2017 Income & Expense Review

Your choice...

I take a draw every month as an employee of my S Corp. I send the taxes in every month.

I've seen too many sole proprietors in many different vocations suffer irreparable damage by not paying their taxes as they go. Thinking they were making more than they were, living beyond their means, then boom, they owe the tax man 15-20 grand and don't have it.

Not everyone makes the big bucks like you do

 

Great point, that's part of the reason companies push lease purchases! It always amazes me that in general guys just don't consider retirement/old age, it's a very important detail. After doing Meals on Wheels for a year I learned that being elderly and broke is a horrible combination, humans wear out just like trucks.

 

I may go from sole proprietor to an "S" Corp in the new tax year with the new tax laws benefiting corporations. Do you have a payroll company and if so what are your payroll costs and how often do you do payroll? If you don't mind.

 

Lol well, that may be. I just can't see giving the government an interest free loan on money I can utilize to make more money than the penalty they charge for not giving them that interest free loan.

Different strokes for different folks

 

You'd be hard pressed to find a CPA worth his salt recommending paying your self employment taxes on April 15th of the following year.

Unless you don't owe any

 

Well, I've paid the accountant $8k so far this year- I go by what I know.

Things may change this coming year with the tax changes. I may be switching to an s corp myself.

 

I don't use an accountant anymore. The last one I had told me I missed my calling in life by not becoming one of them! LOL

 

My bank has a payroll service, $30 per payment processing up to 8 employees. I direct deposit into my personal checking and they take all the withholding and the payroll taxes. I get a regular w2/w4 or whatever at the end of the year. Right now I do weekly but I'm going to change that for next year to bi-weekly to help save $30 every other week.

 

I came to the same conclusion and do the same thing.