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The Franchise 03-04-2024 12:24 PM

Quote:

Originally Posted by loochy (Post 17427465)
Well it's really freaking hard to nail it right on, and it really sucks to have to cut a check every year so I always err on the side of refund. That measly couple of thousand or so wouldn't have generated much extra if it was invested anyway.

I'm on the same side as you. I'd rather not have to try and figure that shit out to a penny because I'll end up missing something anyways. I'd rather not owe and just get money back.

Buehler445 03-04-2024 12:24 PM

Quote:

Originally Posted by notorious (Post 17427295)
Do not want.

One thing I can assure you do not want is leins and seizure notices.

digger 03-04-2024 12:24 PM

Net owe 100 between State and Fed, will wait to file until April 1st. Used TaxAct for a long time... maybe 20 years...

Buehler445 03-04-2024 12:26 PM

Quote:

Originally Posted by displacedinMN (Post 17427279)
**** Taxes

Ain't nobody here hates taxes more than me. I'd bet real money on it.

O.city 03-04-2024 12:51 PM

Got my businesses done, gotta get the personal ones done.

Didn't pay my estimates this year, kept the cash because I ended up buying and absorbing another office. Hopefully that writeoff keeps me ok.

Buehler445 03-04-2024 12:54 PM

Quote:

Originally Posted by O.city (Post 17427537)
Got my businesses done, gotta get the personal ones done.

Didn't pay my estimates this year, kept the cash because I ended up buying and absorbing another office. Hopefully that writeoff keeps me ok.

Depends on the assets you bought and how long they are depreciated over.

So are you the kingpin of the dental world now? :D

O.city 03-04-2024 01:12 PM

Quote:

Originally Posted by Buehler445 (Post 17427542)
Depends on the assets you bought and how long they are depreciated over.

So are you the kingpin of the dental world now? :D

Ha, no.

It was a smaller office, I basically just bought his patients and equipment etc.

O.city 03-04-2024 01:13 PM

Dumb question, but will my accountant determine that or?

notorious 03-04-2024 01:19 PM

Quote:

Originally Posted by Buehler445 (Post 17427474)
One thing I can assure you do not want is leins and seizure notices.

Do not have.

Seriously, you CPA's perform voodoo black magic. I sit down with my CPA every early December, ask him how much equipment I have to buy to not get raped by the man, and he figures it out within about 5-6 minutes.

I choke back tears, he tells me to stop being a bitch and start shopping.

Incredible.

Mr. Wizard 03-04-2024 01:38 PM

Quote:

Originally Posted by Buehler445 (Post 17427260)
It's that time.

Let's talk taxes.

Well I won $15,000 this year (a teacher award, $15,000 cash and $35,000 in tools for the school) So I held back $5000.00 for taxes, hope that's enough. We usually come in pretty close to even maybe 1000.00-2000.00 back. I keep seeing articles that taxes will be higher this year. :cuss:

scho63 03-04-2024 02:32 PM

What the hell are these taxes you speak of?

Garcia Bronco 03-04-2024 02:36 PM

I wait until April 11 or so to file each year because I always own, but it's within G. I think if you get +/- 1G you did really well balancing it out.

Mr. Wizard 03-04-2024 02:40 PM

Quote:

Originally Posted by notorious (Post 17427577)
Do not have.

Seriously, you CPA's perform voodoo black magic. I sit down with my CPA every early December, ask him how much equipment I have to buy to not get raped by the man, and he figures it out within about 5-6 minutes.

I choke back tears, he tells me to stop being a bitch and start shopping.

Incredible.

Come tax time I wish I was farming so I could spend money to bring my taxes down. That is the only time I wish was a farmer.

Rain Man 03-04-2024 04:04 PM

Because I have an apartment attached to my house, I have to go through every credit card transaction, electronic payment, and written check to see what expenses apply to the house, to the apartment, or to an apportioned combination of the two. It's roughly 1,200 transactions this year.

Now, you may ask if I could do it as I go and not have to do it all at once at the end of the year, and the answer to that question is yes. Yes, I could, and every year I think I should, and then I don't.

HonestChieffan 03-04-2024 04:35 PM

Sucks for sure.

Had a good year killing weeds and spent an ass load on equipment and repairs so offset most.

Cap gains are a killer so been holding back on taking stock profits.


Hope cattle stay strong so I dont get blind sided. My customers that are all grain are about to get a dose of reality with cheap corn and beans in the next year or more.


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