Death & Taxes

Steve Meyer · 02-10-2008, 08:42 PM

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

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**Scott Patterson** · 02-11-2008, 07:26 AM

Originally Posted by Steve Meyer

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.

**John Arnold** · 02-11-2008, 08:06 AM

Originally Posted by Steve Meyer

...How are you fellow business owners applying your tax right off...

I'm getting a tax write-off?! Yippee! How much?

Steve Meyer · 02-13-2008, 08:44 PM

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.

**Jim Luttrall** · 02-13-2008, 11:11 PM

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.

**Jerry Peck** · 02-14-2008, 06:45 AM

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."

**Jim Robinson** · 02-14-2008, 09:33 AM

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.

**John Arnold** · 02-14-2008, 09:38 AM

Originally Posted by Jim Robinson

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!

**Matt Fellman** · 02-14-2008, 10:22 AM

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'

**Rick Hurst** · 02-14-2008, 10:50 AM

Originally Posted by John Arnold

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