Comments on: I Owe $30,000 to the Government http://www.tylercruz.com/i-owe-30000-to-the-government/ The journal of a young web entrepreneur on his journey to wealth. Wed, 08 Feb 2012 17:07:06 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Mike Henry http://www.tylercruz.com/i-owe-30000-to-the-government/comment-page-1/#comment-11873 Mike Henry Thu, 06 Nov 2008 04:17:40 +0000 http://www.tylercruz.com/i-owe-30000-to-the-government/#comment-11873 I use QuickBooks and paid advice from accountants. If I go down, I'm taking some one else with me. :) I use QuickBooks and paid advice from accountants. If I go down, I’m taking some one else with me. :)

]]> By: TylerCruz.com: An Internet Entrepreneur’s Journey » My 2006 Income Tax Results http://www.tylercruz.com/i-owe-30000-to-the-government/comment-page-1/#comment-965 TylerCruz.com: An Internet Entrepreneur’s Journey » My 2006 Income Tax Results Sat, 24 Mar 2007 06:36:52 +0000 http://www.tylercruz.com/i-owe-30000-to-the-government/#comment-965 [...] I Owe $30,000 to the Government [...] [...] I Owe $30,000 to the Government [...]

]]> By: fry http://www.tylercruz.com/i-owe-30000-to-the-government/comment-page-1/#comment-929 fry Sat, 17 Mar 2007 06:33:17 +0000 http://www.tylercruz.com/i-owe-30000-to-the-government/#comment-929 Ridiculous. I was thiking of living at Vancouver, but now that I see the ridiculous costs of life (housing prices are a joke) and horrible taxes I am having second thoughts. Who would want to live in a place where on average 70% of your income goes to pay your mortgage? Ridiculous. I was thiking of living at Vancouver, but now that I see the ridiculous costs of life (housing prices are a joke) and horrible taxes I am having second thoughts. Who would want to live in a place where on average 70% of your income goes to pay your mortgage?

]]> By: samstevens http://www.tylercruz.com/i-owe-30000-to-the-government/comment-page-1/#comment-928 samstevens Fri, 16 Mar 2007 16:22:54 +0000 http://www.tylercruz.com/i-owe-30000-to-the-government/#comment-928 Been there, I hear ya! Perhaps even more frustrating about the advance payments is that if you don't make them, the gov charges you a late fee! So, you're paying a late fee on money you don't actually owe yet. Perhaps this is a business model that we could put to use for our own business... not! I can't imagine I'd stay in business with a policy like that one. Leave it to a gov or telco. Been there, I hear ya! Perhaps even more frustrating about the advance payments is that if you don’t make them, the gov charges you a late fee! So, you’re paying a late fee on money you don’t actually owe yet. Perhaps this is a business model that we could put to use for our own business… not! I can’t imagine I’d stay in business with a policy like that one. Leave it to a gov or telco.

]]> By: Death and taxes » CommunitySpark.com - Sparking communities into life http://www.tylercruz.com/i-owe-30000-to-the-government/comment-page-1/#comment-926 Death and taxes » CommunitySpark.com - Sparking communities into life Thu, 15 Mar 2007 18:41:07 +0000 http://www.tylercruz.com/i-owe-30000-to-the-government/#comment-926 [...] I have been reading a few blogs of late which talk about tax. Unfortunately if you are making money online, the government will no doubt want a slice of it. Tyler Cruz recently got a shock when he found out his tax bill will come to around CDN$30,000 (that’s around £13,000) due to the fact he not only has to pay his outstanding liability for the past tax year, but he also needs to pay additional tax ‘on account’ for the next tax year. [...] [...] I have been reading a few blogs of late which talk about tax. Unfortunately if you are making money online, the government will no doubt want a slice of it. Tyler Cruz recently got a shock when he found out his tax bill will come to around CDN$30,000 (that’s around £13,000) due to the fact he not only has to pay his outstanding liability for the past tax year, but he also needs to pay additional tax ‘on account’ for the next tax year. [...]

]]> By: XingR http://www.tylercruz.com/i-owe-30000-to-the-government/comment-page-1/#comment-925 XingR Thu, 15 Mar 2007 14:04:18 +0000 http://www.tylercruz.com/i-owe-30000-to-the-government/#comment-925 Seen a lot of posts like this lately ... after all, it is tax season *sigh*. The rules for US small business are virtually the same ... if you have reason to believe you'll owe $2,000 or more, you must file quarterly payments, in advance. Many folks don't look at this, especially if they are just running their own business from the basement .... but the tax law doesn't care. 100,000 employee corporation or one-man-band web publisher the rules are the same. This is a great program (not a sales pitch or affiliate link, this is the best kind of freebie, written by a guy who cares) http://www.arachnoid.com/PLCash/index.html Can't beat the price, runs on virtually any computer, Windoze or Macs, and only a 725K download ... QuickBooks I think needs that much just for the installer program. Anyway, don't owe that much, wish I did .... Seen a lot of posts like this lately … after all, it is tax season *sigh*. The rules for US small business are virtually the same … if you have reason to believe you’ll owe $2,000 or more, you must file quarterly payments, in advance. Many folks don’t look at this, especially if they are just running their own business from the basement …. but the tax law doesn’t care. 100,000 employee corporation or one-man-band web publisher the rules are the same.

This is a great program (not a sales pitch or affiliate link, this is the best kind of freebie, written by a guy who cares)
http://www.arachnoid.com/PLCash/index.html
Can’t beat the price, runs on virtually any computer, Windoze or Macs, and only a 725K download … QuickBooks I think needs that much just for the installer program.

Anyway, don’t owe that much, wish I did ….

]]> By: Martin Reed http://www.tylercruz.com/i-owe-30000-to-the-government/comment-page-1/#comment-924 Martin Reed Thu, 15 Mar 2007 10:53:32 +0000 http://www.tylercruz.com/i-owe-30000-to-the-government/#comment-924 Here in the UK if you are registered as self employed you have to make 'payments on account' for the following tax year too. Sure it can squeeze the cash flow but it reduces the big amounts you have to pay come next tax year as you have already paid so much on account. Just keep a tax account as you smartly do, pop around 25% - 30% of your earnings (depending on your expected tax bracket) in there each month and you should be set. Here in the UK if you are registered as self employed you have to make ‘payments on account’ for the following tax year too. Sure it can squeeze the cash flow but it reduces the big amounts you have to pay come next tax year as you have already paid so much on account. Just keep a tax account as you smartly do, pop around 25% – 30% of your earnings (depending on your expected tax bracket) in there each month and you should be set.

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