2016 is closed out!

[Onfire_02_01]

Submitted my taxes for 2016 today and we had another great year. Not quite as good on taxes as last year having bought a truckmount last year and not having that deduction this year. But I posted a $55,000 gross and $26,000 net for the year. It was a good day to follow a good year. Here's to next year reaching $75,000 (hopefully).

 

[KevinD]

Finally done here. All but writing the checks.
Accountant called before emailing the vouchers over.
"You want the bad news sitting down or bent over ?"
Just send them I said.

 

[Jim Williams]

Taxes are a bummer. I always transfer 20% of each deposit into a savings account for taxes. A few years I got behind on my taxes and like my granddad used to say, "you don't want to owe those bastards money."

 

[Onfire_02_01]

Taxes are a bummer. I always transfer 20% of each deposit into a savings account for taxes. A few years I got behind on my taxes and like my granddad used to say, "you don't want to owe those bastards money."

Good way to do it.

 

[Bruce Humphrey]

Taxes are a bummer. I always transfer 20% of each deposit into a savings account for taxes. A few years I got behind on my taxes and like my granddad used to say, "you don't want to owe those bastards money."

I put 25% away out of every deposit and I still under pay my quarterly's , I don't want the government giving me money back at the end of the year that I could have been using my self. It drives my tax guy crazy that I have to pay in at the end of the year, he wants me to over pay so I get a refund, he says it makes people feel nice and warm inside.

 

[Able 1]

When you hit 25% it is depressing!! I hit it in '15, never again! Way too many ways to dump your money to keep your rate lower(HSA,and a IRA).. At 25% I give the government my best months income! Screw them!!!!!!!!!!!!

 

[Onfire_02_01]

Always max that retirement. Best way to go all around.

 

[PrimaDonna]

We got hammered last year. Switched accountants as ours was retiring and they pulled wrong info from our k1. Owed over $25k that we didn't expect. It was a bit of a set back to say the least as we always stayed on top and budgeted. The money was already spent cause we thought we were In the clear. Still paying that off.

We went S Corp last year and the difference was huge. Only owed $2k this year and business made more than last year. Had my step daughter still been a deduction we would have gotten a refund. But we no longer pay child support for her so we didn't get the deduction. A huge relief from the $25k owed on top of all we paid for 2016.

 

[Able 1]

Hopefully our taxes go down next year!! Kind of makes me not want to grow when I have the government bending me over.. What's the point?!

 

[Bruce Humphrey]

Keith I feel the same way around tax time , then I look at all those other businesses that are growing every day and making loads of cash , keeps me motivated I guess.

 

[Bruce Humphrey]

We went S Corp last year and the difference was huge. Only owed $2k this year and business made more than last year. Had my step daughter still been a deduction we would have gotten a refund. But we no longer pay child support for her so we didn't get the deduction. A huge relief from the $25k owed on top of all we paid for 2016.

@_@ from $25k down to $2k ? Sign me up!!!!

 

[PrimaDonna]

@_@ from $25k down to $2k ? Sign me up!!!!

We did see a significant drop going to an Scorp, however the reason it was $25k was only partly because weren't an Scorp. Our new accountant pulled incorrect info over from our K1.

Our estimated payments all year long were based on old numbers, not the new ones and we did much better revenue wise. So we underpaid our quarterly estimates since they had the estimates incorrect and though we were in the clear and then used the "extra" money at the end of the year for other things. Then we found out we needed it for taxes! That being said, we still did realize a significant savings transitioning to a Scorp. And now we don't have to worry about making quarterly estimates because we are on payroll and the taxes are withheld. It's nice not to have to worry and budget for that anymore.