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Posted: 9/15/2010 7:16:55 AM EDT
[#1]
Quoted: I started my business back around the middle of last year, and I must say,without equivocation, that the act of having to sit down and put pen to check and scrawl out a five figure payment to Uncle Sam has done more to make feel like an actual stakeholder in this country than anything I have ever done. It also pisses the righteous FUCK out of me when I hear that we are spending some portion of that money that I bust my ass for on a genital-washing program. I am developing a theory that most of the financial problems with this country could be resolved if you forced every single adult to make their tax payments in this manner. Abolish weekly/monthly tax withholdings and make each individual adult set aside the governement's share and write a check for it. I think it would generate some long-overdue righteous indignation about what our governement chooses to do with our funds. It might also bring it home that this ludicrous deficit spending is coming out of someone's pocket at some point. Have fun with it Uncle Sam, it's in the mail. Any other Arfcomm business owners get to experience this joy today?? I would LOVE IT if it actually worked the way you spell out, however I would think that without mandatory tax withholding, maybe 15-25% of the general population would find "something else" to do with that money and the government would never see it. |
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Posted: 9/15/2010 7:25:41 AM EDT
[#2]
I used to do that every year..no more closed the business this spring
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Posted: 9/15/2010 7:28:52 AM EDT
[#3]
[Obama] "We who are about to spend it salute you!" [Obama]
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Posted: 9/15/2010 7:29:17 AM EDT
[#4]
Quoted:
I started my business back around the middle of last year, and I must say,without equivocation, that the act of having to sit down and put pen to check and scrawl out a five figure payment to Uncle Sam has done more to make feel like an actual stakeholder in this country than anything I have ever done. It also pisses the righteous FUCK out of me when I hear that we are spending some portion of that money that I bust my ass for on a genital-washing program. I am developing a theory that most of the financial problems with this country could be resolved if you forced every single adult to make their tax payments in this manner. Abolish weekly/monthly tax withholdings and make each individual adult set aside the governement's share and write a check for it. I think it would generate some long-overdue righteous indignation about what our governement chooses to do with our funds. It might also bring it home that this ludicrous deficit spending is coming out of someone's pocket at some point. Have fun with it Uncle Sam, it's in the mail. Any other Arfcomm business owners get to experience this joy today?? I agree with your theory |
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Posted: 9/15/2010 8:26:31 AM EDT
[#5]
Quoted: Quoted: I started my business back around the middle of last year, and I must say,without equivocation, that the act of having to sit down and put pen to check and scrawl out a five figure payment to Uncle Sam has done more to make feel like an actual stakeholder in this country than anything I have ever done. It also pisses the righteous FUCK out of me when I hear that we are spending some portion of that money that I bust my ass for on a genital-washing program. I am developing a theory that most of the financial problems with this country could be resolved if you forced every single adult to make their tax payments in this manner. Abolish weekly/monthly tax withholdings and make each individual adult set aside the governement's share and write a check for it. I think it would generate some long-overdue righteous indignation about what our governement chooses to do with our funds. It might also bring it home that this ludicrous deficit spending is coming out of someone's pocket at some point. Have fun with it Uncle Sam, it's in the mail. Any other Arfcomm business owners get to experience this joy today?? I would LOVE IT if it actually worked the way you spell out, however I would think that without mandatory tax withholding, maybe 15-25% of the general population would find "something else" to do with that money and the government would never see it. I thought of that. We used to have draft board, why not a tax board. Post a list of names of non-payers. You could maintain privacy by not listing amounts, just whether or not each individual had paid. I think if 85% of Americans had scratched out a check, they would feel some fury and demand compliance among their peers. You really don't even have to change the calculation system we have in place today, just the payment/collection end of it. Non-payers could be subject to the same penalities that are in place today. I think there would be more of a stigma associated with being a tax cheat under this scenario. Make everyone do it. Welfare recipients included. If you fall in the xx tax bracket, you damn well better set aside that much money so you can dump it right back into the system. Its our country, we should feel like we own it. |
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Posted: 9/15/2010 8:29:48 AM EDT
[#6]
It isn't just business owners feeling the pain today.
