So... how much did you just fork over to the IRS yesterday?

How much did you have to pay to the IRS for 2011?

  • I got a refund. I'm a poor bitch, or overpaid earlier (dumb).

    Votes: 11 16.2%

  • <$10k

    Votes: 19 27.9%

  • $10k-$50k

    Votes: 14 20.6%

  • $50k-$100k

    Votes: 7 10.3%

  • $100k-$250k

    Votes: 4 5.9%

  • $250k-$1mm

    Votes: 3 4.4%

  • $1mm+

    Votes: 10 14.7%
  • Total voters
    68
J

jvincent

New member
Mar 9, 2009
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Tax bills should be paid by now (hopefully... if not, enjoy that interest you're racking up daily). I know paying mine sure sucked.

How much did you have to fork over?

(this notably is *not* a "how much $ did you earn?" question -- although would be highly correlated I suppose. But perhaps some of us are just very creative with deductions? :2gunsfiring_v1:)
 


I made a billion dollars but didn't pay shit because I bought a yacht for $999,998,000 and put a fucking $2000 laptop on the poop deck so I creatively deducted the whole thing.
 
JCash said:
I made a billion dollars but didn't pay shit because I bought a yacht for $999,998,000 and put a fucking $2000 laptop on the poop deck so I creatively deducted the whole thing.
Click to expand...

Technically if the poop deck is where you conducted your business, you're only legally allowed to write off the square footage of that area, as a percentage of the entire boat size. If the poop deck is 10% of the size of the entire yacht, then you are allowed to write off 10% of the boat maintenance, fuel, and other expenses.

I sense a HUGE audit in the works.
 
efeezy said:
Technically if the poop deck is where you conducted your business, you're only legally allowed to write off the square footage of that area, as a percentage of the entire boat size. If the poop deck is 10% of the size of the entire yacht, then you are allowed to write off 10% of the boat maintenance, fuel, and other expenses.

I sense a HUGE audit in the works.
Click to expand...

HermanCainSad.bmp
 
efeezy said:
Technically if the poop deck is where you conducted your business, you're only legally allowed to write off the square footage of that area, as a percentage of the entire boat size. If the poop deck is 10% of the size of the entire yacht, then you are allowed to write off 10% of the boat maintenance, fuel, and other expenses.

I sense a HUGE audit in the works.
Click to expand...

what if you do business on the entire boat?
 
I'm pretty sure that's a good way to red flag an audit, from what I've heard. Now I guess if you bought the boat in the company name, and entertained clients there on a regular basis, you'd have some better grounds for writing off the entire thing, but don't let em catch you using it for personal purposes if you plan on using it as a 100% write off. That's a no no.
 
efeezy said:
Technically if the poop deck is where you conducted your business, you're only legally allowed to write off the square footage of that area, as a percentage of the entire boat size. If the poop deck is 10% of the size of the entire yacht, then you are allowed to write off 10% of the boat maintenance, fuel, and other expenses.

I sense a HUGE audit in the works.
Click to expand...

The yacht is a vehicle, I get to write off him whole thing. That's why ballin internet marketers keep their trailers registered even after they put it up on cinderblocks in the park, you can deduct the whole thing as your office for $75 a year.
 
$12k feds
$4k state

-----------
$3.5k property taxes.

It's been a fun week.
 
^^^ when filing an extension... isn't it only paperwork? Don't you still need to pay atleast what you paid last year?

Serious question... b/c I thought that is the deal
 
wayn3 said:
what if you do business on the entire boat?
Click to expand...

You can only deduct capital goods under $1000 here. Anything over that and you deduct the depreciation of it each year. That's why it's better to rent a company car than buy one.
 
jsphfcll said:
^^^ when filing an extension... isn't it only paperwork? Don't you still need to pay atleast what you paid last year?

Serious question... b/c I thought that is the deal
Click to expand...

As long as you have paid in your estimated tax for all 4 quarters you can file for the extension and pay the balance without the penalty's during the 2 month extension you will still wind up owing the interest though
 
My real taxes were due over a month ago. Did personal taxes almost 3 months ago. I didn't make much money, personal taxes very low.
 
4k in Canada.

But I only paid myself 22K in salary and paid out the rest of the income in dividends split between myself and my wife. At the end of corporate year (August), I did have to pay out more than 4k that's for sure.

But if you incorporate and make your spouse a shareholder, and then having your corporate year-end in calendar mid-year so you can move revenue around to even things out, you can save... a... lot... in tax.

(edit in Canada, that is)
 
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