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Forum » The US tax code is such a scam
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Thread: The US tax code is such a scam

post 1696756643 01-22-2024, 01:07 AM
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#91
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Originally Posted By Eatforgains⏩
They’re not games.. all perfectly legal. You just need a better accountant.
Lmao brah I am a business owner and very well acquainted with dozens of others in my field and everybody I know who has been audited and the IRS went in dry on their Angus all had "good accountants". Your accountant is great when they save you money but when you get flagged and pinched for flagrant tax evasion you might think otherwise. Not saying I know everything just saying there are two sides to this coin and you are a little bit too comfortable given what I've seen happen to people who go this route. Yes there are tax loopholes but they aren't really for you and me at the ~200k/year level. Best of luck I might end up converting to s Corp and taking my chances too no hate.
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post 1696756713 01-22-2024, 01:14 AM
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#92
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Originally Posted By Eatforgains⏩
Just did my business taxes and personal

So I made $172,000 last year with my business.

Paid myself 75k in payroll (paid payroll taxes on that)

+

25k in SEP IRA

So that’s 100k of the 172k in direct compensation

I was able to come up with an additional 60k in write offs… this includes taking a 8k loss selling my Audi when I traded it in.. and the scheduled depreciation on the BMW I purchased. Plus a portion of my rent.. 80% of my car insurance 100 percent of my phone bill and internet.. 80% of the gasoline I bought for the year and some basic business supplies.

Which meant I had to carry over approximately 12k in revenue to my personal taxes.

I had to pay approximately 2k on my personal taxes for the additional 12k in revenue.



So in total I paid approximately 12k total in taxes all in (payroll and end of the year) on 172k in revenue.

Meaning I netted 160,000

Now let’s say you made the same 172k in payroll. I’m gonna take out the 2,000 I paid in supplies for my business

So you made 170k in payroll.

You have been taxed $50,332

To net the same amount I did in my state I would have needed to make 230k in payroll
Opie I have some bad news

You basically outed yourself to the IRS here.
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post 1696756803 01-22-2024, 01:21 AM
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#93
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This is all great until you need to qualify for a mortgage and have shown an average HH income of like $12,000 per year. lol
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post 1696757353 01-22-2024, 02:14 AM
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#94
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Originally Posted By LinuxJon⏩
This is all great until you need to qualify for a mortgage and have shown an average HH income of like $12,000 per year. lol
This is the misc

We all straight CA$H BAAAABBBBYYYYYY
post 1696758003 01-22-2024, 03:07 AM
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#95
  1. Eatforgains
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Originally Posted By LinuxJon⏩
This is all great until you need to qualify for a mortgage and have shown an average HH income of like $12,000 per year. lol
My yearly income in that scenario on my personal taxes is 75k +12k so 87k.

Not horrible
post 1696758143 01-22-2024, 03:24 AM
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#96
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Originally Posted By frankdtank20⏩
That's a myth most of the time. Especially if one makes significantly more than the other.

Anyway, good thinking having the business pay for the car, OP. Do you pay yourself set up as a S corp? Very good thinking on the SEP too.
Yes it’s an S corp
post 1696761983 01-22-2024, 06:12 AM
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#97
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Originally Posted By swoleyo⏩
Opie I have some bad news

You basically outed yourself to the IRS here.
It’s all above board
post 1696777983 01-22-2024, 11:44 AM
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#98
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Originally Posted By Eatforgains⏩
Yes it’s an S corp
Is S corp better than sole proprietor?
post 1696779063 01-22-2024, 12:03 PM
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#99
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Originally Posted By Basedbaby⏩
Is S corp better than sole proprietor?
Absolutely. You want the protection of a corp. Also a lot of big companies absolutely refuse to deal with SPs since they would end up with stuff like "Bill it to me, Jimmy!".
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