p><p><br /></p><p>Also, I plan on moving by year end, which is going to create a giant headache since I will have to file two tax returns...one for the state I'm in now and the one for the state I'm moving to, then I would have to make sure any income I make before moving is appropriately filed with the current state and then appropriately filed with the state I'm moving to. Then I would have to cancel the current tax number with the current state I'm living in, and get a new tax number for the state I'm moving to.</p><p><br /></p><p>Then any tax OVERPAYMENT from moving between tax quarters most likely would not transfer to the account with the old state, and then I would be penalized if I underpay the state I'm moving to if I did not pay enough.</p><p><br /></p><p>Not only that, I would need to collect sales tax for my state (not on coins since there is no ST on coins, but on supplies) and then turn around and collect sales tax for the state I'm moving to. Then again there would be a cut off date and I would have to be sure I don't overpay or underpay either state.</p><p><br /></p><p><br /></p><p><br /></p><p>I think the previous poster is right, I should just" play it safe this" year. The type of accounting I would need done, due the fact I'm moving, with cost well over $500 and $500 is about all I expect to make this year.</p><p><br /></p><p>I can see why people don't start small businesses, it seems like the amount of time spent working on taxes would be a job all in itself.[/QUOTE]</p><p><br /></p>
[QUOTE="Detecto92, post: 1862437, member: 75105"]Also, I have to make tax payments quarterly with IL just the same as I do the IRS. Also, I plan on moving by year end, which is going to create a giant headache since I will have to file two tax returns...one for the state I'm in now and the one for the state I'm moving to, then I would have to make sure any income I make before moving is appropriately filed with the current state and then appropriately filed with the state I'm moving to. Then I would have to cancel the current tax number with the current state I'm living in, and get a new tax number for the state I'm moving to. Then any tax OVERPAYMENT from moving between tax quarters most likely would not transfer to the account with the old state, and then I would be penalized if I underpay the state I'm moving to if I did not pay enough. Not only that, I would need to collect sales tax for my state (not on coins since there is no ST on coins, but on supplies) and then turn around and collect sales tax for the state I'm moving to. Then again there would be a cut off date and I would have to be sure I don't overpay or underpay either state. I think the previous poster is right, I should just" play it safe this" year. The type of accounting I would need done, due the fact I'm moving, with cost well over $500 and $500 is about all I expect to make this year. I can see why people don't start small businesses, it seems like the amount of time spent working on taxes would be a job all in itself.[/QUOTE]
Your name or email address:
Do you already have an account?
No, create an account now.
Yes, my password is:
Forgot your password?
Stay logged in
Coin Talk
Home
Forums
>
Coin Forums
>
Coin Chat
>
Taxes..
>
Home
Home
Quick Links
Search Forums
Recent Activity
Recent Posts
Forums
Forums
Quick Links
Search Forums
Recent Posts
Competitions
Competitions
Quick Links
Competition Index
Rules, Terms & Conditions
Gallery
Gallery
Quick Links
Search Media
New Media
Showcase
Showcase
Quick Links
Search Items
Most Active Members
New Items
Directory
Directory
Quick Links
Directory Home
New Listings
Members
Members
Quick Links
Notable Members
Current Visitors
Recent Activity
New Profile Posts
Sponsors
Menu
Search
Search titles only
Posted by Member:
Separate names with a comma.
Newer Than:
Search this thread only
Search this forum only
Display results as threads
Useful Searches
Recent Posts
More...