Frequent Flyer Miles
2/25/09 - posted by Hogers at
1:00 PM
- 1 Comments
This may be my last week flying out for my project for DHL in Scottsdale, AZ since the baby is set to arrive any day now. For kicks, I took at look back at my past Southwest Airlines flights...
The crazy thing is that I STILL didn't qualify for a companion pass this year. You have to fly something like 50 round trip flights in the course of a year.
The crazy thing is that I STILL didn't qualify for a companion pass this year. You have to fly something like 50 round trip flights in the course of a year.
Alligator Chases Dog
2/24/09 - posted by Hogers at
12:55 PM
- 1 Comments
OMG, this totally reminds me of Hogan. When Judy or I used to walk Hogan, sometimes we would accidentally drop the plastic leash handle. Hogan would get spooked and start running home with the plastic handle chasing him...hahahaha.
Own Your Own Business and Want to Incorporate?
2/18/09 - posted by Hogers at
5:43 PM
- 0 Comments
If you own your own business you will probably want to think about forming an LLC or S-Corporation for liability protection and tax savings. In certain cases, an LLC may make more sense if you have a complicated partnership and need flexibility with distribution of your earnings.
But for the rest of you, an S-Corporation is the way to go due to the savings you'll receive. As an S-Corporation, you're exempt from the double taxation from FICA (self-employment) taxes. If you work for a normal, big company, you pay 7.65% of your gross pay to FICA tax...which is basically taxes for Medicare and Social Security. While you pay 7.65% as an employee, your employer matches that 7.65% themselves.
If you're a business owner and are operating as a DBA (Doing Business As), then you're responsible for paying both the employee and employer portions. This amounts to 15.3% (up to around the first $100k) of your gross pay. That's a lot of money.
But if you incorporate your business, you can pay yourself a small fair-market salary. You can then distribute the rest of your company's earnings to yourself through the form of dividends. The dividend payouts are exempt from FICA tax, so you save 15.3% on that amount.
So, if you're shopping around for online incorporation services, check out www.S-Corp-Compare.com to find the best incorporation service. Prices range from about $250 to $600 to incorporate. But you'll easily recoup that cost in tax savings the first month you're incorporated.
But for the rest of you, an S-Corporation is the way to go due to the savings you'll receive. As an S-Corporation, you're exempt from the double taxation from FICA (self-employment) taxes. If you work for a normal, big company, you pay 7.65% of your gross pay to FICA tax...which is basically taxes for Medicare and Social Security. While you pay 7.65% as an employee, your employer matches that 7.65% themselves.
If you're a business owner and are operating as a DBA (Doing Business As), then you're responsible for paying both the employee and employer portions. This amounts to 15.3% (up to around the first $100k) of your gross pay. That's a lot of money.
But if you incorporate your business, you can pay yourself a small fair-market salary. You can then distribute the rest of your company's earnings to yourself through the form of dividends. The dividend payouts are exempt from FICA tax, so you save 15.3% on that amount.
So, if you're shopping around for online incorporation services, check out www.S-Corp-Compare.com to find the best incorporation service. Prices range from about $250 to $600 to incorporate. But you'll easily recoup that cost in tax savings the first month you're incorporated.
Vroom Vroom Da Party Starter!
2/12/09 - posted by Hogers at
8:58 AM
- 0 Comments
I still think this Bud Light commercial with Conan O'Brien that first aired at the Super Bowl is hilarious.
Vroom vroom da party starter!
Vroom vroom da party starter!
The Key to Becoming Powerful? Don't Pay Taxes.
2/3/09 - posted by Hogers at
10:35 AM
- 0 Comments
To date, Barack Obama has three political nominees who have all failed to pay taxes to some degree in the past: Tom Daschle, Nancy Killefer and Timothy Geithner.
Today, Senator Tom Daschle has withdrawn from his nomination to head the Health and Human Services and Nancy Killefer has withdrawn from her nomation to be the nation's first Chief Performance Officer...a new position created by President Barack Obama.
Timothy Geithner was confirmed as Treasury Secretary despite owing more than $34,000 in taxes that he paid. Tom Daschle has paid more than $140,000 in owed taxes and interest. Killefer had a $946.69 tax lien placed on her home after failing to pay for unemployment compensation tax on household help.
After seeing this pattern, I can't help but to wonder whether these high powered persons know a better way to work the system. Are they crunching the numbers and seeing that it's worthwhile to not pay taxes? Even if the interest paid on these taxes is high (over 20%), what if the chances of them being audited and caught is only 5%?
Tom Daschle withdraws LA Times article here.
Today, Senator Tom Daschle has withdrawn from his nomination to head the Health and Human Services and Nancy Killefer has withdrawn from her nomation to be the nation's first Chief Performance Officer...a new position created by President Barack Obama.
Timothy Geithner was confirmed as Treasury Secretary despite owing more than $34,000 in taxes that he paid. Tom Daschle has paid more than $140,000 in owed taxes and interest. Killefer had a $946.69 tax lien placed on her home after failing to pay for unemployment compensation tax on household help.
After seeing this pattern, I can't help but to wonder whether these high powered persons know a better way to work the system. Are they crunching the numbers and seeing that it's worthwhile to not pay taxes? Even if the interest paid on these taxes is high (over 20%), what if the chances of them being audited and caught is only 5%?
Tom Daschle withdraws LA Times article here.
