the tax man is coming...

Discussion in 'Taxes and Accounting' started by dgmodel, Dec 23, 2002.

  1. dgmodel

    dgmodel Guest

    K1 and 1099 anyone here file in this fashion??? if so and or if not what are the pros and cons???
  2. Foz


    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?
  3. dgmodel

    dgmodel Guest

    i was given two ways of filing my taxes... option a. is K1... option b. is 1099...
  4. Foz


    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.
  5. dgmodel

    dgmodel Guest

    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 :D )
  6. GD2KNO


    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

    Happy Hoilidays
  7. 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.
  8. GD2KNO


  9. No Social Security taxes need to be paid on K1 statement :D

    No accounting "Nightmares" :mad:

    I pay NO Soc Sec taxes and I need NO accountant :)

    Saves me over $30,000 year. :eek:
  10. Hey, I'm all for not paying taxes BUT...

    The Truth About Frivolous Tax Arguments
    See section IV. Constitutional Amendment Claims


    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), “Like moths to a flame, some people find themselves irresistibly drawn to the tax protestor movement’s illusory claim that there is no legal requirement to pay federal income tax. And, like moths, these people sometimes get burned.”
    #10     Dec 27, 2002