All Categories:
People Saved
​​​​​​​​​​​​​​​​​​​​​​​​

Go Back   MyCoupons.com Shopping Boards > My ShoppingBoards Community > The Cafe - 'TC'
 


The Cafe - 'TC' So? Your daughter wants her belly pierced? Your cat keeps using the couch as a litter box? Your husband taped the Hockey game over your wedding video? Your neighbor has a gnome collection and it makes you mad? Pour yourself a cup of coffee and come on in to The Café! Talk amongst yourselves...discuss, question, reply, or respond to many subjects!

Reply
 
LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 07-26-2007, 08:55 PM
Expert
 
Join Date: Jan 2000
Location: FL.
Posts: 613
State of Florida Department of Revenue Not doing its job at International Flea Market

The state Department of Revenue Not doing its job at International Flea Market!!

I have been for several months reporting a vendor in the Tampa Flea Market for not being registered with the state to collect Sales Taxes.
FL Dept Rev - Looking at Business Opportunities in Florida?
If your business will involve taxable transactions, you must register as a sales and use tax dealer before you begin conducting business in this state. I have notified them on numerous occasions and the State has not brought the businesses into compliance with the Laws .

So here is the information for anybody wanting to make some under the table cash !!!! Set up a Flea Market Booth at
International Flea Market
11311 N Nebraska Ave. Tampa , FL. 33612 .

This would be a great way like the others disabled collecting welfare and getting food stamps ect. To Make big money !!!

The Market has vendors that will wholesale you any product you want to try to sell just ask around for the wholesalers. If they don't have your items they can and will find them for you.

One vendor Makes over $1 million in sales last year alone....

Good Luck in your money making adventures .

Last edited by CBPZEP; 07-26-2007 at 09:17 PM.
Reply With Quote
Sponsored Links
  #2 (permalink)  
Old 07-26-2007, 10:37 PM
Ultimate Member
 
Join Date: Mar 2004
Location: in a house
Posts: 7,298
What if you sell on EBay??? Does that count as a business, I wonder???

Very interesting.
__________________
Doing the right thing isn't always the same as doing the easy thing.
Reply With Quote
  #3 (permalink)  
Old 07-26-2007, 11:00 PM
haynes94's Avatar
Ultimate Member
 
Join Date: Jan 2001
Location: North Carolina
Posts: 5,379
I'm from Tampa. I wouldn't sell anything at that place-- it's in a very shady part of town! LOL You might get robbed!

Holly
__________________
Forgiveness is love in its most noble form. -Anonymous
Reply With Quote
  #4 (permalink)  
Old 07-26-2007, 11:08 PM
sanctuary68's Avatar
Expert
 
Join Date: Apr 2002
Location: Emerald Coast,FL
Posts: 430
Blog Entries: 6
Depends on what they sell. If it's AVON for instance, they are already pre taxed at the time of purchase from AVON and it's their choice weither or not to discount to the customers or if it may be included in price. Can you give us more information and I maybe able to help you...
Reply With Quote
  #5 (permalink)  
Old 07-26-2007, 11:30 PM
Expert
 
Join Date: Jan 2000
Location: FL.
Posts: 613
The Florida Department of Revenue has links to check out if a business is registered or not . The vendor is obviously not registered as the state has confirmed with me . They have by mail sent registration papers over 3 months ago but there have been no follow ups. The State tells me this is not cost effective to peruse these vendors.

The online searches still show the business not part of the list. The vendor is collecting a check from the government and this is why they do not register. There are several vendors like this in this market. As confirmed by past office staff of the flea market. The State no longer makes Flea Market staff check for tax id's. It was removed from the Florida statues a few years ago. It is my opinion that because this market is in "a very shady part of town" that the State allows this to happen.
Reply With Quote
  #6 (permalink)  
Old 07-27-2007, 12:15 AM
sanctuary68's Avatar
Expert
 
Join Date: Apr 2002
Location: Emerald Coast,FL
Posts: 430
Blog Entries: 6
What kind of merchandise do they sell?
Reply With Quote
  #7 (permalink)  
Old 07-27-2007, 01:06 AM
Expert
 
Join Date: Jan 2000
Location: FL.
Posts: 613
everything is for sale vendors switch items daily and weekly items move really fast.
Reply With Quote
  #8 (permalink)  
Old 07-27-2007, 09:33 AM
dreamscapes's Avatar
Premium Member - Ultimate Member
 
Join Date: Apr 2002
Location: Blvl, Michigan
Posts: 5,034
first of all, why in the world would you report someone who is not a business or not paying taxes?

