Let's Talk Taxes - GoFuckYourself.com

AzteK · 03-20-2019, 07:57 AM

Ah fuck, it's about that time when the government wants its piece. Every year I do my taxes it's a grounding moment as it allows me to review my past year and to reflect on my decisions. Even having spent money on expanding, it looks like I'm going to owe a big chunk I would have loved to have spent on my business. It looks like the advertising category gives the biggest break.

Do you have any tips on how to spend the money on expanding or other areas so it reduces the taxes owed at the end of the year?

Sly · 03-20-2019, 08:41 AM

If you have leftover cash, contact all of your vendors and any services you do business with. Ask if they give a discount if a year is prepaid. Many companies will give between 5-20% discount.

Pay these first. If you still have leftover money, then start knocking out advance payments to services that you know you won't cancel. Domains, web hosting, software, etc.

Also consider any services that you use that are "balance" based. As an example, do you buy a lot of traffic or a lot of domains? If so, you can park some money in those accounts until you actually need to spend the money.

Outside of those, consult with a tax lawyer that has worked for the IRS. I did this last year and it totally changed the way I did things and opened my eyes to a few opportunities I was missing out on.

AzteK · 03-20-2019, 09:00 AM

Quote:

Originally Posted by Sly

If you have leftover cash, contact all of your vendors and any services you do business with. Ask if they give a discount if a year is prepaid. Many companies will give between 5-20% discount.

Pay these first. If you still have leftover money, then start knocking out advance payments to services that you know you won't cancel. Domains, web hosting, software, etc.

Also consider any services that you use that are "balance" based. As an example, do you buy a lot of traffic or a lot of domains? If so, you can park some money in those accounts until you actually need to spend the money.

Outside of those, consult with a tax lawyer that has worked for the IRS. I did this last year and it totally changed the way I did things and opened my eyes to a few opportunities I was missing out on.

I love these actionable steps Sly!

This year what I'm going to do figure out how much I owe in taxes and save a percentage in a low-risk investment account to accrue interest on the money I'm planning on paying out next year.

Rochard · 03-20-2019, 09:29 AM

We do the same. Every year we do our taxes and then after they are done we have a talk to prepare for the next year...

2MuchMark · 03-20-2019, 10:52 AM

Do this: Take what your total taxes were this year, and take an educated guess as to whether you will pay more next year. Divide by 12 and pay that amount into a savings account. Overpay it if you can. Then next year you won't have to scramble to make the payment.

AzteK · 03-20-2019, 10:55 AM

Quote:

Originally Posted by 2MuchMark

Do this: Take what your total taxes were this year, and take an educated guess as to whether you will pay more next year. Divide by 12 and pay that amount into a savings account. Overpay it if you can. Then next year you won't have to scramble to make the payment.

Yeah, I'm going to do this for sure. Here is my dilemma, is this going to take away from what I could be spending on my business? How are people like Jeff Bezos paying nothing in taxes?

Sly · 03-20-2019, 10:58 AM

Quote:

Originally Posted by AzteK

Yeah, I'm going to do this for sure. Here is my dilemma, is this going to take away from what I could be spending on my business? How are people like Jeff Bezos paying nothing in taxes?

Yes. And that's the problem with saving in advance.

Now you have $25k-whatever sitting in some savings account that you should be spending on your business.

If you are in a position that you can invest in your business, you should be aggressively investing. Not sitting on the sidelines with a savings account full of cash that you are going to get heavily taxed on.

Get a tax lawyer. It will be expensive but I'm telling you it will be worth every cent you give them.

CurrentlySober · 03-20-2019, 11:04 AM

i cunt a4d2 pay taxis...

AzteK · 03-20-2019, 01:30 PM

Quote:

Originally Posted by Sly

Yes. And that's the problem with saving in advance.

Now you have $25k-whatever sitting in some savings account that you should be spending on your business.

If you are in a position that you can invest in your business, you should be aggressively investing. Not sitting on the sidelines with a savings account full of cash that you are going to get heavily taxed on.

Get a tax lawyer. It will be expensive but I'm telling you it will be worth every cent you give them.

I'm going to seek consultation.

Sly · 03-20-2019, 02:11 PM

Quote:

Originally Posted by AzteK

I'm going to seek consultation.

Feel free to shoot me a private message and I'm happy to share with you what I learned and what I'm doing.

03-20-2019, 07:57 AM	#1
AzteK Confirmed User Industry Role: Join Date: Feb 2001 Location: Northern Cali, USA Posts: 3,423	Let's Talk Taxes Ah fuck, it's about that time when the government wants its piece. Every year I do my taxes it's a grounding moment as it allows me to review my past year and to reflect on my decisions. Even having spent money on expanding, it looks like I'm going to owe a big chunk I would have loved to have spent on my business. It looks like the advertising category gives the biggest break. Do you have any tips on how to spend the money on expanding or other areas so it reduces the taxes owed at the end of the year?

03-20-2019, 08:41 AM	#2
Sly Let's do some business! Industry Role: Join Date: Sep 2004 Location: Austin, TX Posts: 31,223	If you have leftover cash, contact all of your vendors and any services you do business with. Ask if they give a discount if a year is prepaid. Many companies will give between 5-20% discount. Pay these first. If you still have leftover money, then start knocking out advance payments to services that you know you won't cancel. Domains, web hosting, software, etc. Also consider any services that you use that are "balance" based. As an example, do you buy a lot of traffic or a lot of domains? If so, you can park some money in those accounts until you actually need to spend the money. Outside of those, consult with a tax lawyer that has worked for the IRS. I did this last year and it totally changed the way I did things and opened my eyes to a few opportunities I was missing out on. __________________ Vacares - Web Hosting, Domains, O365, Security & More - Paxum and BTC Accepted Fully Managed VPS, Daily Backups Included - Starting at $25. Contact for more info. Sell me your: Paysites and Hosting Company. Buy my: Aged Domains and Sites

03-20-2019, 09:29 AM	#4
Rochard Jägermeister Test Pilot Industry Role: Join Date: Dec 2001 Location: NORCAL Posts: 70,236	We do the same. Every year we do our taxes and then after they are done we have a talk to prepare for the next year... __________________ “The choice is no longer between right or left. The choice is between normal and crazy.” - Sarah Huckabee Sanders YNOT MAIL \| THE BEST ADULT MAILING SOLUTION

03-20-2019, 11:04 AM	#8
CurrentlySober Too lazy to wipe my ass Industry Role: Join Date: Aug 2002 Location: A Public Bathroom Posts: 37,868	i cunt a4d2 pay taxis... __________________ My AI Handywork... 2 Kings 18:27 👁️ 👍️ 💩

03-20-2019, 10:52 AM	#5
2MuchMark Videochat Solutions Industry Role: Join Date: Aug 2004 Location: Canada Posts: 45,813	Do this: Take what your total taxes were this year, and take an educated guess as to whether you will pay more next year. Divide by 12 and pay that amount into a savings account. Overpay it if you can. Then next year you won't have to scramble to make the payment.