A community of 30,000 US Transcriptionist serving Medical Transcription Industry

How much does a business have to make before it does not have to pay taxes

Posted: Apr 5, 2011

We've been asking the wrong question.

My family has a business. We hire people, so according to the current standards, we should not have to pay taxes. We are creating jobs.

However, we have not yet reached that magic number. It's higher than most of you think. You have to make more than a million a year, much more than that probably, before you get to stop paying taxes.

Before you get to that point, you get to save money in other ways. I paid cash for my house. I pay cash for cars. I save money because I don't pay on installments. I don't pay interest on anything. If I see a good bargain, I buy it in bulk, because I can.

Maybe I'll feel differently once we get to that point where I don't have to pay taxes, but I don't think so. I want to pay my fair share. I want to pay for roads and bridges, infrastructure. I also want to invest in those sectors so I can make money.

But the better question in all of this is, how much money does our company have to make before I make "enough" to stop paying taxes. I'm not there yet. As a matter of fact, I'm realistic to know that I'm never going to make the number of millions/year that turns off the tax spigot for me. I know that. I also know that if I were making that much, I would be glad to pay my fair share, IN ADDITION TO providing jobs. My accountants at that point would pressure me to take tax breaks and/or subsidies though. My highly-paid consultants, who are paid to make money for my company and have to justify those huge salaries, also will want me to avoid paying taxes. If nothing else, so I can have more to pay out to them in enormous bonuses every year from our profit. Will I be able to stay firm in my belief that we all should pay our fair share so that the fair share will be lower for all? That's a lot of pressure from all those people who are working for me. Maybe I could just toss $100,000-$200,000 at a few charities occasionnally at a big PR benefit and call it even. Something to think about while I wait to reach that magic number.

;

Well, if you are really who you say you are - and really have and do

[ In Reply To ..]
what you say here...which I am sorry, I highly doubt...when you get to that point where you "don't have to pay taxes" anymore, you can still check that box on your form (and you don't need a highly paid accountant to find that box if you can read) that you want to pay more, and write a check to the Treasury. No one is stopping you. No one is stopping you from paying more NOW in anticipation of reaching that "magic number."

If you really believe in everyone's fair share, then a flat tax where you pay 10% of your thousands and I pay 10% of my hundreds IS fair. What is NOT fair would be asking you to pay 25% because you make more. If you pay a flat 10% without all the loopholes and deductions (as does every other person in the country) my guess is we will have all in the treasury we need, and your highly paid accountants who are putting so much pressure on little old you will have to get a new job.

You could fire them and relieve the pressure and not take all those deductions if you want to. Nobody is twisting your arm. However, you are not the only one taking all the deductions and loopholes available to them.

If I had them available to me, I would be taking them too.

If you are really serious, you should be spending some of your money (maybe not buy a new car this year) to lobby Congress to change all those deductions and loopholes since they created them in the first place. That is if you really care about having them closed and this is not a sideways shot to promote socialism in America.

Ahem.

They will never find all the loopholes and hiding place for income - Not going to happen, is it?

[ In Reply To ..]
There will always be ways for the mega-rich to hide their money.

How can they if the loopholes are closed? - Do you have your fingers

[ In Reply To ..]
singing la-la-la I don't HEAR you or what?? If they change tax law to a flat tax, there are no loopholes or hiding place for income legally, and it doesn't take a rocket scientist or thousands or IRS agents to figure out whether or not everyone has paid their 10%.

And if you think only the rich hide money, boy are you mistaken. I have witnessed multiple times where goods or services are paid for in cash under the table so the provider does not have to pay income tax on it, and that is just as bad. This demonizing the rich thing is just silly, and nothing more than the back door to socialism, which of course you know, which is why you keep posting this crud, hoping someone will just take your word for it.

You're going to send the IRS agents overseas to small countries to find the $? - You dont have that many IRS agents

[ In Reply To ..]
There are countries and banks that have never seen an IRS agent. If the income comes from a nontraditional source that isn't that easy to track, nobody will ever know. Then there's the Swiss bank account. Those have traditionally been used. That's not going to change either.

It might if out tax rates were not the second - highest in the world...

[ In Reply To ..]
why do you think all those MTs went to Saudi a few years back? No tax on their money. Oil field workers, etc. It is not just corporations who go overseas to avoid high tax burdens...that tax-free money is sweeettt. Perhaps people would not go to those lengths to avoid the taxes if the taxes were not so freakin' high.

Thanks Democrats. Appreciate it.

You address EVERYTHING but the core problem.

Why do you think the taxes are so high? Corporations don't pay taxes but - they sure use the infrastructure

[ In Reply To ..]
Have you ever seen a corporation that didn't use roads, bridges, or other infrastructure? They use them more than the average citizen, but they don't pay taxes to maintain, repair, and/or replace them. So the taxes continue to go up.

The point is...AGAIN...only Congress can close - the loopholes that allow

[ In Reply To ..]
them to not pay any taxes stateside. Only Congress can close the loopholes they created. And since both parties cater to corporations, including Democrats, it probably won't change.

And I suspect you know that, as obviously the Democrats do. When it comes election time, it is time for the Democrats to demonize corporations to get elected (they think that will still work) and when they get in, they protect the tax loopholes, never try to change any of what they gripe about to get elected, and the vicious circle continues.

And folks like you continue to buy it and help them spread the lie, because they don't actually think corporations are evillll. Well, only during re-election campaigns.

So either you are not real serious about change, or you are just trying to stir people up prior to campaign.

The man running for re-election put the CEO of a company who sent about half of his work force offshore to be an economic advisor.

Now that doesn't sound like someone who thinks corporations are demonic to me.

The blame corporations for everything but not holding Congress or Obama accountable for creating the environment that allows them to take loopholes is ridiculous. Democrats demonize corporations for loopholes, yet preserve those very loopholes when they have the majority. As do Republicans, until Paul Ryan.

Yay Republicans. Straight Republican ticket for me. And if you are serious about tax loopholes being closed, you should vote Republican too. They are the only ones talking about closing them right now. Put your vote where your mouth is.

Congress hasn't and they won't - Not talking party politics

[ In Reply To ..]
Maybe they can't.

Then why do we continue to beat this dead - horse? Because if they

[ In Reply To ..]
(Congress) can't, nobody can. And if the rest of us take advantages of any loophole, credits, deductions, etc. put in place by Congress, we cannot expect them not to.

Good point. I guess we leave it as it is then. - Just Kidding!

[ In Reply To ..]
There's always hope. We're going to have to get past all of the party politics though, and I'm not very hopeful about that. Until we do, nothing will get done. There is good and bad on both sides, yet when people see one side as perfection and the other as demonic, we get nowhere.

I agree. I have said both major parties are - to blame for this. However..

[ In Reply To ..]
only one of them says they are against it, but their actions show the opposite. I certainly don't see either side as perfection, but in Paul Ryan (new Republican) I see a glimmer of hope. Being an Independent, I am always looking for that glimmer, and in Ryan, I see one. Now if the Republicans who are Democrat-lite were smart they would embrace his ideas. We are at a point now we have to make some hard decisions to turn this economy around and slow down that debt clock. Before it becomes irreversible.

I would say that corporations put more wear and tear on the roads/bridges than the rest of us - nm

[ In Reply To ..]
nm

Yep, the products have to be delivered. Trucking - companies, etc.

[ In Reply To ..]
UPS, FedEx, ABF....what a good idea. Take all the trucks off the road and good luck feeding yourself.

And think what the Teamsters union would be if there were no trucking corporations, no UPS....whoops. There wouldn't be a Teamsters union.

Are the Dems gonna let that happen? Not in this lifetime. Republicans are certainly not the only party who cater to corporations, and no matter how much unions complain about them...without them, they don't exist. They say the words to stir people up, but their actions say something totally different.

Just wish people could pull their party heads out of the party sand and realize what is really going on. Sigh.

Lets keep the trucks on the roads and let the corporations help pay for the roads - Everyone paying their fair share

[ In Reply To ..]
It wouldn't mean anything to the big corporations. It would mean a great deal to those of us who are paying all of the taxes right now. We need a little help.

Again......TALK TO CONGRESS. And if you - are really serious about this

[ In Reply To ..]
you should be singing Ryan's praises because he is the ONLY politician I have seen who says all those loopholes should be closed up.

