Looking For An Accountant

[Doug888]

Taxes.

Well, two things in life are certain, death and taxes.
YENNUT is not wrong, CASH is King and wise to keep it private. But there are other considerations...
Earl hits a lot of good points. Some other things that I have picked up on having advised several, mostly Oriental, MP's. You may want to file to legitimize yourself at some level, including sponsoring someone else. You will have to authorize immigration to see your filed tax returns reporting somewhere around $30,000 per year. This will probably cost you about $2,000 in tax. Don't forget your Ontario Tax Credit on your rent/property taxes. Looking way ahead to when you get old, you will want to pay some Canada Pension Plan premium so that you may collect a CPP pension - as early as age 60. Will you still be doing massage then? Ha Ha.

Most of the MP's work like this. There is a working owner - the business should report just under $30,000 gross. When the girls have a client they basically "rent" the room from you and that amount then reduces your expenses. (Owners take is then about $15 - $20,000 after expenses.) I have applied this in a few cases and I know how many people pass through in a day. I have seen the "books". This method comes very close to keeping everybody happy, Owner, Tax Man, employees etc.

By the way, in exchange, I have been allowed to do so many massages (and been given some professional instruction) that the girls say I give the best "Hong Kong" or "Tuina" massage they have ever had. I have even established a small clientelle of ladies who actually pay (half-price) for my massage.

regards,

Doug888 CMA

 

[yennut]

You have made several legit arguments Doug 888 and I must commend you. You are the first that has made the slightest bit of sense in the thread. If somebody goes back through my posts at no time did I ever advocate not filing a tax return as so many have assumed. I am merely stating that one should pay only what one has to and not a penny more. Once you open yourself up and declare that you are in a cash business rest assured that an audit will be forthcoming. Being as how most people, including tax auditors look down on people in the sex trade, don't expect a fair shake. Given this scenario it only makes common sense not to divulge anymore than one has to. As I stated before "Cash is King" and as Doug 888 stated one should be discreet about it.

 

[bornonaug9]

tax scams

IRS warns taxpayers to steer clear of 12 tax scams

The Associated Press

WASHINGTON - That enticing tax deal is probably too good to be true, the Internal Revenue Service said Monday in a warning against scams that promise big refunds or tax savings.

Taxpayers can end up paying taxes due, plus interest and fines, for participating in a dozen common schemes highlighted by the IRS.

"Don't be fooled by false promises peddled by scam artists," said the agency's commissioner, Mark Everson. "They'll take your money and leave you with a hefty tax bill."

Anyone who suspects fraud can call the IRS toll-free at 1-800-829-0433.

Examples include:

n Abusive trusts. Dishonest promoters promise that trusts can reduce income subject to tax, offer deductions for personal expenses and provide a way around estate and gift taxes.

n Frivolous arguments. The IRS rejects legal arguments such as those claiming that wages do not count as income

n Fraudulent preparers. Taxpayers should be wary of preparers who promise large refunds.

n Credit counseling. Be wary of credit counseling organizations that charge high fees, push debt payment agreements or claim they can fix credit ratings.

n "Claim of Right" doctrine. A taxpayer tries to deduct an amount equal to his or her wages as a "necessary expense for the production of income" or "compensation for personal services actually rendered."

n "No Gain" deduction. Similar to a "Claim of Right," this scam sees a taxpayer deduct his income as a miscellaneous deduction and attaches a statement to claim "no gain realized."

n Corporation sole. Promoters urge taxpayers to misuse a tax law designed for church officials, telling them to establish a false, one-person religious organization or society to claim exemption from federal income taxes.

n Identity theft. Identity thieves have been known to send individuals fictitious IRS forms to get personal financial data or to use other people's Social Security numbers to file fraudulent tax returns.

n Charitable organizations and deductions. The IRS has seen increasing use of tax-exempt organizations to hide income from taxation and more taxpayers misusing deductions for donated property.

n Offshore transactions. The IRS pursues individuals who try to avoid taxes by illegally hiding income offshore through banks, brokerages, credit cards, life insurance and other financial arrangements.

n Zero return. Promoters instruct taxpayers to enter zeros on every line in the tax return.

n Employment tax evasion. A number of scams instruct employers not to withhold federal income or employment taxes from employees' wages.

 

[bornonaug9]

If somebody goes back through my posts at no time did I ever advocate not filing a tax return as so many have assumed. I am merely stating that one should pay only what one has to and not a penny more.

Are u nuts? You are in a cash business. Why on earth would you file a tax return declaring this income. Income for other sources fine, but this all falls into the black market category. Next thing you know you'll be charging your clients GST and PST. Just keep your money and as far as audits go, it is up to Revenue Canada to find any wrong doing not you to disprove it. By the way I am cpa and will definitely give you personal tax advice if you pm me.

yennut are you speaking from both sides of your mouth or selective memory?

