Paying Taxes for the 1st time! - What was your experience?

Harnur

Harnur

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I have been grinding my ass each day to succeed at my online business.
This is the first time, I'll be paying income tax this year.
And until 2 months ago, i had no clue how much tax do i have to pay.

So, i recently hired a CA and my CA told me that since i come under a higher income bracket, upto 48% of my this year's profit will go to the government as income tax.

That is whatever i have done in my life till now, literally, HALF of that is to be given to the government for no reason.
That is like from January to June i am working for the government and then from July to December, i am working for myself.

In my country, only 1.1% population pays income tax. Rest 98.9% of people(in my country) live off Rich/hardworking people's earnings.
Plus, i know that a good portion of my tax money will go into corrupt politician's pockets.
-------------------

I know eventually after 2-3 years, I'll get over it. But damn, this thing sucks and is very unfair. Now i feel it was better to stay broke and live without paying taxes.

What was your experience when you had filed your first income tax returns?
 
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Paying 14% income tax.
 
I never liked to pay taxes just because to see how corrupt the gov is and how this money is wasted.

I would suggest going for a consultation with a real and well-known business consultation agency in your country, they can optimize your business so you pay a lot less.

A setup where you can pay 0% tax exists as well, but those schemes are usually full black hat and borderline criminal.
 
Can't remember my reaction but my mother likes to tease me about it as I was only about 14-15 and really didn't understand the process. I just knew that I worked my ass off to make some moola and the govt needed their share.

That's a cool stat though - you've made it to the top 1% in your country. Congrats.
 
My country requires 50% of your income, so I find the way to not pay. 50% is to much
 
Yep your CPA should also be talking to you on how to set up your business and which way works best for what you are doing. If your doing it as just a DBA. You really need to go back and track all expense, driving and so on that can be written off. Food, internet, car, office space in your house, cell phone, computer and so on. The list goes on and on. If this CPA did not cover any of the above with you. Then you need to find a new one asap.
A great CPA will save you a ton of money.
 
Harnur said:
I have been grinding my ass each day to succeed at my online business.
This is the first time, I'll be paying income tax this year.
And until 2 months ago, i had no clue how much tax do i have to pay.

So, i recently hired a CA and my CA told me that since i come under a higher income bracket, upto 48% of my this year's profit will go to the government as income tax.

That is whatever i have done in my life till now, literally, HALF of that is to be given to the government for no reason.
That is like from January to June i am working for the government and then from July to December, i am working for myself.

In my country, only 1.1% population pays income tax. Rest 98.9% of people(in my country) live off Rich/hardworking people's earnings.
Plus, i know that a good portion of my tax money will go into corrupt politician's pockets.
-------------------

I know eventually after 2-3 years, I'll get over it. But damn, this thing sucks and is very unfair. Now i feel it was better to stay broke and live without paying taxes.

What was your experience when you had filed your first income tax returns?
Click to expand...
Invest the money to grow the business until you fall off that ta bracket.
 
Personally, i hated the idea when I first paid for it, but knowing my area and the constant "upgrades" they make to our freeways and suburban areas.
I'm quite content they are at least making changes for the community instead of wasting it on welfare druggos and lining up the politician pockets
 
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