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RANT feels like I'm getting screwed

Discussion in 'Progress/Execution Threads' started by curran, Apr 26, 2017.

  1. curran
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    curran Contributor

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    Its been two years since I spent any time on this forum. But my drive started here, my motivation came from all the great success I read on here, but now I feel like iv no direction and I'm losing motivation as a result.


    I left my job back in 2014, with €2500 paycheck in the bank, big dreams ahead of me. I crashed my car the same day paying out €2000, I was left with €500 but nonetheless the must go on, I financed a coffee cart second hand and began trading.

    Two years later I am now here, four B&M stores and I'm set to turnover at least €500,000, but I'm being screwed by taxes, this has really crushed my motivation, so I'm back where it started, looking to find that fire, ideas to increase my turnover and of coarse what I get into my own pocket.

    Any tips on motivation? Managing time outside of business? And making connections would be appreciated.
     
    Greg R and G-Man like this.
  2. levijean
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    levijean Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Not a whole lot you can do about taxes. Paying taxes means you are making money. Its better than the alternative.
     
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  3. SquatchMan
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    SquatchMan Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Move to the USA, specifically Nevada or Florida. You'll be shocked at the low tax burden.

    Besides that there isn't much you can do about taxes.

    Also, if you have enough money, then maybe it's time to sell the business and find the next business to take over.
     
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  4. curran
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    curran Contributor

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    Wow just looked up Nevada taxes, here I'm paying 23% tax and another 12.5% at end of year. Not to mention all the taxes on having employees. They don't wanna make it easy (government)
     
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  5. Argue
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    Argue Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    The government is like gravity, there's nothing you can do about it.

    Sell your business if that's an option.
     
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  6. lowtek
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    lowtek Platinum Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    of course they don't. In a society where entrepreneurs are free to solve problems there is no need for government.

    to your original point: It may be time to revisit your "why". If the why is greater than the sum of the money, then perhaps the taxes will be more tolerable.
     
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  7. SparksCW
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    SparksCW Silver Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    This will sound harsh but if you're struggling or surprised at tax costs then you're doing something wrong and need to fix it.

    Your pricing should take into account taxes and overheads. If it does and you're still not making enough money to pay yourself then you need to increase your targets or re-think your pricing structure.

    You've gone from cart to 4 outlets in two years. Give yourself a pat on the back as you've done well!!

    Now you need to refine, improve and become more profitable.
     
    OldFaithful, Greg R and curran like this.
  8. MidwestLandlord
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    MidwestLandlord Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Yeah...I get screwed by the IRS 4 times a year, and again just before my extension expires.

    Fun times.

    Do you have a good accountant? A good one will be able to minimize your tax burden as much as legally possible.
     
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  9. curran
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    curran Contributor

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    yeah looking to changing pricing delayed it this long probably due to fears on losing customers. Not struggling financially just annoyed at the amount of tax.
    And thank you.
     
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  10. curran
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    curran Contributor

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    I don't have a good accountant saving me nothing and telling me nothing on how to save on taxes, looking around for a new one shortly any tips on what to look forr?
    friend recently told me about business milage I can claim back tax on' told my accountant an he sent me a link to fill out forms, this would of got me back thousands over the last two years, this is why I know I need to change.
     
  11. Greg R
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    Greg R Act, Assess, Adjust Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    Is paying taxes really why you are losing motivation? To me it sounds like something deeper. Food for thought.
     
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  12. MidwestLandlord
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    MidwestLandlord Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Just interview them like you would any other professional services person. They should make their value to you clear. If they don't, then keep looking.

    Make sure they have business experience. You don't want someone that spends 99% of their time filing 1040ez's...ya know?
     
  13. GoodluckChuck
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    GoodluckChuck Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    I don't have an accountant and got about $400 back on my tax return.
    My girlfriend has an a great accountant and she got back $3500.
    We made about the same amount of $...

    Get an a good accountant! Why haven't you already?
     
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  14. OldFaithful
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    OldFaithful Silver Contributor Read Millionaire Fastlane Speedway Pass

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    This is excellent advice!

