An offer

MO_CPA · 06-16-12, 12:03 AM

Hey everyone,

I have greatly enjoyed my time at the site the past year and I try to visit every day. Sometimes I am just looking behind the scenes and seeing what's going on. Anyhow, you guys are much more skilled bass fisherman than I am and I really appreciate the time you have taken to explain some stuff to me...at times in great detail.

I thought I would make a friendly offer to everyone here. Please let me premise this with the fact that I am not looking to add clients or to charge anyone on here...not interested in making a buck off of friends. With that being said, if there is anytime that I can help any of you with dreaded tax questions, IRS questions, or general business questions, please give me a shout. This is the area that I know and I want to offer my help as a friend.

kennethdaysale · 06-16-12, 06:30 AM

Thanks for the offer, I mean who doesn't need a good CPA right! Perhaps we could start an informal networking type of deal (we sorta already do). I happen to know a great deal about motorcycles/atvs/personal watercraft after selling/using them for 30+ yrs. There are members here that could be priceless sources of knowledge about all kind of things besides fishing. I don't know, I'm just thinking out loud. But if I had an aviation question I'd prob ask Tavery5, if I had a culinary query I wouldn't hesitate to pose it to Dogmatic......etc etc etc.

(oh and Wally well aware am I that you shouldn't start a sentence with and.....but hey.)

bassboogieman · 06-16-12, 07:19 AM

Refer all questions about TRAINS to Bryce.

bamabassman · 06-16-12, 08:01 AM

john....AWESUM of you to make such a wonderful offer man. i for one would like to HTANK YOU for doing this. come first of the year, i am willing ot wager that oyu will be FLOODED with questions, lol. but this is jsut great of oyu to do for real.

this just gives me ANOTHER reason to say how great this site is. friends like THIS is what it is all about gang.

RustyFender · 06-16-12, 08:33 AM

Quote:

Originally Posted by bassboogieman

Refer all questions about TRAINS to Bryce.

Why? Is he a conductor? A Lionel afficionado? A hobo?

For anyone with questions about the meaning of life or the chicken/egg conundrum....etc....PM me!

Abbeysdad · 06-16-12, 10:18 AM

Great offer Mo - Do you know if an estate tax return is required for small estates?

MO_CPA · 06-16-12, 04:55 PM

If they passed away in 2011/2012 & estate is smaller than $5 million, generally a 706 estate return would not need to be filed.

Bassin' Gal · 06-16-12, 07:16 PM

I am a legal secretary for an attorney who specializes in family law in KY. I sincerely hope no one here needs any advice from me!!!!! But in the case that you do, shoot it to me and if I don't have a handy answer, I will find it for you.

skeeter1804 · 06-16-12, 10:38 PM

That is very nice of you MO and bassngal. I will ad that I am an auto mechanic so if I can help anyone please let me know.

keithdog · 06-17-12, 09:55 AM

Wow, this is a very nice offer from you all. Maybe Kevin should start another forums section called "Ask The Experts".

MO_CPA · 06-17-12, 11:38 AM

Skeeter, you may get a ton of car questions. Bottom line is we are made up of people that know a about different areas in life. I am glad to be a part of this group and thank everyone for the help already provided.

pro reel · 06-17-12, 01:35 PM

MO CPA, here is a quetsion for you. Some of the tournamnets I fish are buddy formats but if you win, they only cut one person the check. I have not won one yet, but on the off chance that i might some day, how do you decide which person should get the check for tax purposes? Is the percentage of winnings that taxed a fixed amount or does it go by total income?

MO_CPA · 06-17-12, 02:04 PM

If its above a certain amount they will issue a 1099 to whoever gets the check. That person will have to show the full amount on their tax return. They could possibly show the amount paid to others as an expense on their schedule c of the 1040. Taxability will depend on taxable income. There is no set rate. In some cases there could be amount required to be withheld by the payer.

pro reel · 06-17-12, 03:00 PM

Quote:

Originally Posted by MO_CPA

If its above a certain amount they will issue a 1099 to whoever gets the check. That person will have to show the full amount on their tax return. They could possibly show the amount paid to others as an expense on their schedule c of the 1040. Taxability will depend on taxable income. There is no set rate. In some cases there could be amount required to be withheld by the payer.

