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MaggieD

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Member since: 2001
Number of posts: 7,393

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Small business - tax picture 2014 - 401k yea!!!

As discussed in a previous thread about "hating" rich people, I pay a lot of taxes. I take the concept of paying a lot of taxes as a compliment and a blessing. I grew up poor. Struggled through college working my ass off and getting low cost student loans and pell grants by the grace of democratic policies.

Reagan was elected in my last 2 years of college (which took 3 years because of stopping and starting due to finances). Fucked me up totally, financially, and made me a Democrat for life (53 now). That's when I learned that republicans were greedy, self centered, and had no clue about investing in future generations that would grow and keep our economy strong. Short sighted Idiots.

Got my degree, worked for the system, learned the skills. Fast forward to 1999. I saved up, started a business in B2B consulting (healthcare sector). Lean times. Health insurance would have been nice. Thanks, Obama, that new entrepreneurs can have that now. Bravo.

I was hanging in there - doing okay. Then Obama gets elected. I won't lie, he wasn't my first choice. But damn, we were in the shits. He pulled us out. All of the sudden lots of unemployed people on the street - smart people, but no college degrees. I expanded in 2009. Honestly I only expanded to a new business because I thought people are hurting, and I can train and give jobs. I didn't really expect to make much off it. It made me nervous as hell to have 20 plus people depending on me to pay their paychecks every 2 weeks.

But good jobs. 2.5 to 3 times WA state minimum wage. Plus some lucrative manager salaries. 29 days PTO. 100% employer paid health, dental, vision, life insurance, plus quarterly bonuses. I'm feeling good. And yes, making more money since 2009.

Talked to my accountant yesterday. I'm paying 31% of profit in federal taxes this year. That doesn't include any other taxes I pay, which are numerous and put me well over 50% of gross. So I say, how come Mitt only paid 11%? He says well you don't have those kind of tax shelters available to you. No small biz does.

I say do I have any that would benefit all of us? (Meaning my workplace family). He says what about a 401k with employer match? I say right on brother! It's my small biz dream come true. I'm finally successful enough to offer it. I won't save any real money, but more will go to my employees instead of to the department of defense.

This is a very happy day for me. One of the happiest ever besides my marriage and birth of my son. It's definitely the pinnacle of my biz career. Mission accomplished!

P.S. I know this is long. Thanks if you read it. I'm just so happy!

Thanks - I'm not really new

Or maybe I am. Been here since 2001 (the beginning) and have read here everyday. Thousands of posts, but some Kerry supporter MIRT moderator tombstoned me back in 2005 because I had the temerity to say, 6 months after the election, that Kerry ran a bad campaign in 2004 because he wouldn't stick up for his military record and got swiftboated. I was suggesting we nominate someone with a stronger spine next time if we wanted to win.

I took advantage of the recent amnesty that allowed me to sign back up.

Okay this is my area of expertise....

And the issue is obscene. This chart doesn't even begin to describe the fraud these for profit health insurance companies have perpetrated on the American public. The bush prescription drug bill increased the cost of Medicare (your tax dollars and mine) by 38% - but what they never told you was that 350 billion was set aside for these for profit insurance companies.

It's late and I could go on for days about this. But yes, truly WTF.
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