Tax time SUCKS! Holy Jesus. How do you handle it?
 

I guess this year on top of my 2 week paychecks I have to pay taxes quarterly cause this bill at tax time is freeking stupid. There goes my savings.

Do you guys pay quarterly or do you give yourself a paycheck, or pay it all at the end?

Can some of you guys share your accountant info if they are skilled in adult? Mine is not, however I have used him for yearsssss. I just don't think he's getting me all the allowances I could get?

Guess it's time to do some phone boning. :disgust:mad:

The bill at the end of it gives me motivation, that being said, im in the same boat with accountants.

i dont pay taxes anymore...

This year will you start paying quarterly? We need to find a badass accountant!

I'm moving in with you. We'll be rich and spend all day sitting around on toilets pooping.

Here's a simple trick. Create a second savings account and start depositing money into it on a regular basis. You probably already know what your tax bill will be next year, so divide that number by 12 or 24 and start paying that amount into it every month or twice a month. Then when it comes time to paying the taxes, you will already have the money to do it.

If you can't pay your taxes in one shot, sometimes the government will let you spread it out over payments (Revenue Quebec allows this). This is ok except that the government will charge you interest (usually a lot) plus other fees too. If this is the case, you might be able to borrow the money from your bank or even from your credit card at a much lower interest rate than the government interest rate.

Finally if possible explore other options. Look into TFSA's (Tax Free savings accounts), RRSP's etc, to reduce your tax burden. And if you don't have an accountant, hire one immediately. If you're running a business you are entitled to all kinds of discounts and programs that the governments offer that you should be taking advantage of.

thats the right way to go. Its what I do. I pay once a year out of that account.

depending on your tax bracket put 25-30% or your gross into that account as it comes in and there wont be any surprises at tax time no matter how you file

I actually did set up a savings account which deducts automatically from my business checking, and fortunately I have just enough to cover it, but I was NOT expecting to have to use the whole entire thing since I did draw a paycheck and paid taxes every 2 weeks this whole past year. Problem is, my business increased and my income doubled what I actually paid myself.

I do have an accountant, but he knows nothing about adult business other than working with me for the past 7 years or so. I feel like if I had someone who was more skilled in adult, there may be some things I would be entitled to, that my accountant doesn't know about. I'm not sure if they are all the same no matter the industry. I think I would need an entertainment accountant I suppose?

I don't think my CPA gets me any damn deals. And he really should have set me up in DE instead of NJ then I wouldn't have state taxes on top of federal taxes. Booooo. :(

I have no choice but to pay my taxes when they are due, as I already have an agreement and once you do, you can not screw up going forward. I'm happy as heck that I can pay the bill. So I'm not really COMPLAINING, just saying damn...it's crazy.

In the USA the IRS accesses you penalties if you don't pay 1040-ES (estimates) quarterly.

See Form 1040-ES Individual
General Rule

If your AGI income is over $9,225 you need to pay estimated quarterly taxes to the IRS.

my accountant tells me pretty much everyone is in the same shape, I pay quartiles, the balance and the next quarter in April... I'm at 52-53% everything totaled.... state, fed, self employed tax and then obama care pulls about 12k off my net :2 cents:

See I didn't think I would need to pay quarterly since I pay myself every 2 weeks. All taxes are deducted from my paycheck and paid to appropriate places. IF I were paying myself as much as I actually made then when the quarter came I wouldn't owe any money so nothing to pay quarterly? My accountant never even suggested for me to pay anything quarterly, just set me up to draw a paycheck and have taxes deducted that way.

I need a more aggressive CPA I feel like.

I've never paid tax... I don't even know how to fill out that form :D I'm 25 years old, at large...

Well, you have to have a job in order to pay taxes deary. :winkwink:

thats a great idea

Don't make any money and don't pay taxes - It's genius...

Of course you will miss the little luxuries in life, like food and accommodation - But think of the time you save not filling out those fucking forms!....

If you pay quarterly like you are supposed to all you need for year-end is adding the 4 numbers together. Pretty easy really.

In Poland you pay taxes every month and then there's like a yearly thing at the end where you square up if they owe you money or you them...

My accountant is based in NJ (Martinsville) so is that far from you? A nice Jewish lady. LOL Of course, this year is too late but for next year I can hook you up.

Yes, I pay quarterly but have my accountant send me a package of when/where/how to send in payments, all neat and clean with pre-made envelopes.

