1. 02-12-16 04:11 PM #1
    JMon
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    Taxes date coming up...Who paid in or got money back?

    Mine are not finished...but paid in 7K to federal last year, got money back from state...only because governor's policy on corporations for the state. Corp made more this year...so expecting more. Luv hearing about brok dik penetrates getting back 11K and only playing in 2. Tell us about your American Dream?

    Btw..I'm middle class, own three businesses (50%) and run S corp at the moment.
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  2. 02-12-16 04:25 PM #2
    JohnnyD4916
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    Haven't got them back yet but will probably pay in like every year.
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  3. 02-12-16 04:51 PM #3
    dfish
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    Wait till Bernie finds out about JMON's S corp.
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  4. 02-12-16 04:53 PM #4
    BIGDAY
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    Always pay in.

    I don't like using the government as a savings account.
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  5. 02-12-16 04:55 PM #5
    Iwinyourmoney
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    Quote Originally Posted by BIGDAY View Post
    Always pay in.

    I don't like using the government as a savings account.
    Agree. Interest free at that.
    It always works out where I owe or get back no more then $100
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  6. 02-12-16 04:55 PM #6
    dfish
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    Quote Originally Posted by BIGDAY View Post
    Always pay in.

    I don't like using the government as a savings account.
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  7. 02-12-16 04:59 PM #7
    JMon
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    I'm zero'd in on all fronts...extra pay in.

    Now worried about getting shoved into the next bracket.
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  8. 02-12-16 05:00 PM #8
    zlaroc
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    Tax season all year for my warriors !!!!!
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  9. 02-12-16 05:05 PM #9
    JMon
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    Need to find out of if S corp is the way to go? Adsorbing corporate profit at 25% plus personal income. Yet draws are nice tax free.
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  10. 02-12-16 05:38 PM #10
    grease lightnin
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    No yield in cash nowadays. Makes little difference whether you owe, get a refund, or land on zero.

    I haven't got my return done yet, but predict that I will get a small redund from the feds, will owe the state.
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  11. 02-12-16 05:39 PM #11
    grease lightnin
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    Quote Originally Posted by JMon View Post
    Need to find out of if S corp is the way to go? Adsorbing corporate profit at 25% plus personal income. Yet draws are nice tax free.
    An S corp is a flow through entity, I thought. As in taxes flow through to shareholders. Am I wrong?
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  12. 02-12-16 05:40 PM #12
    5918mike
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    Quote Originally Posted by BIGDAY View Post
    Always pay in.

    I don't like using the government as a savings account.
    I always laugh at the people who brag about a refund.
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  13. 02-12-16 05:49 PM #13
    El Nino
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    Prob get a little from state. Went exempt enough where I hoped to be break even/owe a little. People bragging about 7K refund checks are morons. Could have had that shit in a roth IRA the whole year...SMH.
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  14. 02-12-16 05:51 PM #14
    grease lightnin
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    Anybody bragging about a 7k refund isn't funding a roth, homey
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  15. 02-12-16 06:02 PM #15
    JohnnyD4916
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    Having to pay in $900 this year. Great.
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  16. 02-12-16 07:22 PM #16
    JMon
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    Quote Originally Posted by grease lightnin View Post
    An S corp is a flow through entity, I thought. As in taxes flow through to shareholders. Am I wrong?
    You got it...as I said in the post our replied to .....absorbing corporate profit plus personal income appears to put me in the 28%, not 25% bracket. Draws are tax free since in a S Corp very nice. Need to find out which it better C corp/lllc, pay taxes on dividends, pay tax on corporate level and pay personal tax. Vs... S corp. ?
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  17. 02-13-16 06:42 AM #17
    grease lightnin
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    Money gets taxed twice in a C corp--at the corporate and shareholder levels. It only gets taxed once--at the shareholder level--with an S corp.

    Talk to a CPA (which I am not) to see what is best for your situation. I think it is generally more advantageous to be an S corp if your company can qualify. But I know a lot of non-S corp biz owners take very little in terms of distributions and buy personal items in the business name and write them off...but that seems kinda dicey in case of an audit. And in your business (dispensary, right?), I wouldn't take any chances with the Feds.
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  18. 02-13-16 08:26 AM #18
    jtoler
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    If only they would let Bernie get in everybody will get alot of free stuff, prob no refund less than 2-3k.
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  19. 02-13-16 08:41 AM #19
    actiondan
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    I efile now but back in the day I used to make sure to include a couple pubes with my 1040
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  20. 02-13-16 04:26 PM #20
    sweep
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    Quote Originally Posted by actiondan View Post
    I efile now but back in the day I used to make sure to include a couple pubes with my 1040
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  21. 02-13-16 04:27 PM #21
    Booya711
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    People pay taxes?
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  22. 02-13-16 06:41 PM #22
    gauchojake
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    Puke

    Just went to the tax man and found out the damage

    Owe 13k Fed and 10k State

    Unreal
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  23. 02-13-16 06:51 PM #23
    Smoke
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    Quote Originally Posted by gauchojake View Post
    Puke

    Just went to the tax man and found out the damage

    Owe 13k Fed and 10k State

    Unreal
    gaucher nooooooooooooooooooooooooooooo
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  24. 02-13-16 06:54 PM #24
    gauchojake
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    smokey yessssssssssssssssss

    2015 was the worst year of my life confirmed
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  25. 02-13-16 06:58 PM #25
    Smoke
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    Quote Originally Posted by gauchojake View Post
    smokey yessssssssssssssssss

    2015 was the worst year of my life confirmed
    well at least the wife is still hot right?
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  26. 02-13-16 07:07 PM #26
    thellama
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    Estimated taxes will not be enough this year, will probably owe another 5 or 6k. Bought some property so maybe I can get that down a bit.
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  27. 02-13-16 07:29 PM #27
    gauchojake
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    Quote Originally Posted by Smoke View Post
    well at least the wife is still hot right?
    thank god for that!
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