Are you some kind of snitch? Do you sell at the flea market and just want to eliminate your competition? (sure sounds like it). How would you know if a fellow vendor is or is not registered as a business? Did they tell you? And why would you care?

The items that are sold at a yard sale or flea market, by most people have taxes already paid! (Ie they went and bought the merchandise, paying the tax at the time of purchase and are reselling it without charging tax to their customers--).

So what??
__________________
SPJRNTGADL!
Reply With Quote
  #9 (permalink)  
Old 07-27-2007, 09:38 AM
dreamscapes's Avatar
Premium Member - Ultimate Member
 
Join Date: Apr 2002
Location: Blvl, Michigan
Posts: 5,034
Quote:
Originally Posted by CBPZEP View Post
The Florida Department of Revenue has links to check out if a business is registered or not . The vendor is obviously not registered as the state has confirmed with me . They have by mail sent registration papers over 3 months ago but there have been no follow ups. The State tells me this is not cost effective to peruse these vendors.

The online searches still show the business not part of the list. The vendor is collecting a check from the government and this is why they do not register. There are several vendors like this in this market. As confirmed by past office staff of the flea market. The State no longer makes Flea Market staff check for tax id's. It was removed from the Florida statues a few years ago. It is my opinion that because this market is in "a very shady part of town" that the State allows this to happen.
First of all this is BS. The state would not be able to disclose any particular information with someone over the phone or otherwise concerning a case report, so I seriously doubt that the state TOLD YOU that there have been no followups or how many "letters" they sent.

As for your comment on "collecting a government check and this is why they don't register, as confirmed by PAST staff members at the flea market". For Gods Sakes, give it a rest... have you ever heard of RUMORS??





dee dee dee
__________________
SPJRNTGADL!
Reply With Quote
  #10 (permalink)  
Old 07-27-2007, 10:11 AM
lytlemss's Avatar
Lifetime Member - Master
 
Join Date: Dec 1999
Posts: 1,073
Quote:
Originally Posted by dreamscapes View Post
first of all, why in the world would you report someone who is not a business or not paying taxes?

Are you some kind of snitch? Do you sell at the flea market and just want to eliminate your competition? (sure sounds like it). How would you know if a fellow vendor is or is not registered as a business? Did they tell you? And why would you care?

The items that are sold at a yard sale or flea market, by most people have taxes already paid! (Ie they went and bought the merchandise, paying the tax at the time of purchase and are reselling it without charging tax to their customers--).

So what??

Soooo........ You've been down in Florida peddlin' your wares again eh? You better start paying those taxes!!
The feds are on to you. They'll be coming to your door in no time. Just..............You..................Wait....... .......

Reply With Quote
  #11 (permalink)  
Old 07-27-2007, 11:05 AM
Darlene804's Avatar
Lifetime Member - Master
 
Join Date: Jan 1999
Location: North Carolina
Posts: 1,800
While I dont think that trying to work the system and evading taxes is a good thing, I dont think that I would go out of my way to make sure that someone got busted for it.

Now, if someone is beating their kids or kicking their dog, I would get invovled. I just think that without knowing exactly how someone runs their business or if they decided to pay the taxes out of their profits it is easy to jump to conclusions.

