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Thread: Saving Those Receipts For Tax-Time:

  
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    Saving Those Receipts For Tax-Time:

    Hello all ,
    (New here, just on break right now)
    Here's a tip that MIGHT help some others.
    I'm married with two children, wife doesn't work.
    My main income this year has been scrap metal.
    I have NO tax liability up to about $28,000 income.

    ...SO I've been saving all my scrap rec'ts to report as income soon on taxes.
    Due to "earned income credit" (which is up to $5000 back) , I should be pretty close to that at this point

    Even if it's over the amount, I have mileage from my work truck (only used for work)
    and gas expense too.

    I asked the main scrap-yard I deal with if it would "mess them up" since over $600 pay out to anyone is supposed to be accompanied by a "1099" but he said, "go ahead, report it, but you'll OWE tax"...
    NOPE, He just doesn't get it IMO,
    Up to something like $28,000 I have NO tax is the thing,
    and the more reported ,the MORE "earned income credit"...



    Well somebody correct me if I'm wrong and thanks in advance for advice.
    I did a tax course for Liberty Tax last year but didn't get hired (many more than usual showed up ...got my PTIN # tax-preparer with IRS though)...think I'm correct on this...
    wife wants a car...I want an isuzu NPR deisel four speed


  2. #2
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    Sounds like you have a good idea on what to keep track of and how to file Schedule C and all that happy crap. You may want to register a trade name, DBA or whatever your state requires to make things legit. Also Turbo Tax Business is cheap and makes it easy...I used to do my own taxes but started using TT about 6-8 years ago.
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    Metal Recycling Entrepreneur
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    I don think I am going to report it. But i still save my slips. But I also have a 40 hours job too

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    I cannot speak for every state, but for VA, whether you work under a business name or not, you are considered self employeed if you are earning money, working for yourself.

    It is true, you are TAX EXEMPT if your GROSS income is UNDER a certain amount.

    How ever, I don't play the IRS bs games. I file my taxes every year, REGARDLESS of how much money I make.

    I scan each receipt at the end of the day, and then put them into different folders on an external hard drive. I do this every month to keep track on what money each month is spent on what.

    Then, to make my H&R BLOCK accountant happy, I take ALL the receipts and combine them all for the year, into other folders. This way, she has to go into "Gas" and see all my gas receipts for the year...goes into "landfill" and sees all my tickets of money I spend unloading junk, etc.
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    Holy tax crap scrapman. :eek:

    Try and say that three times !
    When the white man discovered this country Indians were running it
    no taxes, no debt, women did all the work.
    White man thought he could improve on a system like this. - Old Cherokee saying

    I did not surrender, they took my horse and made him surrender. - Lone Watie

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    Interesting tidbit.

    In 1913 the first income tax forms where created. They gave an exemption of $3,000.00.......Fast forward to today, we still get an exemption of $3,000, but take a look at the worth of our $$$ (or lack of)....

    1913=$3000.00
    2011=68,000.00

    I feel jipped....

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    Metal Recycling Entrepreneur
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    I took a $150 microwave & sold it for the $7 Copper value, does that mean I made $143 loss?......

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  11. #8
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    Quote Originally Posted by eesakiwi View Post
    I took a $150 microwave & sold it for the $7 Copper value, does that mean I made $143 loss?......
    It's your math, stick with it! I like this new math!

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    Now this is a good thread. One I hope we all can learn something from one another.
    I was told by a tax "expert" that your credit card statements from the bank are considered an official tax document as far as showing fuel, repairs, tool purchases, etc..( I'm not yet sure if this is true as I haven't tried it yet, but I was considering using them this year).

    Also the same with the cell phone and internet payments. As for the mileage driven I've been told to just write it down on a calendar daily and this also will pass as an official document. Again I'm not sure if this is true just what I've been told. If anyone knows for sure please feel free to comment on this.

