Have you done your 2009 taxes yet?

hmm. i sent in over 500k to the fed already ( quarterly payments ).

for those of you saying you save 1/3 for taxes all year, I dont see how you do it. My CPA said I had to file quarterly with the money I making.
 


eliquid said:
hmm. i sent in over 500k to the fed already ( quarterly payments ).

for those of you saying you save 1/3 for taxes all year, I dont see how you do it. My CPA said I had to file quarterly with the money I making.
Click to expand...
Yep. It depends on your revenue. They put me on monthly since January. Some people view it as the pinnacle of recognition....... I find it restrictive.
 
Lately I see the privilege to process VAT month-by-month as an asset in itself, though. I keep asking myself what kind of structure I'd be able to set up with the ###'s of small-mid PC shops around the city... who are getting killed by heavily funded competition because their inventory moneyflow restricts them with 3-6-12 month reporting periods.
 
ItsYoBuddy said:
I beg to differ. But then again, everyone will say their accountant said this and that their accountant said that. All accountants are different. Ill be doing my taxes real soon so it doesn't matter about the date.
Click to expand...

I was going off the late fees and penalties the IRS charged me when I owed them money and didn't file an extension. You're supposed to pay the estimated taxes you owe by 4/15 even if you file the extension, if you underpay, penalties and interest on the difference.

FortressDewey said:
Kids definitely help with my taxes. Besides the salaried day job, wife & run a cleaning company so at times it can get out of hand. Worst we have ever had to pay in was around $5k
Click to expand...

"businesses" that lose money are a great way to offset high ROI income ventures like AM.

schockergd said:
Real Estate.....................
Click to expand...

+1
 
gqyrz.jpg
 
evelynds said:
Yep. It depends on your revenue. They put me on monthly since January. Some people view it as the pinnacle of recognition....... I find it restrictive.
Click to expand...

SAME here.. I find it restrictive that I might want to save my money for 6 months and purchase outright with cash another business in my local area and then file that as a "expense" on my taxes for the end of the year.. but this monthly and quarterly payment shit puts a time limit on what I can make/save every 3 months.

Im not trying to do anything illegal, I'm just wanting to do something with my money for half the year before claiming income or expenses.

If I wanted to buy 1 house a month as rental property I could.. but if I wanted to buy a subdivision instead I would need to use some of my pretax monies, which restricts me to a 3 month holding.
 
I hate paying taxes...I didn't pay quarterly in 2009, so have a huge tax bill waiting for me.
I have an S-Corp and you have to pay yourself a reasonable salary. My CPA says I should pay myself $60K and I'm just wondering how the hell is $60k reasonable for someone still in college getting a liberal arts major? If I wasn't an affiliate I would be lucky to make $30K at an entry level job.

For those of you with S-Corps, how much are you paying yourself as salary?

I feel like this:
[ame=http://www.youtube.com/watch?v=BUg3PPi8I70]YouTube - Dethklok - Dethharmonic OFFICIAL VIDEO[/ame]
 
I've been on my own for 8 years, and never done the salary with my S-Corp, but I gues they consider all I make as my salary at the end of the year. I don't make ballar dollas anyway, so not a big deal.

I also pay quarterly, takes a lot of heat away from the end of the year, and you have to pay/file your corporate taxes by 3/15, so no waiting until 4/14 anymore. Good thing my investment property went in the tank this year, barely owe anything.
 
I took an healthy distribution from my main S-Corp around Jan 1.

I expect to pay at least $24K of that in.

Sad thing is I am still waiting for my 2008 taxes to be finished so I can get a refund - it's just state tax but they've been jerking me around and stalling for 11 months.
 
read the news Joe Stack got soo pissed off with IRS and flew a plane into an IRS building a couple days ago.. now his daughter thinks he is a hero...

my question is .. if he can afford a plane, sure he can afford the tax.. it appears he only owns < $10,000.. I guess he just wanted to make a point.. burn his own house down too!
 
eliquid said:
SAME here.. I find it restrictive that I might want to save my money for 6 months and purchase outright with cash another business in my local area and then file that as a "expense" on my taxes for the end of the year.. but this monthly and quarterly payment shit puts a time limit on what I can make/save every 3 months.

