Wednesday, February 28, 2007

The tax problem will be less than anticipated- in fact, we are getting a little money back. After paying the accountant and getting each of our cars tuned up we will break even. All I ask out of life is to break even- not really, but that's how I pretend to roll.

How do we owe no taxes when K- didn't pay taxes? My rental property lost so much money that it bore the brunt of the tax money owed. I knew that the rental property would not be rented while we searched for a buyer but I wasn't too concerned because we rarely took any of the profit out of the house so there was more than enough to pay the mortgage during the year of waiting- hence the lack of panic when it wasn't moving. I didn't realize that my Limited Liability was tied into our personal finances, in fact, I thought the purpose of the LLC was to protect you from your companies losses- but I'm not going to argue with the accountant. The bottom line is the LLC lost enough money to counter K-'s not paying takes. Two negatives really do equal a positive, go figure.

If all goes well my rental house will be sold on Friday morning. Most of that money earned will go to our Paris Account some will go to a new laptop for me and the rest will go to pay off what little debt we have. It's fun to see the fruits of these labors come in, but we shouldn't get used to it. When we quit our jobs we will be broke!

3 comments:

Self Taught Artist said...

Hay! Good news and good to get 2 blogs for the price of one day.
The post below is good stuff, kind of detective/removed sinister feel. Just enough good writing to take the edge off the bitter reality.

Simon Chase said...

I must speak with your accountant!

Misplaced said...

Thanks Self Taught- I felt bad about the last minute crap post I did on Monday.

Simon- you should speak with my accountant quick before he ends up in jail. because accounting that creatively can't be legal