    As for the 1099 the scrap yard is supposed to report those earnings to the feds. and it is our own responsibility to pay our taxes (if owed) on the money. I for one am looking forward to the 1099 coming in this year. I think when it does a whole lot of the tweaker types will be surprised. And hopefully slow them down next year. But then again if they don't file on this money it will be up to the IRS to go after them. Are they really gonna take the time and expenses to go after each and every one of them? Doubt it.
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    I just keep a record of vehicle mileage on a word document - Jan 1 and Dec 31. That's if your vehicle is used ONLY for business. Otherwise, you can keep a daily log on a calendar or whatever. Yes, the IRS will "go after" the non-reporters of 1099 income. They simply send you a notice that you miscalculated (if they think it might have been a mistake on you part - like not including income reported on 1099). They will have amended your form and you owe ($$$$); plus penalties and interest. There's really not that much agent time or expense involved - it's all automated. This actually worked to my benefit last year. They recalculated my taxes and sent me several hundred dollars back as Overpaid Taxes. Now, if they suspect fraud, that's a whole separate discussion.
    People may laugh at me, but that's ok. I laugh all the way to the bank.

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    Mick, I don't doubt you one bit. I sure hope they go after some the "unethical" scrappers in my area. I'm sure it would be a boost to the more honest guys here.

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    If the yard issues 1099's and the scrappers don't claim it, all you'll have to do is sit back and wait. My brother learned the hard way.

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    I've never recieved a 1099 from my scrap yards here in Idaho. Wonder if it's just a matter of time before they have to start doing it.

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    Hey fellas, looking for that darn EIC calculator from last year but can't find it ATM.

    It's crazy, last year I was toying with it, and the more I entered, the more I got back.
    So I looked through my handyman work folder (I normally would've probably not reported) ...made darn certain I had all the phone numbers and dates to document incase "audit".

    Got like $2500 back. For me it's not a "moral" issue because IF I'd made more and not reported those ,I'd be in trouble too.
    Crazy.
    Well you all voted for this clown in charge, and better I get this "EIC" (earned income credit) than some welfare crackhead anyway IMO...
    Yeah, EIC is like a flag for audit since it's the highest pay-out for general stuff.
    Before there was a "first-time home buyer credit" that went up to $8000 and the first year they didn't ask for home buy rec'ts ...so one girl at Liberty Tax had a visit from agents since she put through THREE for people who didn't even own houses...:eek:

    Thanks a bunch for the replies. as for mileage, I think the odometer reading is all needed. other recpt's for gas or storage expense are good...
    Also for self employment a business IS NOT needed (IE scrapper income)
    was just looking HERE and I think $28,000 was from when I had ONE child, the figures are higher this year.
    But the EIC is a curve which goes higher with more income, lower with more, and less with not much income.

    more later...tired from racing to scrap before 1PM today...d*mn saturdays, nobody wants to work...same as stupid holidays ,etc.

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    Quote Originally Posted by skylinejackjr View Post
    Are they really gonna take the time and expenses to go after each and every one of them? Doubt it.

    Well, this is the government. Wouldn't surprise me if they piddle away 10 grand to go after 200 dollars.

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    Quote Originally Posted by DumbD View Post
    Well you all voted for this clown in charge,
    How do you know who voted for who?

  20. #17
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    As for the mileage driven I've been told to just write it down on a calendar daily and this also will pass as an official document
    That's pretty much what truck driver do but they use a more official form. It's called a log book if you want to start using one. You can confuse the h*ll out of most people when looking at one filled out. When I hauled campers I would get back home from a trip and be finishing up my log book and it would "legally" say I was still in Ill. or Ky. 300 or 400 miles from home. lol
    Last edited by Mechanic688; 12-17-2011 at 04:11 PM.
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    My yard doesnt issue 1099's and I know I've lost receipts, so i printed out the full year bank statements and highlighted all purchases for scrapping as a back up. I also have all my vehicle fix up receipts ready to go and my mileage since Im not sure which way Im claiming this year yet, its all new to me so......thats up in the air so far. I also had my insurance agent send me copies of what I paid in insurance just for MY truck since its the one used for scrapping.

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    Newattitude, Does your yard print off end of year statements if you ask them to? My yard I go to can go back a couple of years if I ask them to.

  23. #20
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    That's correct MDG, one or the other. Most cases the mileage deduction works best and if played right, will actually put money in your pocket, money you don't have to claim as income...the best kind.


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