Discussion in 'Taxes and Accounting' started by dgmodel, Dec 23, 2002.
K1 and 1099 anyone here file in this fashion??? if so and or if not what are the pros and cons???
What?? K1's are reports to partners and 1099's are reports from brokers and banks. These reports also go to the IRS and contain income and loss items you need to include on your 1040. What are you asking?
i was given two ways of filing my taxes... option a. is K1... option b. is 1099...
Ah. You get to pick whether you will receive a 1099 or K1 from your trading firm?
Hmmm. I can't think of any differences offhand. Capital gains will flow through your Sch. D in either case.
but what are the benefits or pros and cons of either??? i have no idea about any of this??? (i focus more on making the money, not giving it away )
All I see is "cons" the federal tax law is NOT a law and unconstitutional, so you pay voluntarily.
I know about being hasseled, but that too ismcompletely avoidable.
Tax Free in '03
the constitution does not make laws. its what the supreme court decides that the constitution says that is important. the supreme court says that you must pay fed tax. anything else you may read is just a bunch of bs.
NOT TO ME HE ISN'T, I LIKE SANTA BETTER
No Social Security taxes need to be paid on K1 statement
No accounting "Nightmares"
I pay NO Soc Sec taxes and I need NO accountant
Saves me over $30,000 year. :eek:
Hey, I'm all for not paying taxes BUT...
The Truth About Frivolous Tax Arguments
See section IV. Constitutional Amendment Claims
PENALTIES FOR PURSUING FRIVOLOUS TAX ARGUMENTS
Those who act on frivolous positions risk a variety of civil and criminal penalties. Those who adopt these positions may face harsher consequences than those who merely promote them. As the Seventh Circuit Court of Appeals noted in United States v. Sloan, 939 F.2d 499, 499-500 (7th Cir. 1991), âLike moths to a flame, some people find themselves irresistibly drawn to the tax protestor movementâs illusory claim that there is no legal requirement to pay federal income tax. And, like moths, these people sometimes get burned.â
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