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Add me on SphinnGot my estimated tax bill for this year, so pumped about it. My quarterly paid tax estimations were WAY low because I made a lot more this year, so I pretty much have to pay it all at once.
Who else is lovin’ 2008 taxes?
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December 16th, 2008 at 11:41 am
ohhh yes love me some taxes and tons of write-offs..!
December 16th, 2008 at 12:08 pm
Get back on your meds. Who the hell loves taxes?
January 3rd, 2009 at 5:00 am
Exactly! Especially if one doesn’t see real value being delivered by government either! No wonder the barbarians eventually overran Rome!
December 16th, 2008 at 12:15 pm
I hired an accountant earlier this year and we’ve made some estimated payments as well to try to keep this from happening. I’m praying that I don’t get an insanely high bill… kind of hurts eh?
December 16th, 2008 at 12:16 pm
I’m a big fan of taxes. My wife is still in school so I get all sorts of credits and deductions. Last year, I only paid on just over half my actual salary.
I paid more than that all year long, so I will get back a nice fatty check… I know its like giving interest free money to the gov… but who has enough self control to save that money instead :).
December 16th, 2008 at 12:19 pm
About to get worse… if you live in the US that is
December 16th, 2008 at 1:17 pm
Yay for taxes. :)
December 16th, 2008 at 1:27 pm
Incorporate yourself in NV, buy a ton of websites to be used as income properties, take a ton of trips to places where they have IM conferences, outsource as much as possible, put your parents on payroll and pay them, contribute the max to a SEP IRA, buy a bigger house to live in (you can write-off as much as a $1 mil in interest), buy some laptops (and give them away as gifts even though you’re claiming them for your own business expense), give every client/subscriber a $20 gift certificate (you can run a contest giving away these things and have people provide you with content or something), etc….
It’s not what you make, but what you keep! Unless you’re Donald Trump, there’s no way you should be paying a ridiculous amount in taxes. Just be sure that your taxable income stays below $250K (you can make $2 mil and still get that number under $250K) next year or Obama’s new government will tax you even more!
As with all tax-related information, consult with your tax attorney and plan a year (not quarter) ahead.
If all else fails, setup residency in the Bahamas and keep your corporation in Nevada.
December 16th, 2008 at 2:49 pm
Paying lots of taxes is nice… when you realize that is means you earned lots of money. Still smart to minimize what you’re paying out by knowing how to get deductions, but I remember how happy I was when I first realized I had to pay estimated taxes. It meant I was succeeding.
December 24th, 2008 at 12:20 pm
Um… I’m going to assume that you don’t make much money. Because the more you make, the more you pay and the MORE it hurts… every time. ;)
February 1st, 2009 at 8:38 am
You are a good citizen, who succeeds always who pays txxx…
December 16th, 2008 at 3:49 pm
How much $$$?
December 16th, 2008 at 3:55 pm
Grab some offshore acc. :-). and manage it through there.
December 16th, 2008 at 3:59 pm
Uncle sam, what taxes??? I spent every last penny of what I earned! [Hides money in safety deposit box]
December 16th, 2008 at 4:06 pm
It’s all about having a great account and taking dividends!
December 16th, 2008 at 8:35 pm
War aint cheap.
December 16th, 2008 at 8:43 pm
Not a big fan of giving up my cash, but the roads, schools, and just about everything else man-made sucks here in SC so I could either get all pissed off about it or just accept that taxes are part of being an American, even if most of it is misspent. I’m not about to get into the political arena, anyway.
December 16th, 2008 at 11:11 pm
Time to upgrade or buy new pc’s and of course try to pay for as much of your ASW trip, if you’re going, ahead of time (and in 2008.) Every little bit of write off helps I guess.
December 17th, 2008 at 5:04 am
one word .. offshore.
December 17th, 2008 at 6:47 am
Guess who did not turn over enough this year to pay any taxes… yeah this year sucked but the tax bill is OK.
December 17th, 2008 at 7:00 am
Hey! I’m new this world… but I really enjoy your blog. It’s real, it’s raw, it’s honest. Which is why i enjoy it. Thanks for not trying to shovel sales down my throat and being honest about your ups and downs.
Becky
December 17th, 2008 at 10:13 am
Fortunatelly here there is no tax for physical person earnings so I can earn as much as possible on internet and nobody will ever tax me :)
December 18th, 2008 at 2:34 am
Depends how cleverly have you played this year the TAX game :-). Someone loves it, someone not at all. But we can learn from mistakes and we can fix them in following year.
December 18th, 2008 at 4:05 am
Taxes can be a right stinger, good thing I haven’t paid them for awhile.
December 18th, 2008 at 5:33 am
You know you’re on the right track when you’re paying taxes :p
December 18th, 2008 at 3:03 pm
@ Mikita: Write offs are a waste of money. Don’t waste all of your money doing all of that stuff! Every $1 write off = (you pay $1) + (you save $.32) for a net effect of -$0.68.
@ Paul: Yea, six figure taxes rock! And, not getting the stimulus check also rocks! And, not qualifying for any of the 100 tax breaks each year because I’m one of the few people that pulled my head out of my ass and figured out how to make money is also awesome!
December 19th, 2008 at 4:51 pm
Taxes? I don’t pay that shit. :p
December 20th, 2008 at 2:23 pm
Lol I hate taxes tbh. Good purpose but they take too much!
December 25th, 2008 at 12:21 am
I fear getting my taxes done. I have made a lot more this year! I just hope I am getting back enough from my real job to make up for what I will have to pay out.
December 29th, 2008 at 6:29 am
Yeah, gotta love giving taxes (which in turn is given as bailout money) to big ass corporations like AIG who take vacations on my tax dollars. Ignorant f***ers!
January 1st, 2009 at 1:27 pm
Mine ended up 15k higher than expected…so i share your love of taxes.
January 2nd, 2009 at 1:06 am
All great gurus teach that every tax or debt or some other kinds of payment must be done as quick as possible.It is being done for constant money stream you are getting,that is why I love taxes.
January 4th, 2009 at 8:24 am
Just make sure you pay your quarterly taxes regardless of how much it is. The penalties associated with not paying them (assuming you will make more this year) is not worth it.
January 6th, 2009 at 11:03 am
I always set my tax moniey aside in a seperate bank account so at least it can earn a little interest before paying it out to uncle Sam.
January 8th, 2009 at 9:22 am
I hope this post was sarcastic. :P
January 22nd, 2009 at 11:33 am
Love taxes?
99% dread them.
Good for you.
January 22nd, 2009 at 10:21 pm
Hi, Paul,
I also love Taxes, every one should pay.
January 22nd, 2009 at 11:06 pm
really useful, all your posts are awesome!
January 25th, 2009 at 10:16 pm
Talk about a headline grabber :)
February 5th, 2009 at 7:33 am
You serious? Be happy about taxes?
February 7th, 2009 at 10:26 am
@Nicole: Something tells me he’s being sarcastic…
February 8th, 2009 at 12:18 am
For small business owners, it pays to have a good tax attorney or CPA to ensure you are paying the proper amount of estimated tax payments (to prevent penalties). Also, a tax attorney or CPA can help minimize your taxes and save you far more than the mere cost of the CPA or attorney.
February 14th, 2009 at 3:01 pm
This is my first year to pay taxes and I certainly don’t love them.
March 21st, 2009 at 5:51 am
Talk about hard work!
November 30th, 2009 at 5:12 am
oh no… this 2008 post date :D