taxes

Friday, February 1, 2008

It feels good to even up with Uncle Sam

Lindsey and I finished our taxes early this year, e-filing on Tuesday with our people. It feels good to put that one in the “completed” folder.

What’s more, I saved a grundle in 2007 by filing as an s-corp instead of a partnership (note: the federal government does not recognize an LLC, a state entity, so Uncle Sam defaults to a partnership filing for tax purposes). Couple that with an additional tax credit for our second child born in October, and the Snow family will be spoiled with its first return in three years.

The downside: flat revenues also contributed to the return, though I honestly can’t complain. Not one bit. Have you done your taxes?

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Friday, March 30, 2007

Is it wrong to wish I didn’t have a profitable 2006 during tax time?

My last year of business was the best ever. Griffio has yet to hit the growth stage in its 3.5 year life, but every year has been better than the last. Growth, albeit small. And I feel blessed.

However, I owe the tax man a hefty sum this year. I owe him even more for being a profitable LLC (darn pass-through entity). It’s funny because as I was sitting down with my tax adviser, I realized how much money I owe Uncle Sam. In the process I caught myself saying, “Man, I wish I incurred more losses so I wouldn’t have to pay so much. Why did I have to be profitable?” That’s brilliant.

Although I don’t agree where all my tax money goes, I’ll pay my dues appreciating the many opportunities this great economy has created for me. Does knowing that make it any easier to pay taxes? Maybe. At least that’s what I tell myself.

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