Do you O the IRS??
04-21-2008, 05:43 PM
#121
Suzuka Master
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Location: Chicago
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Originally Posted by GIBSON6594
Because some of us are in higher tax brackets and don't pay as much up front.
Even if your business doesn't make a profit you still qualify for the deductions because your expenses count as income losses therefore your tax bracket situation gets that much more smaller.
If you end up with a NM company, as long as you make less than 600 for that year you don't need a 1099 MISC to report income.
This country's setup for business owners to win
Last edited by tiguy99; 04-21-2008 at 05:46 PM.
04-21-2008, 05:46 PM
#122
What Would Don Draper Do?
Originally Posted by youngTL
Why don't you pay as much up front? It doesn't make sense to me why someone would take home their entire gross paycheque or more than they should, and then have to pay at the end of the year. Wouldn't it save you the emotional distress just to pay more every month and not have to owe?
05-01-2008, 08:42 AM
#126
My Garage
Originally Posted by youngTL
Why don't you pay as much up front? It doesn't make sense to me why someone would take home their entire gross paycheque or more than they should, and then have to pay at the end of the year. Wouldn't it save you the emotional distress just to pay more every month and not have to owe?
When someone else has your money it can't be put to work for you.
05-02-2008, 01:41 AM
#128
dɐɹɔ ǝɥʇ ʇɐɥʍ
Originally Posted by youngTL
Why don't you pay as much up front? It doesn't make sense to me why someone would take home their entire gross paycheque or more than they should, and then have to pay at the end of the year. Wouldn't it save you the emotional distress just to pay more every month and not have to owe?
It's not always that simple, often in business you shoot from the hip and guess what you'll owe, but it is impossible to know until the end of the year and all the dust settles.
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