So you are saying that for both of us to get the most money kept, the person who would be in the lowest tax bracket should be the one to get the check?

MO_CPA · 06-17-12, 03:17 PM

That would be correct.

Abbeysdad · 06-17-12, 04:37 PM

Quote:

Originally Posted by MO_CPA

If they passed away in 2011/2012 & estate is smaller than $5 million, generally a 706 estate return would not need to be filed.

Thank-you.

Tavery5 · 06-17-12, 06:54 PM

Quote:

Originally Posted by pro reel

So you are saying that for both of us to get the most money kept, the person who would be in the lowest tax bracket should be the one to get the check?

Set your Tournament fishing up as a business, have the check paid to the business. Pay your partner as an employee.

pro reel · 06-17-12, 06:58 PM

Quote:

Originally Posted by Tavery5

Set your Tournament fishing up as a business, have the check paid to the business. Pay your partner as an employee.

These tournamnets don't let you do that. Checked that out a few years ago just in case. The thing is now, how do you decide who has the best tax bracket to claim a big paycheck if you won?

I don't see why they won't just cut two checks, but they won't. I also wonder if there is a way the winner can just split the check and then fill out something on a tax form showing that it was a split?

MO_CPA · 06-17-12, 07:07 PM

Proreel, even without a business setup the recepient should be able to run the payment to the other individual through as a deduction on their schedule c. The other person should then pickup that payment on their return.

pro reel · 06-18-12, 12:56 AM

Quote:

Originally Posted by MO_CPA

Proreel, even without a business setup the recepient should be able to run the payment to the other individual through as a deduction on their schedule c. The other person should then pickup that payment on their return.

If someone won $50.000 playing blackjack at a casino, could they give half of the winnings to a friend that was there with them and if so would the IRS accept that it was split winnings and tax both of them equally? If so, then that makes it simple, but i didn't think you could do that. The tourney that I fish is set up that you can fish with a freind, but there is only one winner, and thats the one that gets the check. So, you can make an agreement to split the winnings, but the tax responsibilities are the question. I always thought it would be best to just agree to split the after tax winnings, but I just wonder how to maximize the after tax winnings if the winner is in a higher tax bracket that the person he agreed to split it with.

bassboogieman · 06-18-12, 08:41 AM

So, MO CPA - how do you write off your taxes the FREE advice you're dishing out on the internet? Normally you'd get PAID for the advice, and pay taxes on that income. I believe you're cheating our government out of money they are due, and sorely need. Your free advice is contributing ot the National Debt, borders on income tax evasion. Could giving free advice be considered "imputed income"? How about those individuals accepting free advice rather than paying for it? That saved money could have been income for another who would then pay tax. You're all cheating the government out of there share. The IRS isn't going to like this, it was not in Obama's plan, next thing you'll be setting up offshore accounts.

Abbeysdad · 06-18-12, 09:12 AM

Quote:

Originally Posted by bassboogieman

So, MO CPA - how do you write off your taxes the FREE advice you're dishing out on the internet? Normally you'd get PAID for the advice, and pay taxes on that income. I believe you're cheating our government out of money they are due, and sorely need. Your free advice is contributing ot the National Debt, borders on income tax evasion. Could giving free advice be considered "imputed income"? How about those individuals accepting free advice rather than paying for it? That saved money could have been income for another who would then pay tax. You're all cheating the government out of there share. The IRS isn't going to like this, it was not in Obama's plan, next thing you'll be setting up offshore accounts.

Remember this the next time you ask a friend to give you a hand with somethin' and remember to PAY HIM and advise him that he needs to declare it on his income tax.
Oh yea, and put that jug of 'kool-aid' down!
LOL

bassinbob · 06-18-12, 04:16 PM

That isn't kool-aid it's apple pie shine.

bassboogieman · 06-18-12, 04:42 PM

It is amazing the wisdom and insight that occurs after a jar of Apple Pie Shine......

So much better than Kool Aid.

