I just wanted to get an idea about how many of you ARE and AREN'T filing taxes for your web business this past year.

Feel free to also post a reply to this thread with your response (NON-filers, its optional ;) )

Does anyone know the definite $ amount of income that you have to make to have to file taxes?

Thanks to an incompetent tax accountant last year....I owe $17,000 more in taxes than what I've paid in this year. That's even AFTER every conceivable deduction!!!! :bawling:

--Tina

I believe its somewhere in the neighborhood of 3-4k. Are you a sole-proprietorship or have you incorporated yet? Be careful with paying taxes. It's much better to do your research now then to get screwed over by IRS fines later.

Originally posted by MadSkilage
I believe its somewhere in the neighborhood of 3-4k. Are you a sole-proprietorship or have you incorporated yet? Be careful with paying taxes. It's much better to do your research now then to get screwed over by IRS fines later.


I know. I'm a sole-proprietorship (DBA). I told my accountant last year to consider growth - and I think she thought I was exagerating the amount I thought we were going to increase. I found out, too late, that she wasn't putting enough aside to pay the taxes. Fired her, hired a new firm and next years taxes should be much better.

Live and learn.

--Tina

What is this thing called tax ;)


Actually thinking about taxes before you even start your business or in the very beginning is a great idea. It's better you learn your local/state tax laws related to your business in every aspect so it won't hurt you next year. You could get an accountant and find out if they're liable to pay any fines if they ever screwed up on your taxes.

Originally posted by AffordableHost
I know. I'm a sole-proprietorship (DBA). I told my accountant last year to consider growth - and I think she thought I was exagerating the amount I thought we were going to increase. I found out, too late, that she wasn't putting enough aside to pay the taxes. Fired her, hired a new firm and next years taxes should be much better.

Live and learn.
--Tina

whoops :blush:
my comments were directed to WebmastTroy. Didn't mean to sound patronizing.

Btw, what made you decide to choose a sole-proprietorship over an LLC? I'm currently in the process of incorporating and trying to figure out what to do.

<nevermind>.

I thought I was going to get off easy for my taxes this year with a nice combination of deducations and educational credits... then I realized that self employment tax is figured on income and not sucject to credits. acck... only a few hundred bucks but if i had watched my deductions I would have got away clean. oh well.

as far as the business names, those didn't come out with a real profit so only a few bucks owed on them.

Oh yeah I'm filing.

A whole $800 in profit last year :) You gotta claim anything over $400 I do believe, I'm pretty sure it's not 3-4K.

Wow. The results are leaning a little differently than I thought they would. I didn't think there were that many people like me around here. ;)

Is the income total level different from every state or is that a U.S. IRS set level for all states?

Thanks.