Tax Deductions Question - GoFuckYourself.com

- AFN - · 01-12-2004, 09:10 PM

ok here is my question a friend of mine in the biz asked me. I was going to call my accountant and ask him the question but his office is closed and I really want to know myself as well.

what if your deducations are actually more than the 30% required to pay in taxes in the total amount of income your business generated throughout the year?. does he re-funded the difference? or what is it just lost income?

- AFN - · 01-12-2004, 09:27 PM

you telling me there is no tax guru's here what does no one here pay thier taxes or something?!?!

donger · 01-12-2004, 09:32 PM

I think your question is phrased in such a retarded way that nobody can understand it.. uhhh 30%, huh?

12clicks · 01-12-2004, 09:36 PM

Quote:

Originally posted by - AFN -
you telling me there is no tax guru's here what does no one here pay thier taxes or something?!?!

we can all answer tax questions, we just don't understand jibberish

gornyhuy · 01-12-2004, 09:44 PM

I think you are asking: "what happens if I manage to wiggle around and actually show a loss on my taxes" The answer is: you don't pay taxes because there is no profit, and you can carry forward any excess losses into next years taxes, and in fact you can carry forward most types of losses for up to 5 years.

However, you should see a tax attorney/accountant to get this straight.

Mr. Marks · 01-12-2004, 10:20 PM

Quote:

Originally posted by - AFN -
ok here is my question a friend of mine in the biz asked me. I was going to call my accountant and ask him the question but his office is closed and I really want to know myself as well.

what if your deducations are actually more than the 30% required to pay in taxes in the total amount of income your business generated throughout the year?. does he re-funded the difference? or what is it just lost income?

Try http://www.sbsuite.com Bookkeeping/accounting for the small to medium sized webmaster/business owner. Cheap and ONLINE!

Rictor · 01-12-2004, 10:31 PM

I will answer this question for 30% of your income.

Trax · 01-12-2004, 11:23 PM

Quote:

Originally posted by papichulo

Try http://www.sbsuite.com Bookkeeping/accounting for the small to medium sized webmaster/business owner. Cheap and ONLINE!

he said he had an accountant already

ModelPerfect · 01-12-2004, 11:36 PM

Just to clarify: You do know the deductions do not come out of the "30%", but rather offset your income. If there's a positive remainder and you're in the 30% tax bracket, then you'll pay 30% of that. If there's a negative remainder, then you carry forth the loss to subsequent years.

Keep in mind it is entirely possible to pay zero income tax but lots of Self Employment tax. SE Tax can end up being several times more than the actual income tax...depending on how you work it.

- AFN - · 01-13-2004, 12:04 AM

Quote:

Originally posted by - AFN -
ok here is my question a friend of mine in the biz asked me. I was going to call my accountant and ask him the question but his office is closed and I really want to know myself as well.

what if your deducations are actually more than the 30% required to pay in taxes in the total amount of income your business generated throughout the year?. does he re-funded the difference? or what is it just lost income?

I'm guessing that this is either refunded or "rolled over" to the next tax year. What's your guys' take?

cosis · 01-13-2004, 12:51 AM

get an accountant

Bambi911xx · 01-13-2004, 01:18 AM

Speaking of taxes.. I started mine and living in the great state of NY we now have Internet Use Tax. Yippie NOT

I was wondering if any other state has this BS tax to?

Thanks ;-)

MadCap · 01-13-2004, 03:01 AM

It depends on if the write offs are biz or personal.

And how much he can take as a loss

Vitasoy · 01-13-2004, 03:37 AM

Quote:

Originally posted by cosis
get an accountant

yea he needs 24/7 one

01-12-2004, 09:10 PM	#1
- AFN - Confirmed User Join Date: Jun 2003 Location: NYC Baaaabeee Posts: 3,101	Tax Deductions Question ok here is my question a friend of mine in the biz asked me. I was going to call my accountant and ask him the question but his office is closed and I really want to know myself as well. what if your deducations are actually more than the 30% required to pay in taxes in the total amount of income your business generated throughout the year?. does he re-funded the difference? or what is it just lost income? __________________ cat cash* \| tr -d '\r' \| tr -s '/n' > money

01-12-2004, 09:27 PM	#2
- AFN - Confirmed User Join Date: Jun 2003 Location: NYC Baaaabeee Posts: 3,101	you telling me there is no tax guru's here what does no one here pay thier taxes or something?!?! __________________ cat cash* \| tr -d '\r' \| tr -s '/n' > money

01-12-2004, 09:44 PM	#5
gornyhuy Chafed. Join Date: May 2002 Location: Face Down in Pussy Posts: 18,041	I think you are asking: "what happens if I manage to wiggle around and actually show a loss on my taxes" The answer is: you don't pay taxes because there is no profit, and you can carry forward any excess losses into next years taxes, and in fact you can carry forward most types of losses for up to 5 years. However, you should see a tax attorney/accountant to get this straight. __________________ icq:159548293

01-12-2004, 11:36 PM	#9
ModelPerfect Confirmed User Join Date: Nov 2003 Location: USA Posts: 2,862	Just to clarify: You do know the deductions do not come out of the "30%", but rather offset your income. If there's a positive remainder and you're in the 30% tax bracket, then you'll pay 30% of that. If there's a negative remainder, then you carry forth the loss to subsequent years. Keep in mind it is entirely possible to pay zero income tax but lots of Self Employment tax. SE Tax can end up being several times more than the actual income tax...depending on how you work it. __________________ Logan modelperfect [at] gmail.com http://www.modelperfect.com (Proudly hosted at www.webair.com )

01-12-2004, 09:32 PM	#3
donger Registered User Industry Role: Join Date: Jun 2003 Location: Portland, OR Posts: 43	I think your question is phrased in such a retarded way that nobody can understand it.. uhhh 30%, huh?

01-12-2004, 10:31 PM	#7
Rictor Old Timer Industry Role: Join Date: Jan 2001 Location: Indianapolis Posts: 12,208	I will answer this question for 30% of your income.

01-13-2004, 12:51 AM	#11
cosis Confirmed User Industry Role: Join Date: Aug 2001 Location: Beach Posts: 5,281	get an accountant

01-13-2004, 01:18 AM	#12
Bambi911xx Confirmed User Join Date: Feb 2003 Location: upstate ny Posts: 157	Speaking of taxes.. I started mine and living in the great state of NY we now have Internet Use Tax. Yippie NOT I was wondering if any other state has this BS tax to? Thanks ;-)

01-13-2004, 03:01 AM	#13
MadCap Confirmed User Join Date: Aug 2002 Location: 137771650 Minneapolis MN Posts: 2,357	It depends on if the write offs are biz or personal. And how much he can take as a loss