If you have any significant dividend income you're writting checks to Obama & his parasitic mob also. 
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Posted: 9/15/2010 8:32:29 AM EDT
[#7]
I pay monthly
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Posted: 9/15/2010 8:35:00 AM EDT
[#8]
Ya, i feel ya bud...I just estimated my taxes for this quarter...
 The fucked up part is I just started up not too long ago myself, but according to my accountant, if I show a loss 2 quarters in a row, it's an automatic audit now  So, I'm spreading out my deductions. So even though I technically show a loss after startup costs, i still have to pay some personal income (in addition to all the sales tax) My First Quarter  They sure as shit don't make it easy to get ahead when starting a new biz  Speed |
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Posted: 9/15/2010 8:38:19 AM EDT
[#9]
Quoted:
I started my business back around the middle of last year, and I must say,without equivocation, that the act of having to sit down and put pen to check and scrawl out a five figure payment to Uncle Sam has done more to make feel like an actual stakeholder in this country than anything I have ever done. It also pisses the righteous FUCK out of me when I hear that we are spending some portion of that money that I bust my ass for on a genital-washing program. I am developing a theory that most of the financial problems with this country could be resolved if you forced every single adult to make their tax payments in this manner. Abolish weekly/monthly tax withholdings and make each individual adult set aside the governement's share and write a check for it. I think it would generate some long-overdue righteous indignation about what our governement chooses to do with our funds. It might also bring it home that this ludicrous deficit spending is coming out of someone's pocket at some point. Have fun with it Uncle Sam, it's in the mail. Any other Arfcomm business owners get to experience this joy today?? It used to be a five figure payment for me, now it's six figures. I don't know if I should be happy or cry. Just wait, the tax cuts expire in another 3-1/2 months. Then you can pay substantially more. My family and myself work long hard hours. The government demands my money, basically at the point of a gun. Then they have the nerve to say we are not paying our fair share. A simple thank you would be appreciated. |
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Posted: 9/15/2010 8:39:43 AM EDT
[#10]
i have a very successful electrical contractors business––- i know something about which you speak of.......
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Posted: 9/15/2010 8:39:46 AM EDT
[#11]
After thirty years of being in business and doing VERY well we have advised our son to NOT be self employed. The days of opportunity in this country are long gone. FBHO
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Posted: 9/15/2010 8:52:05 AM EDT
[#12]
You are being patriotic.
And.......Obungo can spend your money way better than you can.......cause he is way smarter than you. And.......you should be happy to be paying those taxes to the country that has given you so much. BTW......Fuck the Kenyan mongrel bastard and his Wookie skank. |
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Posted: 9/15/2010 9:08:13 AM EDT
[#13]
The people who don't pay taxes wouldn't have to write out checks.
I say have the people do pay taxes write out checks directly to those who live off the government teet. I'll make my check out to Latwonya Reynolds of Houston, TX, a mother of 5. Who are you making yours out to? |
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Posted: 9/15/2010 9:10:29 AM EDT
[#14]
little better than slaves
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Posted: 9/15/2010 9:39:42 AM EDT
[#15]
I would honestly dance a damn jig if my business had to pay estimated taxes.....that would mean we were actually turning a profit.
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Posted: 9/15/2010 9:55:31 AM EDT
[#16]
I've worked for a few years as a contract employee. Since I'm "self employed", I had to come up with my own tax payments, just as if I owned a business.
I agree. When you have to write that check to the government yourself instead of having withholding and looking forward to a refund, it changes your perspective quite a bit. I think the biggest effect would come when people realize they must actually set aside savings to pay their taxes. And then as they slowly save money and watch it grow, only to give it all away to the government each year, they'll really begin to understand what the whole hatred of taxation is all about. |
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Posted: 9/15/2010 10:05:49 AM EDT
[#17]
I simply don't discuss that part of the biz with accounting....I cannot , I will not.
