I talked to 3 different cpa's (I am not lying, I talked to 3 different ones! one of them was even recommended from someone from gfy last year). At the time I was making over 100k for the tax year. They both told me it was NOT worth it to incorporate until I made over 150k. First cpa drew figures and said I would save around 5-6k on the ss tax but that it would be more complicated accounting wise and that it wasn't worth it, especially if I wanted to keep it simple, which I told him I did. Maybe it was my fault because I told him I am already overwhelmed with bookkeeping/paper work and I wanted to keep it as simple as I could.
The second one told me to incorporate but I didn't really feel comfortable with him and he never knew I promoted porn sites, he only looked at last years return and he only filed an extension for me. I wanted to go with someone I felt comfortable with and wouldn't have to hide anything from so I didn't go with him. He was the same nationality as me and said he knew my extended family on my father's side from my last name and asked me who my parents was etc, I didn't want him to know what I was doing and then tell my family etc.
So I didn't go with him. I went to gfy and asked for a recommendation.
The third one was the guy recommended to me by a gfy member. He knows what I was doing and he looked at the tax return #1 guy did to me. He said #1 guy was pretty much right on with my taxes/expenses when doing my return when i asked if there were any more ways to minimize my taxes such as incorporating. He said he had a lot of experience and files corps all the time and he said he doesn't recommend it if you are under 150k. At the time I was already making six figures.
I figured eventually I would make enough to file corp eventually but unfortunately sales kept dropping and last year i didn't even make nowhere close to that, I was actually making less instead of more.
Now I feel like I'm completely fucked because I owe a shitload of taxes for 07 and 08
and I was stupid enough not to have paid quarterly taxes for those 2 years, so I will soon have to set up an installment plan so I can pay for both 07 and 08 and now I'm making much LESS than in 07 and 08 and not only do I have to pay quarterlies for 09 so I can get back on track but I owe back taxes for 2 years as well.
I feel like my taxes are too much for 07. It would have helped A LOT if I could have saved
8k off from SS tax as you said. It would have helped a lot. It's too late now though, I am already fucked pretty much.
The second one told me to incorporate but I didn't really feel comfortable with him and he never knew I promoted porn sites, he only looked at last years return and he only filed an extension for me. I wanted to go with someone I felt comfortable with and wouldn't have to hide anything from so I didn't go with him. He was the same nationality as me and said he knew my extended family on my father's side from my last name and asked me who my parents was etc, I didn't want him to know what I was doing and then tell my family etc.
So I didn't go with him. I went to gfy and asked for a recommendation.
The third one was the guy recommended to me by a gfy member. He knows what I was doing and he looked at the tax return #1 guy did to me. He said #1 guy was pretty much right on with my taxes/expenses when doing my return when i asked if there were any more ways to minimize my taxes such as incorporating. He said he had a lot of experience and files corps all the time and he said he doesn't recommend it if you are under 150k. At the time I was already making six figures.
I figured eventually I would make enough to file corp eventually but unfortunately sales kept dropping and last year i didn't even make nowhere close to that, I was actually making less instead of more.
Now I feel like I'm completely fucked because I owe a shitload of taxes for 07 and 08
and I was stupid enough not to have paid quarterly taxes for those 2 years, so I will soon have to set up an installment plan so I can pay for both 07 and 08 and now I'm making much LESS than in 07 and 08 and not only do I have to pay quarterlies for 09 so I can get back on track but I owe back taxes for 2 years as well.
I feel like my taxes are too much for 07. It would have helped A LOT if I could have saved
8k off from SS tax as you said. It would have helped a lot. It's too late now though, I am already fucked pretty much.
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