I just did mine and I was shocked. I own my own business and had a terrible year. I didn't pay myself the last 10 months of 2017 and only had $9,000 in personal income. I figured I wouldn't owe any taxes but I owe just about $1,000. It sounds crazy to me. I'm not sure how it's expected that someone who made $9,000 can afford that much in tax. I think it gives an incentive for people to go on welfare and not work. . Next year is already looking better but it is seems odd to me that I owe so much.
I feel your pain, the life of a small business owner is paved with taxes.
thanks @azfix . Not only small business but I'm just shocked that as a regular tax payer only earning $9000 for an entire year before any standard deduction or anything that paying nearly $1000 in taxes is nothing more than a systematic endorsement of poverty by the government. It really makes me think that our policies make sure that poor people stay poor no matter what.
It is amazing, did you take your standard deductions? You really work the first 3 to 4 months to pay for your taxes.
I did the standard deductions and that is what it came out to be. My accountant did it. I paid myself a tiny salary Jan-March then I had to defer getting paid to keep the doors opened. I planned to pay myself something in December because we kill it at Christmas. Then in late Nov we got robbed. My machinery was stolen and unfortunately the insurance company won't pay to make me whole. I had to shut the biz down and refund all my customers. I dug into my pocket as well to cover losses lol. I really got burned. But my personal tax bill really surprised me. I really am trying to grasp how the system is set up to ensure poverty for poor people. I really figured that for once in my life I would get something back.
The tax laws favor big organizations with the resources behind them to take full advantage of any loopholes. If you had a few lawyers and accountants at your disposal you would be able to have the same benefits. The only way for regular people to get a fair shake is to organize and create or Join large groups dedicated to looking after the small guy.
I could figure out how to get out of the bill but that isn't the point really. But I figure if all of the sudden I have a year where I make only $9,000 it might trigger an audit so I want to make sure I am a stickler. It just really woke me up to how the system creates slaves. It's really sad. I could have gotten government help this year but I didn't take it because I feel like it is only a temporary situation for me. But I do see why it pays off for people to go on welfare and have a couple of extra kids to get paid more. People that don't work make more than me lol.
Ya I feel you, I put in 60 and 70 hours a week to make things go, and I don't get overtime, or a cush government pension. If I strike the governor is not going to give me a 20 percent raise.
life is hard lol but at least we have the steem dream for now. Let's hope it is sustainable.