yankee | 04-24-2015 10:59 PM | Re: Tax letter in the mail well, lets think about this. 15% self employment taxes, then federal at 33-38% so yea easily 50% then add in your possible state taxes. Some of my LLCs pay 63% in the past.
But how in the world can you take that assessment for any value at all? The IRS has no idea what your expenses are? cost of goods? shipping? etc... so they assess at the highest possible educated guess.
Go see your accountant, determine what you owe and refile. Really good chance you will get a return if you run an average business.
Your question is not worth answering any deeper because YOU don't know how much you owe yet... |