Obama Care

[firstdown]

Originally Posted by mlmpetert

Im not saying crap just for the sake of saying something. Your line of thanking Obama for returning firsts money is misguided and im just trying to outline that.

I think most people think that when they fill out their w4's that its just a nice thing that helps you keep track of the money you end up owing the goverment. But thats not true. You have to make payments through out the year; either by having deductions taken out of each paycheck or by making quarterly payments which most small business owners do and what im speculating first does.

So my statements of either 90% of your current years liability or 100% of last years liability is to point out that this is money that first already paid to the government. He ended up not making as much money as he did last year for one reason or another so the government returned HIS money. No thanks to Obama needed in that instance.

Its kind of like if you get demoted at work but don't update your w4 to reflect that you now make less then you did. So when you get that big magically refund when you file its not because you got a tax break that can be attributed to Obama or anyone else, its because your withholding more then you should be because your making less then you were.

Yes I pay by the 1/4. Also before the end of the year my CPA will review my books and see if I need to pay any additional because up until the end of the year you can pay by 941 through the business rather then using my personal money when they do my return. They may also recommend that I draw a pay check so not to leave any money in the business account which I'd have to pay taxes on even though its in the business account.

I will call my CPA tomorrow and see if she can explain why I received such a large return. I guess I could also pull out my 2008 and see what my tax liability was in 08. I much rather over pay and get money back then to pay. It just seems to hurt more when you have to write out a big check for taxes.

Saden I don't think Obama gave small business tax cuts only taxe breaks for buying equipment and maybe hiring.