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Newt
USA
657 Posts |
 Posted - 02/04/2003 : 12:11:36
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Thanks for the support, doing taxes sometimes one gets all bent out of shape and I start bouncing off everyone. By the time this thing got cold I had already looked into the Deleware LLC plan.
I just made a slip this year and they grabed more money than I expected. I could have submitted a revision but I'll just let slide this year. Right now I got the process in motion. I did do one thing that will help, I carried over my expenses from last year to this year and I had a lot.
Chuck I wasn't thinking, and doing taxes does that to a person. This year I will go back to using
better bookkeeping methods.
I have never had an audit and always did my taxes which at times were pretty complex. I had a business, and farm income plus retirement and intrest. This should be easier, I may even get someone else to handle them. I got a bad habit of trying to micro-manage things. |
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ChuckDeaton
USA
373 Posts |
Posted - 02/05/2003 : 17:33:13
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| Newt, I have never one time in my life ever done my own taxes. I seek the advice of a professional and I pay attention to what he says. Don't set up an adjusting corporation set a farm and use the benefits intended for farmers. Just hire yourself, pay yourself a salary below the social security cutoff, hire your kids. Drive a farm owned truck, big deduct for vehicles over 6,000 pounds, use farm fuel, heat with a corn stove. Don't make house or car payments. Be careful that you don't have a Worker's Comp claim. Use Quicken for budgeting and writing checks. Buy lots of electronics, write em off and donate em. |
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JimF
USA
1014 Posts |
Posted - 02/05/2003 : 20:28:27
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Newt, you may want to sign up for the special AIC class that Ghostbuster and I are offering this year in Tahiti which is completely tax deductible.
A little expensive yes, but you can bring your wife along, and as I mentioned, completely tax deductible.
That should help a little. It's the least Ghost and I can do to help!
Better not waste time signing up.
Demand is heavy.
And this, is a once in a lifetime opportunity.
:>) |
Edited by - JimF on 02/05/2003 20:38:16 |
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Newt
USA
657 Posts |
Posted - 02/05/2003 : 20:50:28
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| I have used quicken for business and it was a great program. I'll go back to using it, saves a lot of paperwork. I used this in conjunction with Turbo Tax. Income tax was a breeze compared my records for the dept. of Ag, EPA and the Chemical tracking. This was a continuing records that required monthly reports containing the complete history of everything you did, Then, there was HAZMAT, DOT records to maintain, which have now been discontinued. |
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KileAnderson
USA
875 Posts |
Posted - 02/07/2003 : 01:05:31
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I spent the better part of this week figuring out my taxes. I filed the Federal form 1040, Schedule A, scedule C, 8829, 4562, Ky personal income tax form, Kentucky Schedule A, Pa PA-40, PA Sched. C-F, PA Sched UE, LA personal income tax form with all appertinent schedules and copies of the other state forms attached to it. Now I used Turbo Tax Premiere home and Business and it was still a hassle figuring it out. I still hope I did it right.
It wouldn't be so bad except for the fact that I majored in Accounting in college and my girlfriend also has a business degree in Economics and we were both pulling our hair out. As adjusters we are used to filling out complex forms and reports and making them all add up and putting them in some semblance of order. I really feel sorry for the rest of society who has to deal with this arcane tax code that our beloved politicians have managed to foist uppon us.
I will say this, after all was said and done I was able to get my effective tax rate down to 14.97% thanks to lots of mileage deductions and the fact that I purchased new computers and camera equipment this year. Now wouldn't it be nice if we could go to a flat tax and just pay 15% of every paycheck to Uncle Sam.
If they just took 15% off the top and gave us the rest, the federal coffers would be just as full or fuller and we wouldn't be looking for the Rogaine as April 15th approaches. And we wouldn't have to purchase $170 worth of software or pay professionals to do it for us.
It won't happen though because the powers that be love to manipulate our lives by giving us incentives through tax breaks to make us do what they want us to do and penalizing us with other taxes to keep us from doing what they don't want us to do. Plus, they get lots of campaign dough pushing writing in the loopholes. It's the loopholes they love. |
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Newt
USA
657 Posts |
Posted - 02/07/2003 : 08:19:28
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Kile, Loopholes, would be OK its the clauses and exclusions that got me, they don't say that but thats what it is.
Jim, I would love to go to Tahiti, but if I took my wife it would be like going fishing with the game warden.(just kidding) |
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