Am I the only dumbass that didnt put anything away for his taxes? - GoFuckYourself.com

TimBlaze · 03-28-2009, 01:15 PM

only halfway through entering my 1099's in turbotax and i already owe way more than i expected

im fucked

i hope i can find a way to write off a higher percentage of my biz expenses than last year

Templar · 03-28-2009, 01:21 PM

I had a budget and was putting away a good amount and then SMASH - the economy fell on me like a house on the Wicked Witch! So... yeah, I'm screwed too!

TimBlaze · 03-28-2009, 01:22 PM

i cant believe how much i have to pay

i really dont make enough to justify paying that

PurrrsianPussyKat · 03-28-2009, 01:25 PM

Pop out some childrens! ;)

Carmine Raguso · 03-28-2009, 01:25 PM

It's simple. Just don't pay them.

cykoe6 · 03-28-2009, 01:31 PM

Yea I have the same thing happening...... same story every year.

baddog · 03-28-2009, 01:53 PM

Make quarterly payments and that problem no longer exists.

Sosa · 03-28-2009, 01:57 PM

Quote:

Originally Posted by baddog

Make quarterly payments and that problem no longer exists.

Yep, do quarterly payments if you make a decent amount.

TimBlaze · 03-28-2009, 01:59 PM

Quote:

Originally Posted by baddog

Make quarterly payments and that problem no longer exists.

i was gonna for 2008 but i was so drained after the 07 taxes i needed everything i could get in my checking acct lol

gornyhuy · 03-28-2009, 01:59 PM

My quarterlies are going to be a bitch this year. I've been putting it all away, but like a dumbass its just sitting in a bank account waiting for the bill, doing nothing for me. This year its going to at LEAST be in a money market, or maybe a sweep account.

Ozarkz · 03-28-2009, 02:32 PM

Quote:

Originally Posted by TimBlaze

only halfway through entering my 1099's in turbotax and i already owe way more than i expected

im fucked

i hope i can find a way to write off a higher percentage of my biz expenses than last year

Nope that's what most people do.

Oh well you learned your lesson this year.

st0ned · 03-28-2009, 02:34 PM

I am in the dumbass club as well. I owe the IRS roughly 80k, trying to get them to settle with a lower amount.

TimBlaze · 03-28-2009, 02:53 PM

i bought a $370 desk and can only write off like less than half of it what the fuck is that

potter · 03-28-2009, 03:04 PM

Quote:

Originally Posted by TimBlaze

i bought a $370 desk and can only write off like less than half of it what the fuck is that

Uhh. You should let someone else do your taxes.

Phoenix · 03-28-2009, 03:10 PM

get a proper accountant...they can give you monthly figure to pay each month...or quarterly as some suggest...mine are in by the 5th of any month

fuzebox · 03-28-2009, 03:12 PM

I will never pay taxes again.

NoWhErE · 03-28-2009, 03:13 PM

My accountant saved my ass. I went from owing the gov 3k$ to them owing me 5k$ this year

bdld · 03-28-2009, 03:14 PM

yep you can set up monthly payments, just estimate what you're going to pay based on previous years and divide by 12.

TimBlaze · 03-28-2009, 08:37 PM

Quote:

Originally Posted by NoWhErE

My accountant saved my ass. I went from owing the gov 3k$ to them owing me 5k$ this year

wow i need his number

bronco67 · 03-28-2009, 08:40 PM

Question on the quarterlies....

Do you have to estimate exactly what it should be, or can you just say, "ehhh, I think I'll send them bitches like 5 grand for now. Maybe they'll get 3 next quarter, then I'll just see what happens."

??

TimBlaze · 03-28-2009, 10:01 PM

Quote:

Originally Posted by bronco67

Question on the quarterlies....

Do you have to estimate exactly what it should be, or can you just say, "ehhh, I think I'll send them bitches like 5 grand for now. Maybe they'll get 3 next quarter, then I'll just see what happens."

??

from what ive heard u just add up ur shit for that quarter every quarter...as long as theyre getting money they shouldnt complain but ive heard of people getting audited whove payed legit every year

Barefootsies · 03-28-2009, 10:04 PM

Quote:

Originally Posted by baddog

Make quarterly payments and that problem no longer exists.

Exactly.

You can also set up arrangements if you need to, but I believe, like anything the government is involved in, there are some strings. Probably some bullshit like 1 time, and can't be late again for 20 years or some bullshit.

I would talk to your CPA about options.

qwe · 03-28-2009, 10:49 PM

Quote:

Originally Posted by bronco67

Question on the quarterlies....