(although now I'm tempted to ) Thanks for making me think about it.
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Posted: 9/15/2010 10:12:17 AM EDT
[#18]
Quoted:
Ya, i feel ya bud...I just estimated my taxes for this quarter...
The fucked up part is I just started up not too long ago myself, but according to my accountant, if I show a loss 2 quarters in a row, it's an automatic audit now
So, I'm spreading out my deductions. So even though I technically show a loss after startup costs, i still have to pay some personal income (in addition to all the sales tax) My First Quarter
They sure as shit don't make it easy to get ahead when starting a new biz
Speed Consider getting another accountants opinion on that. Ive been a business owner for many years and have not found that to be true. |
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Posted: 9/15/2010 10:26:23 AM EDT
[#19]
Quoted:
Quoted:
Ya, i feel ya bud...I just estimated my taxes for this quarter...
The fucked up part is I just started up not too long ago myself, but according to my accountant, if I show a loss 2 quarters in a row, it's an automatic audit now
So, I'm spreading out my deductions. So even though I technically show a loss after startup costs, i still have to pay some personal income (in addition to all the sales tax) My First Quarter
They sure as shit don't make it easy to get ahead when starting a new biz
Speed Consider getting another accountants opinion on that. Ive been a business owner for many years and have not found that to be true. Never heard of that either and I did taxes for a while. I wonder though if you are referring to the hobby income rule. I believe the rule is that if you loose money for three out of five years you need to go back and refile and take the losses off your books. Some people take their hobbies as business loses and that's the rule the IRS uses to determine if you do that. ie, you sell one rifle and the EE exchange and call it a business and deduct all the money you spent on ammo and accessories last year. Not sure what the rule is though. Certainly it's not quarterly. Also it's a rule of thumb, not set in stone so the IRS uses it as a guide to audit rather than a statute that says you have to make money. |
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Posted: 9/15/2010 10:47:53 AM EDT
[#20]
If you started a business last year and you're already making enough to have to write Uncle Sugar a 5 figure check for your quarterly estimated tax, you should be dancing in the streets. I wasn't profitable for the first 3 years after I became self employed.
But I agree. Withholding should be stopped and every single taxpayer should have to write a check to Uncle Sugar at tax time. |
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Posted: 9/15/2010 11:19:30 AM EDT
[#21]
Yep sent em' way too much today myself
I wouldn't be so irritated if they weren't squandering my $$ BTW, you do know you get to pay an additional 15% self-employment tax right. That's the one that really irks me 
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Posted: 9/15/2010 11:21:47 AM EDT
[#22]
Quoted:
You are being patriotic. And.......Obungo can spend your money way better than you can.......cause he is way smarter than you. And.......you should be happy to be paying those taxes to the country that has given you so much. BTW......Fuck the Kenyan mongrel bastard and his Wookie skank.  If I dont see it once a day I start to worry Doc. Thank you
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Posted: 9/15/2010 11:23:49 AM EDT
[#23]
I wrote out my checks right before lunch. Fed and state.