 

[yennut]

Obviously you are having a very difficult time with reading comprehension. Read my post carefully and you will clearly see that I am advocating not claiming any cash, but I go on to say other income should be claimed. What part of that don't you understand? I realize the Canadian education system is not up to snuff, but reading comprehension is something taught in the earliest of grades. Get with it !

 

[bornonaug9]

You are speaking in the context of escort service which is 100% cash and I am unware any other income is involved in the original post.

 

[The Truman Show]

I realize the Canadian education system is not up to snuff, but reading comprehension is something taught in the earliest of grades.

Canada's sphere of influence is miniscule and is regarded as a pee on

At least the Canadian education system teaches us how to spell. It's p-e-o-n. "Pee on" is something yennut probably pays people to do to him.

 

[yennut]

No actually it is pee on because that is all Canada is worthy of is to be pissed and defecated on. You want to attack me personally and I'll retalliate.

 

[The Truman Show]

Oh jolly good comeback!
Impress us some more. We bow down before the majestic yennut!

Quelle wanker ...

 

[Doug888]

Settle down

No actually it is pee on because that is all Canada is worthy of is to be pissed and defecated on. You want to attack me personally and I'll retalliate.

Hey fellas.... go for a massage!

 

[bornonaug9]

No actually it is pee on because that is all Canada is worthy of is to be pissed and defecated on. You want to attack me personally and I'll retalliate.

I did not attack you but only your values and beliefs. I am talking about relevant to the original post not on generality.

 

[yennut]

Correct me if I'm wrong, but u did say that "pee on" is something I pay people to do to me. That is about as personal as it gets so don't give me the b.s. of trying to justify your comments. I for one stand by my comments and don't back down unlike yourself.

 

[The Truman Show]

Uh, that was actually me that made reference to your illiteracy yennut when it came to spelling and that was well, me again who inferred that you would like to be on the receiving end of a golden shower.
I really must apologize: I never actually realized that you were so slow as to not realize who exactly is insulting you.
Next time I'll bring out the hand puppets so that the visual aids might help you to understand.
Or I can type really sssssslllllllooooowwwwwww...

 

[bornonaug9]

Is he a real "CPA"

Is he a member of AICPA from Ohio? I doubt his credentials, never talks like a bean counter - tax avoidance, tax evasions, GAAR, IRA, 401k that craps. most tax accountants will talk about income spliting, tax shelters or financial planning. Hyennnut is either too lazy or too bold to suggest tax evasion to other alternatives.

 

[Capital Amatuer]

Cpa ?

In Yennut's world, maybe it's an acronym for Certified Phsycotic Asshole...

 

[pixiegyrrl]

Thanks pro and aslan,

I file my taxes.. eek.. a little late sometimes.. I save every reciept.. I have a gst # .. and I want a nice house one day .. the only way to work with the morgage companies is to be legit.. and file.. have a decent income so they will take a risk on you..

Working in cash money is not a problem.. you can deposit >10K at a time at the bank without raising eye brows .. but really who keeps that kind of cash under the matress.. lol.. a lot of businesses work in cash.. my bank has never questioned my cash deposits.. I have a business account..

An aside.. almost every / or every sp I know is college or university educated! A lot of us put ourselves through school with our time.. and your donations..

Have a wonderful day..

ps. pro is a lovely man.. and a good accountant

 

[Lil' Miss Mia]

I received a lot of uselful info via pm, I knew there was a way to go about it, just not sure how...now I know for next year
I have always kept a part time job to be able to claim something at least, until recently, and as you said Pixie, there are bigger things in the picture now and my matress is full lol.
Thanks again to everyone who offered assistance, it is greatly appreciated.

 

[holden]

Is he a member of AICPA from Ohio? I doubt his credentials, never talks like a bean counter - tax avoidance, tax evasions, GAAR, IRA, 401k that craps. most tax accountants will talk about income spliting, tax shelters or financial planning. Hyennnut is either too lazy or too bold to suggest tax evasion to other alternatives.

There's no point in arguing with someone who wants to 'live like a lion' but doesn't have the ability or capacity to, so he spews his bravado so that some ignorant person will believe him - he might as well be chasing windmills.

 

[salsamarc]

in case it helps

I work as a Paralegal in Hamilton (ironic isn't it?) and i work as a Tax Specialist during the season this means i look for ways for you to make the most out your income and try to benefit my clients as much as i can without breaking any rules just "bending" them a little

if i can be of service please feel free to PM me not just the ladies but anybody who may need help or is not sure about what to do


just a fellow TERBite

 

[hjwolf69]

an interesting link with an infomercial to boot:

http://www.taxamnesty.ca/