Do you have to estimate exactly what it should be, or can you just say, "ehhh, I think I'll send them bitches like 5 grand for now. Maybe they'll get 3 next quarter, then I'll just see what happens."

??

for that don't setup anything, pay as usual at the end of the year... but you can send whatever amount you want to them whenever you want, just when you do taxes at the end of the year you show your accountant how much you already payed... but even after doing that I have to pay shit loads :/ i feel you

venus · 03-28-2009, 10:51 PM

if your using most of your income to pay taxes then you have some serious problems, find a good accountant to do your taxes and set you up with quarterly payments.

Quote:

Originally Posted by TimBlaze

i was gonna for 2008 but i was so drained after the 07 taxes i needed everything i could get in my checking acct lol

potter · 03-28-2009, 11:16 PM

Another simple way to do it besides the quarterly thing. Take what bracket you are in (this is the one post expenses - aka taxable income). Take that bracket's percentage. Setup a savings account along side your checking account. Take the brackets percentage from each deposit right into the savings account.

So if you're in a 30% tax bracket.
Receive check for $1,000
Deposit $700 into checking
Deposit $300 into savings

At the end of the year, hire a really fucking good tax dude. Who -should- be able to get you into a lower tax bracket. Pay your taxes, and have some left over.

It'd be just like you work a "normal" job, and get a huge tax refund at the end of each year like all the "normal" joes out there.

Snake Doctor · 03-29-2009, 08:46 PM

1) Hire a CPA. A good one will save you far more than you have to pay him

2) Pay quarterly ONLY if you can't trust yourself to not spend the money during the year. The underpayment penalty is so low that it's actually profitable to just hold the money until April 15 and pay then.
Again, I can only advise this if you trust yourself not to blow it and then not have the money to pay the piper.

Snake Doctor · 03-29-2009, 08:51 PM

Quote:

Originally Posted by venus

if your using most of your income to pay taxes then you have some serious problems, find a good accountant to do your taxes and set you up with quarterly payments.

Actually it was like that for me when I first started.

When I first quit my day job to do this full time, I was barely making enough to get by, much less save for taxes....but I knew the only way I could grow the business was to work at it full time.

So when tax time came and I hired a CPA, I owed the govt $9K and only had about 2K, and that was just for the year before. That didn't count the first quarter of the year I was in.

I got all caught up and then some over time. It was the price I had to pay to grow my business....although it did feel weird when my income had doubled but I still had no money left over at the end of the month because I owed so much in taxes....but by the end of the 2nd year I was way ahead of the game and able to enjoy some of my newfound monies.

slapass · 03-29-2009, 09:06 PM

Quote:

Originally Posted by TimBlaze

i bought a $370 desk and can only write off like less than half of it what the fuck is that

You get 100% of the first 10k.

bausch · 03-30-2009, 05:21 PM

Quote:

Originally Posted by st0ned

I am in the dumbass club as well. I owe the IRS roughly 80k, trying to get them to settle with a lower amount.

I'm in the dumbass club too. How are u trying to get the irs to settle? Is this what they call "an offer of compromise"? Don't you need to show some hardship or inability to pay? How are u going about reasoning to them as to why they should settle with you?

st0ned · 03-30-2009, 05:29 PM

Quote:

Originally Posted by bausch

I'm in the dumbass club too. How are u trying to get the irs to settle? Is this what they call "an offer of compromise"? Don't you need to show some hardship or inability to pay? How are u going about reasoning to them as to why they should settle with you?

Yeah its called something compromise. It is a one time break that the IRS will give to people who they feel are unable to pay the entire amount. I went and sat down with JK & Harris to see what they thought. With my current income there is no way the IRS would allow me to settle at a smaller amount. Off the record however I am finding more ways to reduce my net income so that it looks like I actually don't make much above my expenses, thus giving me a good chance at having the IRS settle.

Mordhaus · 03-30-2009, 05:37 PM

Quote:

Originally Posted by Carmine Raguso

It's simple. Just don't pay them.

And then when it comes out that you pay taxes, claim you forgot, didnt know how to use the software, say you are sorry, pay the taxes, then you too can become the head of the IRS

Agent 488 · 03-30-2009, 05:42 PM

taxes suck man.

IllTestYourGirls · 03-30-2009, 05:47 PM

Quote:

Originally Posted by Snake Doctor

Actually it was like that for me when I first started.

When I first quit my day job to do this full time, I was barely making enough to get by, much less save for taxes....but I knew the only way I could grow the business was to work at it full time.

So when tax time came and I hired a CPA, I owed the govt $9K and only had about 2K, and that was just for the year before. That didn't count the first quarter of the year I was in.