D
__________________
Sell crazy some place else, we are all stocked up here.
Reply With Quote
  #12 (permalink)  
Old 07-27-2007, 11:10 AM
cjs216's Avatar
Ultimate Member
 
Join Date: Jan 2002
Posts: 5,090
I dunno what this thread is all about from a motivation standpoint nor what the tax implications of flea marketing are, but with the amount of income taxes that I pay, I do want to be sure that everyone else is paying theirs. I don't like cheaters or theives no matter where they are....

cj/
Reply With Quote
  #13 (permalink)  
Old 07-27-2007, 11:17 AM
Ultimate Member
 
Join Date: Mar 2004
Location: in a house
Posts: 7,298
Quote:
Originally Posted by cjs216 View Post
I dunno what this thread is all about from a motivation standpoint nor what the tax implications of flea marketing are, but with the amount of income taxes that I pay, I do want to be sure that everyone else is paying theirs. I don't like cheaters or theives no matter where they are....

cj/
I agree, and was just wondering about coupon sellers on Ebay. Some of these people have HUNDREDS of auctions going at once, raking in $100's and $1,000's a month. Cripes, we get taxed on interest that we earn on money we have been taxed on. I just don't understand it. They get you coming and going.
__________________
Doing the right thing isn't always the same as doing the easy thing.
Reply With Quote
  #14 (permalink)  
Old 07-27-2007, 11:41 AM
Darlene804's Avatar
Lifetime Member - Master
 
Join Date: Jan 1999
Location: North Carolina
Posts: 1,800
Quote:
Originally Posted by cjs216 View Post
I dunno what this thread is all about from a motivation standpoint nor what the tax implications of flea marketing are, but with the amount of income taxes that I pay, I do want to be sure that everyone else is paying theirs. I don't like cheaters or theives no matter where they are....

cj/
I agree with you. I dont like people who believe they are "special" and the laws to not apply to them. In this case though, I wouldnt turn the person in. Unless the OP has insider information and it not just an outside observer to this persons business practices, I just do not see how they can have concrete info that this person is breaking the law.

I am all for personal accountiblity and calling people on it when they are breaking the law but unless the facts are crystal clear and can not be misconstrued, then I would stay out of it.

Darlene
__________________
Sell crazy some place else, we are all stocked up here.
Reply With Quote
  #15 (permalink)  
Old 07-27-2007, 11:53 AM
Cuthie's Avatar
Ultimate Member
 
Join Date: Jun 1999
Posts: 6,503
Quote:
Originally Posted by cjs216 View Post
I dunno what this thread is all about from a motivation standpoint nor what the tax implications of flea marketing are, but with the amount of income taxes that I pay, I do want to be sure that everyone else is paying theirs. I don't like cheaters or theives no matter where they are....

cj/
I agree (also somewhat confused? but I do understand the part about it being the law) and yes, I do pay income taxes for my eBay sales. Not fun but I do it.
Reply With Quote
Sponsored Links
  #16 (permalink)  
Old 07-27-2007, 12:12 PM
Expert
 
Join Date: Jan 2000
Location: FL.
Posts: 613
Ok here is the source of my information ... The Market is open 5 days a week my 53yr old aunt has a booth there she works hard to make it . I feel bad for her so when I can I bring her lunches . The vendors next to her booth are really dumb they are bragging to her and me in the halls that they collect a check at the first of the month and work the Flea Market since they do not need to register with the state.

I work for a not for profit in the area and I am seeing programs cut daily as a direct result of budget cuts and between the two I have a hard time to watch it happen.
Reply With Quote
  #17 (permalink)  
Old 07-27-2007, 12:30 PM
cjs216's Avatar
Ultimate Member
 
Join Date: Jan 2002
Posts: 5,090
Quote:
Originally Posted by dreamscapes View Post
first of all, why in the world would you report someone who is not a business or not paying taxes?

Are you some kind of snitch? Do you sell at the flea market and just want to eliminate your competition? (sure sounds like it). How would you know if a fellow vendor is or is not registered as a business? Did they tell you? And why would you care?

The items that are sold at a yard sale or flea market, by most people have taxes already paid! (Ie they went and bought the merchandise, paying the tax at the time of purchase and are reselling it without charging tax to their customers--).

