A company?

Strigamort said:
I don't *want* to keep it. Really, I don't. I wrote the thread for that reason.

I really do need to learn all of this stuff. My wife has always handled the taxes (for obvious reasons) and I don't believe we've ever actually not gotten a return. I would like to keep it that way if possible.
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I understand that and that is good because there is something worse than not paying your taxes as far a government is concerned, That is collect a sales tax and not surrendering it to the goverMINT! They have no sense of humor about this.:mad::mad:

I agree with Leatherman about tax cheats,, The rest of us end up taking up the slack for these Slackers! Taxes wouldn't be as high if we all paid what's due. Over 50% of what I & my wife make gets eaten up in taxes.

OK, Its time for my medication!
 
Rhinoknives1 said:
I understand that and that is good because there is something worse than not paying your taxes as far a government is concerned, That is collect a sales tax and not surrendering it to the goverMINT! They have no sense of humor about this.:mad::mad:

I agree with Leatherman about tax cheats,, The rest of us end up taking up the slack for these Slackers! Taxes wouldn't be as high if we all paid what's due. Over 50% of what I & my wife make gets eaten up in taxes.

OK, Its time for my medication!
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I'm leatherman and I approve this statement! :D I'd be a lot better off financially if I didn't end up giving half my income to the state and national levels. But the risk far outweighs the benefit, that and I never get away with anything. Run one stop sign and BAM red and blue blinkies (the officer also would inform me that he NEVER goes to that particular spot) Puckett curse. :p
 
Be careful about asking the Significant Other to help with accounting and taxes:).

Not to be a downer, but this is when I realized my marriage was on a downhill slide. I asked my CPA wife (with a Masters degree) for help with setting things up for my one-man "business" and she refused. That was years ago, and she is now an "ex" for many other reasons other than just this incident.

I'd hope that most other people will have better experiences that I did. I've since figured it out on my own, including setting up a chart of accounts, etc. in Quickbooks.

Truthfully, it's not that difficult to simply track sales, expenses, and sales taxes and it can be done on paper rather than setting up elaborate accounting systems.

Good luck,

Mike
 
Over half? I hope that's including sales tax on whatever you buy? I have no idea what we give up. I know they get more than 60k, but I'm not sure what our pre-tax is. We both work at the same place (my wife and I) and one income gets eaten mostly by medical, dental and law insurance and taxes. It's kinda depressing looking at the bank statements on payday, but it's a small price to pay for living in the best state, in the best country, on the best planet. :D ;)
 
I generally set aside about 35% for biz taxes and still have some left over. If your paying over 50% of income in taxes then there is something seriously wrong. I write off everything down to the last paperclip and inch of thread as long as it is biz related.

They should have capitol punishment for tax cheats. The rest of us have to work and pay more to make up for the slackers. Start hanging them from the trees, cuts down on rush hour traffic too. Win-win. :)
internet sarcasm.
 
Hey Strig buddy, I checked on that cottage industry law and it is for food only, not other small in house craft businesses. So if you've got a smoking salsa recipe you'd be good to go. Won't help any with leatherwork though.
 
Skystorm said:
I generally set aside about 35% for biz taxes and still have some left over. If your paying over 50% of income in taxes then there is something seriously wrong. I write off everything down to the last paperclip and inch of thread as long as it is biz related.

They should have capitol punishment for tax cheats. The rest of us have to work and pay more to make up for the slackers. Start hanging them from the trees, cuts down on rush hour traffic too. Win-win. :)
internet sarcasm.
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Sky,
I am including the sales taxes we pay, not just income. Besides, we live in California and the city we live in has a 9.50% sales tax and the boneheads in the city council want to raise it more to pay for affordable housing. go figure?

My wife & I are looking at other states to retire in.
 
Texas is quickly becoming the most friendly state when it comes to settling down. Running a business is still complicated, but its better. We're also getting some pretty high level manufacturers (gun and steel) and hopefully Sriracha! Cali is running a lot of those companies out.
 
We are looking at Texas & Louisiana. Maybe when the state of Cali realizes that all they have left is some movie stars and indigent people they will become more business friendly again. MFG & Tech are leaving here .
 
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