I got all caught up and then some over time. It was the price I had to pay to grow my business....although it did feel weird when my income had doubled but I still had no money left over at the end of the month because I owed so much in taxes....but by the end of the 2nd year I was way ahead of the game and able to enjoy some of my newfound monies.

Nope higher taxes do not hurt small businesses. Just ask your friend Obama.

bausch · 03-30-2009, 06:11 PM

Quote:

Originally Posted by st0ned

Y Off the record however I am finding more ways to reduce my net income so that it looks like I actually don't make much above my expenses, thus giving me a good chance at having the IRS settle.

Care to elaborate? I have a good accountant but he doesn't reduce my net so significantly so that it looks as if i barely make anything. What did you do?

TimBlaze · 03-30-2009, 06:45 PM

i got mine down to $1040 for 2008...still gonna sting though

Forest · 03-30-2009, 06:46 PM

Quote:

Originally Posted by potter

Uhh. You should let someone else do your taxes.

quoted for truth

Sosa · 03-30-2009, 07:08 PM

Quote:

Originally Posted by TimBlaze

i bought a $370 desk and can only write off like less than half of it what the fuck is that

You need a new fucking accountant.

Sly · 03-30-2009, 07:15 PM

Quote:

Originally Posted by TimBlaze

i got mine down to $1040 for 2008...still gonna sting though

I wish mine were $1040... LOL.

Are you doing things as a sole proprietor? It sounds like it. Go meet with an accountant, set up a corporation, and let them deal with this stuff from now on.

Your accountant can get everything set up properly. Put you on salary, even get you health benefits and retirement stuff... go check it out. If you run a business, you need to check it out.

st0ned · 03-30-2009, 07:16 PM

Quote:

Originally Posted by TimBlaze

i bought a $370 desk and can only write off like less than half of it what the fuck is that

That makes no sense. If the desk is used 100% for business purposes you can write off 100% of the cost.

Quote:

Originally Posted by bausch

Care to elaborate? I have a good accountant but he doesn't reduce my net so significantly so that it looks as if i barely make anything. What did you do?

Feel free to hit me up via email, I don't want to post the info here.

Quote:

Originally Posted by TimBlaze

i got mine down to $1040 for 2008...still gonna sting though

I only wish mine was 1k...shit I would give them 20k for 2008 and be happy. 2008 kicked my ass.

D Ghost · 03-30-2009, 07:22 PM

Quote:

Originally Posted by TimBlaze

i bought a $370 desk and can only write off like less than half of it what the fuck is that

Huh? why only half, should be writing off the whole thing...

Dennis69 · 03-30-2009, 07:27 PM

Quote:

Originally Posted by TimBlaze

i got mine down to $1040 for 2008...still gonna sting though

Man thats not a sting... thats a fucking fly bite!!!

Voodoo · 03-30-2009, 07:32 PM

I'm going to outsource paying my taxes to India.

bausch · 03-30-2009, 07:48 PM

Quote:

Originally Posted by Sly

I wish mine were $1040... LOL.

Are you doing things as a sole proprietor? It sounds like it. Go meet with an accountant, set up a corporation, and let them deal with this stuff from now on.

Your accountant can get everything set up properly. Put you on salary, even get you health benefits and retirement stuff... go check it out. If you run a business, you need to check it out.

Every accountant that I've seen has told me that it's not worth it to set up s-corp if you are making under 150k a year. Even if you're making low six figures, they claim that all the paper work etc is not worth saving a few extra thousands a year.

Sly · 03-30-2009, 07:52 PM

Quote:

Originally Posted by bausch

Every accountant that I've seen has told me that it's not worth it to set up s-corp if you are making under 150k a year. Even if you're making low six figures, they claim that all the paper work etc is not worth saving a few extra thousands a year.

All of the paperwork? LOL. My guy must be magical.

It's practically nothing. You could check out an LLC instead.

baddog · 03-30-2009, 09:17 PM

Quote:

Originally Posted by st0ned

Yeah its called something compromise. It is a one time break that the IRS will give to people who they feel are unable to pay the entire amount. I went and sat down with JK & Harris to see what they thought. With my current income there is no way the IRS would allow me to settle at a smaller amount. Off the record however I am finding more ways to reduce my net income so that it looks like I actually don't make much above my expenses, thus giving me a good chance at having the IRS settle.