Similar Messages:

Feb 16, 2010
So to those who do own dogs, do you walk them, tie them to a tree/lead or just let them wander around the yard (hopefully a fenced yard) on their own? While I was growing up, we raised 3 dogs and all lived to be from 14-17 yo. They were always walked several times a day no matter what the weather was. Never did we have them outside in a yard, nor did we have them tied to a tree or anything else. To my parents, tying them up and allowing them be alone outside was just unthinkable. In two weeks, ...

Feb 09, 2017
This circus never ends. ...

Aug 26, 2017
How Trump is Draining the Swamp Chaos or strategy? This Might Explain a Lot of Things Going on at The White House "Apparently, liberals and never-Trumpers are so isolated in their political circles that they have no concept how things work in the real world of business and corporate America. For example, they completely fail to grasp the concept of the "hatchet man." Allow me to explain: Say you are a business tycoon. You just successfully completed a large-scale acquisition an ...

Mar 30, 2011
I read the post below about the lady whose family cook book is getting published, and also once in a while see someone posting their stuff on Esty. That's amazing. I was wondering if anyone has taken a hobby and turned it into a lucrative side job? I am barely making ends meet! As soon as I get my check it's gone. Thank goodness for Angelfood ministries! I can do bead work, crochet, knit and sew. I can draw and know how to can fruits, but there just isn& ...

Oct 24, 2012
I saw some comments on the board recently about the strangulation of business through regulation. It's a subject I've always been fascinated by because of its vast complexity, politicization and above all a complete lack of named regulations. It's so rare that any politician right or left ever names an individual regulation they don't like. They are always referred to in bulk: "Those darn regulations are killing American jobs." Certainly some are point ...

Nov 16, 2012
It's hard for me to even imagine! ...

Feb 09, 2017
from the Trump organization. Briefly, Trump & Co. did not want to pay for the clean-up, saying they had no connection to the previous owner that left the mess. The previous owner was Donald Trump, Jr. Trump & Co. wanted the taxpayer to foot the bill. It appears that even the red state of South Carolina would not buy this. ...

May 02, 2014
I have had major problems with my ISP for the past two years At first they were okay because the lady who helped customers was great, but she is gone now and they will not answer my billing questions. I have called and emailed numerous times. Already complained to the BBB who will not really do anything. Is there something else I can do? ...

Dec 22, 2016
Trump will be committing impeachable offenses from the moment he is sworn in. ...

Mar 27, 2017
According to the article "President Donald Trump will name his son-in-law, White House senior adviser Jared Kushner, to lead a new office responsible for streamlining and overhauling the federal government." The article also says "We should have excellence in government," Kushner told The Post in an interview Sunday. "The government should be run like a great American company. Our hope is that we can achieve successes and efficiencies for our customers, who are the citizens." I beli ...

Mar 29, 2017
It is truly unbelievable that this conman is our president. He is using the office of the president to profit his business and it is shameful. ...

Jan 28, 2013
Congress is poised to clear the final $50 billion chunk of emergency aid for Superstorm Sandy relief Monday — and in one vote, it will have used up all the new tax money President Obama won by raising rates on the wealthy in the “fiscal cliff” deal. The tax deal that Congress and Mr. Obama reached in early January cut taxes overall but let them rise on individuals making more than $250,000 a year and families with income of more than $300,000. Those increases brought the government som ...

Oct 28, 2009
I have gotten the newspaper for years now although as everyone knows with the internet and other means, newspapers going downhill fast. I have called and called my carrier, same complaint, asking to speak to supervisors trying to get the situation straightened out. I know for a fact if a subscriber has a special request, this newspaper goes along with that, or is supposed to. I have received the papers folded over so much (4 folds completely) that by the time I would get them cannot sit in a cha ...

Oct 06, 2012
That is one of the stupidist things I everheard. Another stupid thing he said was: If you inflate your tires, you'll be able to save on gas mileage. I mean, he thinks his base is really stupid and they believe anything he tells them. If I said that to someone in normal conversation, they would laugh at me. ...

Feb 20, 2017
For some of the businesses and government agencies that surround President Trump’s “Winter White House,” the effects of his frequent weekend getaways to Mar-a-Lago can best be told in numbers. $200,000 in lost fuel sales at a large local airport in a single four-day visit this month. 75 no-shows at a new restaurant in just one night. $60,000 a day to pay overtime to sheriff’s deputies who guard the many closed roads, a tab that is about $1.5 million over all ...

