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shocked at taxes i owe

Discussion in 'Business Operations' started by jbob, Mar 25, 2004.

  1. Jimbo

    Jimbo LawnSite Bronze Member
    Posts: 1,093

    I cant really feel sorry for you guys. Get a load of this.

    I spent a total of $1065 on tax prep fees for 2003.

    A previous accountant screwed things up bad and I didnt know the wiser so I signed the papers and mailed them off. I had to have a new CPA redo 2001-2002 personal and Biz returns. He made dozens of calls to the IRS and they didnt even know how to fix things.
    Finally he has everything corrected after 1K in fees.

  2. pghlandscape

    pghlandscape LawnSite Member
    from pgh,pa.
    Posts: 61

    11,000+ if your paying alot in tax it means your making money
  3. rodfather

    rodfather LawnSite Fanatic
    Posts: 9,501

    If you owe alot, that means you are not sending enough for your estimated quarteries...see your accountant about that.
  4. lbmd1

    lbmd1 LawnSite Senior Member
    Posts: 462

    Not always, could also mean you don't have enough deductions. I would rather go out before dec 31st and buy some new equipment than give the $$$ to Uncle Sam!
  5. Evan528

    Evan528 LawnSite Silver Member
    Posts: 2,144

    I owe a bundle also. Last year I owed only about 2,000 additional at the end of the year. This year about 7 times that....lets just say this isnt a good start to the year for me. quite unexpected! When I think about how much I have paid for 2003 im sickend.

    And Jimbo, you think 1,000 dollars to your Cpa is bad? Wanna trade bills? I paid $2600 this year to my CPA. Did I mention I hate Uncle sam with a passion?
  6. lawnman_scott

    lawnman_scott LawnSite Fanatic
    Posts: 7,547

    Thats absolutly brilliant, the working class that spend most of their money will get taxed, and the multimillionairs that invest and bank their money wont be taxed. wooooooooooooohooooooooooo problem solved.
  7. bobbygedd

    bobbygedd LawnSite Fanatic
    from NJ
    Posts: 10,178

    i could never understand it, a bunch of guys that would enlist in the service, happily go to war, risk getting thier brains blown out, to serve thier country. BUT, ask them to pay taxes, and you're out of your mind.
  8. specialtylc

    specialtylc LawnSite Bronze Member
    Posts: 1,656

    I will be sending uncle sam over $17,000 on april 14. I dont send in quarterly, never have. Its not a requirement but I do have to pay about $300 late penalty.
  9. promower

    promower LawnSite Bronze Member
    Posts: 1,232

    Why send in quarterlies when that money can sit in the bank and make you interest. I budget my income and put some aside for taxes each month, usually more then enough so I know I'm covered come end of the year.
  10. rodfather

    rodfather LawnSite Fanatic
    Posts: 9,501

    Answer...so you don't have to pay interest and penalites.

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