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09-05-2006 09:56 PM  14 years ago
rckrzy1

rrElite Veteran

Hurst Texas

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If your making 30K a month I would NOT be taking advice from people
online.


Wildcat Fuels
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09-05-2006 10:33 PM  14 years ago
helo_chris

rrVeteran

goodlettsville, tn

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LMAO, I agree with him. And I would skip the CPA and spend some of that bank on a good tax attorney. Someone who can tell you how to keep your money instead of telling you to spend it to avoid paying taxes on it."There is a fine line between cutting edge and bleeding edge.."
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09-05-2006 10:48 PM  14 years ago
Louisiana Helicam

rrKey Veteran

West Monroe, LA

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Is this another "carrot on a stick" scheme like Quixtar/Amway?www.louisianahelicam.com
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09-05-2006 11:52 PM  14 years ago
cudaboy_71

rrElite Veteran

sacramento, ca, u.s.

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quarterly taxes (aka estimated taxes) are due on january 15, april 15, june 15 and september 15. depending on when you started earning you could already be a payment behind. and, youve got one coming up SOON. call that tax attorney and CPA or youre gonna be hating when the feds come around and slap you with all the penalties.if it ain't broke, break it.
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09-06-2006 01:31 AM  14 years ago
Sealerman

rrVeteran

Long Island, New York.

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oh crap.. I just started earning from June.. will I still have to contact CPA as soon as possible?
teamlosi2004, I would be more worried about the DEA than the IRS in your case.
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09-06-2006 02:21 AM  14 years ago
docloc

rrApprentice

WI, Osceola

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Must be a porn site.
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09-06-2006 02:31 AM  14 years ago
philip 01

rrElite Veteran

ft worth

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regarding quarterly tax payments: you DO NOT HAVE to pay quarterly as long as you are able to send in the full amount april 15 of the following year.

if you do not pay quarterly, and choose to pay up on april 15 you will see ZERO penalties. paying quarterly is the smart way to go so that you are keeping up with it or you don't have the self disipline to set the money in a seperate account and pay it all at once on april 15.

been self employed for years.

setting up at least as a sole proprietor can lend itself to numerous legal tax deductions. always work with a cpa on these types of issues.

as far as saving money by living in texas due to there not being state income tax is a misnomer.

the property tax will more than make up for it.

i pay more in property taxes in texas than i did with state income taxes and property taxes in georgia.

i thought i would see an advantage when i moved to texas but the property taxes were quadruple to what i paid in georgia. at the end of the day i paid more in taxes in texas than in goergia, even with a state income tax. there is no free ride when it comes to the tax folks.
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09-06-2006 03:11 AM  14 years ago
teamlosi2004

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CA

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thanks money nutts.. I was keeping around 35% of my salary in my high interest savings account.. I guess that was a smart move, but I should keep around 42% from now on..

so as long as I pay fully between January 1 ~ April 15th, I am safe right?

i think it's better, because i can get 5% interest on my savings instead of giving away quaterly

don't you guys agree?
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09-06-2006 03:14 AM  14 years ago
teamlosi2004

rrApprentice

CA

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hey helo_chris


where do you find a good tax attorney?

I serious do not know anything other than getting money into my bank account..

by the way.. How do I use quote feature at runryder? i am serious behind technology as well lol
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09-06-2006 03:20 AM  14 years ago
cudaboy_71

rrElite Veteran

sacramento, ca, u.s.

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like someone else already stated, i'd not take tax advice from a helicopter board. you DO need to make estimated payments if there is not some withholding being done by an employer. it's stated very clearly in f1040ES. if you don't want to hire a CPA or tax attorney, at least read the free dox on irs.gov.
Who Must Make Estimated
Tax Payments
In most cases, you must make estimated tax
payments if you expect to owe at least $1,000
in tax for 2006 (after subtracting your
withholding and credits)…
monkeynutz better hope uncle sam isnt reading or he may get flagged for an audit this year
if it ain't broke, break it.
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09-06-2006 03:21 AM  14 years ago
Peter Wales

