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Year End Tax Deadline Looms
Spending Spree or Hording Cash?
Brett_Tabke

WebmasterWorld Administrator brett_tabke us a WebmasterWorld Top Contributor of All Time 10+ Year Member



 
Msg#: 4213 posted 12:33 pm on Dec 29, 2003 (gmt 0)

Well, you still have 3 calendar days to get those expenses back in line with this years income.

It always seems this time of year is either a frugal attempt at collecting next years income today, or going on some mini spending spree.

Which are you doing?

 

mquarles

WebmasterWorld Senior Member 10+ Year Member



 
Msg#: 4213 posted 12:42 pm on Dec 29, 2003 (gmt 0)

b) Still on a cash basis for taxes for my own stuff, so try to bring all the expenses I can into this year while there's time (already registered for PubCon ;-)).

MQ

SlyOldDog

WebmasterWorld Senior Member 10+ Year Member



 
Msg#: 4213 posted 1:15 pm on Dec 29, 2003 (gmt 0)

I never really understood this obsession. It's a one time gain which causes a royal pain in the a** for the rest of your life.

Since you went out and did the same last year (took lots of expenses into the previous year), now you need to do the same this year just to zero out the effect.

Web Footed Newbie

10+ Year Member



 
Msg#: 4213 posted 1:58 pm on Dec 29, 2003 (gmt 0)

To decrease my taxes, I'm purchasing a new high end color printer. This helps in several ways:

1) The printer is $1000 off if purchased by Dec. 31

2) By purchasing the new printer, I do not pay tax on the profits I'm using to buy it

3) The Section 179 deduction was increased this year, meaning I can deduct immediately the cost of equipment purchases, instead of having to depreciate them. Last year, this deduction was capped at $24K. This year, the section 179 election was increased to $100K, due to the 2003 Jobs and Growth Tax Relief Act.

Important to WebmasterWorld self-employed:
Included in the new law, and of particular interest to self-employed people here at WW, The Act treats off-the-shelf computer software as qualifying property, so you can deduct the cost of software used in your business immediately!

Hope that helps save on your taxes!
WFN :)

EquityMind



 
Msg#: 4213 posted 2:15 pm on Dec 29, 2003 (gmt 0)

LOL...funny post Brett, but alas, I am getting ready to board a flight in 2 hours to go to Las Vegas to meet with 2 seperate clients - one last 'business expense' for the year...

I'll be thinking of you guys at the craps table while we go over 2004 online strategy...(now THATS the way to have a business meeting!).

Oh...and I put off billing in December entirely until next year...I hope 2004 is as much fun as 2003 was. ;)

EquityMind

skibum

WebmasterWorld Administrator skibum us a WebmasterWorld Top Contributor of All Time 10+ Year Member



 
Msg#: 4213 posted 3:09 pm on Dec 29, 2003 (gmt 0)

Just picked up a notebook, haven't uhhh really planned for taxes - just kinda stumbled into affiliate marketing and didn't anticipate it being so profitable. Tax season will be a hoot this year. ;)

EliteWeb

WebmasterWorld Senior Member eliteweb us a WebmasterWorld Top Contributor of All Time 10+ Year Member



 
Msg#: 4213 posted 4:07 pm on Dec 29, 2003 (gmt 0)

I hate tax time. I never know what I spent my money on all year but usually it is on things that wern't tax deductable so i dont save millions like other people do :D I need to find a CPA who isnt mad at me for not having my receipts categorized! :D

Mardi_Gras

WebmasterWorld Senior Member 10+ Year Member



 
Msg#: 4213 posted 4:16 pm on Dec 29, 2003 (gmt 0)

>It always seems this time of year is either a frugal attempt at collecting next years income today, or going on some mini spending spree.