Hoosier · 06-19-12, 06:29 AM

Mo I really appreciate the offer of tax advice. I really love it here as well. I find myself asking questions that others surely think are insane, and always answer with no judgement due to my lack of knowledge. With all that being said i have installed tvs since i was 18 professionally. I have put them in walls, on walls, on the sides of homes, boat docks and even at the bottom of pools. If anyone has any questions reguarding purchasing or installing or anything in the middle i would love to repay all the advice that i have been given from this sites members.

06-16-12, 12:03 AM	#1
MO_CPA BassFishin.Com Active Member Join Date: Jun 2011 Location: Ozark, Missouri Posts: 361	An offer Hey everyone, I have greatly enjoyed my time at the site the past year and I try to visit every day. Sometimes I am just looking behind the scenes and seeing what's going on. Anyhow, you guys are much more skilled bass fisherman than I am and I really appreciate the time you have taken to explain some stuff to me...at times in great detail. I thought I would make a friendly offer to everyone here. Please let me premise this with the fact that I am not looking to add clients or to charge anyone on here...not interested in making a buck off of friends. With that being said, if there is anytime that I can help any of you with dreaded tax questions, IRS questions, or general business questions, please give me a shout. This is the area that I know and I want to offer my help as a friend. __________________ Whatever you allow is what will continue.

06-16-12, 06:30 AM	#2
kennethdaysale BassFishin.Com Super Veteran Join Date: Aug 2011 Location: rock hill, sc Posts: 2,315	Thanks for the offer, I mean who doesn't need a good CPA right! Perhaps we could start an informal networking type of deal (we sorta already do). I happen to know a great deal about motorcycles/atvs/personal watercraft after selling/using them for 30+ yrs. There are members here that could be priceless sources of knowledge about all kind of things besides fishing. I don't know, I'm just thinking out loud. But if I had an aviation question I'd prob ask Tavery5, if I had a culinary query I wouldn't hesitate to pose it to Dogmatic......etc etc etc. (oh and Wally well aware am I that you shouldn't start a sentence with and.....but hey.) __________________ Sometimes you gotta risk it to get the biscuit.

06-16-12, 08:01 AM	#4
bamabassman BassFishin.Com Premier Elite Join Date: Jan 2008 Location: cedar bluff, alabama Posts: 15,292	john....AWESUM of you to make such a wonderful offer man. i for one would like to HTANK YOU for doing this. come first of the year, i am willing ot wager that oyu will be FLOODED with questions, lol. but this is jsut great of oyu to do for real. this just gives me ANOTHER reason to say how great this site is. friends like THIS is what it is all about gang. __________________ so many lures, so little time.

06-16-12, 10:18 AM	#6
Abbeysdad BassFishin.Com Super Veteran Join Date: Jul 2008 Location: Central NY - Finger Lakes Posts: 1,307	Great offer Mo - Do you know if an estate tax return is required for small estates? __________________ Fish now, work later

06-16-12, 04:55 PM	#7
MO_CPA BassFishin.Com Active Member Join Date: Jun 2011 Location: Ozark, Missouri Posts: 361	If they passed away in 2011/2012 & estate is smaller than $5 million, generally a 706 estate return would not need to be filed. __________________ Whatever you allow is what will continue.

06-16-12, 07:19 AM	#3
bassboogieman BassFishin.Com Super Veteran Join Date: Feb 2006 Location: Parkesburg, Pa. Posts: 3,762	Refer all questions about TRAINS to Bryce.

06-16-12, 07:16 PM	#8
Bassin' Gal BassFishin.Com Active Member Join Date: May 2012 Posts: 387	I am a legal secretary for an attorney who specializes in family law in KY. I sincerely hope no one here needs any advice from me!!!!! But in the case that you do, shoot it to me and if I don't have a handy answer, I will find it for you.

06-16-12, 10:38 PM	#9
skeeter1804 BassFishin.Com Active Member Join Date: Jun 2010 Location: Edgerton KS Posts: 321	That is very nice of you MO and bassngal. I will ad that I am an auto mechanic so if I can help anyone please let me know.

