ApparentlyI don't have to pay any taxes to the state. Now working on finding out what the feds want out of all of this. Again, I'm not going to fudge on this, I'll pay the taxes - somewhat begrudgingly. I don't mind paying some taxes to pay for all we have around us, I do mind paying for people who don't work, that are perfectly healthy individuals that could work if they wanted to. Or paying for exorbitant politician' pet projects. Such as a bathroom stall that costs a million dollars to build.
Anyway, it's a rain day so this is what I am doing currently, looking up tax stuff now that I am bring in a bit of revenues. Why haven't you done this already? Cause paperwork isn't my forte and I frankly despise it. I'm trying to get that stigma out of my brain cells. I'm also going to run up to Walmart and get that paper ledger and start inputting these expenses and revenues into quickbooks.
Maybe taxes won't eat me alive anyway. Well, I see. Sort of. A sole proprietor in a small business without any employees pays the federal taxes through the income tax. I guess. I'll keep looking, preliminary results show this to be the case. I will pay no state taxes for 1, I made nothing last year on this business and 2, even if I did, I will not be making the kind of money that triggers a business tax. There are no city sales taxes because I am outside of city limits, the only local taxes are property taxes.
Directly from the IRS website: "an LLC with only one member is treated as an entity disregarded as separate from its owner". So, I don't pay a business tax for what I am doing, I pay income taxes. This is, of course, only part of the equation. Then the questions go to - how much tax? How often? Where is it sent? These may be things better left to a CPA, but I"m going to continue on with the research regardless. Inquiring minds want to know.
Where I'm going to get lost is write offs for business construction expenses. I don't know how I can get any deductions for a business that was built last year but didn't open last year, I'm wondering if deductions can be applied to the next fiscal year. These are questions a tax expert will have to answer. I stand to lose a great deal of money - maybe/potentially - if I don't spend the money and at least have a consultation.
I'm just trying to come to an understanding of how all of this works, but at least I am safe with Texas - I will pay zero taxes to Texas. The Feds always get their fingers into any business enterprise, somehow, that is expected. Texas has no income tax - yet. Let the lefties come take over this state and that will undoubtedly change. A fortune being ignored! We must take your money and spend it on useless projects that benefit no one or line politician's pockets and their cronies with money! Meanwhile, Texas has a 27 billion in a "rainy day" fund. Well, it's a rainy day, can I have some please? Lmao
I suspect that I will have to pay income tax to the feds on a monthly basis. I'm going to have to make an appointment at a local CPA. I was going to go late last year, then got sick and just put it off.
Anyway, I am encouraged that I can pay most of the monthly bills with revenues. 2 more long termers would be extremely helpful. I'm working on it. Or just a steady stream of short term - not that much so far. This dude that came in yesterday helps, but I need a lot more of it.
I was going to go over to the other property today to see about getting a few railroad ties, but it's raining and apparently going to do so all day long. I don't think so. I just want to take a chain saw over, cut some of the ties up into blocks and have them available for incoming guests/tenants. And anyway, I'm guessing the boys would like to go over there, too. They haven't seen this property before. Addler loves it over there.
Enough. I'm going to go check the property - daily run over there - up to walmart and then home, that's it for today lol. Maybe tomorrow I can go pick weeds since the ground will be wet and those things will come out easily? Maybe....
