Just got my 1099 from ICS..FUCK!
 

Where did all my damn money go? I'm in deep shit.. I have to come up with 30% of THIS??

uh..thanks lens..I think. :thumbsup

lol.. i feel ya!

2
39,000
x .3
---------
11,700.0



Holy shit I think I am fucked

You sure it's thirty percent?

someone has to pay for the outdoor activities of the us army. 30% should make you happy compared to other countries

Yeah I got mine too.. I am not happy at all hehe. :)

Thank god I save some money during the year and I guess its time to start finding business expenses. I guess DSL, new comp etc. etc. I can write off now eh?

I must say that this is ONE time I am glad I don't make shit with any of my own sites......... rotfl

Tam

i think you can still write off now in the states and this way you can decrease the loss in a way.

Tam :thumbsup

30% and you are whining??
Man...............

We pay 35 to 60%

Does it count if I pay for a little Pussy every so often.. Then Take a polaroid and stick it on my fridge or somthing??

Sounds like a worthy write off to me...

Stop crying man.
I need to pay 52% of a much bigger amount!

Everybody is always telling me that they don't like porn, but I sitll have to pay my fucking taxes :1orglaugh

Yeah, I'm pretty well fucked also. I missed a few quarterly payments, so I'm gonna have to pay in a decent chunk of change.

What you need to do is go out and have 10 or 20 kids, that way you can get all kinds of earned income credit, he he he. I already got my 2 kids for this year and next year, I'll be able to add my little girl to it, so that'll be 3, WOOOHOOO !! ha ha ha.

30% is luxury!

You may want to talk to an accountant. After you pay federal, social security and state tax it may end up beind more like 43-46%

30% - if you are very lucky - depending on what state you live in - mine is MD - it is much worse:

Any income up to 80,400 - you have to pay 15.3% on for self employment taxes - anything above that is 2.9%

You do get to deduct half of this.

from 0 - 27,050 of AGI is 15%
27,051 - 65,550 27.5 %
65,551 - 136,750 30.5%
135.751 - 297,350 35.5%
297,350 + 39.1%

Is your federal tax - you get certain deductions before that.

Your state tax varies by state, but mine is about 7.5%

So for 65,551 - 80,400 in AGI I am paying:

15.3%
30.5%
7.5%
-------
53.3% on that part of my income.

Thank god for deductions.

Oh, and hope you get to claim safe harbor for your estimated taxes - you are supposed to be paying taxes quarterly, but you may have an out if you didn't need to pay them last year. Otherwise - tack on some penalties.

Oh, and even if you can claim safe harbor next year - if you are making decent money - you should send in your state taxes on a quarterly basis - as you can deduct them. This works out well if you itemize - which you will want to do if you are paying more than ~$4K in state taxes.

uhhh are we supposed to pay taxes ??????


haha

Shit don't remind me -- I have to figure out how to come up with a LOT of expense receipts ;) This last year I told myself that every time I go out to eat, it would be a business lunch, but err... I think I threw out all the receipts... ;) Maybe I can pay my bank to come up w/ all the statements...

Chris..

The penalty for not paying quarterly is a tax on the SS you owe only.

So it's about 20% of all your earnings minus deductions.

ie..

You made 50,000.

You deduct 20,000 4 expenses.

You owe 30,000 x 20% for ss = $6000

$6000 x (penalty interest of about 5 to 6%) = ~ $350

It's a pain in the ass to pay quarterly if all I get penalized, for example, is $350. Thats offset some by the interest I earned on my CD's & munies..so it almost balances out.

But as always, consult your tax expert. ;)

Dude chill.
You can make monthly payments if ya dont have the cash. Its no big deal if you dont have the fucking cash, they dont giove a fuck.
You only get in trouble if they catch you not reporting anything, and hiding shit. Thats fraud, and thenas when ya get busted.

If ya dont have the $$ to pay they could care less, and you aint in any trouble.. Just be sure to report it and you're cool. Thats all they want. Then make monthly payments that you can afford.
Simple as that.

This all seems new to you so let me give you some tips.
Save your recipts, your write offs, webhosting, comuter purchases, food recipts, content recips, cell phone bills, ISP bills, car lease bills, Insurance bills, supplies bills, what ever you can relate to the biz, and write it off. You should have enough write offs to put you just abouve the profit line, giving you only a few thousand profit margin to write off. If you cant crunch numbers to do this, then you wont last long.

Its not all about making $$, its manageing and crunching it that makes it succesul.

Get an accountant. One that can consult you with how to do your shit. You seem new at this, and that would be my best advice to you.


And stay away from jobbers like H&R block. Go to a real firm, one that can teach you how to run your shit better.
Any highschool kid can do the shit H&R block does.

my spelling is a bit more off than normal.

Im on fuckig phenergan with codine for my nausea.

Im FUCKED UP! and the room is spinin!

I take it no one is on the whole Pussy Pushin it Angle??... eh??

One of the shocks of becoming self-employed is that you end up paying taxes both as employer and employee.

Thank Heavens for deductions. My taxable income turns out to be a small fraction of my gross. I also own an entertainment site at http://www.pdxunderground.com, so I deduct just about everything in terms of meals, movies, plays, concerts, etc. After all, I need to be well-informed in order to be able to judge my contributors!

That is a hell of an idea UnseenWorld, have a site that requires that you go and and eat at all the best spots :) Can you take off 100% of your meal that way, or are you still held to the % ?? Thanks.



Tim

yeah tim,great idea,but he'll end up seeking for a diet like me soon. Unseen's daily schedule!
http://www.pdxunderground.com/eats.php :)

I believe it qualifies me for a 100% deduction, since I'm not eating (for tax purposes), I'm backgrounding myself for judging reviews.

Just wanted to say a few things....first, make quarterly payments and second, get incorporated (if you're not already). It will save you a bundle of money, tax-wise.

what deductions can I make from my taxes?

I have:
1. Content
2. Traffic purchases
3. Software (scripts)
4. Health insurance
5. Hosting
6. Internet connection (my isp)
7. Rent (I work from home)
8. Hardware (new computer equipment & repairs)
9. Design work (I outsourced some graphic work)

Good luck on the computer and office equipment. They only deduct a little for it. Depreciation and such. Best bet is to buy it on time or lease it from Gateway or Dell. I think you come out better this way. I know shit about taxes. I know every year I claim my Phone bill, ISP(s), some electricity (for in home work), Office rent, Any software I purchase, Some of my car note, any trip I take I visit computer stores and other business related places and keep receipts so that I can right off the trip or vacation. I report everything. Last year I got by owing nothing. But I was sick and unable to work really for 7months or so.