Taxes are done.......

[Kzoo]

..... except for cutting the check.  WoKzoo will put in the mail tomorrow.

#ilovetheirs

[2Far ★]

Filed an extension. 

I really hate doing taxes. I am a huge proponent of either a flat tax or VAT only. 

[Kzoo]

We file an extension on the company's taxes every year and deal with them in September.  Personal I just get done but not until the last day.  I still have a city tax to file by the end of the month.

 

I hate tax filing almost as much as I hate sending them money.

[Longjohn ★]

How much was the damage?  I had to pay $3,770.00.put the check in the mail about noon.

[Kzoo]

800 to the Feds and 220 to the state.

[Caretaker]

I have a live-in accountant who handles mine.

[maddmaxx ★]

If you are just now sending in the money, who provided that which they sent to me?

[Longjohn ★]

1 hour ago, maddmaxx said:

If you are just now sending in the money, who provided that which they sent to me?

You did.

[maddmaxx ★]

1 hour ago, Longjohn said:

You did.

I'll bet that went to someone else long ago.

[bikeman564™]

meh, had mine done in Januar

[Longjohn ★]

1 minute ago, bikeman564™ said:

meh, had mine done in Januar

I like to do mine on the correct day.

[SuzieQ]

I made money this year so had to pay write a big tax check   Self employment tax is ridiculous! What's the point of making money?  I think I'm going to do some overseas retreats this year and spend my money!

[Longjohn ★]

1 minute ago, SuzieQ said:

I made money this year so had to pay write a big tax check   Self employment tax is ridiculous! What's the point of making money?  I think I'm going to do some overseas retreats this year and spend my money!

Must be big money in those hot naked yogurt classes you teach.

[Kirby]

Mine were filed last month, but we were racing to the last day for my Mom's.

[bikeman564™]

1 hour ago, Longjohn said:

I like to do mine on the correct day.

I like to get it done

[ChrisL]

My wife threw us all for a loop when she "made a tax appointment".  She had Friday off so told us all she made a tax appointment which is odd as she's been doing the taxes for decades now.  What she really meant was I need a few hours alone so bugger off!  My wife already warned me we would have to pay and we were on the hook for about 2 grand Fed and a couple hundred State. 

[TrentonMakes]

For the first time ever we had a Tax Professional take care of us.  My wife is a partner in a business and Pennsylvania is involved now, so we had her business accountant do our personal return as well.  My wife made a little less than anticipated and so our quarterly estimated tax payments were a little high.  We owed NJ but our net is a refund of a few hundred.

[maddmaxx ★]

2 hours ago, Longjohn said:

Must be big money in those hot naked yogurt classes you teach.

It's the residuals.

[Thaddeus Kosciuszko]

11 hours ago, SuzieQ said:

Self employment tax is ridiculous! What's the point of making money?

Check with a tax professional about these ideas:

1- set up a health insurance plan with a high deductible, on the order of $5,000 or $10,000.  Then set up an HRA (Health Reimbursement Arrangement) account where your business puts the money into the HRA account from the profits to cover costs subject to the deductible.  It could work out where the savings in monthly health insurance premiums will be more than the money you actually pay out of the HRA account.

For example, say your health care costs for the past few years averaged $2,000.  You get a plan with a $5,000 deductible.  It saves you $300/month (or $3,600/year).  You pay the $2,000 of your typical costs through the year from your HRA account.  At the end of the year you're $1,600 to the good.  ($3,600 saved on premiums - $2,000 in expenses = $1,600 saved).

2 - Pay a bonus to your instructors.  Yeah, they will have to pay the taxes, but it reduces your business' taxes because your business income is lower.  There may be levels of income where doing this to reduce the profits may be financially better for you.  Also, would you rather pay the money in taxes or pay it to your instructors?

And, in the interest of full and complete disclosure, I have somebody do my taxes - I don't do my own.  So take this advice for what it's worth.

[Further]

If your taxes are 'done' you must have died a while back.

The Gov't gets their share, even when you die.

[Kzoo]

47 minutes ago, Further said:

If your taxes are 'done' you must have died a while back.

The Gov't gets their share, even when you die.

Good point.