Comments on: Tax Time

By: Darren Rowse

Darren Rowse — Thu, 27 Jul 2006 00:30:09 +0000

Yeah – 50% is an exaggeration – my wife tells me I always exaggerate! Our top tax rate is 45 cents in the dollar (last year it was 47) for every dollar over $150k (was 95k). And you can claim deductions of course. All business expenses for example – so my computer purchase this year, office furniture and running costs etc. So in reality it’s substantially under 50%.

By: Bryan Fleming

Bryan Fleming — Wed, 26 Jul 2006 15:09:41 +0000

I’d be really upset giving away 1/2 for taxes. The states don’t work like that thank god. We get the deductions.

- Bryan
http://www.bryancfleming.com

By: Matthew Bennett

Matthew Bennett — Wed, 26 Jul 2006 11:45:30 +0000

Have you tried Getting Things Done as a paperwork system. Last year I was a complete disaster in this area and now it’s all been sorted for 6 months. Works great for me.

By: HART (1-800-HART)

HART (1-800-HART) — Wed, 26 Jul 2006 09:13:47 +0000

Keeton .. I would check with your local tax accountant .. your assumption to become restaurant reviewers and then suddenly being able to deduct 100% of your meal expenses – is not accurate –

Not everything you read on a website or in an E-Book regarding ‘tax savings ideas’ follows the latest tax laws and some research and due dilligence should be made regarding some of the concepts discussed. If you have no accountant – call the 1-(817) 978-3477 help line at IRS in your area for assistance.

While I was talking to them, I would also discuss your DieselEarth.com “tax savings” plan as you write on your linked page, but don’t mention names or else they will be watching you with fresh red pens.

By: ryderandco

ryderandco — Wed, 26 Jul 2006 08:42:32 +0000

great idea for a blog, you have all our support. come see us for a giggle.

By: Andy Merrett

Andy Merrett — Wed, 26 Jul 2006 07:01:32 +0000

Ahh yeah – taxes. I’m now entering the murky world of filing my own tax returns. At least we can do ours online, and things aren’t too complicated for me yet. Good luck with it – one of those admin things we could all do without but important to get right.

By: Darren Rowse

Darren Rowse — Wed, 26 Jul 2006 06:35:27 +0000

no need for an extension. I’m not saying it’s out of control or beyond me – just that I don’t like it. I have a good accountant who’s set me up with a good structure that is legal and minimises what I have to pay. I pay what I owe according to the law and no more than that. I don’t go into details of how I’m structured but in the last year have moved to have a company and trust system.

Anyway – it’s all in and is out of my hands now. So now I can get back to doing what I need to do…. blogging.

By: andy

andy — Wed, 26 Jul 2006 05:45:45 +0000

Can’t you get an extension? here in the states you can automatically get one just be sending in one short document, then you’ll have the time to go over your taxes properly…

Are you operating under a company? shouldn’t that lower your taxes?

By: PreZ

PreZ — Wed, 26 Jul 2006 05:07:16 +0000

pay yer taxes ozzie!

By: Clarke Scott

Clarke Scott — Wed, 26 Jul 2006 04:55:05 +0000

I feel ya pain Darren ;)

By: Keeton

Keeton — Wed, 26 Jul 2006 04:19:07 +0000

With the American tax system, we get to write off business expenses that accrue during our course of business. One of the beauties of the web-publishing business is that we can endeavor into hundreds of fields of interest and claim them all as legitimate business expenses. I live in the Dallas/Fort Worth area of Texas, and my wife and I are considering starting a DFW restaurant review so that all our meals out will be deductions!

http://www.howtoadvertise.net/How_to_Earn_Tax_Deductions_from_Your_Website.php

By: Damien

Damien — Wed, 26 Jul 2006 04:17:14 +0000

Speaking of blogging and taxes, anyone know how to sort the math out for a passive income from AdSense? :S

By: Swade

Swade — Wed, 26 Jul 2006 04:03:26 +0000

You oughta start a blog about Xav and see if you claim all kid-related expenses as a deduction!

Ah, I love sticking it to the ATO (in a legally defensible way).

By: Terry

Terry — Wed, 26 Jul 2006 02:37:30 +0000

That used to stress me out until I hired professionals.

Hired a bookkeeper, accountant, and tax attorney. Costs
about $700 a year but saves ALL the hassle and saves
much more than their fees.

Now I just work the sites and blogs and hand these folks
the paper. Done.

Terry

By: Jeremy Couch

Jeremy Couch — Wed, 26 Jul 2006 02:08:22 +0000

Giving something back may be a responsibility you feel you have, but do not confuse giving something back freely and the government taking your money with force if you do not comply with the orders. These are very different terms.

Jeremy