So what??
I've read this a few times to try to determine the point here. I believe that the original note was a sarcastic, tongue-in-cheek call to others to make money this way. I believe the OP is pointing out two things - tax evasion (on the failure to pay taxes on sales) and fraud (on the failure to register as a business in order to continue to collect disability/insurance income)

Why would he care? Well, all taxpayers should care if others are not paying their share yet living in this great country and taking advantages of all the things that taxes provide! (roads, schools, public safetcy, etc)

I do not think that your point about taxes already paid on the goods bought is correct, but as I said I'm no expert on this. The taxes need to be paid on the profit realized. I do not believe this applies to casual sellers or a small quantity of items that were personally used and resold (for example, I do this at a consignment shop)....but rather for items specifically purchased for resale purposes. Say, just for the sake of example , if a person had a business buying items for cheap or free with coupons and reselling them on a regular basis at a flea market. I believe they would owe taxes on the profit minus cost of doing business.

cj/
Reply With Quote
  #18 (permalink)  
Old 07-27-2007, 12:30 PM
rebeccarr's Avatar
Expert
 
Join Date: Jan 2003
Location: S.W. Ohio
Posts: 536
"When you tell on people, you're really telling them something about yourself. You're telling them that you're a tattletale. " -Mike Brady

Ok, I have a real question. How do you file taxes on homemade items sold?

Rebecca
Reply With Quote
  #19 (permalink)  
Old 07-27-2007, 12:40 PM
cjs216's Avatar
Ultimate Member
 
Join Date: Jan 2002
Posts: 5,090
Quote:
Originally Posted by rebeccarr View Post
"When you tell on people, you're really telling them something about yourself. You're telling them that you're a tattletale. " -Mike Brady

Or apparently in this case, that you are a caring son and citizen....
Reply With Quote
  #20 (permalink)  
Old 07-27-2007, 01:02 PM
Expert
 
Join Date: Jan 2000
Location: FL.
Posts: 613
I saw a guy slipp a dvd in his coat at wallmart and reported it he got busted ;-)
Reply With Quote
  #21 (permalink)  
Old 07-27-2007, 01:07 PM
Expert
 
Join Date: Jan 2000
Location: FL.
Posts: 613
Lets see how the law of sales tax reads then you will agrre with me

this is a direct link to the flea market section of the website

FL Dept Rev - Sales and Use Tax on Flea Markets and Other Temporary Sales Sites
Reply With Quote
  #22 (permalink)  
Old 07-27-2007, 03:17 PM
CScout's Avatar
Expert
 
Join Date: Jan 2000
Location: SE Oklahoma
Posts: 523
Maybe, instead of Department of Revenue, talk to the DA if it bothers you so much. I know it is upsetting when people work the system and get money they are not entitled to and other programs are cut because of funding, but at some point for your own peace of mind, you need to let it go. Report it and move on with your life. It may take a while, but I believe in the end justice will be served somehow.
Reply With Quote
  #23 (permalink)  
Old 07-27-2007, 03:18 PM
dreamscapes's Avatar
Premium Member - Ultimate Member
 
Join Date: Apr 2002
Location: Blvl, Michigan
Posts: 5,034
Thankfully I don't have to worry about selling anything == ebay, yard sale or flea market in Florida.

Thankfully Michigan doesn't have that law. You paid taxes on the taxable items when you bought them. You should not have to 1) charge sales tax to your customer or 2) pay sales tax again when you resell it.

So, if you have a car that you want to sell that you bought and paid taxes on, you should charge tax and pay tax again? I don't think so. LOL

Stealing is not the same as having to pay taxes twice. I don't think there was anything tongue-in-cheek cjs.

It still sounds like you are a vendor and you're trying to eliminate your competition.
__________________
SPJRNTGADL!
Reply With Quote
  #24 (permalink)  
Old 07-27-2007, 03:32 PM
sexysmurf's Avatar
Ultimate Member
 
Join Date: Jan 2001
Posts: 7,702
Quote:
Originally Posted by allinaugust View Post
What if you sell on EBay??? Does that count as a business, I wonder???

Very interesting.
If you sell on ebay to make a profit then YES...it does count and you should be collecting tax and reporting income. If you are selling stuff from around the house that is debateable with the IRS because you would have to prove losses if audited. If you buy something to resale at any location, you are a business in the eyes of the IRS

okay, back to your regular scheduled program
__________________
Proud to say I haven't shopped at a Wal-Mart since Sept 2003
Reply With Quote
  #25 (permalink)  
Old 07-27-2007, 03:41 PM
sexysmurf's Avatar
Ultimate Member
 
Join Date: Jan 2001
Posts: 7,702
Quote:
Originally Posted by rebeccarr View Post
"When you tell on people, you're really telling them something about yourself. You're telling them that you're a tattletale. " -Mike Brady

Ok, I have a real question. How do you file taxes on homemade items sold?

