I just had my income tax return done - GoFuckYourself.com - Adult Webmaster Forum

X

Slick

Confirmed User

Join Date: Feb 2001

Posts: 7338
Share

Post
#1

I just had my income tax return done

04-08-2005, 01:26 PM

Well, I was dragging my feet on this because I knew I was gonna get nailed for taxes and I sure did. I got raped $52,000 in federal and $7,500 in state

I did pay about half of that in quarterly payments and I do have the other half of the money in the bank, so it's not too bad, but it's just hard parting with that kind of money
Tags: None
MickeyG

Confirmed User

Join Date: May 2004

Posts: 4134
Share

Post
#2

04-08-2005, 01:35 PM

the more u make the more they take. sucks doesn't it.
Comment
Manowar

jellyfish

Join Date: Dec 2003

Posts: 71528
Share

Post
#3

04-08-2005, 01:36 PM

Tax sucks
Comment
smack

Push Porn Like Weight.

Join Date: Mar 2002

Posts: 10652
Share

Post
#4

04-08-2005, 01:37 PM

i'm getting RAPED on my SE taxes alone. i can't fucking believe it. it turned out to be more than my federal, and state tax put together.

Cry havoc and let slip the dogs of war.
Comment
decrypted

Confirmed User

Join Date: Nov 2004

Posts: 370
Share

Post
#5

04-08-2005, 01:37 PM

hah at least ur not in canada
if u make 100k a year you end up with like sometimes less then 50k take home

Konrad - ICQ 59416956
Comment
MandyBlake

The one and only!

Join Date: Nov 2002

Posts: 17761
Share

Post
#6

04-08-2005, 01:42 PM

that is why i am a supporter of a flat tax!

Mandy's Playhouse
Her First Fat Girl
If you're interested in promoting my sites, ICQ me! 178411921
Comment
smack

Push Porn Like Weight.

Join Date: Mar 2002

Posts: 10652
Share

Post
#7

04-08-2005, 01:43 PM

Originally posted by decrypted

hah at least ur not in canada
if u make 100k a year you end up with like sometimes less then 50k take home

i wish i did. i'm paying 45% taxes this year. at least in canada i could get some fucking healthcare.

Cry havoc and let slip the dogs of war.
Comment
phogirl69

Confirmed User

Join Date: Jul 2001

Posts: 3330
Share

Post
#8

04-08-2005, 02:00 PM

Just curious, do you tell your cpa's you just do "internet marketing" or the like, or do they actually know it's porn related? Also, anyone know a good CPA in the Orange County area?
Comment
woj

<&(©¿©)&>

Join Date: Jul 2002

Posts: 47880
Share

Post
#9

04-08-2005, 02:08 PM

ouch, $52k in taxes is rough...

Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000
Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager
Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager
Comment
Sly

Let's do some business!

Join Date: Sep 2004

Posts: 31379
Share

Post
#10

04-08-2005, 02:15 PM

Originally posted by smack

i wish i did. i'm paying 45% taxes this year. at least in canada i could get some fucking healthcare.

You're paying 45% in taxes and you can't "afford" healthcare? Ummm... ok.

Vacares - Web Hosting, Domains, O365, Security & More - Paxum and BTC Accepted

Windows VPS now available
Great for TSS, Nifty Stats, remote work, virtual assistants, etc.
Click here for more details.
Comment
Video-Post

Selling short ICQ numbers

Join Date: Dec 2001

Posts: 1118
Share

Post
#11

04-08-2005, 02:16 PM

Originally posted by decrypted

hah at least ur not in canada
if u make 100k a year you end up with like sometimes less then 50k take home

So? That's only 50%. You should try Europe
Comment
Sosa

In Tushy Land

Join Date: Oct 2002

Posts: 40149
Share

Post
#12

04-08-2005, 02:17 PM

damn that is alot for taxes. atleast you got the money in the bank.
Comment
Cains

Confirmed User

Join Date: Mar 2005

Posts: 407
Share

Post
#13

04-08-2005, 02:25 PM

Originally posted by Video-Post

So? That's only 50%. You should try Europe

Actually it isn't that bad, set up a company and make it act as a holding company rather than a functioning business unit.

By this I mean, if you're webmaster business is doing well, use the profits to buy some land or invest in another business. You can do this and get away with paying minimal tax because you're operating at a smaller tax rate. Real estate in most Euro countries has a better ROI than stocks and is alot more secure.
Comment
webspider

Confirmed User

Join Date: Mar 2001

Posts: 340
Share

Post
#14

04-08-2005, 02:27 PM

What an ugly topic. I hate taxes

Weird Stuff
Comment
Slick

Confirmed User

Join Date: Feb 2001

Posts: 7338
Share

Post
#15

04-08-2005, 02:27 PM

Originally posted by phogirl69

Just curious, do you tell your cpa's you just do "internet marketing" or the like, or do they actually know it's porn related? Also, anyone know a good CPA in the Orange County area?

My accountant knows what I do. It doesn't seem to bother her, she actually seems happy for me that I can make the kind of money I do in the small area that I live in, there's no real economy in this small town, so for me to pull in a bigger income, it impresses her.

She's a wonderful accountant though. In the past my accountants seemed to go strictly by the book, they wouldn't do anything to try to help to trim some of the taxes. The accountant I have now is very thorough and does what she can to help out. She actually felt bad because she couldn't trim down on the taxes more, it's not like she could help it, he he he.
Comment
Slick

Confirmed User

Join Date: Feb 2001

Posts: 7338
Share

Post
#16

04-08-2005, 02:28 PM

Yeah, it does suck paying all of that money in, but like my wife says, at least I have the income to go along with it which is a good point that helps me feel a little better, but it still sucks.
Comment
rickholio

Confirmed User

Join Date: Jan 2004

Posts: 1914
Share

Post
#17

04-08-2005, 02:29 PM

Originally posted by decrypted

hah at least ur not in canada
if u make 100k a year you end up with like sometimes less then 50k take home

I'm sorry, but this is absolute bullshit. The only people who get dinged for 50% are complete imbiciles that don't write down any expenses or take advantage of any of the major incentives given to small business in Canada.

