Paing taxes again

Discussion in 'Business Operations' started by MNBOY, Jul 3, 2009.

  1. bohiaa

    bohiaa LawnSite Fanatic
    Posts: 5,220

    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........
     
  2. topsites

    topsites LawnSite Fanatic
    Posts: 21,654

    Evidently you're not paying these quarterly taxes.
     
  3. zurfsturfcare

    zurfsturfcare LawnSite Senior Member
    Posts: 327

    precisely what i thought
     
  4. Fvstringpicker

    Fvstringpicker LawnSite Fanatic
    Posts: 7,596

    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.
     
  5. barefootlawnsandlandscape

    barefootlawnsandlandscape LawnSite Senior Member
    Posts: 296

    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.
     
  6. supercuts

    supercuts LawnSite Silver Member
    Posts: 2,784

    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.
     
  7. barefootlawnsandlandscape

    barefootlawnsandlandscape LawnSite Senior Member
    Posts: 296

    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.
     
  8. shovelracer

    shovelracer LawnSite Silver Member
    Posts: 2,009

    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.
     

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