S corp. Pay yourself shit.

baddog · 03-30-2009, 09:18 PM

Quote:

Originally Posted by bausch

Every accountant that I've seen has told me that it's not worth it to set up s-corp if you are making under 150k a year. Even if you're making low six figures, they claim that all the paper work etc is not worth saving a few extra thousands a year.

bdld · 03-31-2009, 01:24 AM

if you're only paying $1040 in taxes for the year then you probably made under $20k last year, so its probably not worth it to set up a corp just yet.

kesha1 · 03-31-2009, 01:32 AM

Quote:

Originally Posted by Voodoo

I'm going to outsource paying my taxes to India.

Good one!

Raf1 · 03-31-2009, 04:19 AM

maybe you'll get a nice IRS guy like Will Smith... ;)

Snake Doctor · 03-31-2009, 10:37 AM

Quote:

Originally Posted by bausch

Every accountant that I've seen has told me that it's not worth it to set up s-corp if you are making under 150k a year. Even if you're making low six figures, they claim that all the paper work etc is not worth saving a few extra thousands a year.

You obviously haven't talked to many.

Here's a really simple scenario.

Let's say you make 100K. If you're a proprietor, you have to pay 12% social security tax on the entire 100K.
If you're an S corp or LLC (my company is both) then you can pay yourself a salary of say 30K, and take the other 70K as a dividend.
Now you're only paying social security tax on 30K, and not on the other 70K.

That's a savings of $8400/yr, just on that one thing.

You're either not being honest about having spoken to an accountant, or you talked to one who was an idiot.
If you don't like money, then just keep doing it the way you're doing it.

Quote:

Originally Posted by st0ned

That makes no sense. If the desk is used 100% for business purposes you can write off 100% of the cost.
.

It makes sense if you understand the tax code.
You write off a portion when it's purchased, and then you claim depreciation over a period of time.
On the one hand you bought something for business use, on the other hand your business now owns an asset, so it's not like spending the money on electricity, or advertising.

03-28-2009, 01:15 PM	#1
TimBlaze Confirmed User Industry Role: Join Date: Oct 2006 Posts: 1,625	Am I the only dumbass that didnt put anything away for his taxes? only halfway through entering my 1099's in turbotax and i already owe way more than i expected im fucked i hope i can find a way to write off a higher percentage of my biz expenses than last year __________________ Roll that shit, light that shit,

03-28-2009, 01:21 PM	#2
Templar Confirmed User Join Date: Mar 2004 Posts: 100	I had a budget and was putting away a good amount and then SMASH - the economy fell on me like a house on the Wicked Witch! So... yeah, I'm screwed too! __________________ WeirdandSexy.com webdirectory

03-28-2009, 01:22 PM	#3
TimBlaze Confirmed User Industry Role: Join Date: Oct 2006 Posts: 1,625	i cant believe how much i have to pay i really dont make enough to justify paying that __________________ Roll that shit, light that shit,

03-28-2009, 01:25 PM	#4
PurrrsianPussyKat Confirmed User Join Date: Jan 2004 Location: Lost in the mountains Posts: 2,088	Pop out some childrens! ;) __________________ Need a reliable, reasonably priced php programmer? Hit me up! 2934409

03-28-2009, 01:31 PM	#6
cykoe6 Confirmed User Industry Role: Join Date: Apr 2005 Location: Vegas Posts: 4,499	Yea I have the same thing happening...... same story every year. __________________ бабки, шлюхи, сила

03-28-2009, 01:25 PM	#5
Carmine Raguso So Fucking Banned Join Date: Dec 2008 Location: Prescott, AZ Posts: 2,158	It's simple. Just don't pay them.

03-28-2009, 01:53 PM	#7
baddog So Fucking Banned Industry Role: Join Date: Apr 2001 Location: the beach, SoCal Posts: 107,089	Make quarterly payments and that problem no longer exists.

03-28-2009, 01:59 PM	#10
gornyhuy Chafed. Join Date: May 2002 Location: Face Down in Pussy Posts: 18,041	My quarterlies are going to be a bitch this year. I've been putting it all away, but like a dumbass its just sitting in a bank account waiting for the bill, doing nothing for me. This year its going to at LEAST be in a money market, or maybe a sweep account. __________________ icq:159548293

03-28-2009, 02:34 PM	#12
st0ned Confirmed User Industry Role: Join Date: Mar 2007 Location: Arizona Posts: 8,437	I am in the dumbass club as well. I owe the IRS roughly 80k, trying to get them to settle with a lower amount. __________________ Conversion Sharks - 1,000+ adult dating offers, traffic management, and consistently high payouts. We will guarantee and beat your current EPC to win your dating traffic! Skype: ConversionSharks \|\| Email: info /@/ conversionsharks.com

03-28-2009, 02:53 PM	#13
TimBlaze Confirmed User Industry Role: Join Date: Oct 2006 Posts: 1,625	i bought a $370 desk and can only write off like less than half of it what the fuck is that __________________ Roll that shit, light that shit, Last edited by TimBlaze; 03-28-2009 at 02:54 PM..

