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This explains a lot if you can understand it?.............

Paco Apr 2, 2009 11:32 PM GMT With notable exceptions, few commenters have any idea about how small businesses operate and how they are taxed. My small business had gross revenues of almost $4,000,000 last year and net income of $600,000. That's a 15% return. My salary was $100,000.

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mustbeGRACE

Asked by mustbeGRACE at 8:48 AM on Apr. 8, 2009 in Politics & Current Events

Level 25 (23,140 Credits)
Answers (25)
  • My taxable income was $700,000 een though I didn't draw out a single penny beyond my salary. That means my federal income tax liability was double my entire salary. What happens is the feds are taxing working capital. In order to remain in business, I need six months working capital.
    mustbeGRACE

    Answer by mustbeGRACE at 8:49 AM on Apr. 8, 2009

  • This year, my net income will probably be negative. Without sufficient working capital, I will have to lay off employees. Please, if you don't know what you are talking about, you shouldn't post comments.
    mustbeGRACE

    Answer by mustbeGRACE at 8:49 AM on Apr. 8, 2009

  • Makes me SOOOOOOOOOOOOO ANGRY that most people, evidently even your common bookkeeper, know little to nothing about it, and The Obummer Administration counts on the publics ignorance and their hate for "rich" people.
    mustbeGRACE

    Answer by mustbeGRACE at 8:51 AM on Apr. 8, 2009

  • You can complain all you like, but the fact is, your salary was $100,000. Mine? $20,000. So you'll have to excuse me if I feel no sympathy for you.
    Anonymous

    Answer by Anonymous at 8:54 AM on Apr. 8, 2009

  • This person obviously has a really bad accountant. A good accountant would find enough left over Republican tax loop holes to get all that money back.
    Anonymous

    Answer by Anonymous at 8:55 AM on Apr. 8, 2009

  • well, I feel no sympathy for people who have peaked at earning $20k! if you were one of the op's employees that is going to now lose their job, you would care.
    Anonymous

    Answer by Anonymous at 9:00 AM on Apr. 8, 2009

  • *snicker*

    Why do you get paid so much for posting constantly hateful posts on cafemom?
    Anonymous

    Answer by Anonymous at 9:00 AM on Apr. 8, 2009

  • YOUR RIGHT.

    ALL SMALL BUSINESS OWNERS HAVE BAD ACCOUNTANTS.
    mustbeGRACE

    Answer by mustbeGRACE at 9:01 AM on Apr. 8, 2009

  • Wow, OP! What an eye-opener. Thank you for putting all of your business out there to prove a point (no snarkiness, I'm serious). I have a few family members who have their own small businesses and most are having a very hard time right now keeping their businesses open. It's so sad that small business owners are being punished for their successes.
    KelleyP77

    Answer by KelleyP77 at 9:02 AM on Apr. 8, 2009

  • Anonymous answers don't count, did you miss the memo?
    mustbeGRACE

    Answer by mustbeGRACE at 9:02 AM on Apr. 8, 2009

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