Depends on the business. Real estate has several deductions that make it worth it. For a regular business (I have an S-corp), you can at least write off business expenses like travelling, supplies, clothing, and a vehicle if it's used primarily for the business. Do you use an accountant?
Depends on the business. Real estate has several deductions that make it worth it. For a regular business (I have an S-corp), you can at least write off business expenses like travelling, supplies, clothing, and a vehicle if it's used primarily for the business. Do you use an accountant?
Yes, I have an accountant, and of course all the regular business deductions apply. But there's no goodies available to help you get started unless you are a minority or woman. My company (S-corp) has 5 full time and 5 part time employees. You should try and keep track of the paperwork for that! My company spends over $35k/year just on health insurance (which is finally deductible) and over $10k/year on liability insurance (also deductible). We also fund a SEP-IRA for each employee to the max allowed by law. I also have an LLC for some special projects. When I add up all that we get nailed for (FICA, Medicare, SS, etc.) it makes me want to puke.
So why don't you just go work for someone else and let them manage all that stuff? You sound pissed off, but hey life is all about choices. Owning a business is damn hard work. There are easier ways to make a good living. But if you manage your business right, you should be able to minimize taxes. There are more tax breaks for businesses than individuals in the tax code.
Looks like 500 - 1000 is the sweet spot. Are there creative ways to structure your witholdings? I just always filled out the form they give me with the proper amount of exemptions.
You're missing the point. But thanks for telling me that owning a business is hard work, I didn't realize that and was wondering why I'm always working 80 to 100 hours each week (minus ATOT time, of course
). However, actually I don't think there is an easier way to make a good living. At least no easier way to make a VERY good living.And yes I am pissed, always at this time of year. Whenever I find out that what I have to pay in taxes would cover the salary of an additional employee, that pisses me off.
I'm getting 9k back. They mis-entered my W4 last year as Married with 0 exemptions and I was too lazy to get it corrected, I didn't realize it had that much impact on the actual withholding. After I saw how much they overwitheld I quickly updated it to M-3 for this year. That long with mortgage interest on a new home we bought in 2002 and 3k in stock losses = lots of refund.
Pliablemoose
Lifer
- Oct 11, 1999
- 25,195
- 0
- 56
I'm getting $749.43...I don't know why, that's just what my accountant told me I was getting back.
JulesMaximus
No Lifer
- Jul 3, 2003
- 74,586
- 986
- 126
Squisher
Lifer
- Aug 17, 2000
- 21,204
- 66
- 91
Haven't filed yet, still looking for deductions, but it looks like I'll get $115 back from federal and pay $82 to the state. I've only spent the last week, at about 4 hours a night doing them($19K in business expenses):|
I'm too much of a chicken sh!t to do any lying even though I'm well below all people in my wage status in the amount of deductions.
Oh well, it's only money.
I'm too much of a chicken sh!t to do any lying even though I'm well below all people in my wage status in the amount of deductions.
Oh well, it's only money.
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