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Started By
Message
re: Week 24 of 52 of 2013 Golf Thread
Posted on 6/5/13 at 4:11 pm to Thib-a-doe Tiger
Posted on 6/5/13 at 4:11 pm to Thib-a-doe Tiger
quote:
Actually most of the people who ask me tax questions are wayyyyyyyy more creative and/or bold that I ever will be
How screwed am I?
I had to wait for Schedule K-1 form for my SO's business. Before the form, I was a good bit in the black on both federal ($5K) and state ($2K). I didn't receive the form until yesterday so I filed an extension saying I expected to pay nothing/get something back in April.
CPA did a great job (not) and showed the business with a $44,000 profit on the K-1.
Now it says I owe the feds $6,000 and I'm getting back $100 from the state.
How much will the feds frick me with penalties and late fees?
1
Posted on 6/5/13 at 4:11 pm to Captain Ron
ETA: not to the above post
This post was edited on 6/5/13 at 4:13 pm
Posted on 6/5/13 at 4:19 pm to Croacka
I'm a freight broker for a third part logistics company, and I'm currently in the process of starting a clothing company geared towards golfers, tailgaters, and people who like to dress nice when they day drink.
ETA: and all white belt wearers!!!!
ETA: and all white belt wearers!!!!
This post was edited on 6/5/13 at 4:23 pm
Posted on 6/5/13 at 4:23 pm to Jakesonaplane
So you're shipping stuff from Shanghai for $3/each and will sell them to everyone else for $39.99/each?
Posted on 6/5/13 at 4:23 pm to Captain Ron
I think you should be more concerned with why your CPA didn't figure that into your extension than how much your interest and penalties will be.
Posted on 6/5/13 at 4:24 pm to Jakesonaplane
quote:
and all white belt wearers!!!!
out of business in a month
Posted on 6/5/13 at 4:25 pm to Jakesonaplane
quote:
and I'm currently in the process of starting a clothing company geared towards golfers, tailgaters, and people who like to dress nice when they drink.
My Fiance is trying to do the same thing
Posted on 6/5/13 at 4:25 pm to LSUAlum2001
shanghai...gonna have to look into that. And close, but I was thinking closer to $60.00/each.
Posted on 6/5/13 at 4:32 pm to BeaverPRO
Your style must suck if your fiance is having to create a clothing company for you.
Posted on 6/5/13 at 4:35 pm to Thib-a-doe Tiger
quote:
I think you should be more concerned with why your CPA didn't figure that into your extension than how much your interest and penalties will be.
She altered the way the previous group handled the taxes and I had no idea this was coming until well after April 15th.
ETA: I handle my own taxes and she does the business.
This post was edited on 6/5/13 at 4:40 pm
Posted on 6/5/13 at 4:38 pm to Jakesonaplane
quote:
Posted by jakesonaplane shanghai...gonna have to look into that. And close, but I was thinking closer to $60.00/each.
LINK
1. Locate a few potential manufacturers in Shanghai. Fly over to meet them (they will be more honest with you if you do this) and select the best one.
2. Profit
I'm about to do this for beach/surfwear.
This post was edited on 6/5/13 at 4:50 pm
Posted on 6/5/13 at 4:39 pm to Captain Ron
Without having all the details I can't really give you any advice but I wouldn't sweat it. I don't know how they calculate interest and penalties exactly, but since it's only been a few weeks I can't imagine you would get hammered too badly. Do you have a CPA prepare your personal return?
Posted on 6/5/13 at 4:46 pm to LSUAlum2001
the link is broken. I actually met with a company that designed most Nike's line of golf apparel when they first broke into the golf market at a conference in Las Vegas earlier this year . I'm supposed to be going to meet with them again next month, but my surgery may sideline that a few weeks now. We have a seamstress here in New Orleans who has designed all of our prototypes, and we are currently building the website. Hoping to be up and running by the end of the summer, but it seems unlikely right now.
This post was edited on 6/5/13 at 4:47 pm
Posted on 6/5/13 at 4:50 pm to Jakesonaplane
I fixed the link.. I forgot the https://
Posted on 6/5/13 at 4:51 pm to LSUAlum2001
Been here a ton haha. I found the company we are likely using on global sources. Had a family friend who has had a lot of success with both sites though
Posted on 6/5/13 at 5:20 pm to Jakesonaplane
Look guys, this is not the weekly sewing thread. If y'all want to keep this kind if talk going, go to the soccer board where it will be apprieciated 
Posted on 6/5/13 at 5:26 pm to threeputt
You had to go there huh? As I'm pm'ing you to cut you in on the business...
You're right. Back to golf
You're right. Back to golf
Posted on 6/5/13 at 5:36 pm to threeputt
quote:
sewing thread
Cross-stitch>golf
Posted on 6/5/13 at 5:43 pm to BRgetthenet
quote:
BRgetthenet
I am one day closer to my lunch
Posted on 6/5/13 at 5:43 pm to BRgetthenet
Dont let me down WEAVE
This post was edited on 6/5/13 at 5:44 pm
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