I'm trying really hard to defer this month's income to next year. So I have zero cash flow right now! Makes for a frugal holiday, but a nice January - and a deferred tax bill.

tomkee

10+ Year Member



 
Msg#: 4213 posted 4:20 pm on Dec 29, 2003 (gmt 0)

Have to sell some loser stock in communication companies.

finer9

10+ Year Member



 
Msg#: 4213 posted 4:51 pm on Dec 29, 2003 (gmt 0)

Remember too that if any of you guys need an expense, you can make a big Overture deposit...Or any other form of pre-paid PPC can help in a pinch

Brett_Tabke

WebmasterWorld Administrator brett_tabke us a WebmasterWorld Top Contributor of All Time 10+ Year Member



 
Msg#: 4213 posted 5:04 pm on Dec 29, 2003 (gmt 0)

I was reminded in stickymail - that both WebmasterWorld and Publishers Conference are very legitmate business deductions. lol

Thanasus

10+ Year Member



 
Msg#: 4213 posted 5:38 pm on Dec 29, 2003 (gmt 0)

Spending Spree!

I have been looking for an excuse to add one some more computers and printers. Newegg here I come w00h00!

lorax

WebmasterWorld Administrator lorax us a WebmasterWorld Top Contributor of All Time 10+ Year Member



 
Msg#: 4213 posted 6:44 pm on Dec 29, 2003 (gmt 0)

I don't pay much attention to it. I go by a fiscal year and the end of my fiscal year is when I look closely at profit/loss statements.

Kirby

WebmasterWorld Senior Member 10+ Year Member



 
Msg#: 4213 posted 7:35 pm on Dec 29, 2003 (gmt 0)

I'm spending and on the the same page of the IRC as Web Footed Newbie. New computers, digital camera, pre-paying property taxes, and WebmasterWorld last week. Can't get the wife to buy on to the Hummer though. That deduction would be nice.

Go60Guy

WebmasterWorld Senior Member 10+ Year Member



 
Msg#: 4213 posted 7:35 pm on Dec 29, 2003 (gmt 0)

Just bought a new notebook, some software and a Herman Miller Chair. If you don't have one, get one.

Was introduced to the Herman Miller Chair at Pubcon in Boston - at the Windham. They're on sale right now.

skibum

WebmasterWorld Administrator skibum us a WebmasterWorld Top Contributor of All Time 10+ Year Member



 
Msg#: 4213 posted 8:12 pm on Dec 29, 2003 (gmt 0)

I think as long as you can come up with some credible excuse for incurring the expense (as per the IRS) you can write checks to friends & family (and anyone else for that matter) for up to about $600.00 each, write them off and from your point of view consider them holiday gifts or just have em' give them back to you in cash...though this would be bending the rules a little bit.

Mardi_Gras

WebmasterWorld Senior Member 10+ Year Member



 
Msg#: 4213 posted 8:14 pm on Dec 29, 2003 (gmt 0)

Gift deductions are limited to $25 per recipient...having them give the money back in cash would be really pushing it ;)

Thanasus

10+ Year Member



 
Msg#: 4213 posted 8:35 pm on Dec 29, 2003 (gmt 0)

Can you do SEO for a charity website and use it as a writeoff?

Mardi_Gras

WebmasterWorld Senior Member 10+ Year Member



 
Msg#: 4213 posted 8:38 pm on Dec 29, 2003 (gmt 0)

>Can you do SEO for a charity website and use it as a writeoff?

No. At least not in the US. You could deduct your expenses and a small portion of your mileage (if you go to the charity to do the work).

gopi

WebmasterWorld Senior Member 10+ Year Member



 
Msg#: 4213 posted 8:48 pm on Dec 29, 2003 (gmt 0)

I heard about this strategy ,IMO its pushing the limit ...it works by shifting income between entities with different fiscal years...

Create a C-corp with a non-calender fiscal year (say July-June) .At the end of the personal tax year( Jan-Dec) shift your income to the c-corp (say as marketing fee) thus reducing or in some case eliminating your personal income!.

At the end of the C-corp's fiscal year you can again shift the income back to you (say as consulting fee) ...In theory you can do this back and forth thus defering tax for years!

