Your Business Set Up - Corporation? Partnership? LLC? Individual?

Greenguy · 2005-01-18, 09:43 AM

GenXer - have you been putting any money aside for taxes for 2004? If not, it's a good idea to put away a % of the money you get in that is not taxed (like checks from sponsors) so that when tax time rolls around, you have money to pay what you owe. I did this before I became an S-Corp & usually, I had more money than I owed to them, so that was a refund of sorts

As far as quarterly taxes, I think you have to pay in at least 90% of the taxes that you paid the previous year, so if you pay $1000 in taxes for 2004, they will want to see at least $900 from you for 2005 (or $225 each quarter)

Of course, I am not an accountant & you really should talk to one instead of taking my advice

View Poll Results: How is your business set up?
Individual / Sole Proprietor	11	36.67%
Corporation	11	36.67%
Partnership	2	6.67%
LLC	2	6.67%
NA - I don't file taxes	4	13.33%
Voters: 30. You may not vote on this poll

2005-01-18, 09:43 AM	#12
Greenguy The Original Greenguy (Est'd 1996) & AVN HOF Member - I Crop Pics For Thumbs In My Sleep Join Date: Feb 2003 Location: Blasdell, NY (shithole suburb south of Buffalo) Posts: 41,929	GenXer - have you been putting any money aside for taxes for 2004? If not, it's a good idea to put away a % of the money you get in that is not taxed (like checks from sponsors) so that when tax time rolls around, you have money to pay what you owe. I did this before I became an S-Corp & usually, I had more money than I owed to them, so that was a refund of sorts As far as quarterly taxes, I think you have to pay in at least 90% of the taxes that you paid the previous year, so if you pay $1000 in taxes for 2004, they will want to see at least $900 from you for 2005 (or $225 each quarter) Of course, I am not an accountant & you really should talk to one instead of taking my advice __________________ Promote POV Porn Cash By Building & Submitting Galleries to the Porn Luv Network