Fucking Taxes



blogspotter said:
Hahahaha..... Exactly what I have been thinking all these weekend...
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Yeah. My CPA just emailed me a review copy of my return to check out. I nearly spit coffee all over my monitors. Oh well, fuck it. It's only money I guess. And I wouldn't owe it if I hadn't made it. I think now is the time to convert my LLC into and S-corp. Time to get my shit together and make even more money so I can give it all to the man.
 
efeezy said:
Yeah. My CPA just emailed me a review copy of my return to check out. I nearly spit coffee all over my monitors. Oh well, fuck it. It's only money I guess. And I wouldn't owe it if I hadn't made it. I think now is the time to convert my LLC into and S-corp. Time to get my shit together and make even more money so I can give it all to the man.
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Need more creative accounting
 
"... Time to get my shit together and make even more money so I can give it all to the man."

Nice Strategy. lol
 
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S-Corps save thousands of dollars.. seriously. Its a little more paperwork but the savings is huge.

Side note, this is been the first year I was creative enough with my accountant and I was very happy with the taxes I paid.
 
efeezy said:
Yeah. My CPA just emailed me a review copy of my return to check out. I nearly spit coffee all over my monitors. Oh well, fuck it. It's only money I guess. And I wouldn't owe it if I hadn't made it. I think now is the time to convert my LLC into and S-corp. Time to get my shit together and make even more money so I can give it all to the man.
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Mine emailed me thee scenarios...
Conservative
Normal
High Risk

I have told him to do the Conservative... but the High Risk scenario looks awesome... He created all sorts of expenses... He advised me also to withdraw large amounts of cash from the ATM frequently next year on. lol Creative accounting lol.

I will I will think about it for next year.. This year, I am planning on th Conservative since I have some other plans as well.. The Net Income should help later, If i ever want to raise some debt, or such like..
 
blogspotter said:
Mine emailed me thee scenarios...
Conservative
Normal
High Risk

I have told him to do the Conservative... but the High Risk scenario looks awesome... He created all sorts of expenses... He advised me also to withdraw large amounts of cash from the ATM frequently next year on. lol Creative accounting lol.

I will I will think about it for next year.. This year, I am planning on th Conservative since I have some other plans as well.. The Net Income should help later, If i ever want to raise some debt, or such like..
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Just because he says high risk doesnt mean your going to get audited. The key to not getting audited it consistency. If your income is close to what it was last year its perfectly acceptable for your expenses to go up 10%

As to the net income you usually need 2 to 3 years proof of income for big loans so if your pretty sure your not going to need the extra "credit" why not? Your probably over paying your taxes anyway. If you know your going to buy a house or some other property then keep the shown income up.
 
dmnEPC said:
Just because he says high risk doesnt mean your going to get audited. The key to not getting audited it consistency. If your income is close to what it was last year its perfectly acceptable for your expenses to go up 10%

As to the net income you usually need 2 to 3 years proof of income for big loans so if your pretty sure your not going to need the extra "credit" why not? Your probably over paying your taxes anyway. If you know your going to buy a house or some other property then keep the shown income up.
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Yes, but still a risk isn't it? And we are not talking 10%. That is the Normal Scenario.
And the hassles of an Audit.. I don't even like my server getting rebooted.. I just hate hassles... And I don't want to fuck with the TaxMan ever.
 
haven't done mine yet this year because i'm still considering fleeing to south america
 
this is why u need rental properties...the write offs with real estate are sick...and if u have too much to write off...u can continue to deduct the rest of the loses the next year!
 
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