Good advice. I discussed this with my account for this year and have done it in the past and it is a good way to go.
Have you done your 2009 taxes yet?
- Thread starter efeezy
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Good advice. I discussed this with my account for this year and have done it in the past and it is a good way to go.
My CPA has all my info. I'm just waiting for her to call me and setup a time to discuss everything so we can finalize it. I'm looking to pay anywhere from $15k - $20k.
I paid quarterly taxes in 2009 and expected to get a few hundred $s back when I file.
I just started working on my taxes again after reading this thread and found out that I will get a $1,900 "Hope Credit" for education expenses.
OH SNAP OBAMA MONEY THERE IT IS
I just started working on my taxes again after reading this thread and found out that I will get a $1,900 "Hope Credit" for education expenses.
OH SNAP OBAMA MONEY THERE IT IS
I contacted my accountant on the first of the year and send him all of my books updated as of the 31st. The sooner he runs the numbers and dose the paper work the sooner I get to see how much of that tax money I get to keep (if any). Good news this year was that 1st and 2nd quarter we way over paid so I only owed like $200.
Yep, those school credits have helped me nicely in the past 3 years (6k of taxes paid because of it!!)
Had to write a $25k check to the feds and about $5k to the state - this after prepaying a fuckload of traffic to expense as much away as I could. Already sent the forms in to have my LLC's treated as S-Corp's so I don't get raped as hard next year.
To you guys waiting on your 1099's - don't bother. One network's 1099 was off by about $50k (to my favor). When I asked my CPA if I could amend the return and pay less, he said the IRS ignores 1099's in an audit - all they want to see is bank statements. Therefore the actual wire amounts are all that matters. Fucking Gaaaaay.
To you guys waiting on your 1099's - don't bother. One network's 1099 was off by about $50k (to my favor). When I asked my CPA if I could amend the return and pay less, he said the IRS ignores 1099's in an audit - all they want to see is bank statements. Therefore the actual wire amounts are all that matters. Fucking Gaaaaay.
What difference does an S-Corp make compared to an LLC for taxes? Also are you paying yourself through dividends?
My CPA keeps on insisting it won't make a difference in my taxes, but everyone here seems to say otherwise.
My CPA keeps on insisting it won't make a difference in my taxes, but everyone here seems to say otherwise.
With an LLC, you do not pay yourself a salary which means the first 100k or so of your income is subject to social security tax (around 12%) and all of your income is subject to the tax for medicare (like 3% or so).
If you have an S-corp and you pay yourself a let's say 50K salary, you will only have to pay social security and medicare on the 50K.
Reason #810 that it is pointless to wait and rely on 1099's. Get your shit together people! You should ALREADY know how much you made, and from whom.
If you owe them money and it's not postmarked by 4/15, you're paying penalties and interest. Don't kid yourself.
My accountant kicks so much ass. I'd rather lose good traffic than him.
For the first half of 2009 I was cranking out the cash bigtime (for me). Incorporated, hired an accountant and so on. Paid off a lot of debt.
In July, the accountant takes the numbers and tells me, "Well, it's time to start paying some taxes."
Fuck. I paid 70k in 6 months, while my average income from AM those months was 10-15k a month. Fuck fuck fuck. Hate taxes so much.
I have a lot of deductions, so I'm going to get back a good amount from the IRS shortly. Still, I hate taxes.
In July, the accountant takes the numbers and tells me, "Well, it's time to start paying some taxes."
Fuck. I paid 70k in 6 months, while my average income from AM those months was 10-15k a month. Fuck fuck fuck. Hate taxes so much.
I have a lot of deductions, so I'm going to get back a good amount from the IRS shortly. Still, I hate taxes.
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
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.
I got it all together, but I just wanted to have the 1099's on file. But I guess the bank statements/wire's will be my backup.
