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Old 09-07-2005, 09:11 AM   #1 (permalink)
 
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First, I know this is for salon owners and etc, and I truely respect that. But you all have been really good to me, and answering question that sometimes doesn't pertain to tanning, and I am blessed to know you. This is not tanning related, hopefully, I will get a new tanning bed out of this.

We strarted our construction business, as you all know in April, and been paying taxes
monthly on employees. Now, is it time to pay taxes on ourselves.....we will be paying them quartly. I am so scard on what we are going to owe. We have had alot of write offs, and started the business with our own money, NO Small business loan. What is the % they usually take out on a small business on us? I know it usually depends on what you have made.??

Sorry about this thread not being about tanning. I just need some kind of assurance. Thank you for your time and listening.
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Old 09-07-2005, 09:19 AM   #2 (permalink)
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You should consult with an accoutant.
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Old 09-07-2005, 09:39 AM   #3 (permalink)
 
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I know, I can't reach him. I just curious? And don't know what to exspect. I hopt our write off help out alot. We had alot.
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Old 09-07-2005, 10:18 AM   #4 (permalink)
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It goes off what your profit was the year before. It is an estimated tax. If you make less than the year before when you do your taxes you will get a tax return or you can use the extra money paid for the next year taxes. Usually you don't start paying quarterly until you make a profit. It is just an estimated amount. If you don't have the money to pay in just pay as much as you can and write a note with your deposit. I have started many businesses and currently my husband and I have 5 all together. Some years were awesome with alot of profit and it would screw us the next year on estimated taxes. I can understand your concern.Hope this helps sweetness.
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Old 09-07-2005, 12:54 PM   #5 (permalink)
 
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Awwwwwwwwwww, thank you Tanology. He started his business in April, and now it is time to pay for ourself, whew, all the money that goes out....Workmans Comp, Liabilities, Payroll taxes, OMG, I am sick, hopefully it won't be too bad. Prey for us, OK, After all, I did tell my husband to follow his dream..........lol.....
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Old 09-07-2005, 03:10 PM   #6 (permalink)
 
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Anyone else have any advise? Or feedback?
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Old 09-07-2005, 05:31 PM   #7 (permalink)
 
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It is an owners draw, and it is not the same as W2 income.
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Old 09-07-2005, 09:46 PM   #8 (permalink)
 
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Sweet,
my hubcap is a contractor and when you put your own mioney in...you may take that back out...but if it is repaid with profits...profits are still profit...but you are not taxed personally on your shareholder return...if your a sub s corp then you take all the tax liabilty personally which is the best way to have one otherwise you are taxed twice...once when a c corp makes and pays and then again when you take in yours personally at which ever time you take any...the irs frowns on contractor/owners paying themselves with 1099's..they want you to pay yourself with a w2 and take out the proper ss/med and all that jazz in a regular paycheck...in the beginning when he first started he drew a ckeck monthly and that was basically a stipend to get the business rolling and then took checks when the guys do...if you are worried about estimateds i would simply put 15% away and pay it at the end of the year as this is your first year I think you said...and then next year you will have a basis for the quarterly's and even turbo tax prints out 4 or so tickets with the amounts...but the 1st yeat one usually wings it...and if you are a corp and plan to be a sub s...you need to file for that asap...go to irs.gov and punch up form 2553 for a small business to be a sub s...best way to go...unless your planning on selling shares etc...you may eamil me if you wish and I would give u my # to call me as I have had extensive instruction in this area...Good luck...soo
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Old 09-08-2005, 08:57 AM   #9 (permalink)
 
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My goodness SooSamm, You are an angel, Really. Since we just started out, our accountant thought maybe go LLC, but hopefully we will be able to change that and go s corp. My huband has been very fortunate and I pray everyday, the good lord takes care of us, we are so good together, and would help any and everybody, if we could.

Thanks for all of your advise, guess I will find out soon when he calls..............
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Old 09-08-2005, 12:40 PM   #10 (permalink)
 
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I should fing out sometime the afternoon........Prey......and Thank you.
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