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Originally Posted by RJF
Love how people who pay no income tax say "Tax the Rich". How about the 50% of American that don't pay taxes, pay their fair share.
Did you get a tax refund?
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What does that have to do with anything?
Quote:
Originally Posted by RJF
Well, that's not paying their fair share.
You know how much Mark and I are penalized for owning Zilvia and if we manage to have a few dollars left at the end of the year? We get hit with Self-employment taxes and penalties for not withholding during the year.
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Well, it would be income. Do you think some of your income should be tax-free?
Quote:
Originally Posted by RJF
How are we supposed to know if we will have a profit at the end of the year when things change and fluctuate during the year? Right now we are paying off credit card bills for $8000 in server and network equipment.
How does that type of attitude help small businesses plan for the future and try to hire and pay employees, even if they are just part-time?
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Generally, the penalty only kicks in if you owe over $1000 in taxes. If you get to the end of the year with some money, you can do several things. Re-invest that money back into zilvia, so you don't show any income. Make a one-time estimated tax payment at the end of the year. Or, take a look at what your average tax burden has been over the past ten years. Average it out and make estimated payments based on that amount. Millions of self-employed people do it every year, whether they be business owners, writers, artists, contract employees, etc.
But that is neither here nor there, this thread is about spending, not how complicated the tax code is.