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This year, I'm writing a check for nearly 50% of what I earned in 2020. I have it saved up in account, and I'm paying it in one lump sum to the government. It's a fucking brutal check. Imagine having 50% of your total yearly earnings in a bank account you have to give away.

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the 50% is due to 10% California income tax (before I moved away) + 15% self employment tax + high tax bracket. I'm switching to an S-corp this year.

8:30 PM · Mar 20, 2021

Scott Sanderson

Replying to

The 100% owned s-corp is nice. S-corp can have its own bank account and qualifying business expenses paid from that account tax free without comingling with your personal account.

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Show replies

Replying to

Do you think it’s worth it as a membership fee to be a US citizen?

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Apologetically Anonymous

@Songbir95377759

Replying to

Ok, and now prepare for when you're going to have to pay 90% for when the economic downfall of all the support programs will need to be funded.

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@HerotodusAlive

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Tax is theft. I hate it so much.

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This is why so many pro wrestlers end up as libertarian politicans. They're all self employed contractors.

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Just hope cali doesn't try to do as ny get that moving out tax

@AprilsFoolHODL

Replying to

I live in Austin and now have no state income tax, I would never make my permanent residence California because not only did they have state income tax, it's increments up the more you make.

Replying to

JFC that’s Canadian levels of taxation without the Canadian level of social services.

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@simon_paulp9987

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I tried to help you with tax strategy last summer. At the time you weren't interested

Lasse Thorøe Hansen

Replying to

Thats how we do it, every single year in Denmark 🇩🇰🇩🇰 And still, one of the happiest country on the planet 😉