If you pay 50% in Canada, you deserve to be raped, cuz you're an idiot who doesn't bother to find out how to get maximal value from your income.

PS - My total effective tax (combined business and personal) after RRSP contributions will be around 23%, and the fucking feds STILL haven't given me my HST refunds yet so that number will go down when they get off their asses.

Last edited by rickholio; 04-08-2005, 02:31 PM.

~
Comment
smack

Push Porn Like Weight.

Join Date: Mar 2002

Posts: 10652
Share

Post
#18

04-08-2005, 02:29 PM

Originally posted by Sly

You're paying 45% in taxes and you can't "afford" healthcare? Ummm... ok.

not that i can't afford it. i find it absurb the government taxes that much, and absically gives me nothing.

Cry havoc and let slip the dogs of war.
Comment
Sly

Let's do some business!

Join Date: Sep 2004

Posts: 31379
Share

Post
#19

04-08-2005, 02:30 PM

Slick, the bright side is you made a lot of money in 2004. The down side is you should have spent more. You should talk to your account about making some investments with your 2005 income so the bite isn't so bad a year from now.

Buy a vacation house or something. You have kids, I'm sure getting away for the summer would be nice.

Vacares - Web Hosting, Domains, O365, Security & More - Paxum and BTC Accepted

Windows VPS now available
Great for TSS, Nifty Stats, remote work, virtual assistants, etc.
Click here for more details.
Comment
justsexxx

Too lazy to set a custom title

Join Date: Aug 2001

Posts: 13723
Share

Post
#20

04-08-2005, 02:30 PM

Originally posted by phogirl69

Just curious, do you tell your cpa's you just do "internet marketing" or the like, or do they actually know it's porn related? Also, anyone know a good CPA in the Orange County area?

My accountant agency, and the tax law guy know what I do for a living. When they don't know eaxctly how it works, how can they give me the best assistence in filling in my tax forms, bookkeeping papers etc?

Income tax in the netherlands is 52% btw. But of course you can declare many costs as operating costs.

Andre

Questions?

ICQ: 125184542
Comment
rickholio

Confirmed User

Join Date: Jan 2004

Posts: 1914
Share

Post
#21

04-08-2005, 02:34 PM

Originally posted by Slick

Well, I was dragging my feet on this because I knew I was gonna get nailed for taxes and I sure did. I got raped $52,000 in federal and $7,500 in state

I did pay about half of that in quarterly payments and I do have the other half of the money in the bank, so it's not too bad, but it's just hard parting with that kind of money

I'll understand if you don't want to say this publicly, but can you give me an idea of what sort of revenue-to-tax ratio that $59.5k tax bill represents?

~
Comment
Slick

Confirmed User

Join Date: Feb 2001

Posts: 7338
Share

Post
#22

04-08-2005, 02:36 PM

Originally posted by Sly

Slick, the bright side is you made a lot of money in 2004. The down side is you should have spent more. You should talk to your account about making some investments with your 2005 income so the bite isn't so bad a year from now.

Buy a vacation house or something. You have kids, I'm sure getting away for the summer would be nice.

Thanks for the comments. Yeah, I did actually have a few expenses between my server expeneses and other stuff that I bought, it was like $65K worth. I guess that this year I'll have to spend more

Yeah, I almost forgot about the investing part. My accountant actually recommended that I set up an IRA for both me and my wifey. She says that if I drop $3000 into each account, that'll save me over $2000 on my tax bill which does make a lot of sense, so I think I'm gonna do that, it's like saving $6000 and getting $8000 out of the deal. I think that this year I'm gonna do a lot of investing though. Now that the money is good, I should be saving up as much as I can because I never know when it's gonna end.
Comment
Slick

Confirmed User

Join Date: Feb 2001

Posts: 7338
Share

Post
#23

04-08-2005, 02:38 PM

Originally posted by rickholio

I'll understand if you don't want to say this publicly, but can you give me an idea of what sort of revenue-to-tax ratio that $59.5k tax bill represents?

That's like a 30% tax on my profits.
Comment
rickholio

Confirmed User

Join Date: Jan 2004

Posts: 1914
Share

Post
#24

04-08-2005, 02:50 PM

Originally posted by Slick

That's like a 30% tax on my profits.

Ouch.

~
Comment
robfantasy

Confirmed User

Join Date: Jun 2002

Posts: 6445
Share

Post
#25

04-08-2005, 02:58 PM

Slick what exactly do you do and where does your money come from

Looking to speak w/ high volume nutra CPA affiliates or networks... msg me
Comment
Screaming

I can change this!!!!!

Join Date: Feb 2004

Posts: 18972
Share

Post
#26

04-08-2005, 03:01 PM

hey man i would think it would feel somewhat good to have to pay that know it was only a portion of your income
Comment
Slick

Confirmed User

Join Date: Feb 2001

Posts: 7338
Share

Post
#27

04-08-2005, 04:31 PM

Originally posted by robfantasy

Slick what exactly do you do and where does your money come from

I run 6 TGPS which generate 1.2-1.3 million visitors per day. I pretty much use only sponsor hosted galleries, so that's where all of the money comes from.
Comment

Previous template Next

Working...