Paing taxes again

[MNBOY]

Every quarter after draining my checking account by paying federal, state and unemployment taxes I can't help to feel like I am getting soaked. It really makes me wonder how many other lawn care companies (or fly by nights) are out there actually doing this. I know that I SHOULD be ahead of the curve by doing the right and legal things but there are SO many lawn care companies out there it really makes me wonder what actual percent of them are paying their quarterly dues, etc. My wife won't even talk to me during tax paying time since I get so grumpy about this stuff. Just had to vent.....I still love what I am doing!!!

[WoodBrothersLC]

Don't worry, you're not the only one. Have been payin em for years and can't wait to get my social security when I'm older.......not. :usflag:

[GravelyGuy]

I feel ya man. Pisses me off to no end.

[ed2hess]

My son was telling me last week that he had to start sending in the withholding weekly......are real bummer.

[CLARK LAWN]

i hear ya the last couple people ive hired were acually surprised that i withheld taxes and paid them by check. one of them worked for one of the bigger companies around here for 3 years and told me that he was always just paid cash every week. ive acually had a few people quit because i wouldnt pay them cash.

[Fvstringpicker]

Every quarter after draining my checking account by paying federal, state and unemployment taxes I can't help to feel like I am getting soaked.

My son was telling me last week that he had to start sending in the withholding weekly......are real bummer.

Why do you feel like your get soak or it a real bummer when most of the money you're sending in quarterly (notwithstanding you estimate) has been withheld from your employees and is not your money.

[Szafranman]

Is it not still his money when an employer is required to match all social security and Medicare withholdings so he would be paying 7.65% on every dollar his employees make and plus in IL an employer is required to pay 3.1% on every dollar for unemployment. I won't mention federal unemployment because that is usually end of year and not nearly as big as the other three I mentioned. Just a thought as to why we employers feel hosed (ha).

[Frontier-Lawn]

Why do you feel like your get soak or it a real bummer when most of the money you're sending in quarterly (notwithstanding you estimate) has been withheld from your employees and is not your money.

actually it is it is half his money since the employer has to pay half of the workers taxes.

[zurfsturfcare]

dont forget workers comp too!!!, haha, there are so many!

[lawnman_scott]

Why do you feel like your get soak or it a real bummer when most of the money you're sending in quarterly (notwithstanding you estimate) has been withheld from your employees and is not your money.I would have to say that most of the money was mine.

[bohiaa]

Just keep voting for people like obummer............

did you think all that money he's giving away fell from the sky ?

and it's not even bad yet........

[topsites]

Why do you feel like your get soak or it a real bummer when most of the money you're sending in quarterly (notwithstanding you estimate) has been withheld from your employees and is not your money.

Evidently you're not paying these quarterly taxes.

[zurfsturfcare]

Evidently you're not paying these quarterly taxes.

precisely what i thought

[Fvstringpicker]

Evidently you're not paying these quarterly taxes.

I've been CPA for 35 years and professor of taxation for 5; So, if there's one I understand is where the money comes from that is reported on a 941 . If you're paying your staff a sufficient salary to require federal and state withholding, more than half you what you send in is not your money. And yes, I agree there are other employment taxes each and every business has to pay. But to imply the the bulk of what you submit is coming out of your pocket is an exaggeration. Besides, you get to deduct the tax you pay. The employee doesn't. And, don't you basically charge these cost to the customer so its really costing you nothing? Think about it.

[barefootlawnsandlandscape]

The problem I have with paying the money in, mine or my empoyee's, is that I know how inefficiently it will be used. Because we have 10 employees, our liability is in the amount that I am required to pay monthly through the EFTPS system. I hate the 15th of every month because our government is going to take that money and use it in ways that are beyond what makes sense to the logical businessman. Not only that, but I know most of my employees will never see the money they are paying into social security since most of them are so young. I don't mind paying taxes, but it really is frustrating knowing that all that money I just sent to my government is going to be squandered.

[supercuts]

The problem I have with paying the money in, mine or my empoyee's, is that I know how inefficiently it will be used. Because we have 10 employees, our liability is in the amount that I am required to pay monthly through the EFTPS system. I hate the 15th of every month because our government is going to take that money and use it in ways that are beyond what makes sense to the logical businessman. Not only that, but I know most of my employees will never see the money they are paying into social security since most of them are so young. I don't mind paying taxes, but it really is frustrating knowing that all that money I just sent to my government is going to be squandered.

i dont fully believe inthe trickle down therory but it does help. the goverenment dumping money into ramdon projects may not go directly into our pockets but stop and think about it. some huge corporation gets a giant contract, which creates jobs for its employees. now the employees have a bit more money. they the poor guy's wife decides she needs granite couter tops and new windows. those guys see an influx of work and dont have time to do their lawn, then we come in.

[barefootlawnsandlandscape]

I understand the trickle down effect. You could say I am part of that. We perform REO management services for HUD in our area and they are our largest client. I just see the inefficiencies everyday in the way they do business. The thing that really got me fuming was today I paid my payroll tax on the 15th as I do every month. If I don't pay it today I get charged penalties and interest. In February we had a huge ice storm in this area, and as a result had massive damage all around us. HUD sent us out to all of their homes in this area and had us do storm clean-ups. To this day we are still waiting on payment for that work, and we are not talking just a couple of hundred dollars. So, they can wait as long as they want to pay me, but if I am one day late I get charged a huge fee.

I am just very frustrated with the direction we are headed thanks to all the beltway boys, most of which have never run a business.

[shovelracer]

I've been CPA for 35 years and professor of taxation for 5; So, if there's one I understand is where the money comes from that is reported on a 941 . If you're paying your staff a sufficient salary to require federal and state withholding, more than half you what you send in is not your money. And yes, I agree there are other employment taxes each and every business has to pay. But to imply the the bulk of what you submit is coming out of your pocket is an exaggeration. Besides, you get to deduct the tax you pay. The employee doesn't. And, don't you basically charge these cost to the customer so its really costing you nothing? Think about it.

Agreed, also it really helps to just have multiple business accounts at your bank. If that money is distributed properly into each as needed then you dont see it and dont feel so bummed when you submit yet another payment.