Its true. I wish I was wrong, but its true. The saying “Everyone works 2 months out of the year for the IRS” is true. It sucks when you make a lot of money, and 2 months of your hard work goes to the government. Ive read books that say that true business men don’t pay that much in taxes. But I can not figure out how to pay so less? Put all my money into a 401k and then its all a write off?? haha
Well anyways I went and talked with my accountant yesterday. I asked him to get me a forecast for this year so far so I can see where im at. He gave me an estimate that I will be in the 35% tax range when everything is over and wrote off
But I talked with him and he gave me a lot of good ideas where to put my money….
So some money into a 401k….
Buy a house, use the mortgage interest rate as a write off….
And he gave me a business card to a personal investor….
Sounds good ehh? haha
Well I bought another book and I’m reading it, trying to think of more ways to cut taxes down. The book is “INC. & Grow Rich”
I have also been reading “Rich Dad Poor dad”, I don’t like it. Its just a motivating book with no info on anything. And the book is fiction…not real… lying…. look the book up on Google
In other news, I am still hiring for a web designer for my team. I am looking to have 2 designers and 2 coders that work for me on a freelance basis. So I can get more work done, since I am a web developing company. hehe
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If you’re making $100,000+ a year you should look into incorporating into a LLC. Huge tax cuts there.
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My company is Developer Hut, Inc.
Its incoporated so I save even more money than a LLC.
What happens is that my company is completly seperated from my personal. My company pays money on what it makes, which will be about 25%
Then I will pay the IRS what I make from my salary from the company. I give myself about 2k a month. I will be paying about 7% via a w2…
find out about taxes…. read the 26th amendment to the constitution..
Please explain…
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Taxes are a pretty crazy thing…
“Be wary of strong drink. It can make you shoot at tax collectors… and miss.” ~Robert Heinlein