tax related question...

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pjr5043

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Mar 3, 2009
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so i recently got paid ... a nice amount .. i finally hit my "tipping point" hopefully.

anyway i got the money in my bank account, but i know that tax hasnt been taken out yet on it. to you guys makin money .. how much would you say gets taken out in taxes at the end of the year?

i was figuring it out at what i have multiplied by .80 if anyone thinks its something different .. or if the more i make the more i have to pay .. please let me know. i really wanna figure it out
 


Talk to your accountant and lawyer, set up a legal structure like LLC., and do this shit as a serious business. If you do it right, you can keep a hell a lot more money.
 
yea i gottat talk to an accountant ... LLC from what i heard doenst have a lot more tax benefits
 
It's pretty much going to be 30% if you don't have many business expenses. Sucks but whatcha gonna do
 
i understand the whole "talk to an accountant" thing, but i've always thought a few more tips could be posted. what can be written off, etc.
 
A cpa will talk to you for free in most cases and tell you what they think needs to happen jump on cl and find a few and see what they say
 
My suggestion.

Each time you get a wire/check etc. Take half of the amount and put that in savings. You'll then have plenty for taxes and will also have a nice bonus at the end of the year to buy something cool.

Remeber if you make decent money, the IRS wants you to pay in Quarterly Installments and I highly suggest you look into a S Corp. I don't know how much you plan to make this year though.
 
to me 50% is fucked .... say i make 10g's 50% is 5gs .... say i spend 4gs on advertising .. then id have only 1g profit !! ... thats garbage
 
get an llc dumbo. get an ein. get structured. dont give out your social security number to get on with any network - that is a no no. always EIN sucka
 
pjr5043 said:
to me 50% is fucked .... say i make 10g's 50% is 5gs .... say i spend 4gs on advertising .. then id have only 1g profit !! ... thats garbage
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Are you dumb?

I don't know where you get 50% at and your math is all wrong.

10 grand minus expenses 4 grand is now 6 grand.

The 6 grand is now taxed not the 10.

Now 50% of 6,000 is 3,000
 
right ... i'm not the one that said 50% tho ... i was sayin how crazy it would be if it was really that much
 
pjr5043 said:
right ... i'm not the one that said 50% tho ... i was sayin how crazy it would be if it was really that much
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Not sure how you made any money because you don't sound too sharp. You are only taxed on your NET profit. So let me give you a little formula. Gross Revenue - Expenses = Net Profit. Your expenses can include things such as advertising, travel/entertainment, office supplies, etc. Expect to make 70% of what your NET profit amounts to.

Also, sounds like you should setup an S corp and find someone more intelligent than you to look at your numbers.
 
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