Taxes suck !

[Nirgon]

Heartbrand may joust you with 1 handers in game, but he is Checkraise the Warlord when it comes to tax time. I've heard impressive things.

[heartbrand]

You will be needing this form pal: http://www.irs.gov/pub/irs-pdf/f2210.pdf

[Tomatoking]

lol epic mcain gif !


and yea , tax evasion isnt fun regardless of how good your accountant is, rule #1 you pay your fucking taxes or you become wesley snipes.

i do not sell tomatoes. America still hasnt opened their eyes to how valueable real produce is , currently only a select few retailers like whole foods have a market for serious tomates. I garden for a hobby.

Andis i pay more in taxes in 1 year then you will make in 5

PS i own 3 businesses

[Tomatoking]

get a job yet jibekn? haha

[Rogean]

Originally Posted by Vile [You must be logged in to view images. Log in or Register.]

any smart business owner should be saving 25-30% of their revenues and be prepared to pay taxes imo...

Any smart business owner is also exaggerating expense deductions to pay less taxes [You must be logged in to view images. Log in or Register.]

[heartbrand]

Originally Posted by Rogean [You must be logged in to view images. Log in or Register.]

Any smart business owner is also exaggerating expense deductions to pay less taxes [You must be logged in to view images. Log in or Register.]

Be very careful about this and compare them to the IRM for what the IRS considers acceptable expense amounts depending on your industry. Many of my clients were 1099-MISC contractors / self-employed individuals who thought along these lines, got audited and now owe $40k +.

[Infectious]

No way your paying 45k in taxes on a 220k earned income. I own a flooring installation business in NJ and every year home depot and lowes send me the dreaded 1099. This year I made over 250k and payed the irs 7k in taxes. Get yourself a better accountant, and get yourself some write offs. I pay my 2 employees in cash so Im left paying tax on everything I bring in. Im surprised your accountant didnt get rid of most of that.

[heartbrand]

Originally Posted by Infectious [You must be logged in to view images. Log in or Register.]

No way your paying 45k in taxes on a 220k earned income. I own a flooring installation business in NJ and every year home depot and lowes send me the dreaded 1099. This year I made over 250k and payed the irs 7k in taxes. Get yourself a better accountant, and get yourself some write offs. I pay my 2 employees in cash so Im left paying tax on everything I bring in. Im surprised your accountant didnt get rid of most of that.

What did you show as your net business income? On 220k of self employment income you're paying $19,623 in self employment tax alone, that's before any income tax.

[heartbrand]

P.S. paying your employees in cash is a good way to end up owing back payroll and employment taxes to the IRS and getting pad locks placed upon your business. I know everyone thinks "it won't happen to me" but I make my living off people like you who think just that.

[Rettii]

No need to joust with 20 delay weapons