I owe $17,000
 

this sux man,, i need to pay $17k to the IRS in less than an hour,,,

can i start a playa relief fund?

donations large or small is grateful,,

i accept money that jingles :2 cents: but rather have the ones that fold,,especially when my favorite benjamin franklin pic is in the middle

thanks in advance :winkwink:

spacedog2!

but this one is honest about what he needs the money for... thanks god there're no hungry 2-yr old kids here :)

OUCH, that sucks man. Perhaps you should ask your accountant about a payment plan. They say that in most cases, you can just put down a few bucks and get setup on a plan. They can reject the proposal, but most of the time, they'll go along with it IF you haven't done it the year before.

damn, i wish it was that lucky

17k......so that would mean you made what, 90k?

If you do ANY work with an iq higher than your shoe size in this business $17K IS the MIMIMUM monthly payment on the payment plan.

Ummmm.... they state that if you owe LESS THAN $25K, they can put you on a plan. I know that I underpaid my quarterly payments by $2462 and my accountant said that I should be able to get on a payment plan with that.

this is after deductions,, i made well over that,,, for some reason i can't remember ever paying self employment tax before, this shit was 15% on top of the income tax %,,,, it must be a new law

So if you owe over 25k no payment plan....your fucked huh?

Self Employment tax? WTF will they think of next......someone shoot me now

Ha ha ha, yeah, I guess so. I read that 25K info on a tax website, I'll have to dig that up, hopefully it's right, he he. My accountant filed the payment plan for me, so I'm sure that they know what they're doing. They did say that it could be rejected, BUT that it shouldn't be.

LOL,, give me break man i am a one man operation,,,not everyone is as good as you,,, but i am pretty much sure that i make more than 90% of the people here on this board and i am very much content,,,

please enough talk and start the donations

Sounds like a personal problem. You need to see the chaplain.

I've got 11$ to my name, send me the donations.

sounds like poor planning to me. Yes it sux, but many people owe 5 times that ammount and they paid. as a rule of thumb, put half of what you make, (which shouldnt be a problem because after dedctutions it seems like you made 80k in cash) aside. Plus, paying it will help you. look at is as an investment. Its no ones fault but your own that you didnt see it coming.

As a side note, and im not saying this is what you did, but its always better to invest money you make into your own businesses, forget the benz, big screens, etc. and purchase things to help your business grow.

I feel your pain.

I worked my taxes down from 50k to 36k, god bless expensive bandwidth.

This year I have to spend more on expenses so I dont get my asshole widened like this next year.

sorry man,, i am red blooded american,, material things is what we americans need,,, i can' live a life without nice car, house, big screen TV, expenisive ass vacations, and nice clothes,,shit i go out almost every night,,,
eat drink and be happy,,
life is good :)

thanks slick,, tommorrow i'll talk to my accountant about the payment plan,, couldn't talk to much about my options today,, but had to file an extension and just paid what i could,,

donations are still welcome,,i now will accept alcohol instead of cash,,,

i came to the conclusion that everything i spend,, i need to find a was to make it a legit business expense,,

playa bust ur ass and u can pay that 17k off in no time.. ask for a plan and pay it off quick

Yeah ole' Uncle Sam has a BIG FUCKING COCK doesn't he? :(

LOL .. what country are you from?

90k would require about 30k in taxes...

what I was really trying to say, is my guess that you made in checks deposited into your bank account was around 180k. so, if you put half aside you'd have 90k less your taxes of 17k leaving you with 73k to play with a year, which is plenty in my book.

So vacations, a sweet car, and whatever else are not out of the question.

I was so concerned about my taxes that I overly compensated for it and I was happy I did. When I found out what I owed I was completely happy.

