2008 Net Profit (Loss)

[Sparky555]

I'll find out when my accountant finishes my 2008, but according to my software the net profit was 21.7%...

BUT, if I had a real company I'd take:
$15k more in pay
$20k more in retirement
$12.5k more in medical benefits
and replace the van every 5 years...

then I'd have a 5.7% net profit.

Still not bad considering the economy.

How did it go for you?

 

[Fulthrotl]

I'll find out when my accountant finishes my 2008, but according to my software the net profit was 21.7%...

BUT, if I had a real company I'd take:
$15k more in pay
$20k more in retirement
$12.5k more in medical benefits
and replace the van every 5 years...

then I'd have a 5.7% net profit.

Still not bad considering the economy.

How did it go for you?

i do a spreadsheet that i made that tracks where my $$ is at. i know
what my taxable income is each day when i update.

first week of the year was slow, but ytd taxable on the 12th is $3,700...
and that is after buying fully tax deductible work equipment at the tumi
store..... (don't ask. jill was happy tho....)

last year? well, i don't have a big tax liability from it....
i suppose that's one positive thing that can be said.....

 

[ptonsparky]

My taxes will be considerably higher for 08 vs 07.

 

[sparky 134]

I reported a loss in 07 because I was waiting for a lot of A/R which was received in Jan/Feb of 08 thus my 08 P&L shows a big profit which pushed me into the 25% tax bracket.

I deposited 10K into two IRA's but I'm still going to pay thru the nose.

Sparky 555, if you pay yourself 15K more in salary you will be paying a lot more in taxes. You pay fed, state, FICA and SS on salary. You only pay fed & state on company distributions. You are also limited as to the amount of money you can put away for retirement that is deductible.

I thought about buying a better health insurance policy but as it stands I pay $790.00/month for my family of four (including me) and this is with a 1K deductible per person.

Fullthrottle, what is the tumi store ? Are we talking abdomnioplasty ?

 

[Okie Sparky]

Sparky 134, Google Tumi Store.