Rebecca
You know, I always hated that Mike Brady quote.

In regards to homemade items and taxes: you have to determine your cost of goods sold. You take into account materials used to make the item. Then when you file your taxes, you get to deduct your cost of goods sold.

Example: you sew dresses to sell
You sell each dress for $20. Each dress requires $5 in material. You made a profit of $15. Then you take the total profit of all the dresses sold in that year and deduct out the cost of sewing machine (probably taken over the course of a few years) and thread, needles, etc. Once you determine how much net profit you made, that is what you are taxed on. Plus you get phone, internet, milage, etc to deduct as well. A tax preparer can give you more exact information
__________________
Proud to say I haven't shopped at a Wal-Mart since Sept 2003
Reply With Quote
  #26 (permalink)  
Old 07-27-2007, 03:49 PM
cjs216's Avatar
Ultimate Member
 
Join Date: Jan 2002
Posts: 5,090
Wink

Quote:
Originally Posted by dreamscapes View Post
Thankfully I don't have to worry about selling anything == ebay, yard sale or flea market in Florida.

Thankfully Michigan doesn't have that law. You paid taxes on the taxable items when you bought them. You should not have to 1) charge sales tax to your customer or 2) pay sales tax again when you resell it.

So, if you have a car that you want to sell that you bought and paid taxes on, you should charge tax and pay tax again? I don't think so. LOL

Stealing is not the same as having to pay taxes twice. I don't think there was anything tongue-in-cheek cjs.

It still sounds like you are a vendor and you're trying to eliminate your competition.

I think you are wrong....and you think I am. Income tax has a federal component as well. But I will agree to disagree. But I will continue to wonder why this flea market and failure to pay taxes on profit is such a hot topic to you.....close to home?
Reply With Quote
  #27 (permalink)  
Old 07-27-2007, 03:59 PM
dreamscapes's Avatar
Premium Member - Ultimate Member
 
Join Date: Apr 2002
Location: Blvl, Michigan
Posts: 5,034
Every week I sell stuff at the flea market and ebay and yard / garage sales, but our rules are definitely different than Florida. So "close to home" doesn't really apply.

I just hate tattletails unless someone's life is at risk.

The op did say this though:
The State no longer makes Flea Market staff check for tax id's. It was removed from the Florida statues a few years ago.

So... if it's not on the statutes anymore then it's a moot point.

I suppose each state is different in what they deem is a business... thankfully Michigan and Ohio are a lot more relaxed.
__________________
SPJRNTGADL!
Reply With Quote
  #28 (permalink)  
Old 07-27-2007, 04:52 PM
Banned
 
Join Date: Jul 2007
Posts: 1,469
I think the op was sort of tongue in cheek, however, I see their frustration in doing the right thing in turning them in. Tattle telling has not a thing to do with people breaking a law !!! There are laws regarding taxation and if these people are evading, they need to be reprimanded, punished, whatever.

This sort of behaviour reflects on all others who pay taxes - they pay more for those who don't. I know I pay my taxes and if more people wer e made of the salt of the earth like the op, maybe, just maybe I could pay a bit less.
Reply With Quote
  #29 (permalink)  
Old 07-27-2007, 07:03 PM
rebeccarr's Avatar
Expert
 
Join Date: Jan 2003
Location: S.W. Ohio
Posts: 536
Quote:
Originally Posted by sexysmurf View Post
You know, I always hated that Mike Brady quote.

Not me, I quote Mike Brady wherever I go. (I was kidding with that quote, nobody likes that quote!)


