Do personal trainers pay taxes on their clientele earnings?

[Primemuscle]

Bullshit.  Professional accountancy is worthless for individuals or small business and that's 99% of us.  

You're forever running around town delivering receipts and picking them up again. All they do is input numbers and =sum(x:x1) at the bottom, then act like they performed some secret voodoo ritual while they hand you the invoice.  Anyone with 1/2 a brain can base a freeware spreadsheet on the return's categories and import the data from their online bank.  Expenditure: $0.

The only time I hired a tax preparer, they got it wrong and the IRS quickly let me know about it. As a result, I prepare my own taxes with the assistance of a tax program. Turbo tax offers a variety of tax software programs to fit many different scenarios. It is pretty hard to make a mistake when preparing your taxes this way. Other than that one time, I've never had my taxes audited.

[Tapeworm]

The only time I hired a tax preparer, they got it wrong and the IRS quickly let me know about it. As a result, I prepare my own taxes with the assistance of a tax program. Turbo tax offers a variety of tax software programs to fit many different scenarios. It is pretty hard to make a mistake when preparing your taxes this way. Other than that one time, I've never had my taxes audited.

My ex-bookkeeper and ex-accountant were a hopeless pair of bimbos.  I got fined because the accountant forgot to mail in my return.  Filled it out, got me to sign it, and then just never mailed it, apparently.  The bookkeeper's office looked like a tornado hit it.  She was always late, no matter how promptly I brought her my shit, and she once managed to misplace an entire quarter's receipts.  Took her 6 months to find them.

I took a 1/2 hour meeting with a different accountant just to learn what their rates were and what they wanted from me.  Naturally, I confirmed that the meeting wouldn't cost anything, and then I later received an invoice in the mail for $600 from them saying I'd been there for 3 hours and signed a letter of engagement.  Uh...    I hadn't.  In the end I let them extort $200 out of me under threat of sending their made up charges to collections, which I'm not very proud of.  They didn't have a leg to stand on so I should have reported them to the... accountant's registry, or something... for shady practices, but I was busy and figured it wasn't a battle worth fighting so I just knuckled under.    Wish I could do that one over again.  Like Bogart said of Peter Lorre "I don't mind a parasite but I object to a cut-rate one."

So ya, not really a fan of accountants here.

[Vince G, CSN MFT]

I just use Quickbooks.  Download from the bank, set up descriptions for expenses and that's it.  Transfers over to Taxcut for preparation.

[HTexan]

I just use Quickbooks.  Download from the bank, set up descriptions for expenses and that's it.  Transfers over to Taxcut for preparation.

QuickBooks!?, hahahahaha noob hahahahaha

[Tapeworm]

QuickBooks!?, hahahahaha noob hahahahaha

It's a step up from me, lol.  I use an Open Office spreadsheet.

[Hulkotron]

I am a strong man so I don't pay taxes.

[Primemuscle]

I just use Quickbooks.  Download from the bank, set up descriptions for expenses and that's it.  Transfers over to Taxcut for preparation.

How do you work tax credits and deductions into this scenario? Your bank cannot supply all the information you need for this. For example, If you invest in the stock market or you have oil or mineral royalties and it's not through your bank, which would not be the best place to handle these types of investments, how are you entering these into Taxcut?

You are not as old as me, but if you have any pretax investments or annuities you must begin pulling money out of them at 70 1/2 or pay a tax penalty. I am not sure how your bank would report this unless they held these accounts.

The onetime that my taxes were screwed up, I had my taxes done by H&R Block. Taxcut is an H&R Block product. I don't trust anything H&R Block.

[Vince G, CSN MFT]

How do you work tax credits and deductions into this scenario? Your bank cannot supply all the information you need for this. For example, If you invest in the stock market or you have oil or mineral royalties and it's not through your bank, which would not be the best place to handle these types of investments, how are you entering these into Taxcut?

You are not as old as me, but if you have any pretax investments or annuities you must begin pulling money out of them at 70 1/2 or pay a tax penalty. I am not sure how your bank would report this unless they held these accounts.

Taxcut handles the the tax credit and deductions....not Quickbooks.  Quickbooks handles my business while Quicken Home & Business handles personal accounts, my 401k and E-Trade Account.  I could simply just use Quicken for everything but Quickbooks does a better job.   

[Primemuscle]

Taxcut handles the the tax credit and deductions....not Quickbooks.  Quickbooks handles my business while Quicken Home & Business handles personal accounts, my 401k and E-Trade Account.  I could simply just use Quicken for everything but Quickbooks does a better job.   

These are all programs which require your input to work. Not a bad way to go, but to say they "handle" everything for you is a bit of a misstatement.

I use Quicken for banking and TurboTax for doing my taxes. -Two programs and the job is done. Seems good to me.

