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Detailed text transcripts for TV channel - FOXNEWS - 20111002:15:23:00

So self-employed is better than unemployed for tax purposes. set up a little business. is that schedule c income? and if you do set it up on a schedule c, do you have to have some income coming in or will the internal revenue let you write off spin was no money coming in? well, the first point to make is that you do need some income in order to be considered self-employed. the second point i would make is that after you deduct all your expenses, unless you show a profit in three years out of five, the irs will usually challenge your expenses and claim that you have got a hobby, not a consulting business. okay. let me ask you one other question before i let you go. first of all, does it matter if you are looking for a job in your current field if you are unemployed versus if you are trying to obtain new skills for maybe a new career? a terrific question. if you are not a consultant, you have not become self-employe and you are only a former ....

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Detailed text transcripts for TV channel - FOXNEWS - 20101108:17:45:00

You know, there s a lot of family businesses, a husband and wife, running a luncheonette in new york city that maybe have a million, $1 million invested, if they re earning 15 percent on that investment, plus working 12 hours a day, both of them, five days a week, two, 60-hour weeks, you can easily see them having an income of $350,000 a year. making them wealthy? it s absurd. but to give you an idea how far it reaches, you know those schedule c s that self-employed people file? raising the taxes for people over 250 would tax 50 percent of the profits that are reported on schedule c s, and otherwise earned by small businesses. that threshold is absurd and it s one of the reasons that president obama, just took such a shellac. jon: a question from jon in bethlehem, pennsylvania, he says i hear all about creating new jobs but it seems to me that the job they re talking about are either construction, shovel ready or at best, labor related. where are the jobs for ....

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Detailed text transcripts for TV channel - FOXNEWS - 20100903:16:27:00

Is done by this congress is that taxes are going to increase, so we re going to have increased taxes, a huge deficit looming, we ve got washington basically issuing regulations on steroids, no wonder the private sector doesn t have any confidence. jenna: all right, final question and look what the president wants to do on that. he wants to raise the top bracket. that would tax fully 50% of the schedule c or proprietary business, small business income taxes. that s absolutely absurd to take half of the small businesses in the country and with state taxes push them into a modular rate of above can we talk about what the president wants to do? he wants to do that. he wants to do that. what the president wants to do, what the president wants to do jenna: peter, hold on a second and let jeffrey get in there with an answer, and then i have a final question for all of you. jeffrey, go ahead. president obama s proposal is precisely what he said would do which is to allow the bush ....

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Detailed text transcripts for TV channel - CNN - 20100804:10:44:00

Right? so we get the middle class tax cuts extended, let s get some customers in the stores. but then on the other end you provide a tax cut to businesses, small and large, to hire workers and really focus on what is our major problem. that s unemployment. the tax policy center, be peter, you use the figure affecting potentially 50%. the tax policy center has only 2% of small businesses would be affected by this. you disagree with that. why do you think it is a much bigger number or percentage that would be affected by this? you have to understand how we count small businesses in this country. a college professor who gives two speeches gets $10,000, files a schedule c and gets counted as a small business. 50% of the income is on 2% of the returns with schedule c. that s where half of the profits are. because those are the real small businesses, people that actually have enterprises and produce things and employ people. so this is a statistic people can do what they want with them. ....

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