Message:

<p>[QUOTE=&quot;ToughCOINS, post: 26050453, member: 20480&quot;]Since this thread seems to have wandered into a new topic, I&#039;ll offer a sometimes useful tip in this regard.</p><p><br /></p><p>To simplify my life, I have enough extra withheld from my paycheck at my full-time job to more than cover the profits I expect to make from the business.&nbsp; Because ToughCOINs is an S-Corp, I need do nothing special to pay company liabilities out of withholding from my ordinary income . . . i.e., company profits are viewed as personal income in my tax preparation.</p><p><br /></p><p>Because I live in NH, and there is no income tax, I only need to pay business profits tax, which is an easy calculation at year end.&nbsp; Not every coin dealer has the luxury of being able to use this approach as not all work another job besides, but following are the benefits I enjoy as a result:</p><ul> <li>No need to compute and hold aside the funds needed to cover the tax bill.</li> <li>Relief from summarizing and filing quarterly, or paying someone else to do so.</li> <li>Relief from stressing over the above 4 times per year . . . just once is enough for someone who has another job.</li> </ul><p>In the nearly 20 years since I started the business, there was only one year when my withholdings fell short of my total tax liability (FTJ and ToughCOINS combined).&nbsp; Compensating for that shortfall was uncomfortable, but that solitary issue was easily forgotten until I wrote this post.[/QUOTE]</p><p><br /></p>

Your name or email address:

Do you already have an account?

• No, create an account now.
• Yes, my password is:
• Forgot your password?

Stay logged in