rrElite Veteran

Orlando Fl

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Now you have had a bunch of differing replies, do the sensible thing, contact a CPA before you get into trouble, and get professional advice. Trouble with the IRS is something you dont need. I have just written a very large check out to the taxman for my quarterly tax payment and I can easily pay it in full on April 15th but my CPA says pay it quarterly. I guess he knows more than me.Peter Wales
http://scalehelicopters.org
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09-06-2006 03:23 AM  14 years ago
ppridday

rrKey Veteran

Detroit Lakes MN

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Finding a CPA is easy... Finding a CPA who can save you a ton of money is the hard part. Also a lot of them seem to not go "outside the envelope". There are a lot of legal loopholes to be explored that don't happen. I guess that is what I get for living in a small town...

P.
"There's someone in my head, but it's not me..."
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09-06-2006 03:32 AM  14 years ago
ShellDude

rrElite Veteran

East Coventry, PA

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Something I should point out to the OP. If you're being paid a SALARY your federal income taxes are already being withheld and some time in late January or February you will receive a W2 form from your employer stating as much.

Like myself, and a few others have noted, any other form of income is either reported on a Schedule C or provided to you by the party who gave you the money in the form of an IRS 1099 form.

So, it's really simple. Look at the check. If taxes are being withdrawn, relax... Chances are if you filled out a W4 (which most employers require you to do upon being hired) and you set your exemptions to 0 then you may even be due a refund come April.

Best advise I've read thus far is to seek out a CPA. It is a bit comical that you'd post a question like this on a Helicopter forum, at least we're in OffTopics.
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09-06-2006 03:55 AM  14 years ago
teamlosi2004

rrApprentice

CA

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yeah I feel stupid, but i've got great advices in the past and heli flyers are smarter than other forum in my opinion. I just emailed CPA regarding my issues, so hopefully i'll hear back.

I told Yahoo to withhold my salary, but they didn't !!

probably because I never had any earnings in the past.. July's earning was my first..

I get paid work for June 1 ~ june 30th on end of July..
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09-06-2006 05:13 AM  14 years ago
philip 01

rrElite Veteran

ft worth

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always deal with a cpa on these issues.

not everyone's situation is the same.

one year i paid 90% taxes for the year in a lump sum on april 15 with no problems. there are loopholes for lots of things.

talk to a cpa and pay your taxes. keep good records on your deductions and when audit time comes you are covered. records of deductions are very important. you can't deduct it if you can't prove it.
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09-06-2006 05:31 AM  14 years ago
teamlosi2004

rrApprentice

CA

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I save all of my receipts on textbooks, food and I pay around 7K a year on tuition.. i hope i can get some deduction..

when uncle sam knocks on my door, i'll act like a poor student
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09-06-2006 05:36 AM  14 years ago
Pistol Pete

rrProfessor

Seffner, FL

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surprised no one has mentioned 401K,IRA...invest pre-tax...long term...you are joung and can retire early is you play your cards right.~~Enjoying the hobby one flight at a time~~
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09-06-2006 01:41 PM  14 years ago
SubSailor

rrVeteran

Austin, TX.

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What is "Adsense/YPN"? Fromeco Field Rep.
A day without sunshine is, well.., alot like night time.
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09-06-2006 01:58 PM  14 years ago
cudaboy_71

rrElite Veteran

sacramento, ca, u.s.

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Adsense/YPN

yes, google still works for searching for information
if it ain't broke, break it.
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09-06-2006 02:34 PM  14 years ago
helo_chris

rrVeteran

goodlettsville, tn

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If you arent familiar with anyone in your area ask some local business people or call the local BAR, they can refer you to a good tax attorney. You should consult a CPA also but they are most just desk jockeys who file paperwork and if their little software doesnt tell them about a deduction they wont know about it in most cases. While you are at talking to a good financial planner would be wise advice also, at the rate you are taking it in you should be set for retirement in a few years if you play it right. Plus if you max out a 401K, Roth IRA, and anything else you can stick money into it will reduce your adjusted gross, meaning lower taxes. And I agree, if you are sticking it away and can write the check when the time comes put your taxes in a high yield savings, dont loan it to the government for free."There is a fine line between cutting edge and bleeding edge.."
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