This is legitimate in theory and you can also play the above with multiple c-corps and LLC's but as i said its pushing the limit and i am too much of a coward to do it :)

nowhere

10+ Year Member



 
Msg#: 4213 posted 9:14 pm on Dec 29, 2003 (gmt 0)

I have a dumb question.

If you estimated, say $20000 taxes for the year, paid $5000 for the first 3 quarters but now know you’ll only owe $17000; can you pay $2000 for the fourth quarter or must you still pay $5000 and wait for a refund.

Thanks

Mardi_Gras

WebmasterWorld Senior Member 10+ Year Member



 
Msg#: 4213 posted 9:17 pm on Dec 29, 2003 (gmt 0)

>can you pay $2000 for the fourth quarter

Yes.

Hawkgirl

WebmasterWorld Senior Member 10+ Year Member



 
Msg#: 4213 posted 11:37 pm on Dec 29, 2003 (gmt 0)

I traded with an accountant friend of mine earlier this year - I gave her some stuff I didn't need anymore and she did all of my tax stuff for the year.

No worries for me!

IanTurner

WebmasterWorld Administrator ianturner us a WebmasterWorld Top Contributor of All Time 10+ Year Member



 
Msg#: 4213 posted 11:52 pm on Dec 29, 2003 (gmt 0)

Does this mean that you guys have to put in tax returns for year ending Dec 2003 by 31st Dec 2003?

Mardi_Gras

WebmasterWorld Senior Member 10+ Year Member



 
Msg#: 4213 posted 12:01 am on Dec 30, 2003 (gmt 0)

>Does this mean that you guys have to put in tax returns for year ending Dec 2003 by 31st Dec 2003?

No - April 15 is the deadline for filing all the forms. You can get extensions past that, though.

quotations

10+ Year Member



 
Msg#: 4213 posted 4:30 am on Dec 30, 2003 (gmt 0)

I went shopping with the boss a couple of days ago and bought a laptop, three printers, a new desktop, more Wireless LAN adapters, a wireless print server, and a bunch of software. She also put 3 or 4 people to work over the past four months developing new content for the sites. Everybody got big holiday bonuses because they did some excellent work. It is going to take quite a while to put all that new content to work.

She just got back tonight from opening a brand new office in the north part of Southern California just in time to expense a lot of the costs.

jgmiller

10+ Year Member



 
Msg#: 4213 posted 5:15 am on Dec 30, 2003 (gmt 0)

>If you estimated, say $20000 taxes for the year, paid $5000 >for the first 3 quarters but now know you’ll only owe $17000; >can you pay $2000 for the fourth quarter or must you still >pay $5000 and wait for a refund.

You can pay whatever you want to pay, either under or over the estimated amount due. That doesn't mean you will avoid paying interest to the IRS if you end up owing more than the $17K. Lets say your estimate of $17K was under by $1K and the total of your estimated payments ($17K) is not equal to or greater than 90% of your previous year's tax bill they will charge interest on the $1K you underpaid by. The IRS is pretty good about all this as long as you file on time and try to pay, in the end all they want is their money and if you don't mess around with them they stay friendly.

Edwin

10+ Year Member



 
Msg#: 4213 posted 12:03 pm on Dec 30, 2003 (gmt 0)

I believe you'll find aftermarket domain name purchases will also count for tax purposes (though of course it's always better to speak to an accountant).

SlyOldDog

WebmasterWorld Senior Member 10+ Year Member



 
Msg#: 4213 posted 12:31 pm on Dec 30, 2003 (gmt 0)

Gopi - that's a great idea if the amount increases each time. But one day you will have one hell of a marketing fee, and if you can't show what it's for the IRS will pull your pants down!

paladin

10+ Year Member



 
Msg#: 4213 posted 1:42 pm on Dec 30, 2003 (gmt 0)

Although I didn't decide to do it because of the tax return, I bought a used laptop that I needed last night.

The tax return is just an added benifit ;o)

This 40 message thread spans 2 pages: 40 ( [1] 2 > >
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