I am not altogether convinced that this tax stimulus doesn't feel like a hand up from the person who just smacked you down to the ground....
I felt raped after I walked out of my accountant's office this year. Being self employed should be rewarded in this country - instead I am now required to pay self-employment tax of 15.3% on top of all the nickle-and-dime taxes that are required.
I remember those fabulous days when I couldn't wait to get my taxes done so I could get the refund check sooner. Now I dread writing out that horrific check to "Uncle Sam".
If I were in charge: Sales tax would go up to 20% across the board and all income taxes, property taxes,self-employment taxes, etc would be abolished.
Then the rich, the poor, the legal citizens and the illegal immigrants would all be taxed the same. I would no longer spend hours hunched over my Quickbooks looking for just one more write-off!
There would be no tax evasion, just a quick molestation at the register each time we shopped and no prolonged assaults every April 15th!
April,
You need to consider forming a S corp or an LLC. To avoid the 15% self employment tax take some of your income in form of dividends and rent instead of payroll. More paperwork...less taxes.
Mark, you cant beat the self employment ssi in the US, if it goes on a schedule c, it gets subject to ssi even if you incorporate, or llc.
that is one of the main reasons I went to rentals, since they are considered investment income and are done on a schedule "E" they aren't subject to social security!
April, Glad you joined the real world! They hit me worse this year than ever in my life! plus all the money I supposedly "made" was plowed back into non "expencable" long term improvements, so I didnt get any of the money I made and had to pay taxes on!
Mark,is that considered completely legal? We have looked into turning our business into an LLC or incorporating but it didn't pay off and our accountant didn't advise it either. I would like to hear more about it from you. We get taxed 28% which just kills us every year. We do pay quarterly so it seems a little less painful but it comes down to the same thing at the end of the year.
I would welcome ideas that are legal and above board to be able to pay less. We feel like any extra we make in a year goes to the government and we are no farther ahead. There isn't any reward for hard work and establishing your own business here...you just pay for it. Last year our state started charging a personal business tax and now besides regular tax we also pay tax on our business equipment.
Then there's real estate...since we built four years ago we have paid around twenty thousand for the privilege of building a house in this county.
It seems like it is the middle class that gets hit the hardest and now the prices on everything are going up and you wonder where there is going to be an end. This country may be nice to live in but I would rather see less taxes get put into stupid things in this country and be able to keep a little of our money.
Here ya go Brent. Here is the lyrics for "Float" by Flogging Molly.
Drink away the rest of the day,
Wonder what my liver would say,
Drink, It's All you can.
Blackened days With their bigger gales,
Blow in your parlor to discust the day,
Listen it's all you can.
Ah but don't, don't sink the boat,
That you need, you built to keep afloat,
Ah no don't, don't sink the boat,
That you built...
Secret tired of luck to save,
Jump the river from the ball and chain,
Breath... it's all you can.
Rambling years of lousy luck,
Ya miss the smell of burning turf,
Dream it's all you can.
Ah but don't, don't sink the boat,
That you Built, you built to keep afloat,
Ah no don't, don't sink the boat,
That you built... you built to keep afloat.
Singled out for who you are,
Takes all types to judge a man,
Feel its all you can.
Fill your sense with biggest ears,
Hide behind their their own worst fears,
Live it's all you can.
It's all you can
It's all you can... do.
No matter where i put my head,
I wake up feeling sound again,
Breath its all you can.
Tomorrow smells of a lester cade,
Reach the bowls but glooming frame,
Be thankful it's all we can.
Ah but don't, don't sink the boat,
That you Built, you built to keep afloat,
Ah no don't, don't sink the boat,
That you built... you built to keep afloat.
Ah but don't, don't sink the boat,
That you Built, you built to keep afloat,
Ah no don't, don't sink the boat,
That you built... we all built to keep afloat.
It's a ripe old age,
It's a ripe old age,
It's a ripe old age,
Thats what I am.
A ripe old age,
A ripe old age,
A ripe old age,
Ahhh...
A ripe old age,
A ripe old age,
A ripe old age,
Thats what I am.
A ripe old age,
A ripe old age,
A ripe old age,
Thats what I am.
Hey Paris, Thanks for offering me a ride in your new car, is it going to be a convertible?
Even though your new car isn't a GTO it's still in the General Motors Company so I thought while we were driving we could play this song “Little GTO” by Ronnie and the Daytona’s.
This message has been edited by Sirius65 on Apr 26, 2008 9:57 PM This message has been edited by Sirius65 on Apr 26, 2008 9:56 PM
>>Are you sure you're woman enough to handle that?<<
Yes I can handle it. I treat it like a baby. My youngest son said something like "wouldn't you know it the slowest driver in the family gets the fastest car"
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