April 14, 2002

Extension

Federal. State. Adjusted gross income. Amortization. Deduction. Itemizations. IRA. Capital gains. Penalties. Self-employment. Credits. Dependants. Rate. Return.

Why don’t they just come to my house, kick me in the nuts, and take a third of my stuff away?

It’d be less painful.

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Comments

Nick Runco

oh, please. you aren’t a shareholder in an S-Corp that requires you to pay flow-through income of the company based on your percent owned. and all of this is reported on a schedule E, after the corporation provides a K-1. thankfully, i don’t have inverstments yet.

Walt Dickinson

You’re right. It could be much, much worse.

Nick Runco

plus, i don;t have any money. so if they want some - i’d be fucked. luckily, they don’t.

Walt Dickinson

I made some money last year. But they seem to want most of it back. It was nice having it if only for a little while.

Jessyca Wallace

My accountant warned me that he’d be recommending changing from Sole Proprietor to an S-Corp before the end of the year…but that’s his job to worry, not mine :-) What the heck is a K-1? Or a Schedule E?

Sean Peisert

I’m a shareholder in an S-Corp, but we aren’t profitable, so it doesn’t matter. :-)

Nick Runco

yeah, once you are profitable, then you get taxed, but S-corps prevent you from being taxed twice on the same money (profit, wages) and plus you can write things off to counter the profits. all of this information is explained (in excrutiating detail) on a schedule K-1, to be added to your taxes via a schedule E. much like interest income is reported to you on a 1099-INT,DIV to be added to your taxes via a schedule (B,D - i really don’t remember) somehow i got money back. legally.

walt, did you not withhold enough?

Walt Dickinson

Uh, yeah. Big time.

Jessyca Wallace

See, and I know I’m repeating myself, but all that stuff Nick said is precisely the reason why I have an accountant. For $100 a quarter, I don’t have to think about any of that…then again, I’m not making any money. So he doesn’t really have to worry much either…