Im not trying to give advice, but what you owe and what you made are completely different. Im guessing my above figure should be in the ballpark of what you actually grossed (180k).

most people on this board would give there right nut for that ammount.

one thing i learned in life is that you can never make enough money,,, you live your lifestyle according to how much you make and its always never enough but just enough to get buy,,,

shit i remember when i got out of the military and got a job making 16.50 an hour as a tech for MCI.... shit i though i was rich,, but after awhile it was never enough because i stayed in a better apartment and had a better car,,,

then i got another job making 25 an hour,, i really thought i was rich then,, same situation though i was still broke,, you live your life according to how much you make and it's always never enough,,

thats why i find out it was possible that big named celebrities and music artists making millions can go bankrupt...

but this year i'll try to change though,, thanks puremeds

Playa not sure if anyone has mentioned this, but you need to get away from the self employment shit... You need to incorporate and become an employee of the incorporation! you can write off more shit and you have a few other kick ass things you can take advantage of. I have a really good attorney that has setup our company and sub companies. she is an attorney and cpa so she knows this shit REALLY well. hit me up on ICQ: 138941940 and I can give you her information!

Good Luck

playa, see if you can find some more deductions, car, rent, entertainment I am sure you have overlooked some possible write off's

I sense sarcasm, but hey what the hell.

your post just reminded me of a friend of mine who, in his words, got fucked by the IRS.

But the reality is he let himself get fucked by the IRS. I do not think its necessarily a bad thing to not let the carriage get ahead of the horse.

it is a real bitch to cut large checks to the IRS, but when you go to buy a house or whatever it helps you out as long as you continue the trend for 2 years or more. Which is why you shouldnt spend this years money on last years taxes.

this self employment Tax must me new, cause i don't remember it being a problem before, shit 15% is alot,,
i gives a fuck about paying FICA,,,, who needs social security when i retire,,,, thanks for the info dirty monkey,,, i did form an LLC just to seperate my assets but i guess i need an upgrade :)

hopefully with this extension i'll be able to find some more write offs,, like that $500 donation i made to the salvation army last year :winkwink:

actually no,, i did appreciate your comments,, it just so damn hard you know,, i guess i have to cut down on the outings to the strip clubs

Here's a quick way for some quick cash:

Sell Crack! Either your own or by the bag.

Someone will pay money for either.

And you want our $$? Ha...

Self emplyment taxes have been around forever... and you have to pay the full 100% of the social security tax as well.

Plan on a minimum of 38% of your income for taxes. We have both worked as self employed ppl for years so we have abit of insight on it. lol And we don't pay the quarterly payments either. WHY do that when you can sock the $$ in a bank and make interest on it instead of Dubya making the extra cash? The govt sticks it in the bank and makes money FROM your money. ;-) :Graucho

Self employment tax?!?!!??!!
Land of the free....LMFAO!
Self employment tax.....ROFLMFAO....wooohooo that's a fuckin good one... that's really made my day.

LOL .. what country are you from?

90k would require about 45k in taxes... if you live in The Netherlands :(

Same shit here in sweden. But $90k would do almost 60% in taxes here i guess. :Graucho

Ya the self employment tax is to pay the social security we'll never see. I had to do the same thing...

In the UK we have the ability to set up Limited companies with 2 or 3 people. This allows you to pay yourself minimum wage and receive dividends - saves about 10% of your income from the taxman and loads of tax-deductable expenses.
There are also what are known as 'shell' companies - an office with half a dozen admin - which allow you to register yourself with them so you are set up as a limited company but without the hassle of loads of paperwork.

17 K? The good news is that you made some money this year if you owe 17K.

If I'm not mistaken you get hit with an underpayment penalty at the end of the year if you don't pay quarterly.

As for self employment tax, there's no way around it. Doesn't matter if you're incorporated or an LLC or whatever.
When you work for someone else, half of your FICA comes out of your check, and that $$ amount is then matched by your employer.
If you work for yourself, you have to pay the employees share and the employers share. Whether its paid by "your corporation" or by you personally, it still gets paid.

Yes, I get nailed with it every year.

Fuck paying 4 times a year. I have a nervous breakdown once a year, doing this shit 4 times a year will put me in a McDonalds with a machete.