Taxes-how many are self employed?

[Dr Gregg]

Business owners get a hell of a lot more deductions and write-offs than W-2 people.

So quit yer bitchin'.

Don't be angry at us business owners because we're smarter than you W2 wage slaves.

I bet it really gets your goat that a business owner is able to write off a lot of personal expenses doesn't it.

For example I can't remember the last time I paid for coffee, or paper towels or many other household items. I even have the business pay my heating bills so I can write them off. And not to mention that I get to avoid Social Security taxes on a large part of my income.

It's good to be a business owner.

the OP doesn't sound smart if his entire savings, at age 55, are tied up in business. Seems a bit risky. Hope his business succeeds, but there are plenty W-2 people that at their current age have a nice savings and its not tied up in a business that may or may not succeed

 

[Dr Gregg]

If you say so...I think you're an idiot with no idea of how to be profitable. Good luck to you.

"No idea to be profitable"
My 3 businesses make an extremely large profit for 30 years. My ROE is three times the industry averages. Do I need to explain ROE to you also?
I travel the world on those profits hunting, fishing and sight seeing and they also allow me time to educate you on economics.

In other words, you're bitching about nothing. Phony asshole.

Sounds like "i'm making lots of money but my greedy ass wants even more and more". Fuck the working class man. waaaa

 

[Ravi]

"No idea to be profitable"
My 3 businesses make an extremely large profit for 30 years. My ROE is three times the industry averages. Do I need to explain ROE to you also?
I travel the world on those profits hunting, fishing and sight seeing and they also allow me time to educate you on economics.

In other words, you're bitching about nothing. Phony asshole.

Sounds like "i'm making lots of money but my greedy ass wants even more and more". Fuck the working class man. waaaa

Yep. But I actually think he's not making anything if all his life savings are being risked in the manner he claims. He's basically crying for someone to save him from himself.

 

[Skull Pilot]

Business owners get a hell of a lot more deductions and write-offs than W-2 people.

So quit yer bitchin'.

Don't be angry at us business owners because we're smarter than you W2 wage slaves.

I bet it really gets your goat that a business owner is able to write off a lot of personal expenses doesn't it.

For example I can't remember the last time I paid for coffee, or paper towels or many other household items. I even have the business pay my heating bills so I can write them off. And not to mention that I get to avoid Social Security taxes on a large part of my income.

It's good to be a business owner.

the OP doesn't sound smart if his entire savings, at age 55, are tied up in business. Seems a bit risky. Hope his business succeeds, but there are plenty W-2 people that at their current age have a nice savings and its not tied up in a business that may or may not succeed

The comment was addressed to business owners not the OP

 

[Mr Natural]

You know what gets me?

All these hard-working, hard-charging business people around here who seemingly have nothing better to do with their time during the day then to piss it away on the internet.

Frankly, I smell bullshit.

 

[boedicca]

You know what gets me?

All these hard-working, hard-charging business people around here who seemingly have nothing better to do with their time during the day then to piss it away on the internet.

Frankly, I smell bullshit.

You must be smelling yourself.

Just sayin'.

 

[Gadawg73]

Business owners get a hell of a lot more deductions and write-offs than W-2 people.

So quit yer bitchin'.

Ever heard of business expenses?
What are they and why should I pay taxes on those?
What small business do you own?
And where was I "bitchin"?

You're joking, right? This whole thread is one big bitchfest.


Yeah, it sucks that we have to pay taxes. But as a business owner, you have a whole world of options available to you that your employees don't. Example: lease a car, tax write off. Have an office at home, write off part of your mortgage, property taxes, insurances, and utilities. Take business trip that just happens top coincide with a visit to the in-laws, tax write off.

I could go on and on. And I hope that as a smart businessman you are taking advantage of every benefit of business ownership that's available to you. Otherwise, what's the point?

"lease a car, tax write off" I could but it wiser to own my cars and write off the milegae that I use for business. Note to the uninformed: IRS only allows the write off of a lease FOR THE BUSINESS USE. And get this uninformed. ALL a write off is you do not have topay taxeson that business expense. YOU STILL HAVE TO PAY FOR THE LEASE OUT OF YOUR OWN CASH.
2. Same with an office at home as #1 and tht is THE #1 AUDIT AREA for IRS on small business owners. You are looking at maybe 5% of your home expenses for your office at home For a 140 square foot room which is your office only 50% of that, 70 square feet of a 3000 foot home is deductible. Do the math. That is about 3% of the home mortgage and expenses to write off.
3. Business trips? Another area where IRS audits big time.

A tax write off is different than a tax credit. You still have to pay for the expense out of your own pocket.

And we pay 15% of our net income as social security taxes BEFORE any personal deductions can be taken.

 

[Gadawg73]

Which is smarter as a small business owner?
Invest as much of your savings and equity of your business IN YOUR business or put it into the stock market or savings at 2% max?
No brainer.
The savvy business owner keeps as much of his personal stash in his own business to avoid short term capital gains and to maximize ROI and ROE in his own business.
However, high taxes that we pay ELIMINATES jobs growth, expansion and freezes capital.

 

[Gadawg73]

Business owners get a hell of a lot more deductions and write-offs than W-2 people.

So quit yer bitchin'.

Don't be angry at us business owners because we're smarter than you W2 wage slaves.

I bet it really gets your goat that a business owner is able to write off a lot of personal expenses doesn't it.

For example I can't remember the last time I paid for coffee, or paper towels or many other household items. I even have the business pay my heating bills so I can write them off. And not to mention that I get to avoid Social Security taxes on a large part of my income.