    I made that mistake this year because I went with someone we knew and I know now that it could have been better. I've recently received a recommendation from a friendly business owner and will be checking out that accountant very soon. If you know any other business owners in your area, might you ask them for a recommendation?
     
    Last edited: Apr 27, 2017
  15. minivanman
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    minivanman Gold Contributor Speedway Pass

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    So have you paid off your loan already? Personally I think a loan would get me out of the mood from day 1. I've never had a loan but I'd think it would put so much pressure on you.... no?
     
  16. Ultra Magnus
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    Ultra Magnus Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    That's probably among the lowest income taxes in the entire EU. Where I live it's 23% VAT and 19% income tax. It's true that in the USA VAT doesn't exist, there's a sales tax instead which is (to my limited knowledge) far lower than 23% in most states.

    I agree with @SparksCW, get a grip on your expenses and factor them fully into your prices. If your business is killed by taxes, and yet there are millionaires aplenty in the Emerald Isle - 110 000 in 2016 according to this article - then there's something wrong with your business.

    No one likes giving their money to the cleptocracy. But we all do, and since many achieve their dreams despite this I think complaining won't help. You have to resist being commoditized by your customers. Don't just assume they wouldn't pay more, try raising your prices and justify it with some good marketing and positioning.
     
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  17. Lucid Tech
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    Lucid Tech Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Unless you're self employed (i.e. you pay estimated income tax via 1040-ES four times per year) this probably has nothing to do with your accountant and everything to do with how you have set up your W-4 withholdings. The amount you get back on your tax return does not really correspond with how well or poorly you are minimizing your total tax burden.

    If you are self employed, there are far more options for you to minimze your burden as there's a vast amount of business related deductions not available to people with the "employee" designation.

    {There's likely to be a bit of confusion here because you can run life on your own terms being an entrepreneur as CEO of your own C-Corp and the government will not consider you self-employed, but as CEO of an LLC you are usually considered a "partner" and thus fall into the self-employment category for tax purposes.}


    There are often offshore options to help minimize tax burdens (especially with digital products) but if you are physically selling goods in Ireland and your company is domiciled in Ireland, there's probably not much you can do here.

    Bottom line, do consult a professional.


    And without the extension, you get the joy of paying mid June, just 60 days after you settled up by mid April!
     
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  18. Greg R
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    Greg R Act, Assess, Adjust Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    Wow, we have really sparked up some high-level conversation here!
     
  19. minivanman
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    minivanman Gold Contributor Speedway Pass

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    $3500??? You need to tell your girlfriend to change that tomorrow! She needs to owe the government, not loan them money every year. If she invested that in a just half way decent mutual fund.... not even a good one, just half way good, in 20 years she would invest $70k and make a profit of $83,000.00!!! She is giving away free money! Why? What about you, curran, I don't know how taxes work where you are but are you making the correct decisions? Are you in any way making some form of this same mistake? Giving the government money when you could be keeping it, legally?
     
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  20. rollerskates
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    rollerskates Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Welcome! My leaving the job story is similar, except it was my birthday. Literally the day after I left my job (my birthday), my car started going CLANK CLANK CLANK, and then as I dropped it off at the shop, I tweaked my knee and as I limped towards the bus stop, a drugged out crack whore pushed me into the busy street, and then started chasing me. I hid behind a utility box because I couldn't run and called 911. The cops were delayed because across the street there was a dead body in front of the convenience store. And that was a harbinger of things to come in the following years. That was an easy day...

    Anyway, for sure, you need to structure your business so that at tax time it's not so ugly. Good posts here on that.
     
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  21. G-Man
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    G-Man Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    LOL.... You had me up until the "chased by a crack whore" bit. It's getting deep in here. :clench:
     
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  22. SimonP99
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    Set your sights on hitting the million and while you are headed there write a book about how you went from having just €500 financed a coffee cart second hand, began trading and ended up with a million dollar empire...

    Ultimate goal Best Selling Author. Motivation enough?
     

Join 1000s of entrepreneurs who are rewriting life's script and winning financial freedom.

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