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03-20-2019, 07:57 AM | #1 |
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Join Date: Feb 2001
Location: Northern Cali, USA
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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 |
Let's do some business!
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Location: Austin, TX
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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.
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03-20-2019, 09:00 AM | #3 | |
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Quote:
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. |
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03-20-2019, 09:29 AM | #4 |
Jägermeister Test Pilot
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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...
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03-20-2019, 10:52 AM | #5 |
Videochat Solutions
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Join Date: Aug 2004
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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.
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03-20-2019, 10:55 AM | #6 | |
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Quote:
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03-20-2019, 10:58 AM | #7 | |
Let's do some business!
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Join Date: Sep 2004
Location: Austin, TX
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Quote:
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.
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03-20-2019, 11:04 AM | #8 |
Too lazy to wipe my ass
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i cunt a4d2 pay taxis...
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03-20-2019, 01:30 PM | #9 | |
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Quote:
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03-20-2019, 02:11 PM | #10 |
Let's do some business!
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Join Date: Sep 2004
Location: Austin, TX
Posts: 31,224
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Feel free to shoot me a private message and I'm happy to share with you what I learned and what I'm doing.
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