Pot-Luck-Humor - Darrell @ Gift.

 

On Sat, Oct 30, 2010  Hillbilly aka Darrell wrote:

 

Got the check today, memo said it was a gift from you, LOL.

 

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Damn Darrell, i just checked the date / time stamp on your email ... nothing like being two weeks behind ... eh?! - lol - and as a rule, i've been sending out the Tip Jar checks, but now our admin has a hand in this as well.

 

When i sent out all those checks last Dec ... i just put "PROmisfits Rebate" in the memo section ... but when i was doing our tax return for 2009, i realized that could eventually create a tax burden back on you guys if you earned more than $600 in a calendar year. So with the checks i've been sending out this year ... i switched the memo section (and our books) to read "Return Of Equity" which is technically "tax free" income back to the members.

 

However, Steve Pix, one of our new admin staff here at the MisfitsCafe HQ is also a paralegal with a law firm over in Daytona. He said, that even tho what we are doing is legal & OK ... if & when we are ever audited ... the "Return Of Equity" claim could possibly be construed as "Taxable Investment Income" ... and even tho we are right ... he said it could cost us a small fortune in legal fees proving that in a court of law.

 

So he logged into our bank and changed the memo section on your check to read as a "Gift from StumpySteve" which is totally "tax free" (as per IRS Publication 950) .... at least until we are sending you more than $13,000 per year ... and even then ... it will still be tax free to you .... but we would be rquired to file special forms with the IRS ...

 

Therefore, we are treating ALL outgoing income to members as simply "Gifts from the Members" ... and when the PROmisfits Gifts exceed $13,000 per year ... we will simply switch the Gift from "name" to someone other than myself. In other words, ten of us could send you upto $13,000 each ($130,000 total from us to you) in any given calendar year ... and NONE of us would have to do any filing.

 

I've attached the IRS Pub 950 for your reference. The bottom line as you can see there ... it is really refreshing to know ... that we can legally conduct this type of activity without any tax obligations on any of us as individuals ... and the MisfitsCafe LLC only if we have a profit from our business activities ...

 

.... which will be impossible ... since we are structured to give back ALL of our excess donations from the members, back to the member's Tip Jars every month ... therefore, creating a 100% Tax Free (with NO filing) for all who are involved. Hope this helped. - steve :-)

 

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(='.'=)  Dear Dorothy, Hate Oz. Took the shoes.
(")_(")  Find your own way home!!! xoxo Toto
http://StumpySteve.com/forums
http://MisfitsCafe.com
ohmy@misfitscafe.biz
StumpySteve, MD

 

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(='.'=)  Dear Dorothy, Hate Oz. Took the shoes.
(")_(")  Find your own way home!!! xoxo Toto
http://StumpySteve.com/forums
http://MisfitsCafe.com
ohmy@misfitscafe.biz
StumpySteve, MD

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