Discussion:HELP! growing out of a Sch C business

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Revision as of 20:21, 31 March 2007
Kevinh5 (Talk | contribs)
(I saw a comma in)
← Previous diff		 Revision as of 20:24, 31 March 2007
MsTwizz (Talk | contribs)
(yes! I went thr)
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{{ForumReplyPost|UserID=Kevinh5|Date=31 March 2007|Text=I saw a comma in there and read it as $100,000}} {{ForumReplyPost|UserID=Kevinh5|Date=31 March 2007|Text=I saw a comma in there and read it as $100,000}}
 +
 +{{ForumReplyPost|UserID=MsTwizz|Date=31 March 2007|Text=yes! I went through it many times. I'm trying to compare from last year. The only thing I can think of is her income went up and her expenses are pretty much that same. Look-
 +last year:
 +gross income $460,967
 +expenses $441,423
 +net profit $19,544
 +
 +this year:
 +gross income $563,202
 +expenses $473,804
 +net profit $89,398}}

Revision as of 20:24, 31 March 2007

Discussion Forum Index --> Tax Questions --> HELP! growing out of a Sch C business

MsTwizz (talk|edits) said:

31 March 2007
Hey everybody,

I think I'm in over my head on this one. It's a simple Schedule C, but my client's business is growing fast. She owns a very successful hair salon. When I figured her taxes this year, she owes $27,000! There's no way! Last year, she earned only $100,00 less and only owed $3,600!!!! I am thinking of taking it to another tax accountant, have them look it over, and let me know what they think? and I am willing to pay for that. Is this wrong? Would any of you be interested in checking my figures?

Also, I am wondering if it is time that she turn her business into a S- corp or C corp (she may be making too much money to be an S-corp). The Self-employment tax is killing her!

Thanks!

Kevinh5 (talk|edits) said:

31 March 2007
how much net does she show?

Deback (talk|edits) said:

March 31, 2007
Did you check for typos? Earned $100 less last year, and she owes $23,400 more this year? Hmmm...

Kevinh5 (talk|edits) said:

31 March 2007
I saw a comma in there and read it as $100,000

MsTwizz (talk|edits) said:

31 March 2007
yes! I went through it many times. I'm trying to compare from last year. The only thing I can think of is her income went up and her expenses are pretty much that same. Look-

last year: gross income $460,967 expenses $441,423 net profit $19,544

this year: gross income $563,202 expenses $473,804 net profit $89,398

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