Obama Care

[saden1]

Originally Posted by firstdown

No last year the business dropped some but not very much and it sucked because it was my first year in business not growing. The larger an Ins Agency the harder it is to grow because you have to replace about 10% of the accounts you natually loose every year. So if we have 3000 accounts we have to write 300 new policies to stay even.

Now on the spending. I'm putting the federal tax money in my retirement account and spending my state money. My wife got the new washer and dryer so I'm finally getting an HD TV. I'm going to need to start a thread on which one to get.

Please feel free to thank Obama for returning more of your money.

[mlmpetert]

So you have to pay 90% of your the current years tax liability or 100% of last years tax liability (or 110% if you make over 150k) or otherwise you get hit with a 20% penalty (additional tax) on your underpayment. Im guessing that since first owns his own business his accountant has him make 100% or 110% (if first makes over 150k) tax payments based off of last years income taxes.

So i guess techniqely Obama is returning more of his money, but only because he earned less money and therefore doesnt have to pay as much taxes. Apparently when you own a small business your income isnt guaranteed (where are you Obama?) and you can actually make less money, no money at all or even LOSE money......

[firstdown]

Originally Posted by mlmpetert

So you have to pay 90% of your the current years tax liability or 100% of last years tax liability (or 110% if you make over 150k) or otherwise you get hit with a 20% penalty (additional tax) on your underpayment. Im guessing that since first owns his own business his accountant has him make 100% or 110% (if first makes over 150k) tax payments based off of last years income taxes.

So i guess techniqely Obama is returning more of his money, but only because he earned less money and therefore doesnt have to pay as much taxes. Apparently when you own a small business your income isnt guaranteed (where are you Obama?) and you can actually make less money, no money at all or even LOSE money......

You lost me on the first paragraph.

The nature of my business you cannot really go from making good money to loosing money from one year to the next. Now the business its self can loose money but thats after everyone gets paid so I'm not sure how that works with taxes. I do know if I leave any money in the business come January 1 I have to pay taxes on that money even though its in the business checking account. I hate that because at the end of every year it forces me to spend all the money in my business account or get hit with taxes.

[saden1]

Originally Posted by mlmpetert

So you have to pay 90% of your the current years tax liability or 100% of last years tax liability (or 110% if you make over 150k) or otherwise you get hit with a 20% penalty (additional tax) on your underpayment. Im guessing that since first owns his own business his accountant has him make 100% or 110% (if first makes over 150k) tax payments based off of last years income taxes.

So i guess techniqely Obama is returning more of his money, but only because he earned less money and therefore doesnt have to pay as much taxes. Apparently when you own a small business your income isnt guaranteed (where are you Obama?) and you can actually make less money, no money at all or even LOSE money......

Do you have any idea what you are talking about or are you saying crap for the sake of saying crap? Last I checked Bush tax code is still in effect. The only thing Obama has done so far is cut taxes for businesses and give a buck or two back to individual through the stimulus and of course you can add you claims of tax increases in ObamaCare, etc.

[firstdown]

Originally Posted by saden1

Do you have any idea what you are talking about or are you saying crap for the sake of saying crap? Last I checked Bush tax code is still in effect. The only thing Obama has done so far is cut taxes for businesses and give a buck or two back to individual through the stimulus and of course you can add you claims of tax increases in ObamaCare, etc.

What tax breaks has Obama given to business? The only thing I know of is some tax breaks if you hire (not even sure if thats true) and if a business buys certain new equipment. While I don't bitch about tax breaks how many businesses hurting now are going to run out an buy more equipment? Not very many.