Quote:
Originally Posted by sexysmurf View Post
Example: you sew dresses to sell
You sell each dress for $20. Each dress requires $5 in material. You made a profit of $15. Then you take the total profit of all the dresses sold in that year and deduct out the cost of sewing machine (probably taken over the course of a few years) and thread, needles, etc. Once you determine how much net profit you made, that is what you are taxed on. Plus you get phone, internet, milage, etc to deduct as well. A tax preparer can give you more exact information

Thanks for the info!

Rebecca
Reply With Quote
  #30 (permalink)  
Old 07-27-2007, 08:16 PM
grannyshirl's Avatar
Lifetime Member - Ultimate Member
 
Join Date: Jan 2000
Location: N.E. Indiana
Posts: 7,936
Quote:
Thankfully Michigan doesn't have that law. You paid taxes on the taxable items when you bought them. You should not have to 1) charge sales tax to your customer or 2) pay sales tax again when you resell it.

So, if you have a car that you want to sell that you bought and paid taxes on, you should charge tax and pay tax again? I don't think so. LOL
That is what happens in Indiana.
A used car is taxed each time it is sold. (They collect it at the license bureau)
If you go to Goodwill or any second hand store and you will pay taxes on stuff you buy there.

Just like the money you paid tax on when you earned it. If you earn any interest then it is taxed again every year .
Reply With Quote
  #31 (permalink)  
Old 07-27-2007, 08:46 PM
Ultimate Member
 
Join Date: Mar 2004
Location: in a house
Posts: 7,298
Quote:
Originally Posted by grannyshirl View Post
That is what happens in Indiana.
A used car is taxed each time it is sold. (They collect it at the license bureau)
If you go to Goodwill or any second hand store and you will pay taxes on stuff you buy there.

Just like the money you paid tax on when you earned it. If you earn any interest then it is taxed again every year .

Every state I have lived in has done it this way, too. That would be NJ, FL, HI, VA. I thought they all did this in regards to cars. Whenever it changes owners, I guess, is how they justify the car tax sale???
__________________
Doing the right thing isn't always the same as doing the easy thing.
Reply With Quote
  #32 (permalink)  
Old 07-27-2007, 11:22 PM
nonbeliever's Avatar
Expert
 
Join Date: Jan 2001
Location: Happy Valley
Posts: 318
Quote:
Originally Posted by CBPZEP View Post
The state Department of Revenue Not doing its job at International Flea Market!!

I have been for several months reporting a vendor in the Tampa Flea Market for not being registered with the state to collect Sales Taxes.
FL Dept Rev - Looking at Business Opportunities in Florida?
If your business will involve taxable transactions, you must register as a sales and use tax dealer before you begin conducting business in this state. I have notified them on numerous occasions and the State has not brought the businesses into compliance with the Laws .

So here is the information for anybody wanting to make some under the table cash !!!! Set up a Flea Market Booth at
International Flea Market
11311 N Nebraska Ave. Tampa , FL. 33612 .

This would be a great way like the others disabled collecting welfare and getting food stamps ect. To Make big money !!!

The Market has vendors that will wholesale you any product you want to try to sell just ask around for the wholesalers. If they don't have your items they can and will find them for you.

One vendor Makes over $1 million in sales last year alone....

Good Luck in your money making adventures .
I think you are just upset because your booth at the flea market isn't doing well.
I would LOVE to know how YOU know that someone made over $1 million in sales last year? other than the infamous: " A friend told a friend who told a friend ad nauseum..." or "well, they bragged about what they made/did/sold/stole/".

If you really are bothered by this, then do some research and find out what you need to do to report this to the proper authorities who will follow up and to do something in regard to any illegal activities.
__________________
Jesus love me--you he only tolerates!
Reply With Quote
  #33 (permalink)  
Old 07-27-2007, 11:26 PM
Expert
 
Join Date: Jan 2000
Location: FL.
Posts: 613
The over a million dollars in sales was for pocketbooks and purse like items seem ladys can never have to many purses .
Reply With Quote
  #34 (permalink)  
Old 07-27-2007, 11:32 PM
nonbeliever's Avatar
Expert
 
Join Date: Jan 2001
Location: Happy Valley
Posts: 318
Quote:
Originally Posted by CBPZEP View Post
The over a million dollars in sales was for pocketbooks and purse like items seem ladys can never have to many purses .
The question was not what was sold to make 1 million, but WHERE DID YOU GET YOUR INFORMATION?