03-28-2009, 03:10 PM	#15
Phoenix BACON BACON BACON Industry Role: Join Date: Nov 2002 Location: Poems everybody, the laddie fancies himself a poet Posts: 35,469	get a proper accountant...they can give you monthly figure to pay each month...or quarterly as some suggest...mine are in by the 5th of any month __________________ Skype Phoenixskype1 Telegram PhoenixBrad https://quantads.io

03-28-2009, 03:12 PM	#16
fuzebox making it rain Industry Role: Join Date: Oct 2003 Location: seattle Posts: 22,174	I will never pay taxes again.

03-28-2009, 03:13 PM	#17
NoWhErE Too lazy to set a custom title Industry Role: Join Date: Sep 2005 Location: Canada Posts: 10,436	My accountant saved my ass. I went from owing the gov 3k$ to them owing me 5k$ this year __________________ skype: lordofthecameltoe

03-28-2009, 03:14 PM	#18
bdld $100,000 Join Date: Dec 2001 Posts: 11,452	yep you can set up monthly payments, just estimate what you're going to pay based on previous years and divide by 12.

03-28-2009, 08:40 PM	#20
bronco67 Too lazy to set a custom title Join Date: Dec 2006 Posts: 29,032	Question on the quarterlies.... Do you have to estimate exactly what it should be, or can you just say, "ehhh, I think I'll send them bitches like 5 grand for now. Maybe they'll get 3 next quarter, then I'll just see what happens." ?? __________________

03-28-2009, 11:16 PM	#25
potter Confirmed User Industry Role: Join Date: Dec 2004 Location: Denver Posts: 6,559	Another simple way to do it besides the quarterly thing. Take what bracket you are in (this is the one post expenses - aka taxable income). Take that bracket's percentage. Setup a savings account along side your checking account. Take the brackets percentage from each deposit right into the savings account. So if you're in a 30% tax bracket. Receive check for $1,000 Deposit $700 into checking Deposit $300 into savings At the end of the year, hire a really fucking good tax dude. Who -should- be able to get you into a lower tax bracket. Pay your taxes, and have some left over. It'd be just like you work a "normal" job, and get a huge tax refund at the end of each year like all the "normal" joes out there. __________________

03-29-2009, 08:46 PM	#26
Snake Doctor I'm Lenny2 Bitch Join Date: Mar 2001 Location: On top of my soapbox Posts: 13,449	1) Hire a CPA. A good one will save you far more than you have to pay him 2) Pay quarterly ONLY if you can't trust yourself to not spend the money during the year. The underpayment penalty is so low that it's actually profitable to just hold the money until April 15 and pay then. Again, I can only advise this if you trust yourself not to blow it and then not have the money to pay the piper. __________________ sig too big

03-30-2009, 05:42 PM	#32
Agent 488 Registered User Industry Role: Join Date: Feb 2006 Posts: 22,511	taxes suck man.

03-30-2009, 06:45 PM	#35
TimBlaze Confirmed User Industry Role: Join Date: Oct 2006 Posts: 1,625	i got mine down to $1040 for 2008...still gonna sting though __________________ Roll that shit, light that shit,

03-30-2009, 07:32 PM	#42
Voodoo ♥ ♦ ♣ ♠ Industry Role: Join Date: Sep 2002 Posts: 10,592	I'm going to outsource paying my taxes to India. __________________ "I'm selflessly supporting the common good, but only coincidentally looking out for No.1."

03-31-2009, 01:24 AM	#47
bdld $100,000 Join Date: Dec 2001 Posts: 11,452	if you're only paying $1040 in taxes for the year then you probably made under $20k last year, so its probably not worth it to set up a corp just yet.

03-31-2009, 04:19 AM	#49
Raf1 Too lazy to set a custom title Join Date: Oct 2003 Location: Writer for hire :) Gallery descriptions, articles, blog posts etc. ICQ: 209 356 106 Posts: 12,117	maybe you'll get a nice IRS guy like Will Smith... ;) __________________ 80% Revshare or 30$ PPS on $1 trials: 200 Niches = Vidz.com Galleries / FLVs / Embeds 3 & 5mins FLVs \| RSS & Tube Feeds \| Matching Thumbs \| FLV Browser & Exporter \| No Prechecked Xsales >> Mobile Redirection Script: mobile.vidz.com also paying 80% net Lifetime << ICQ: 198-394-557