Question for Tuning-List CD Contributors

You CD contributors will almost certainly want to respond to this
directly to me. But others of you are welcome to respond over the list if
you'd like.

I have question for tuning-list CD contributors: Are you reporting CD
sales as income on your 1998 tax return? I'd be happy to report it, but
I'm afraid I'll get into trouble with it, something like this:

IRS: Oh, you have sole-proprietorship income?
Me: Yes, about a tenth of a percent of my entire income.
IRS: I see, then you need to file Schedule C to itemize that.
Me: OK.
IRS: Oh, by the way just where the hell is your form MRQ 1347-1283.47E
registering your sole-proprietorship?
Me: Uh...
My new accountant: OK, send this to the IRS.
Me: OK, here's your $300 consulting fee.
IRS: Alright then, where in God's name are your form XFT 1234373 forms
for tax years 1993-1997?
My accountant: Send this to the IRS.
Me: OK, here's your $450 consulting fee.
IRS: You realize that these 1993-1997 forms are late, don't you? You owe
us
$1223.56 in back taxes and penalties.

The risks here are almost enough for me to simply return the money I've
received to the people who bought CDs from me!

To: tuning@onelist.com
From: John deLaubenfels
Subject: Re: Question for Tuning-List CD Contributors
Date: 04-08-99

[Gary Morrison wrote:]
> I have question for tuning-list CD contributors: Are you reporting CD
> sales as income on your 1998 tax return? I'd be happy to report it,
> but I'm afraid I'll get into trouble with it...

Several subscribers wrote to say that Schedule C is not hard to fill
out. This is true. But you ALSO need to fill out Schedule SE, a
means by which Uncle Sam rips off an additional 15% of your gross income
ON TOP of your actual income tax!

Schedule SE is also easy to fill out. Opening your wallet to feed the
beast is not so easy, nor necessarily morally justifiable.