Good Grief!

Why not find out who you need to turn all your information over to so they can prosecute for tax evasion or whatever criminal code is being broken?
__________________
Jesus love me--you he only tolerates!
Reply With Quote
  #35 (permalink)  
Old 07-27-2007, 11:38 PM
Ultimate Member
 
Join Date: Mar 2003
Location: IOWA
Posts: 2,364
I dont know about taxes with the flea markets I know around here they are popping up on every corner maybe the owners pay the taxes KWIM if they are like here the vendors have thier booths then the flea market owners take the money they take out so much & give the rest to the booth owners. I do know people who do this & they say they just do it for fun not much in profits after all is said & done
__________________
mom of 3 greats girls
Reply With Quote
  #36 (permalink)  
Old 07-29-2007, 11:16 PM
Cuthie's Avatar
Ultimate Member
 
Join Date: Jun 1999
Posts: 6,503
Sales Tax and Income Tax are two totally different things.
Reply With Quote
  #37 (permalink)  
Old 07-30-2007, 12:40 AM
Ultimate Member
 
Join Date: Mar 2003
Location: IOWA
Posts: 2,364
ok I see what you are saying Cuthie maybe in the pay checks the owners give to the vendors each month the taxes are taken out BTW now you got me wondering I will check with my friend here who has a booth
__________________
mom of 3 greats girls
Reply With Quote
  #38 (permalink)  
Old 07-30-2007, 07:05 AM
cjs216's Avatar
Ultimate Member
 
Join Date: Jan 2002
Posts: 5,090
Quote:
Originally Posted by Cuthie View Post
Sales Tax and Income Tax are two totally different things.
Bingo! Thanks for your short message pointing out what all my words failed to meet the mark on.

By the way, don't for a minute assume that the flea market owners are or should be educating individual vendors on their overall tax liability. They do what they need to do to cover their own liability, but individuals are on their own to educate themselves and do the right thing.

cj/
Reply With Quote
  #39 (permalink)  
Old 07-30-2007, 08:54 AM
Cuthie's Avatar
Ultimate Member
 
Join Date: Jun 1999
Posts: 6,503
LOL... thing is, it took me a while to grasp this back when I first started doing resale of items. So, I don't think that anyone should feel badly for not thinking of this. Uncle Sam does a good job of confusing us all!

But do be aware that if you have been in the resale business for a long time before you start doing income taxes, you stand to red flag yourself when you DO start up. I'd certainly sit down and do the bookwork back a few years before you just jump in and start... as you might end up having to pay back taxes and it could stand to be an astronomical amount.

Beware of red flags to the IRS!

Unfortunately, sometimes it just isn't worth it financially (to stay in business) when you look at it that way.
Reply With Quote
  #40 (permalink)  
Old 07-30-2007, 09:01 AM
cjs216's Avatar
Ultimate Member
 
Join Date: Jan 2002
Posts: 5,090
So are you saying that if you havent been paying incomes taxes, but should have been, that maybe it's better to continue to not pay taxes?? I'm confused.

cj/
Reply With Quote
  #41 (permalink)  
Old 07-30-2007, 09:09 AM
Cuthie's Avatar
Ultimate Member
 
Join Date: Jun 1999
Posts: 6,503
I think that it is a personal decision based on each person's valuation of their past few years income...

I would do the bookwork and decide whether to start now AND claim this years' AND past few years' income OR go out of business -- if you can't afford the back taxes as well as the current year's taxes.

That sounds dishonest in regards to the past years doesn't it -- ie going out of business so as to avoid the red flag? But, it could really stand to be thousands of dollars for big time resellers if they just jump in and start and then get the audit for the past 3 years (I think that is the magic number?).
Reply With Quote
  #42 (permalink)  
Old 07-30-2007, 09:18 AM
Cuthie's Avatar
Ultimate Member
 
Join Date: Jun 1999
Posts: 6,503
The audit is what might make people a bit nervous...

I do NOT condone cheating the IRS.
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -4. The time now is 12:27 AM.



Ad Management by RedTyger