sohowcome
Captain Obvious
Just curious...... I still havent finished mine, sucks to be self-employed......
WHo hasnt done there taxes yet?
- Thread starter sohowcome
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SVTHottie102
Guest
I already got my $100 return back
Yes I did mine back in Jan and got my refunds already.
That was my last easy year. Next year will be a bitch with me being self employed. I'm not looking forward to that. I plan on starting early though. I do not want to wait till the last minute. One thing that's nice for me is I will get a big jump in income around the holidays that should more than cover me come tax time. With all my deductions (I'm keeping track of everything) I should hopefully come out ahead...;-)
That was my last easy year. Next year will be a bitch with me being self employed. I'm not looking forward to that. I plan on starting early though. I do not want to wait till the last minute. One thing that's nice for me is I will get a big jump in income around the holidays that should more than cover me come tax time. With all my deductions (I'm keeping track of everything) I should hopefully come out ahead...;-)
sohowcome
Captain Obvious
Only Joel cant write off too much or it will hurt your chances at getting financed for a house My favorite deduction is mileage to the tune of $.34 1/2 cents a mile x 58,000 miles
My favorite deduction is mileage to the tune of $.34 1/2 cents a mile x 58,000 miles
I thought they raised it to 36 something?
sohowcome
Captain Obvious
I wish they did
cause those miles add up fastHell with taxes who pays them anyways! I don't have to, i'm almost 16, ah ha ha ha! Well, except sales tax, does that count?!
Zach, we know you are by yourself, but you call that employment.
I think it just sucks to be you
MeganSue69
Tim's Girl Toy
Re: Re: WHo hasnt done there taxes yet?
lol...
I got my taxes done... i sent them in a couple few weeks ago... hopefully ill get the refund within the next year....
Originally posted by FordSVTFan
Zach, we know you are by yourself, but you call that employment.
I think it just sucks to be you
lol...
I got my taxes done... i sent them in a couple few weeks ago... hopefully ill get the refund within the next year....
Re: Re: Re: WHo hasnt done there taxes yet?
Did mine back in mid-March and got the Fed refund on Friday. :thumbsup: I'm moving into a new place in July so it'll be sitting in a money market until then. Too bad, I wanted to use a part of it for a strut tower brace.
Did mine back in mid-March and got the Fed refund on Friday. :thumbsup: I'm moving into a new place in July so it'll be sitting in a money market until then. Too bad, I wanted to use a part of it for a strut tower brace.
By the way, any self-employed that started their business as an "S-Corporation"?
I'm looking at starting my venture as such in 2-3 years so that any profits go as income to me and therefore subject to personal tax and not the capital gains tax.
Of course, I want to first make sure S-Corp would be the most beneficial from a tax perspective. After a certain dollar amount I can't see how it would be. Thanks for any info! :beer:
I'm looking at starting my venture as such in 2-3 years so that any profits go as income to me and therefore subject to personal tax and not the capital gains tax.
Of course, I want to first make sure S-Corp would be the most beneficial from a tax perspective. After a certain dollar amount I can't see how it would be. Thanks for any info! :beer:
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sohowcome
Captain Obvious
S-Corp is a great way to set yourself up for!!!! you can even write off a luxury car!! You do have to have a junker car plus your regualr work car, but it is a great way to hide money, also you pay yourself from the corporation. The way to do it is to pay yourself a low wage of management and bonus yourself every month, because you are such a hard working Employee!!
Originally posted by sohowcome
S-Corp is a great way to set yourself up for!!!! you can even write off a luxury car!! You do have to have a junker car plus your regualr work car, but it is a great way to hide money, also you pay yourself from the corporation. The way to do it is to pay yourself a low wage of management and bonus yourself every month, because you are such a hard working Employee!!
In my opinion a better setup is to choose an L.L.C. (limited liability corp) and elect Subchapter S status for the L.L.C. Make yourself a member of the L.L.C. and an employee. Use Zachs suggestion, pay yourself a low wage and a bigger monthly bonus.
But it depends upon the amount of income and profits we are talking about as well as the number of employees that will alter these or any suggestions on corporate status.
Good luck:ud:
Zach, I revived this thread so you wouldn't procrastinate this year!!
:beer:
:beer:
Heck no! I'm too busy getting ready for everyone else's tax returns. (work for a CPA firm) And mileage for 2002 was .365
It will only be .36 for 2003
It will only be .36 for 2003
Not yet, hell I still haven't even gotten all my forms from employers back yet.
I am waiting on Property tax statements and some dividend statements.
So not yet!
So not yet!
W2 is MIA.
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