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Taxes, make it almost not worth it


General Business Discussions

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Old 02-14-2008, 02:55 PM
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Geez. Taxes are horrible. I got beat up this year on taxes, much like all years. The accountant and I were figuring out what taxes will be on my projected income and it's nasty!

Taxes really almost make me want to not have a business. Taxes will by far be the biggest expense to me this year. My accountant said to keep at about 18-20% of gross set aside for taxes this year, he said that will cover it and have extra left over.

Has anyone ever considered getting rid of their business because it seems like it's not worth it? I mean, I do everything I can to keep expenses in check, and I do a good job, I keep profits pretty high. But at the end of the year, the number thats left after tax, just doesn't look good.

My mom always said, taxes are what shut down her pizza business. Numbers looked good until tax time came then profits got killed.
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Old 02-16-2008, 10:17 PM
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I think you really made a good point here. This is the hidden expense most of the times we don't take into consideration.
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Old 02-17-2008, 10:53 AM
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I hear ya!
Though my business is new this year, I had about 6.5 months in business in 07 & the sad reality is after all the start up costs, equipment, trailer, advertising, & fuel. My net was only about 6k for 07' So hopefully I don't get hit by uncle sam. If I ended up owing ( which I doubt ) yeah it might be enough to get me to walk away from it.
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