Why are you (you personally) on a 1099 with them and not having them just pay your business? Don't you pay yourself a reasonable salary already from your business? You can just up your w2 withholding from your own payroll and then you don't have to have clients hold anything from you (which honestly would sketch me out).
If you're not already paying yourself a salary then you need to start or you're going to end up getting fucked on not paying enough on FICA and the IRS reclassifying ALL of your earnings as self employment earnings (+13.3% in taxes).
If you aren't paying enough on your w2s to yourself then you need to start paying quarterly estimates too. Its likely you will have to anyway unless you paid more last year in taxes than you owe now.
I am not an accountant or a lawyer, this is not real advice and is just something I read on a napkin.
If Barry can't find the Scrapebox icon on his computer, he will literally buy another copy of Scrapebox. How many licenses do you own, Barry?
DIBBS! I lost my SB serial, but I'm too cheap to pay again.I don't use SB anymore, but I have 4 or 5 serials.
You sir, have inspired me.My total tax bill for 2011 was US$500. Funny that it worked out to an even number like that. Still too much, but I got hit with taxable distributions from a crappy mutual fund.
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Yes, I'm a peasant. But I'm pleased I'm not paying those scumbags enough for even one bomb to drop on brown people.
Nahh.. That's too much work for Ly2
He'll just pay the penalty from the next deposit...
I am myself a financial lazy bum, but I always overpay my Advance tax, and end up getting a nice refund each year. Last year I got like 18 K, mostly because I pay in two countries (not twice, but file in both countries.. DTAT country)
You sir, have inspired me.
2012 Is turning out to be my most Peasantly year yet.
I think I'm actually in the red, in fact. :thumbsup:
Why are you (you personally) on a 1099 with them and not having them just pay your business? Don't you pay yourself a reasonable salary already from your business? You can just up your w2 withholding from your own payroll and then you don't have to have clients hold anything from you (which honestly would sketch me out).
If you're not already paying yourself a salary then you need to start or you're going to end up getting fucked on not paying enough on FICA and the IRS reclassifying ALL of your earnings as self employment earnings (+13.3% in taxes).
If you aren't paying enough on your w2s to yourself then you need to start paying quarterly estimates too. Its likely you will have to anyway unless you paid more last year in taxes than you owe now.
I am not an accountant or a lawyer, this is not real advice and is just something I read on a napkin.
So you give the government an interest free loan and then they pay you back in dollars that are worth less then the ones you gave them...
I mean it sucks owing but it sucks worse getting a refund.
I don't really have a business. I mean, I have thoughtmechanics.com but I only own 50% of it and that is separate from my other shit. Plus I got that bitch penalized so most of the leads it was getting dried up anyway. Otherwise there is no business or LLC...just me o.o
how did you write off 100k without a business?
how do you pay your outsourcers without a business account? You just write them a personal check or use a personal paypal account?
don't you want to reduce your personal liability? Even if you don't have assets to protect currently you may in the future.
don't you want to reduce self employment taxes? I mean, 13.3% is no joke.
I pay them with paypal.
"13.3% is no joke."
I can write off 13% if I LLC myself?
And yes, I pay everything thru paypal.
Social security is 13% or "self employment tax". its 13.3%
I'll ask tax dude about it. As much as I am paying he should have already told me about it lol.
Is $250 an hour normal? Low? High?