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in the process of making 100k year

Discussion in 'Business & Tax Advice' started by joanna.garzasypck, Sep 30, 2011.

  1. joanna.garzasypck

    joanna.garzasypck Newbie

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    so im new to making this much money on my own
    how much would I have to pay in taxes for 100k
    and how would I go about taking care of it so the
    irs wont bother me down the line
    was thinking of just keeping 30k in the bank for when the holler
    just wondering
    i get my deposits on prepaid cards too
    from metabank :)
     
  2. 7878

    7878 Executive VIP Premium Member

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    Get an accountant. :crazy:

    Code:
    http://en.wikipedia.org/wiki/Income_tax_in_the_United_States#Year_2011_income_brackets_and_tax_rates
     
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  3. bluecrab

    bluecrab Junior Member

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    Cant say what you will owe if anything in taxes. Don't know how your structured and set up.

    I would be taking all the deductions I could tho and spending some on computers and such while you have the cash flow.
     
  4. BassTrackerBoats

    BassTrackerBoats Moderator Staff Member Moderator Jr. VIP

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    You can have a local bookkeeper set you up but you have to pay quarterly taxes in the year in which you are earning. If you do not, you'll face a penalty on top of the tax you owe.

    It won't cost you a lot to get set up to pay those 941s and you really should put that in play asap.
     
  5. blasterpro

    blasterpro Registered Member

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    Getting a good accountant saves you more money than you actually pay them.
     
  6. angelas111

    angelas111 Jr. VIP Jr. VIP Premium Member

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    you will most likely pay $25k-$40k depending on how creative your accountant is. but please plan ahead. i wish i did. owing the irs is not fun.
     
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  7. JohnnyRabbit

    JohnnyRabbit Supreme Member

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    truth!
     
  8. BassTrackerBoats

    BassTrackerBoats Moderator Staff Member Moderator Jr. VIP

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    Way to jump in there, Sparky, you do not know whether the OP is making that kind of change or not nor do you know if the OP ever will.

    Stand down and close your trap unless you can offer the OP something constructive.
     
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  9. angelas111

    angelas111 Jr. VIP Jr. VIP Premium Member

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    The OP said he was new to making this kind of money so apparently he is likely to earn that much this year or he would not be worrying about it. Seems like you're just being a hater.
     
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  10. SilverSultan

    SilverSultan Regular Member

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    WOO OWWW Hold Your Horses Mate, you are a newbie here? and already tax questions? and 100K come one start slow and scale up, don't get to overexcited and you will face hurdles, :pirate::ridinghor:wavey:
     
  11. jh0ny90

    jh0ny90 Regular Member

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    30K sounds about right just make sure you save all your receipts for expenses.
     
  12. loclhero

    loclhero Supreme Member

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    I've made into the 6 figure range for 4 of the last 5 years and have been a sole proprietor all that time. Might not be the smartest thing but I have no desire to do LLC etc. The one thing I hope you've done is paid quarterly estimates. If not, you're gonna get slapped.

    I typically set aside 40% of whatever income I have paid to me from my affiliate networks every month. It's more than I need to but I always have a nice chunk left over after I mail in the check on April 15. But equally as important is paying those freakin' estimates. Aaaaak...I hate it. Keep in mind the govt wants your money throughout the year not just at the end of it.
     
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  13. KeyzDT

    KeyzDT Power Member

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    don't mean to thread jack but what about if you clear 16K-17K this year do you still have to file quarterly?
     
  14. BassTrackerBoats

    BassTrackerBoats Moderator Staff Member Moderator Jr. VIP

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    By law in the US, if you make more than 600.00 annually you have to file quarterly.
     
  15. KeyzDT

    KeyzDT Power Member

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    shit...what kind of penalty am I looking at?
     
  16. mrfacebook101

    mrfacebook101 Newbie

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    Come and fly here to our county mate.. Like newbie millionaires on the internet these days.. they run and fly to other country because of taxes, they run because of this.. I know some of them!
     
  17. KeyzDT

    KeyzDT Power Member

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    they dont pay taxes in....uh.....Australia?
     
  18. BassTrackerBoats

    BassTrackerBoats Moderator Staff Member Moderator Jr. VIP

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    It won't be egregious at that number of 17K but get things squared away so you don't have future issues.
     
  19. john klyne

    john klyne Newbie

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    I would get an accountant....I'm paying $ 1,000.00 USD a month for messing up on my returns....heck it would have been easier to pay 5k a year for an accountant than paying 1k a month for 10 years...

    I ALSO learned....to have 2 accounts.... 1 bank account is for cash only transactions...the other is for transactions that are with checks or direct deposit....

    always deposit money into the bank less than 10k at a time.... 9,000 is the typical deposit I make into my account...this way its under 10k (irs doesn't get notified by bank about the deposit, regardless if its cash or check)...and in a cash account....there is NEVER notification to the IRS...in a account taking direct deposit or checks...there is notification.

    not sure if this makes sense but um....a phenomenal accountant should be able to help you with saving tens of thousands a year :)
     
  20. loclhero

    loclhero Supreme Member

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    Not sure that's true. I think it all boils down to the amount you owe more than the amount you make. Unless I'm mistaken, if you wind up owing over $1000 in taxes on april 15 2012, you would have been required to pay estimated taxes throughout 2011.

    Also, if you're married and your spouse has a 9-5 job with regular withholdings taken out you might not have to worry so much about it.

    I think that 600 figure you're talking about is what you will get a 1099 on from the affiliate network or whomever.

    EDIT: just checked this out on turbotax site http://turbotax.intuit.com/tax-tool...timated-Taxes--Common-Questions/INF12056.html
     
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    Last edited: Oct 1, 2011