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Recent content by freelancer123

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    Figuring Out Net Income for Owning A Business

    HOT! 
    Yes. I think I am sorting that out now though...through all this information I know where to go and what to do... To be honest, I was trying to dive in and get to know how taxes work on a deeper level. I honestly know more than I've let on, but have found saying I know a bunch hinders the...
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    Figuring Out Net Income for Owning A Business

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    THIS. Thank you thank you thank you The thing I really am trying to also learn about is how things like rent on apartment, dental bills, car payment, etc. are technically expenses to me, but are actually going to be taken from my “discretionary” funds. that is part of the reason i’ve been...
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    Figuring Out Net Income for Owning A Business

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    I have to figure it out. I honestly am going to go through this years return with a CPA and figure that out. It took reading and re-reading...but I am pretty certain I understand. So if I generate a profit (before taxes) of 86k, take the taxes out and it should land around 60k (approximately...
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    Figuring Out Net Income for Owning A Business

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    As I said in the first post...teacher/performer. I honestly would prefer to talk about the details of my job and livelihood in PMs. I have been looking for general information relating to the topic, not a diagnosis. It should be low if you want to generate more profit? Or just in general...
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    Figuring Out Net Income for Owning A Business

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    Thank you! Yeah, I'm selling services...I'd greatly appreciate it. I can't figure out how to PM on here, could you possibly PM me and I'll respond?
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    Figuring Out Net Income for Owning A Business

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    Gulp...here we go: 86000/(1-.3048)=$123,705.41 So to truly know this exact number you'd need to factor in expenses, etc. relating to doing a volume of work that generates 123k correct?
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    Figuring Out Net Income for Owning A Business

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    Understood. I think my big questions are answered actually, Thank you! In all this, I am actually developing an understanding of this I think. I probably sound stupid, that doesn't bother me. I wouldthen assume that a business that has "good" margins could earn say 90k and have 80k in...
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    Figuring Out Net Income for Owning A Business

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    you are awesome. Thats exactly what i didnt understand. Thank you! I get it! Y’all are great! I was miscalculating because I was only using 15% as opposed to 30.85 Calculating...one sec. BTW super cool of you for quizzing me...figuring it out now one sec.
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    Figuring Out Net Income for Owning A Business

    HOT! 
    I understand. My margins are low because I’m getting killed on expenses...I don’t think taxes are killing me as much as think it feels like nothing is left for savings after paying rent, bills etc. This is awesome! This is exactly what I was looking for! Thank you!! I am going to have to...
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    Figuring Out Net Income for Owning A Business

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    THANK YOU
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    Figuring Out Net Income for Owning A Business

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    What amount isnt spinning your wheels???
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    Figuring Out Net Income for Owning A Business

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    It fluctuates year to year. I can calculate net profit...Im interested in knowing what i’d need to make to have 60,000 per year to live on after taxes.
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    Figuring Out Net Income for Owning A Business

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    Haha. My return was finished recently. I contacted them months ago to schedule an appointment, last November and in january and march. Hence why I am asking questions. Had no idea there are resources on the irs website site. How much of a revenue increase??
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    Figuring Out Net Income for Owning A Business

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    This is exactly what my question is, WHAT are good numbers/margins?
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    Figuring Out Net Income for Owning A Business

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    Agreed. I have been paying this CPA who has a team of 10+ people and lawyers and last year got an inkling that they were "changing" their strategy. This year though...I'm out, can't deal with this. I pay them all this money because I'm too busy working 60 hours a week running my business to...
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