Tired of getting 1099's and filing Fed and State taxes

B

BFrank

Member
Joined
May 11, 2013
Messages
19
A friend of mine is helping people set up NM LLCs. The great thing about NM LLC's is that there is no filing requirements and is totally seperate from yourself. His website is http://notax.us I am just learning here, let me know what your thoughts are, thanks.
 
IRS on them: http://www.irs.gov/Businesses/Small...yed/Single-Member-Limited-Liability-Companies

Of note on a quick read:
In August, 2007, final regulations (T.D. 9356) (PDF) were issued requiring disregarded LLCs to be treated as the taxpayer for certain excise taxes accruing on or after January 1, 2008 and employment taxes accruing on or after January 1, 2009. Single-member disregarded LLCs will continue to be disregarded for other federal tax purposes.

A single-member LLC that is classified as a disregarded entity for income tax purposes is treated as a separate entity for purposes of employment tax and certain excise taxes. For wages paid after January 1, 2009, the single-member LLC is required to use its name and employer identification number (EIN) for reporting and payment of employment taxes. A single-member LLC is also required to use its name and EIN to register for excise tax activities on Form 637; pay and report excise taxes reported on Forms 720, 730, 2290, and 11-C; and claim any refunds, credits and payments on Form 8849. See the employment and excise tax returns for more information
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This seems to say that an individual is still responsible for their excise and employment taxes as of 2009 even in an LLC but perhaps somebody can explain it better.
 
Holy shit it was SM LLCs this whole time....I've been going through Google only finding New Mexico LLCs. Fuck.
 
BFrank said:
A friend of mine is helping people set up NM LLCs. The great thing about NM LLC's is that there is no filing requirements and is totally seperate from yourself. His website is http://notax.us I am just learning here, let me know what your thoughts are, thanks.
Click to expand...


If your friend is telling you that NM LLCs don't have to file income taxes, he's lying to you.
 
Who pays taxes and why? Let me propose something bold. Live free. Just do it. It isn't that hard and it works!

Yes, yes, when I drive I pay gas taxes. But that is rare and often the place I work pays that. I walk, carpool and ride a bike as much as possible.
 
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Keith and stuff said:
Keep it up! What about state income taxes, though? State sales taxes? State property taxes? Stop paying. Be free. Do it sooner rather than later!
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That seems awfully risky to me. What you are advocating could get some people in trouble. Are you sure that's what you want to do? My dad got screwed by the IRS when he was younger and I'm determined not to make the same mistake.

He stopped withholding income taxes from his paychecks and the IRS came after him. How does that not happen to more people? Was my dad just unlucky?
 
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PaulConventionWV said:
He stopped withholding income taxes from his paychecks and the IRS came after him. How does that not happen to more people? Was my dad just unlucky?
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The IRS couldn't care less if you minimized your withholding taxes as long as you ponied up the cash due on April 15th.
 
PaulConventionWV said:
That seems awfully risky to me. What you are advocating could get some people in trouble. Are you sure that's what you want to do? My dad got screwed by the IRS when he was younger and I'm determined not to make the same mistake.
Click to expand...
Are you serious? You almost sound like a statist, sorta. We don't have sales taxes where I live. Or income taxes. And only those that want to pay property taxes. I mean, if you love to pay taxes, have at it. But seriously, you expect me to pay BS taxes even though I'm in New Hampshire? That's crazy. I'm not gonna pay. Not 10 years ago. Not now. Not ever!
 
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Keith and stuff said:
Are you serious? You sound like 1 of the biggest statist in the world. We don't have sales taxes where I live. Or income taxes. And only those that want to pay property taxes. I mean, if you love to pay taxes, have at it. But seriously, you expect me to pay BS taxes even though I'm in New Hampshire? That's crazy. I'm not gonna pay. Not 10 years ago. Not now. Not ever!
Click to expand...

Ha. You're calling me a statist for advising caution? Hey, that's great that you don't have any fucking income tax in your state, but others aren't so lucky. What makes you think you can tell us what not to pay when you don't even have income tax? If you're telling us not to pay what you don't pay because you don't have to, then I'm afraid it doesn't work like that. Some people could get in really big trouble unless you know what the f*** you're talking about which, in your case, it seems like you're just advocating tax fraud. Not that tax fraud is bad. In fact, it's commendable, but it's f***ing dangerous when you're just spouting off about being a rebel.
 
I don't particularly want to pay income tax but the IRS has me outgunned. BTW to the OP...there has been a bill in Congress trying to force all entities to get 1099s. I'm not sure if it's still active or temporarily dead though. Given that part of my job is issuing 1099s, was not too happy about the amount of work it would create...from a purely selfish viewpoint.
 
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