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Posted: 9/15/2010 11:42:16 AM EDT
[#24]
Quoted: Quoted: Quoted: Ya, i feel ya bud...I just estimated my taxes for this quarter... The fucked up part is I just started up not too long ago myself, but according to my accountant, if I show a loss 2 quarters in a row, it's an automatic audit now So, I'm spreading out my deductions. So even though I technically show a loss after startup costs, i still have to pay some personal income (in addition to all the sales tax) My First Quarter They sure as shit don't make it easy to get ahead when starting a new biz Speed Consider getting another accountants opinion on that. Ive been a business owner for many years and have not found that to be true. Never heard of that either and I did taxes for a while. I wonder though if you are referring to the hobby income rule. I believe the rule is that if you loose money for three out of five years you need to go back and refile and take the losses off your books. Some people take their hobbies as business loses and that's the rule the IRS uses to determine if you do that. ie, you sell one rifle and the EE exchange and call it a business and deduct all the money you spent on ammo and accessories last year. Not sure what the rule is though. Certainly it's not quarterly. Also it's a rule of thumb, not set in stone so the IRS uses it as a guide to audit rather than a statute that says you have to make money. Ya, i never heard of it before either. He told me it's something new Maybe another CPA on here can chime in. Speed |
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Posted: 9/15/2010 12:19:48 PM EDT
[#25]
Quoted: Yep sent em' way too much today myself I wouldn't be so irritated if they weren't squandering my $$ BTW, you do know you get to pay an additional 15% self-employment tax right. That's the one that really irks me Yep. Thats how I figure my estimated payment. 15% of profit off the top, and then my estimated effective tax rate after deductions, credits, ets. Way to penalize the industrious, huh. |
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Posted: 9/15/2010 12:36:05 PM EDT
[#26]
Uh oh. I just started a biz beginning of Augusta and I have no clue of what you speak. I have made $0 so far. I expect to make $0 the first year. Do I need to do anything besides read up?
 -Foxxz |
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Posted: 9/15/2010 12:36:36 PM EDT
[#27]
Why don't we start with greater than 50% of the population actually having to pay tax at all, and go from there.
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Posted: 9/15/2010 12:37:49 PM EDT
[#28]
I sympathize fully OP. Don't forget we have Q3 payroll tax @ end of month too.
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Posted: 9/15/2010 12:39:53 PM EDT
[#29]
Quoted: You are being patriotic. And.......Obungo can spend your money way better than you can.......cause he is way smarter than you. And.......you should be happy to be paying those taxes to the country that has given you so much. BTW......Fuck the Kenyan mongrel bastard and his Wookie skank. I am heartened that you are expanding your repertoire. |
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Posted: 9/15/2010 1:01:22 PM EDT
[#30]
It's even worse when you don't have the revenue to pay those taxes. No 'summer of recovery' here.
If everyone had to do this, you bet, problem solved. |
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Posted: 9/15/2010 1:20:43 PM EDT
[#31]
I'm in charge of making the weekly payroll payments at work, who is the guy who takes home the biggest check on a weekly basis ===> Uncle Sam!
And my wife made pretty good money last year, we paid in a shitload too. They want more, more than I made at my job! Fuck. Why did I even work last year? |
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Posted: 9/15/2010 1:29:43 PM EDT
[#32]
I have 2 sons in college at the same time for which I am paying the entire bill (books, tuition room board, etc)
Take a guess at what my single biggest expense is? Taxes! Every quarter I cough up enough cash to educate both my boys and take a few cruises, and buy several ar-15's and several cases of ammo. Chaps my ass every time. (And I don't consider myself wealthy.) |
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Posted: 9/15/2010 1:36:13 PM EDT
[#33]
Mailed mine yesterday.......
And I hate it! I get hit with withholding from my pay check and I have to pay quarterlies because of my other income. It sucks when you add it all up and see what you send to the government every year to piss away on bullshit. |
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Posted: 9/15/2010 1:50:38 PM EDT
[#34]
Quoted: I almost lose it whenever I look at the pie chart in quickbooks. Mailed mine yesterday....... And I hate it! I get hit with withholding from my pay check and I have to pay quarterlies because of my other income. It sucks when you add it all up and see what you send to the government every year to piss away on bullshit. The man always has the most pie... |
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Posted: 9/15/2010 2:02:11 PM EDT
[#35]
Quoted:
It isn't just business owners feeling the pain today. If you have any significant dividend income you're writting checks to Obama & his parasitic mob also.  Just did that yesterday.
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Posted: 9/15/2010 2:15:01 PM EDT
[#36]
Taxation without representation. I think we've come full circle.
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