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Search results

  1. F

    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

    HOT! 
    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

    HOT! 
    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

    HOT! 
    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

    HOT! 
    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?
  6. F

    Figuring Out Net Income for Owning A Business

    HOT! 
    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

    HOT! 
    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

    HOT! 
    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.
  9. F

    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

    HOT! 
    THANK YOU
  11. F

    Figuring Out Net Income for Owning A Business

    HOT! 
    What amount isnt spinning your wheels???
  12. F

    Figuring Out Net Income for Owning A Business

    HOT! 
    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.
  13. F

    Figuring Out Net Income for Owning A Business

    HOT! 
    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

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

    HOT! 
    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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    Figuring Out Net Income for Owning A Business

    HOT! 
    Going to be honest. I don't understand how small businesses survive, I understand that in reality they do, but this tax stuff confuses me greatly. Is there a way to make 90k in a year and manage it in a way that it is more profitable? I make what I thought was decent money, it's quite...
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    Figuring Out Net Income for Owning A Business

    HOT! 
    Ahhhh. I see. Thank you very much for your help. This is sooo helpful. I greatly appreciate it. I understand...kind of...I'm fairly certain the self employment tax is what's getting me.
  18. F

    Figuring Out Net Income for Owning A Business

    HOT! 
    This year I am in a bad spot, I pay my CPA $750 per year to file and $50 per 1099 to issue to contractors (I have from 10-20 per year). I tried making an appointment this year, like I have done the past 2 years. They told me to just come in (I assumed that was because I have worked with them...
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    Figuring Out Net Income for Owning A Business

    HOT! 
    I had about 4300 in w-2 income and the rest in 1099, cash and checks. So was my net income probably taxed 15.3% or are there more calculations than that? Im doing the math and i just dont understand how im getting taxed, I dont understand how to calculate the numbers my cpa is giving me. It’s...
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    Figuring Out Net Income for Owning A Business

    HOT! 
    I understand the logic of the basic calculations. My problem is the tax rates are confusing me, I am not certain, but suspect that my business is getting taxed 15.3% then my personal income is getting taxed another 15%, does that sound possible or correct? What information do you need to...
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