Nov 05, 2016
Here is a good article on how Trump has treated his golf club associates, neighbors, members, employees, etc. http://www.huffingtonpost.com/entry/what-trumps-golf-course-management-tells-us-about-how-hed-be-president_us_581dfe7fe4b0e80b02ca5eda ...

Oct 13, 2015
contenders at Tuesday's Democratic presidential debate will say they're the toughest on big business. What they won't say is their own policies favor big business, big time. Bernie Sanders, the self-described socialist who's been attracting big crowds and gaining ground on Hillary Clinton in polls, gave a glimpse of this over the weekend, telling "Meet the Press" how he plans to compare "my consistency and my willingness to stand up to Wall Street corporations, big corpora ...

Nov 17, 2015
Pray for those losing their jobs in the oil industry. ...

Jun 01, 2017
President Donald Trump’s company, the Trump Organization, is marking golf properties and related products in the U.S with a coat of arms that belongs to a different family, after being barred by British authorities from doing so in the United Kingdom, according to a New York Times report on Sunday. The Trump emblem is a nearly exact copy of the crest Britain granted to American diplomat Joseph Edward Davies in 1939. There’s just one tweak: where the original featured&n ...

Jan 11, 2010
He said he has to get a tax preparer to do his taxes for him because they are so complicated!! DUH!!!! If the IRS tax commissioner cannot do his taxes, get a clue GOVERNMENT!! Either do away with all the garbage or just do flat taxes and be done with it..... ...

Jan 16, 2010
Okay..so President Obama wants to start having taxes for the banks because he feels that these banks should pay back us taxpayers because we bailed them out. Now...how smart is that considering that the banks are going to pass those taxes onto us and so basically taxpayers will be paying the taxes of the banks so the banks can pay the taxpayers back. Now does that make a whole heck of a lot of sense!!!!? Sheesh. The only reason we bailed certain banks out anyway is becaus ...

Mar 27, 2010
under the Obama presidency, so says Forbes. Yes, that is what I said ye members of the Tea Party and pubs et al. ...

Mar 31, 2010
An interesting article. http://www.rightsidenews.com/201003299297/editorial/america-prepare-for-an-avalanche-of-taxes.html ...

May 08, 2012
Of course it should start at one percent at a starting point and go up from there. Because I was curious I was looking up what taxes would be on a single person making 20K a year or so. ...

Sep 17, 2012
Do you think he will release his tax returns now and prove it? ...

Nov 09, 2012
http://www.breitbart.com/Big-Government/2012/06/29/Seven-new-taxes Mr. Obama’s promise not to raise taxes on anyone earning less than $250,000 is just another falsehood associated with this legislation. ...

Jan 21, 2013
Dems in the Senate are looking for MORE REVENUE. They promise a budget this year BUT want to raise taxes more than what's been raised so far. WASHINGTON, D.C. — Senate Democrats intend to approve a budget for the first time in almost four years, a prominent lawmaker said Sunday, but he said it will call for higher tax revenues that Republicans are sure to oppose. Sen. Chuck Schumer, D-N.Y., also said an announcement by House Republicans that they plan to approve a short ...

Jan 20, 2011
More Small Businesses Offering Health Care To Employees Thanks To Obamacare Jan. 6 2011 - 2:18 pm By RICK UNGAR The first statistics are coming in and, to the surprise of a great many, Obamacare might just be working to bring health care to working Americans precisely as promised. The major health insurance companies around the country are reporting a significant increase in small businesses offering health care benefits to their employees. Why? Because the tax cut created in the new heal ...

Jan 27, 2010
Has anyone had success with advertising a small business using a fan page (or whatever they call it) on FB? I have yet to set up an account. I do not want a personal account as I have been told that FB tries to link your personal and business info together. In addition to being a PT MT, I am also a travel consultant working out of my home. It's an established family business with a long-time website. I would like to use that website name as ...

Mar 19, 2010
Health Overhaul's Assault On Business Posted 07:07 PM ET Taxes: If ObamaCare becomes permanent, no one will suffer more than U.S. businesses. They'll face higher taxes, more regulations and a higher cost of capital. But don't take our word for it. Go ask Caterpillar. The heavy-equipment giant reckons its insurance costs will go up 20%, or $100 million, the first year after the health care system is overhauled, and may go even higher. Multiply that by literally tens of thousands ...