It's good to be a business owner.

the OP doesn't sound smart if his entire savings, at age 55, are tied up in business. Seems a bit risky. Hope his business succeeds, but there are plenty W-2 people that at their current age have a nice savings and its not tied up in a business that may or may not succeed

Let me appeal to your reason and common sense:
1. Do I put my savings in the stock market? NO
2. Do I put it in savings like Ravi does at 1-2% return at best in this market? Heayell NO
3. Or do I plow ALL OF MY SAVINGS into my business where my ROI and ROE is about 15% a year for the past 20 years?

Monty, Door # 3 please!
Beam me up Scotty. There is no intelligent life here.

 

[American Horse]

You know what gets me?

All these hard-working, hard-charging business people around here who seemingly have nothing better to do with their time during the day then to piss it away on the internet.

Frankly, I smell bullshit.

I never touched a computer keyboard until I retired at 65. What I wonder about is all the "adults" who are on the internet and are posting 20 or thirty times a day, all day (my average is always less than about 4.5 per day) in fora just like this one.

Right now, for my part, I'm drawing a set of plans for a new project that I'm certain of, and stopping to post definitely reduces my productivity. I'm a worker not just an owner/manager.

Just maybe that’s what Gadawg is

And I do not claim an office for all the supposed expensing benefits (Mortgage, Interest, utilities) as you suggest, nor lease a business vehicle, nor deduct a vacation while conveniently visiting my relatives in Florida as you said you “could go on and on about” in another post (#39).

Among issues of honesty, those are flags for instant audits. It sounds like you, as a lowly employee, spend a lot of mental energy calculating how well your employer has it; but it is eminently noticeable that you don't make that leap. quote: "I could go on and on. And I hope that as a smart businessman you are taking advantage of every benefit of business ownership that's available to you. Otherwise, what's the point?"

Huhh?!) Project much? So are you one of those who is sure that business people are crooked (witness your own words), YET FAULT THEM - ("Otherwise what's the point?") - if they aren’t smart enough to be dishonest? I smell some dishonesty here.

 

[onecut39]

I retired from Boots-n-Coots International Well Control, began a second career with an engineering/construction firm (where I currently work) I'm invested in two private businesses, I own a cattle ranch (more of a hobby than anything) and my taxes are outragious (just under 70,000 for '09). I wouldn't mind it so bad if everyone paid their share. But seeing these generational welfare families and illegal aliens reaping the benefits of my hard work really pisses me off.

What was your taxable income?

 

[SpidermanTuba]

How many are self employed and have their life savings at risk daily running their businesses?

? Incorporate, and that won't be a problem.

 

[SpidermanTuba]

You are obviously "wealthy" and your wealth needs to be redistributed and spread around.

I'm not sure how that works. There is no federal tax on wealth until you die (the estate tax). There is a federal tax on income. That's a huge difference.

 

[SpidermanTuba]

No offense, but that is a stupid way to run a business.

And how exactly were you able to determine this from the information given?

If you have your life savings all tied up in your business it isn't a business, it's a hobby.

No shit, its not our fault this guy can't keep his retirement funds separate from his business capital.

 

[Eccgmike]

How many are self employed and have their life savings at risk daily running their businesses?
How much do you have at risk in your business?
I have $500,000.00 in savings invested in one of my businesses and $300,000.00 in another. This represents 95% of my life savings and I am 55. Add in another $225,000.00 in loans and I have over a million bucks AT RISK.
I will explain the tax implications later and how they dramatically affect the lifeblood of this country, the small business person.

No offense, but that is a stupid way to run a business.

No offense, but that's a stupid thing for you to say and just. Prooves that you know nothing about small business,..... period!!

 

[Dr.Traveler]

You're late to the party.

My Dad was self employed under Reagan and the self-employment taxes literally drove him to bankruptcy. I had a lot of friends that owned a small business go under during the Bush years.

Running your own business is risky. That's the chance you take when you become your own boss.

 

[Eccgmike]

You are obviously "wealthy" and your wealth needs to be redistributed and spread around. Fortunately Obama is going to help you with that. On the bright side you won't have to worry about putting gas in your car no more or making your mortgage payment.

Got a link to where Obama plans to confiscate wealth and redistribute it?

He said it on national tv to "Joe the plumber" in front of millions of viewers moron!!

 

[SpidermanTuba]

And how exactly were you able to determine this from the information given?

If you have your life savings all tied up in your business it isn't a business, it's a hobby.

You have no clue how hard it is to run a business. My detective agency certainly is no hobby.

If taxes were not so high on small business then I would not have to put so much of my savings into making sure others are employed.

A simple thank you to your employer would be sufficient.

The federal income tax on a small business is the exact same as the tax on any other personal income, quit your baseless whining.

I pay the taxes. People, NOT CORPORATIONS, always pay the taxes.

Why the fuck do you think you should be exempt from taxation? What makes you so fucking special? You think you're better than everyone else?

 

[American Horse]

How many are self employed and have their life savings at risk daily running their businesses?

? Incorporate, and that won't be a problem.

Are you serious? Even when a new corporation is created large suppliers require, among other things "personal guarantees." Personal guarantees are even required for building leases. Small suppliers are sometimes ignorant of the risks they are taking when supplying to a corporation, but are you suggesting that an honest man should create a corporation with an eye towards using it to dodge personal responsibility for indebtedness, and have that dodge especially hurt the small business owner?

Are you a small business owner (because that's what we're discussing here") or are you just talking out of your hat?

 

[SpidermanTuba]

You're late to the party.

My Dad was self employed under Reagan and the self-employment taxes literally drove him to bankruptcy.

Hard to believe considering you have to be making income to pay them. Only reason FICA would drive someone into bankruptcy is if they weren't paying the tax in a timely manner, and instead were spending the money, and later the IRS realizes it and sends them a tax bill for more money than they have. Dad should have just paid the tax when it was due.

Running your own business is risky. That's the chance you take when you become your own boss.

Living is risky.