Cautionary Tax Tale For Consultants With Long Term Gigs
It does make me reflect on how he might have done better. Overall, I think he should have boosted the substance of his overall business. In principle, it should not matter, but I suspect he would have done better as an S corporation. Saving some money on the SE tax, might have offset any additional cost. The 1120S would have been small potatoes and his individual return would have been more mundane.
Filing three Schedule Cs was probably a bad idea, as I noted. And he should have made a stronger case that his home near Atlanta was actually the hub of his business. Since his agreement with AFR was terminable on short notice, it is hard to see what purpose it served him, but it might have been meant to address concerns about him being treated as an employee.
National Accounting Firm Launches Cannabis Practice
He also indicated that there is a bit of a feel of the dot.com boom about the excitement that is being generated. The difference he sees is that the companies have real products and revenue models. I remember that before they called it the dot.com boom, it was called the New Economy, where things like profits and cash flow no longer mattered. Apparently, that is not what is going on in the cannabis boom. Just watch out that they don’t start growing tulips.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.