O/O's about how much money can I expect to bring to the bank after taxes and expense.

The award for "Vaguest Question of the Year" goes to the op.

 

you can't "expect" anything. What you "will" make is up to you to figure out. That's really what being an O/O is all about !

 

With this attitude he will pay a lot of taxes. He is thinking like an employee but he needs to think like a business owner.

 

Most expect to make a lot, until reality hits. Then most go broke.

 

It depend on how much you want to pay the government at the end of the year. For tax reasons I show a loss so I can get back money Its not my job to bay bills for the 100K low lifes that dont want to work for a living

 

You should have a millon dollars in the bank after four years. That is if you have two million in the bank now!

 

Correct me if Im wrong but wouldnt this depend on your status with the IRS whether it be sole-prop., LLC, corp. structure? As sole-prop. which I am, it was explained to me that my money and the business' money were all one and the same as far as uncle sam is concerned. That being said if you showed a loss under that pretense the IRS would asking " well gee mister/misses, where did you have money to pay the rent/mortage to put a roof over your head?". I know that if you claim home office you can write off a portion of the mortage/rent compareable to the space that you claim. So you should show that you made enough profit to put said roof over your head.

Now I would imagine if your corp structure and paying yourself a paycheck then you could show a loss all day being that your money is completely seperate from the business and vice versa.


Sorry for the partial hijacking.

 

As an O/O, you don't get anything back, if you haven't paid anything in. I haven't gotten a dime back in years. I did pay in $113 in Self-employment last year, but nothing on Income tax. Haven't paid a penny this year, either.