Results 1 to 10 of 10

Thread: Death & Taxes

  1. #1
    Steve Meyer's Avatar
    Steve Meyer Guest

    Default Death & Taxes

    It's tax season, anyone having fun with tax preparations.
    How are you fellow business owners applying your tax right off.
    Any helpful tax hints. Seems like I'm being hit hard this year.

    Thanks
    Steve

    Similar Threads:
    Elite MGA Home Inspector E&O Insurance

  2. #2
    Join Date
    Mar 2007
    Location
    Spring Hill (Nashville), TN
    Posts
    5,829

    Default Re: Death & Taxes

    Quote Originally Posted by Steve Meyer View Post
    It's tax season, anyone having fun with tax preparations.
    How are you fellow business owners applying your tax right off.
    Any helpful tax hints. Seems like I'm being hit hard this year.

    Thanks
    Steve
    If you are being "hit hard" this is usually a sign that your business is doing good.

    Scott Patterson, ACI
    Spring Hill, TN
    www.traceinspections.com

  3. #3
    Join Date
    Mar 2007
    Location
    Philadelphia PA
    Posts
    3,177

    Default Re: Death & Taxes

    Quote Originally Posted by Steve Meyer View Post
    ...How are you fellow business owners applying your tax right off...
    I'm getting a tax write-off?! Yippee! How much?


  4. #4
    Steve Meyer's Avatar
    Steve Meyer Guest

    Default Re: Death & Taxes

    Sorry no tax write off & no getting any taxes back in the spring.
    We make to much money as inspectors ?!?!?!? hehe It's called distribution of wealth.


  5. #5
    Join Date
    Mar 2007
    Location
    Dallas, Texas
    Posts
    4,112

    Default Re: Death & Taxes

    I don't think I would mind the distribution of wealth... it is this RE-distribution of wealth that gets me. Seems the politicians only know how to take a bunch and only give back a little.

    Jim Luttrall
    www.MrInspector.net
    Dallas, Texas

  6. #6
    Join Date
    Mar 2007
    Location
    Ormond Beach, Florida
    Posts
    25,308

    Default Re: Death & Taxes

    Once when it was tax time I had a client complain out loud for anyone to hear (just your typical basic gripe about taxes) "Damn, I paid $2 million in taxes this year! I hate that."

    I was nearby so I responded with: "I'll trade you my income and taxes for your income and taxes."

    He looked at me kinda puzzled like, then smiled and said "No, I guess I will just keep what I've got ... but thanks for thinking of me."

    Jerry Peck, Construction / Litigation Consultant
    Construction Litigation Consultants, LLC ( www.ConstructionLitigationConsultants.com )
    www.AskCodeMan.com

  7. #7
    Join Date
    Mar 2007
    Location
    New Mexico
    Posts
    1,222

    Default Re: Death & Taxes

    Steve, if you are being hit hard it may be because you haven't put enough back for the estimated taxes throughout the year. Develop some type of system so that you will have enough on hand for the four estimated taxes, and you shouldn't have much of a problem at 4/15. I use a spreadsheet to keep track of the current year, but do whatever works for you.

    Jim Robinson
    New Mexico, USA

  8. #8
    Join Date
    Mar 2007
    Location
    Philadelphia PA
    Posts
    3,177

    Default Re: Death & Taxes

    Quote Originally Posted by Jim Robinson View Post
    Steve, if you are being hit hard it may be because you haven't put enough back for the estimated taxes throughout the year. Develop some type of system so that you will have enough on hand for the four estimated taxes, and you shouldn't have much of a problem at 4/15. I use a spreadsheet to keep track of the current year, but do whatever works for you.
    Good Advice. It has the added attraction of being the law. Like it or not, federal taxes are supposed to be "pay as you go", not settle up the whole year in April. Of course, if you have a way of earning better interest on the money than the IRS penalty for paying late, more power to you!


  9. #9
    Join Date
    Mar 2007
    Location
    Oregon
    Posts
    2,365

    Default Re: Death & Taxes

    They'll typically let you get away with owing them more than $500 at the end of the year once... then they want estimated payments. Turbo Tax even spits out the payment coupons 'for your convenience'


  10. #10
    Join Date
    Oct 2003
    Location
    Rockwall Texas
    Posts
    4,517

    Default Re: Death & Taxes

    Quote Originally Posted by John Arnold View Post
    Good Advice. It has the added attraction of being the law. Like it or not, federal taxes are supposed to be "pay as you go", not settle up the whole year in April. Of course, if you have a way of earning better interest on the money than the IRS penalty for paying late, more power to you!
    John,

    I'm just right the opposite. I personally don't pay out a dime all year to them till I have to. Heck, I don't even file in April, but wait till August. The penalty is not that bad compared to the interest.

    April 15th. just has always came at the wrong time of the year for myself.

    It is always the start up of the busy season for HI and termite season for me to deal with it.

    20 yrs. in doing it this way. As the saying goes, you can't teach an old dog new tricks.

    rick


Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •