Taxes
I hate them.
But, since I started my own business last year, I figured I'd owe a boatload this April (We paid enough to be in safe harbor, but hadn't paid enough to cover what we thought our liabilities would be).
Well, turns out - we don't! We owe like 1k total ($1,800 to the feds, but state owes us $800).
ROCK ON.
But, since I started my own business last year, I figured I'd owe a boatload this April (We paid enough to be in safe harbor, but hadn't paid enough to cover what we thought our liabilities would be).
Well, turns out - we don't! We owe like 1k total ($1,800 to the feds, but state owes us $800).
ROCK ON.
It's not me, it's someone else.
I'd love to know what percentage of income the average person pays in taxes. Not just income taxes, that is easy to figure... but also gas taxes, property taxes (on your own home/apartment/barber shop where you get your hair cut, etc), sales taxes on goods purchased, and the hidden taxes built in to every single thing you buy from the taxes on the corporation that made it.
"Be bold, and mighty forces will come to your aid."
Well, sales tax runs 9% around here, corporate taxes are typically in the 10% range, I pay about %10 myself, my apartment rent is - based on county data - roughly 8% property tax, and I pay a tax to drive my car.
Based on my (very) rough calculations, while earning around $40k annually my overall tax rate - of all types - is on the close order of 30%. ymmv.
Based on my (very) rough calculations, while earning around $40k annually my overall tax rate - of all types - is on the close order of 30%. ymmv.
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Cash in a business is king. Owning your own business with cash income is a license to steal. Of course we honest businessmen pay every dime unk sam says to.TheCatt wrote:I hate them.
But, since I started my own business last year, I figured I'd owe a boatload this April (We paid enough to be in safe harbor, but hadn't paid enough to cover what we thought our liabilities would be).
Well, turns out - we don't! We owe like 1k total ($1,800 to the feds, but state owes us $800).
ROCK ON.
In marriage there is always one person right. And the other one is the husband.
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Kids on the payroll is a very legitimate deduction. As long as they do some kind of work you don't have to pay social security on them until they are 18. Got my girls through high school with a paycheck instead of an allowanceTheCatt wrote:Well, my wife is a CPA, so we're pretty conservative on the tax stuff. A friend of mine started his own consulting firm as well, and... is much more adventurous with his tax deductions, kids on payroll, etc.
He has his 10 year old as his bookkeeper. It's not legitimate.Mommy Dearest wrote:Kids on the payroll is a very legitimate deduction. As long as they do some kind of work you don't have to pay social security on them until they are 18. Got my girls through high school with a paycheck instead of an allowanceTheCatt wrote:Well, my wife is a CPA, so we're pretty conservative on the tax stuff. A friend of mine started his own consulting firm as well, and... is much more adventurous with his tax deductions, kids on payroll, etc.
It's not me, it's someone else.
Maybe he literally just stores his books.TheCatt wrote:He has his 10 year old as his bookkeeper. It's not legitimate.Mommy Dearest wrote:Kids on the payroll is a very legitimate deduction. As long as they do some kind of work you don't have to pay social security on them until they are 18. Got my girls through high school with a paycheck instead of an allowanceTheCatt wrote:Well, my wife is a CPA, so we're pretty conservative on the tax stuff. A friend of mine started his own consulting firm as well, and... is much more adventurous with his tax deductions, kids on payroll, etc.
Diogenes of Sinope: "It is not that I am mad, it is only that my head is different from yours."
Arnold Judas Rimmer, BSC, SSC: "Better dead than smeg."
Arnold Judas Rimmer, BSC, SSC: "Better dead than smeg."
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- Posts: 1393
- Joined: Tue May 25, 2004 12:59 pm