06-17-12, 09:55 AM	#10
keithdog BassFishin.Com Premier Elite Join Date: Jul 2006 Location: IN Posts: 8,308	Wow, this is a very nice offer from you all. Maybe Kevin should start another forums section called "Ask The Experts". __________________ Just one more cast, and then some!

06-17-12, 11:38 AM	#11
MO_CPA BassFishin.Com Active Member Join Date: Jun 2011 Location: Ozark, Missouri Posts: 361	Skeeter, you may get a ton of car questions. Bottom line is we are made up of people that know a about different areas in life. I am glad to be a part of this group and thank everyone for the help already provided. __________________ Whatever you allow is what will continue.

06-17-12, 01:35 PM	#12
pro reel BassFishin.Com Veteran Member Join Date: Oct 2010 Location: Wichita Kansas Posts: 761	MO CPA, here is a quetsion for you. Some of the tournamnets I fish are buddy formats but if you win, they only cut one person the check. I have not won one yet, but on the off chance that i might some day, how do you decide which person should get the check for tax purposes? Is the percentage of winnings that taxed a fixed amount or does it go by total income?

06-17-12, 02:04 PM	#13
MO_CPA BassFishin.Com Active Member Join Date: Jun 2011 Location: Ozark, Missouri Posts: 361	If its above a certain amount they will issue a 1099 to whoever gets the check. That person will have to show the full amount on their tax return. They could possibly show the amount paid to others as an expense on their schedule c of the 1040. Taxability will depend on taxable income. There is no set rate. In some cases there could be amount required to be withheld by the payer. __________________ Whatever you allow is what will continue.

06-17-12, 03:17 PM	#15
MO_CPA BassFishin.Com Active Member Join Date: Jun 2011 Location: Ozark, Missouri Posts: 361	That would be correct. __________________ Whatever you allow is what will continue.

06-17-12, 07:07 PM	#19
MO_CPA BassFishin.Com Active Member Join Date: Jun 2011 Location: Ozark, Missouri Posts: 361	Proreel, even without a business setup the recepient should be able to run the payment to the other individual through as a deduction on their schedule c. The other person should then pickup that payment on their return. __________________ Whatever you allow is what will continue.

06-18-12, 08:41 AM	#21
bassboogieman BassFishin.Com Super Veteran Join Date: Feb 2006 Location: Parkesburg, Pa. Posts: 3,762	So, MO CPA - how do you write off your taxes the FREE advice you're dishing out on the internet? Normally you'd get PAID for the advice, and pay taxes on that income. I believe you're cheating our government out of money they are due, and sorely need. Your free advice is contributing ot the National Debt, borders on income tax evasion. Could giving free advice be considered "imputed income"? How about those individuals accepting free advice rather than paying for it? That saved money could have been income for another who would then pay tax. You're all cheating the government out of there share. The IRS isn't going to like this, it was not in Obama's plan, next thing you'll be setting up offshore accounts.

06-18-12, 04:16 PM	#23
bassinbob BassFishin.Com Super Veteran Join Date: Nov 2004 Location: Pitts. Pa. Posts: 3,801	That isn't kool-aid it's apple pie shine. __________________ you can have my fishin rod when ya take it from my cold dead hands

06-18-12, 04:42 PM	#24
bassboogieman BassFishin.Com Super Veteran Join Date: Feb 2006 Location: Parkesburg, Pa. Posts: 3,762	It is amazing the wisdom and insight that occurs after a jar of Apple Pie Shine...... So much better than Kool Aid.

06-19-12, 06:29 AM	#25
Hoosier BassFishin.Com Active Member Join Date: May 2012 Location: Vincennes, Indiana Posts: 128	Mo I really appreciate the offer of tax advice. I really love it here as well. I find myself asking questions that others surely think are insane, and always answer with no judgement due to my lack of knowledge. With all that being said i have installed tvs since i was 18 professionally. I have put them in walls, on walls, on the sides of homes, boat docks and even at the bottom of pools. If anyone has any questions reguarding purchasing or installing or anything in the middle i would love to repay all the advice that i have been given from this sites members.

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