[Vince G, CSN MFT]

QuickBooks!?, hahahahaha noob hahahahaha

You're not smart enough to use Quickbooks but what the fuck is the problem with it.   The majority of small businesses use Quickbooks.  Its what I used at an former job so its pretty easy for me to use

[Coach is Back!]

QuickBooks!?, hahahahaha noob hahahahaha

What's the matter with quickbooks? We use quickbooks pro for small business and it works just fine? Even our merchant account is through there.

[Vince G, CSN MFT]

These are all programs which require your input to work. Not a bad way to go, but to say they "handle" everything for you is a bit of a misstatement.

I use Quicken for banking and TurboTax for doing my taxes. -Two programs and the job is done. Seems good to me.

I don't think you know this but you can set Quickbooks and even Quicken to automatically download your transactions and organize them.  I have mine do it at 2am in the morning while I'm asleep and when I wake up, I check any uncategorized transactions if any, set them up, and that's all.  

[io856]

Americans seem to be obsessed with their taxes, anything to do with taxes...

[Coach is Back!]

Americans seem to be obsessed with their taxes, anything to do with taxes...

Yeah, we pay too much.

[Hurricane Beef !]

Yes, they pay taxes. If you claim $75000 and make $150000 make damn sure you live like you make $75k. If you take the other $75k in cash and don't claim it and live like you make $150k, be prepared for an audit. In short, claim everything.

We are so lucky to have this brilliant mind state the obvious.

THE BEEF

[Coach is Back!]

We are so lucky to have this brilliant mind state the obvious.

THE BEEF

Ready to lose another round troll?

[Primemuscle]

Americans seem to be obsessed with their taxes, anything to do with taxes...

Come live here. We're obsessed with taxes because nobody likes paying them. Our tax laws are riddled with loopholes which can seriously reduce what you owe. The challenge is to find all the loopholes you can while keeping things legal so you don't end up getting audited, having to pay more with fines or even in jail.

[Primemuscle]

I don't think you know this but you can set Quickbooks and even Quicken to automatically download your transactions and organize them.  I have mine do it at 2am in the morning while I'm asleep and when I wake up, I check any uncategorized transactions if any, set them up, and that's all.  

Yes I do know this. Essentially these programs all work about the same.

My finances are fairly simple. I don't own a business, my wife's and my retirement income is pretty cut and dry. Probably the most complicated thing we deal with each year are the oil royalties. This year, my wife and her family sold some land where they've started drilling for oil. This windfall messed up our taxes to the point where I had seriously underpaid them. We not only had to pay capitol gains tax on the proceeds, we were fined for the underpayment, despite that there was not much we could have done to avoid this, other than to have prepaid a guestimate before the end of the tax year. Anyway Quicken and TurboTax work pretty well for me.

Obviously you being a business owner makes for more complicated accounting and tax prep.

[Hurricane Beef !]

Ready to lose another round troll?

Ain't lost one yet Russell.

THE BEEF

[Coach is Back!]

Ain't lost one yet Russell.

THE BEEF

Got news for ya junior....you already did. You duck, you hide and you run.

[Hurricane Beef !]

Got news for ya junior....you already did. You duck, you hide and you run.

So did Ali.

THE BEEF

[THE ARS]

just wondering how people like charles glass who is 16 hours per day in the gym training clienTs-declare their earnings to the IRS

+brad rowe training 10 clients a day each is 100$ and then he doesnt have the money for plane ticket to fly to russia to compete (shawn rhoden gave him the money)

+pj braun making 1700$ a prep (with 220 clients) and then crying he is selling the car cause it will lose 10k value etc etc

just curious how to they show their money if they are buying a house and they dont declare all the earnings

Worry about yourself asshole.

If Uncle Sam needs your help he'll call.

[Neymar Barca]

so how can bostin lloyd buy a house with cash if he isnt showing his earnings to the IRS? what will happen if they see he makes money selling steroids?

[_aj_]

so how can bostin lloyd buy a house with cash if he isnt showing his earnings to the IRS? what will happen if they see he makes money selling steroids?

I believe that buying a house "with cash" means he had the money already in the bank or in investments, not that he showed up at the closing with a bag full of 100's. He didn't need a mortgage.

It's entirely possible to do a legit business "advising" folks how to get big chemically without running afoul of the law.

[Novena]

Al Capone in the late 1920’s was estimated to be making $100 million a year. 

At his Trial in 1931 the Internal Revenue Service managed to prove that one of his casinos in Cicero gave Capone a profit of around $100 thousand in the year 1927.
So the IRS busted Capone on just $100 thousand of income out of the several hundred million he received over his criminal career.

Benjamin Hymen Siegelbaum (Bugsy Siegel), on the other hand, scrupulously paid his Federal Taxes.