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Author: llambe Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 309248  
Subject: Re: Update on HavaTheFool Date: 4/29/2010 11:10 AM
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I don't necessarily agree that he needs to be paying 25% on any money he gets though - as a real estate agent he must have expenses he can deduct from his business income and with the small amount he's made so far this year I would doubt he will owe 25% of the amount made on each closing. However I think Hava's method of paying 10% just to pay something is also a mistake. What I would probably do is to calculate out his actual taxes to the best of my ability and then pay estimated tax based on that. This would also give Hava (who would do the calculations I assume) a better picture of his business. I do agree that it's the wrong attitude to think you "can't afford" to pay your taxes - because the IRS will get their share no matter what.

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