Im not trying to do anything illegal, I'm just wanting to do something with my money for half the year before claiming income or expenses.

If I wanted to buy 1 house a month as rental property I could.. but if I wanted to buy a subdivision instead I would need to use some of my pretax monies, which restricts me to a 3 month holding.
Click to expand...

Then you have to buy a company with a lot of debt to claim it as expense.
 
yep, I was looking to buy a laundromat or gas station around here with cash, then claim the purchase and upgrades as a business expense. Gas stations and laundromats do fairly well for the most part so I was looking at it as more of a long term investment.

However, Im not making enough every 3 months to justify paying full cash for either's asking price unless I dip into some money I don't wanna dip into. I looking into how I can defer the quarterly taxes 1 more round so I can use that money instead and then claim it on the q2 due date.
 
eliquid said:
yep, I was looking to buy a laundromat or gas station around here with cash, then claim the purchase and upgrades as a business expense. Gas stations and laundromats do fairly well for the most part so I was looking at it as more of a long term investment.

However, Im not making enough every 3 months to justify paying full cash for either's asking price unless I dip into some money I don't wanna dip into. I looking into how I can defer the quarterly taxes 1 more round so I can use that money instead and then claim it on the q2 due date.
Click to expand...

Have you spoken with a CPA about that? I'm no CPA myself but I do know a decent amount about accounting and I'm fairly certain you can't claim buying a business like a gas station or laundromat as a business expense and expense it in a single year no matter how much property or cash on hand the business has. You have to deduct it's value over time. Or at least this was my understanding of it.

If you've spoken with a CPA and been told this would be kosher let me know as I would definitely be buying property each year if I can simply deduct it as a massive 1 time business expense.
 
^ You have to amortize the equipment/purchases out over a yearly schedule. But if you bought one every year, you'd be saving a shit ton of money that was otherwise going to the gubbmint. In the long run.

Related COGS and other expenses of running the business could be deducted in full yearly tho.
 
miketpowell said:
Have you spoken with a CPA about that? I'm no CPA myself but I do know a decent amount about accounting and I'm fairly certain you can't claim buying a business like a gas station or laundromat as a business expense and expense it in a single year no matter how much property or cash on hand the business has. You have to deduct it's value over time. Or at least this was my understanding of it.

If you've spoken with a CPA and been told this would be kosher let me know as I would definitely be buying property each year if I can simply deduct it as a massive 1 time business expense.
Click to expand...

Of course you cant do that.. but its like the gift that keeps on giving with long term deductions ;)
 
miketpowell said:
Have you spoken with a CPA about that? I'm no CPA myself but I do know a decent amount about accounting and I'm fairly certain you can't claim buying a business like a gas station or laundromat as a business expense and expense it in a single year no matter how much property or cash on hand the business has. You have to deduct it's value over time. Or at least this was my understanding of it.

If you've spoken with a CPA and been told this would be kosher let me know as I would definitely be buying property each year if I can simply deduct it as a massive 1 time business expense.
Click to expand...

I would think it would more likely fall under like capital investment or something like that. Only if you purchase a business that has negative equity would I think that you could write that off as an expense.

Also, it probably depends on how you purchase the new business, meaning are you including it as an asset to your current LLC or are you forming a new one?

My head is spinning since I am not a CPA, so that is just my random thoughts. Sorry if they are not right or misleading, but that is just how I think it would work out.
 
you all bring some valid points up about it.

I'll have to go back to my CPA and find out for sure. Thanks for bringing up some of the points so that I know what to ask when I call her up.
 
You must log in or register to reply here.
Top Bottom