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Old 11-21-2008, 06:29 PM   #16
bilderburger w/cheese
Avalon Senior Member
 
Join Date: Sep 2008
Location: NJ, USA
Posts: 128
Default Re: Should we even file our taxes?

amp, when you say "i havent paid in 5 years", are you saying that your job does not take out income tax/state tax/DUI etc. from your paycheck? because most do... and if you havent filled out your tax forms, you are actually not collecting monies that you overpaid to them. you could be due several thousand if you refile.
the only way you have to pay them is if you underpaid (your job does not take out those taxes from your paycheck) or cashed out monies from mutual funds, stocks, CDs, etc. and that capital gains/realized interest total is more than what you paid in.

elka: this question wasnt addressed to me (taxmaster-- please review/revise this post as i yield authority to your expertise) but i can answer. corporations pay almost no tax at all. the books arent cooked, but all of the numbers are worked out in a way so that all employees are paid, inventory adjusted, and debts cleared so that the corporation breaks even or makes just a little bit of money, so no taxes are due.
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