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The Tax man

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Mike Bossy


One of the things I did this year to motivate myself to keep working on things was to form an LLC for my business. This cost a little money to setup and was a little bit of a pain but it made me keep focused as I didn't want to get to the end of the year and have to deal with taxes for nothing. As it happens this technique worked. I was able to stay focused most of the year and hit my goals. Unfortunately I still need to deal with taxes.

So far it hasn't really been that bad. My company actually had revenues this year thanks to my Intel contest winnings but not enough to actually cause any financial burden. It's more just the hassle of filling out the paper work. Last night I quickly did my city of Seattle taxes which amounts to a bill for $0. If your company doesn't have at least $50k in revenues you don't have to pay any taxes which is nice. Next up is Washington State taxes. I think it's a similar setup. After that it's just federal taxes.

While this all sounds like a pain, and it almost is, it really isn't that difficult due to the fact that my company involves just me, very little in revenues, and no fancy deductions. Hopefully this will all change sometime in the future but for now it's still a good motivator.
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Work for the day when you have the kind of problems where you actually need an accountant. Congrats on your LLC.

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