How much is taxes

[flakko 5,000+ posts]

does the govt take out when you own your own business?? i heard 30 percent

man my nipples are hard

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[JimJ 5,000+ posts]

Yeah, but you don't file a W2...will also depend on what bracket you fall under.

 

[InhumanAcura 5,000+ posts]

probally the same amount they take from your check when you work for someone..

 

[iceteebone 5,000+ posts]

does the govt take out when you own your own business?? i heard 30 percent



man my nipples are hard

i think every state is different because i heard michigan had the highest business taxes.

 

[flakko 5,000+ posts]

Yeah, but you don't file a W2...will also depend on what bracket you fall under.

isnt the w2 only for individual income not businesses no? sorry as you can see i have never filled out any forms before

 

[Ignatowski 5,000+ posts]

I own my own business &

I have a creative accountant,and I write every freekin dime off I can,cars trucks,I even wrote off one of my audio systems,since it was in a company car //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

my taxes are like 10% after all is said and done...........being the boss is fun..........

 

[flakko 5,000+ posts]

I own my own business &I have a creative accountant,and I write every freekin dime off I can,cars trucks,I even wrote off one of my audio systems,since it was in a company car //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

my taxes are like 10% after all is said and done...........being the boss is fun..........

niiice i can write my system off then, heck maybe even a tint and paint job //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

i was reading the CA tax guide for small businesses and its confusing... //content.invisioncic.com/y282845/emoticons/frown.gif.a3531fa0534503350665a1e957861287.gif

 

[Ignatowski 5,000+ posts]

niiice i can write my system off then, heck maybe even a tint and paint job //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif
i was reading the CA tax guide for small businesses and its confusing... //content.invisioncic.com/y282845/emoticons/frown.gif.a3531fa0534503350665a1e957861287.gif

just get a slick accountant,remember if the goverment can lie,so can you:

 

[flakko 5,000+ posts]

hmmm ima see if i have any accountants i have ties with. //content.invisioncic.com/y282845/emoticons/up2something.gif.dd110ecf3ae4b76050d87598f2f8de7c.gif

but how did you go about getting a business license and stuff excel? im new to this stuff, and dont wanna get audited

 

[JimJ 5,000+ posts]

GAAP is only a suggestion, hehe...

Just don't pull an Enron //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif

 

[bimma85 5,000+ posts]

I own my own business &I have a creative accountant,and I write every freekin dime off I can,cars trucks,I even wrote off one of my audio systems,since it was in a company car //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

my taxes are like 10% after all is said and done...........being the boss is fun..........

Hell you gotta have the music to calm your nerves. Can't be making big decisions without some relaxing music on an awesome system //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif.

Open a corporation and pay yourself as an employee then you will be taxed the same as having a regular job.

 

[Flipx99 5,000+ posts]

GAAP is as solid as a sieve, although it is a good reccomendation because if you follow it, you won't get into any trouble.

1st off, what is your business type?

sole proprietorship, partnership, LLC, S-corp, corporation (there are a few others but these are the most popular)

If it is a sole propietorship you file all net income as individual income. Kinda like a w2, except you are own your own. Most rules require you to pay your income taxes quarterly with fees if fiscal year totals do not fall within guidelines. There is much much more to it but this is a start. In order to help more, I need to know more about how your business is set up.

To the guy that pays only 10% of NI in taxes, I would like to see a balance sheet and income statement to see how you are pulling this off. Most businesses are taxed around 30-35%, even major corps pay that much and they hire top accountants in the world. I could only see it if it was sole proprietorship, then it is hard to believe...unless you reinvest most back into the business and put much funds into tax deferred accounts (IRAs, SEP 401(K), etc)

 

[flakko 5,000+ posts]

GAAP is as solid as a sieve, although it is a good reccomendation because if you follow it, you won't get into any trouble.
1st off, what is your business type?

sole proprietorship, partnership, LLC, S-corp, corporation (there are a few others but these are the most popular)

If it is a sole propietorship you file all net income as individual income. Kinda like a w2, except you are own your own. Most rules require you to pay your income taxes quarterly with fees if fiscal year totals do not fall within guidelines. There is much much more to it but this is a start. In order to help more, I need to know more about how your business is set up.

well i guess you can say sole propietorship, yea it is. I was reading the small business tax guide for cali, and it says i need a 1040?

 

[bimma85 5,000+ posts]

What are you looking to be doing? If I were you I would make my company at least a LLC.

 

[flakko 5,000+ posts]

sellin usamps... yea

the amount of money these things cost, it will only be time that the IRS will be lookin my way.