Fuggin IRS/ tax laws

[katmanduex]

Just had to vent a little. I own a small business in Colorado, purchased 5 years ago, any way this is the first real good year for any profits, and my CPA informs me that taxable income will be around $124,000 this year, up from an average of $32,000 the last 4 years. Sounds great huh? Well then he gives me my estimated personal tax (this is "S" corp so tax liability is transferred to me personally) says get ready for $20 to $25,000 tax bill!!!!!!!!!! WTF. I looked and the business has already paid out close to $30,000 in payroll, property, etc, taxes!!!!!!!!What a bunch of crooks. Feel like telling the IRS to go Fu-- themselves and try to come pry it from my cold dead fingers after I take out as many of them as I can. CPA tells me to go buy new truck ,etc.etc. But hell the money's really not there ? Then you constantly hear of millionaires getting refunds in the thousands. I still believe this is the greatest country on the face of the earth and would be willing to die for my freedoms provided, but I am tired of supporting govt. full of classless, a-holes with no m****s , values, or ethics. Going to pull out my firearms- see u later

 

[beer gut]

<ducking for cover>

 

[Mad Max Performance]

Welcome to my life my freind. Thats a teeeeny tax bill in my eyes. Payup.

 

[PJ-Hunter]

Yep, my boss just had to pay almost 50grand to those fuggers. I don't really understand why, but it goes somewhere along the lines of him being taxed by amount billed, not received. And he buys stuff for the Co. all of the time. Trucks, survey equipment, computers, tools, I get a new version of AutoCad every year, and so on! I wish I understood tax law so I could help him out, I think that you should be taxed on what is actually paid into the Co., not billed out of the Co., but what do I know, I'm just a land surveyor.

 

[TIM]

I will be in the $100,000 to $150,000 area. sure does suck. We don't even make that much. That is why i put some away every month, sure does hurt the cash flow. lol

tim

 

[Fosgate]

You really need to find a book or two on finding loopholes and writeoffs. And have a reciept book so you always keep reciepts in case of audits. Learn little tricks like if you want to furnish your office buy the paintings etc at Banquts like Ducks Unlimited/RM ELk Foundation etc./ and of course raffle tickets etc can allbe written off for charity etc. Also buying catttle are a good writoff and good way to sock money away. Friend of mine did that after same think happened like to you, he didn't have a farm or ranch, just write a check every month to a farmer to take care of them in the summer and a check to the feedlot in the winter. Even better if you have relatives that will help you out. Also buying rentals is good even though there may be maintenance involved. If I were you if you are not already involved, join your local Chaimber of Commerce and rub elbows with other business people to find out who they use and what they do to write stuff off every year.