4 posts shown.
graniterider10 said:Uh... I’m honestly a little bit in shock right now. I’m working on my income tax return, and since last year was my first actual year in business, I was supposed to be exempt from paying taxes. But then, I also received those funds from the Department of Labor—which you mentioned counts toward gross income—and now I'm staring down a massive tax bill. 😢 Honestly, it would have been so much better if I had just been paying quarterly estimated taxes throughout the year... this is just... brutal. 😢 And then there's that extra cash from the Department of Labor... On top of that, all of this is going to hike up my monthly estimated payments for this year. If I'm understanding this correctly, I take that total income from 2015, divide it by 12, and that becomes my monthly estimate? If that's how it works, I am absolutely screwed, because we're talking several thousand dollars a month here. 😢
Take the total annual taxable amount and divide it by 12 to get your monthly base, then multiply that by your tax rate. Or, just keep it simple: take the total tax you owe and divide it by 12 to figure out what your monthly estimate needs to be.
Raymond Martinez10 said:You count the entire year. Pretty sure that was settled in the latest updates to the tax regulations, so there shouldn't be any need for an adjustment.
Thanks for the heads-up. The folks over at the IRS told me I actually have to calculate an input tax adjustment for the remaining months until we hit the full five-year mark. Just great...
Got another one for you: can I book the unamortized portion of sold fixed assets as fringe benefits?
Hey everyone!
So, starting January 1st, 2016, my small business is dropping out of the sales tax system. Now I'm stuck trying to figure out how to handle the input tax adjustment for some equipment I bought back in August 2011... and honestly, my head is spinning. What trips me up is whether I should just count 2011 as a full year of usage—which would mean it's already been used for five solid years and I don't need to touch anything—or if I have to get all granular and do this on a month-by-month basis. Like, if the machine has actually only been running for four years and four months, do I still have to calculate an adjustment for those remaining eight months? This is such a headache...
Hey everyone, figured I’d jump in here and share my own little nightmare... it’s been dragging on for over a year now. Basically, for the first three or four days of my period, it’s like my body can’t make up its mind if it even wants to start... I can get by just fine with a single pad during those days. Then, out of nowhere, it hits me like a flood for three days straight. Just a total deluge. After that, it tapers off into this weird, lingering phase that lasts up to ten days... barely anything, but it just won't quit. My doctor pointed to a submucosal fibroid as the culprit, which I actually just had surgery for... but honestly, I don't see any difference in my cycle. It’s still the same old mess, just without those massive floods. My doctor says everything looks clean—pap smear is fine, ultrasound is normal, ovaries look great... supposedly everything is "perfect." I'm 42. Has anyone else dealt with something like this?