Hit me up on ICQ if you want the contact. :)

how to handle it

Ugh he has ugly hands and fingernails. Gross.

claim you are illegal it will go away :)

we have one in NY that handles all the corps and personals for the entire company and family... He isnt cheap but all the people that have went to him have not regretted it.. ..

Yes he is Jewish

Seems everyone wants a jewish accountant?

my taxes take only a couple hours cause all my expenses are on a spreadsheet & sorted by category, easy peazy.

also helps im poor as joe dirt. :)

Have your accountant put you on payroll through a payroll company. The taxes are taken out each check. Overpay slightly & get a nice refund. That's the best advice. /thread

My accountant is based in Calfornia, but he is familiar with adult. You'd probably have to file an extension to use him this year, as he is swamped right now. No idea if that is an issue. If you'd like his contact info, PM me your email :)

You are completely misinformed. If you inc in Delaware it only benefits you if you LIVE in Delaware. Otherwise, you still owe nj state tax if you are a nj state resident. In fact a Delaware corp will cost you more because of franchise taxes & registered agent fees. Register within the state you live. There is no way around taxes. That's the one thing you do not want to ever fuck with. But clearly someone is giving you bad advice.
Ds

You pay taxes based on where the money is earned, in your case where you live.

I have rental income from Kentucky and even though I live in Florida where there is no personal income tax I still have to pay Kentucky income tax.

.

I thought it was a legal requirement - They check for foreskins before you take the exam...

That's what I mean when I say I pay myself every two weeks. I pay a service to do it for me, problem is I underpaid myself, I just didn't realize by so much.

I was pretty sure if you incorporate in DE then you don't have to pay state taxes. Which would save me like 15k a year if true. Big chunk.

How did I handle it? LOL

I cut them a huge fucking check :( If you know of another way, Im all ears

Well using a payroll service is at least a LITTLE better at the end of the year. Then it doesn't hurt AS bad.

True you don't have to pay DE taxes. The state you live and earn your money in will have a different opinion.

That should be easy to recignize. If your business account is plush give yoursekf a raise
Ds

whats 12 grand to a high roller?:1orglaugh:1orglaugh

I did do that in January, now I am doing it again, and I guess I will have to do it again in another two months just so I can "feel the burn" nice and slow instead of a big jump. So by the end of the year I SHOULD be okay, but I think after this thread I will make sure anything I owe each quarter is paid at that time. Then I never have to worry about anything.

But my accountant never suggests any of this. I have to tell him what to do when I feel like he should be telling me what to do.

When I first read the thread I thought it said "Tax time SUCKS! How would Jesus handle it?"

The guy who said that the truth never hurts, never had to fill out a Form 1040.

I am self employed and write off everything I can. I also donate a lot during the year so that helps.

I kind of wing it with my quarterlies. It's never the same amount.

I always can generally estimate how much I owe or if I'll break even, so I don't sweat it too much. When quarterly payment time comes up, and I'm a little lean in my bank account and I have to make choice between paying taxes and paying my household bills, the taxes will wait. I can always scrape it together if I get a tax bill from underpayment.

Girl, don't I know it. :helpme

But hey, at least it means we're makin' money. Always a bright side.

It kind of sounds like you are complaining that your income doubled

qft

:thumbsup

Personally, I always come to GFY for this kind of advice

taxes
medical
relationship
moral
racial

I think I'm pretty safe this way.

If you are getting a refund it means you gave the government an interest-free loan of your money. Any good accountant will get you a nominal tax bill,not a refund. :2cents

I take the money out of the bank and pay the government for allowing me to earn money in their fabulous country. They're like my pimp. I do all the work and they get all the money.

I think it's important to get as many POV as possible on all those issues...

Take the info you are given here and from all your other sources before you make decisions - There are 1000's of years of life experience on here - Filter it obviously, don't just ignore everything though.....

or you just avoid the job thing but you keep the earning & spending money parts you know, it's nice... :D without attracting too much attention of course... I'm stated as unregistered unemployed or what who gives a fuck...

No. I'm just complaining that I was silly and didn't pay myself enough and what I have saved I thought I would be good enough to at least keep SOME of it...sooo this morning when I talked to him it was a little gut shot and I just was looking for a better way, AND likely another CPA if my guy can't get me all I should get. He MAY be, he MIGHT be fabulous.

Quarterly seems the way along with drawing a paycheck.

Sounds fair.
Afterall if you have a business you didn't build it, someone else made that happen.