Pls. Help about INCOME TAX

[Jamie76 0]

What is his income?

He has assets...what do these include? Savings? Stocks/bonds? His home?

I believe assets are equal to 1/3 of income. So, for every $1000 he is below the poverty level, he will need to show $3000 worth of assets.

Edited November 25, 2007 by Jamie76

[mistybaby 0]

What is his income?

He has assets...what do these include? Savings? Stocks/bonds? His home?

I believe assets are equal to 1/3 of income. So, for every $1000 he is below the poverty level, he will need to show $3000 worth of assets.

he doesnt have asset, he rented a home like $2500, his self employed his making a lot of money from his business in construction thats why he fixed his income to be low like 15,000 annually so he will not pay higher tax. like for example he has a 40,000 above in his bank is ths can be a help with his short fall income? and also his fr HI.

[Jamie76 0]

OK, let me see if I am understanding this...He is making a good income (self employed) but he only claims to be making $15,000 a year?

[mistybaby 0]

OK, let me see if I am understanding this...He is making a good income (self employed) but he only claims to be making $15,000 a year?

his ITR 2006 13,292.00 his self employed making good income he fixed his income to be low so that he will not over taxed he said IRS only numbers in his IRS so he wont over taxed he live modestly. i read this thread to cover up any shortfall. 125% 19,687 his ITR 13,292 difference is 6,000 x 5= 30,000 for my understanding 30,000 enough in his bank as asset cash to cover up his short fall. thing is he only claim it very low if he truthfully claim his income it could be exceed of 125% my concerned is the req. of the CO.

[athena_ny 1]

OK, let me see if I am understanding this...He is making a good income (self employed) but he only claims to be making $15,000 a year?

his ITR 2006 13,292.00 his self employed making good income he fixed his income to be low so that he will not over taxed he said IRS only numbers in his IRS so he wont over taxed he live modestly. i read this thread to cover up any shortfall. 125% 19,687 his ITR 13,292 difference is 6,000 x 5= 30,000 for my understanding 30,000 enough in his bank as asset cash to cover up his short fall. thing is he only claim it very low if he truthfully claim his income it could be exceed of 125% my concerned is the req. of the CO.

It looks like if he has 30,000 in the bank he would be okay...but what he is doing is tax evasion and is a federal crime. If he ever gets audited (and the self employed often do...) your future husband may find himself in a ton of trouble, if he lying to avoid having to pay thousands of dollars in taxes.

[RosemarieL 0]

OK, let me see if I am understanding this...He is making a good income (self employed) but he only claims to be making $15,000 a year?

his ITR 2006 13,292.00 his self employed making good income he fixed his income to be low so that he will not over taxed he said IRS only numbers in his IRS so he wont over taxed he live modestly. i read this thread to cover up any shortfall. 125% 19,687 his ITR 13,292 difference is 6,000 x 5= 30,000 for my understanding 30,000 enough in his bank as asset cash to cover up his short fall. thing is he only claim it very low if he truthfully claim his income it could be exceed of 125% my concerned is the req. of the CO.

It looks like if he has 30,000 in the bank he would be okay...but what he is doing is tax evasion and is a federal crime. If he ever gets audited (and the self employed often do...) your future husband may find himself in a ton of trouble, if he lying to avoid having to pay thousands of dollars in taxes.

Not necessarily. A lot of IT contractors form limited companies and then pay themselves a salary. It's not illegal although some changes were recently made to the UK tax laws to make it less lucrative than it used to be. I am assuming that the US laws are similar for companies.

[athena_ny 1]

OK, let me see if I am understanding this...He is making a good income (self employed) but he only claims to be making $15,000 a year?

his ITR 2006 13,292.00 his self employed making good income he fixed his income to be low so that he will not over taxed he said IRS only numbers in his IRS so he wont over taxed he live modestly. i read this thread to cover up any shortfall. 125% 19,687 his ITR 13,292 difference is 6,000 x 5= 30,000 for my understanding 30,000 enough in his bank as asset cash to cover up his short fall. thing is he only claim it very low if he truthfully claim his income it could be exceed of 125% my concerned is the req. of the CO.

It looks like if he has 30,000 in the bank he would be okay...but what he is doing is tax evasion and is a federal crime. If he ever gets audited (and the self employed often do...) your future husband may find himself in a ton of trouble, if he lying to avoid having to pay thousands of dollars in taxes.

Not necessarily. A lot of IT contractors form limited companies and then pay themselves a salary. It's not illegal although some changes were recently made to the UK tax laws to make it less lucrative than it used to be. I am assuming that the US laws are similar for companies.

Okay, paying yourself isn't illegal. But paying yourself say, 40K and saying you only pay yourself 15K so you don't have to pay taxes on the other 25K? I can't fathom any way that is NOT tax evasion.

[mistybaby 0]

OK, let me see if I am understanding this...He is making a good income (self employed) but he only claims to be making $15,000 a year?

his ITR 2006 13,292.00 his self employed making good income he fixed his income to be low so that he will not over taxed he said IRS only numbers in his IRS so he wont over taxed he live modestly. i read this thread to cover up any shortfall. 125% 19,687 his ITR 13,292 difference is 6,000 x 5= 30,000 for my understanding 30,000 enough in his bank as asset cash to cover up his short fall. thing is he only claim it very low if he truthfully claim his income it could be exceed of 125% my concerned is the req. of the CO.

It looks like if he has 30,000 in the bank he would be okay...but what he is doing is tax evasion and is a federal crime. If he ever gets audited (and the self employed often do...) your future husband may find himself in a ton of trouble, if he lying to avoid having to pay thousands of dollars in taxes.

Not necessarily. A lot of IT contractors form limited companies and then pay themselves a salary. It's not illegal although some changes were recently made to the UK tax laws to make it less lucrative than it used to be. I am assuming that the US laws are similar for companies.

Okay, paying yourself isn't illegal. But paying yourself say, 40K and saying you only pay yourself 15K so you don't have to pay taxes on the other 25K? I can't fathom any way that is NOT tax evasion.

ur right its not tax evasion actually! mostly businessman they didnt truthfully claim their tax as high, thats ur money and u have right how much you will declare and they cant do nothing about it...