My ABSURD Tax Bill From The IRS..
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- Опубликовано: 13 дек 2024
- Thanks to Keeps for sponsoring todays video! Head to keeps.com/auto... to get 50% off your first order of Keeps hair loss treatment!
In todays video we talk about taxes, I have previously made videos regarding my income from videos but today the focus is on how much the IRS wants at the end of the year. I can only speak for myself as business income can be quite complicated and it comes down to many different variables of how you pay your taxes being a RUclipsr (in my case)
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To any of my (semi) bald brothers, check out Keeps if you're interested in keeping whats left 😂 keeps.com/autovlog
Here with ya man on the balding up top! I’ve got a couple Yacht slips on the head definitely sucks! I also shave my head now though
Or completely bald lol
It sucks to lose anything you love but love your bald self man, it's natural and you look like a boss.
High taxes and big government is what your state voted for. Enjoy
Solo 401(k)...S-Corp. Pay less in taxes! I’m sure you’re new tax guy / gal has it all dialed in. 👊🏻👊🏻
Only from a Swede being that upfront and transparent. You’re a good man Mike. Thanks for being brutally honest. NOBODY does that!
Respect you Mike , your one of the very honest men on the Chanel, dont let them kill your spirit !!!!
I've watched this channel for a few years now Mike and I absolutely love the transparency in these types of vids! Not from a nosey perspective, but like you said, it's extremely interesting for us viewers to understand how it works being a RUclipsr etc! Keep up the great work 👌🏻
I did not see that sponsor part coming. I was like “why’s he talking about his hair so much?”
Smoothest transition to a sponsor
I never laughed that hard for the Keeps transition. You got me!!!! I watched the ad. Good job Mike
I’m 57 and I have a full head of hair! So blessed. 🙏☘️
25k adjusted after losses. You’re still crushing it brother.
Love how transparent you are. Makes everything and you more relatable
Nothing makes my day more than an upload from Autovlog!!
I find it funny that Mike is bothered by dogs and a weed wacker, but loves his cold starts and racing in tunnels. Wasn't even that loud, didn't notice until he said something. You be you Mike.
It's very similar to guys who like motorcycles with loud exhausts, then complain about if they had to wear a helmet they wouldn't be able to hear anything approaching.
It's about perspective and content. This is automotive channel not aviation or animal-related. So airplane sounds and everything else is untreated content. Like, having a bike revving in animal-related channel would be "unwanted noise".
Exactly, Mr. Straight pipe Ferrari blowing his neighborhood up, but the dogs should stay quite and lawn care should’ve done with scissors.
lovee this channel and how open and real you are about everything
My late Dad always said “if you are paying the Taxes, you must be earning!! Good to see you have reached a sustainable Income - well done and well deserved!!!
Love the honesty and transparency into the Financials of a what it is to be a RUclipsr...
Holy hell that was the cleanest transition to the keeps advert I’ve ever seen 😂
I really appreciate your honesty, I wish all the best for you, keep it up
I love how they fine us for being late but they can drag their feet with zero fines !!!
The write offs are a blessing for you. I’m active duty military and my spouse and I made $175k and paid $24k in taxes this year. I don’t get taxed for housing allowance however our 100 miles a day combined commute is not available for us to write off. Your channel is great but in my opinion filming cool car videos should be taxed at a much higher rate than our young men and women getting shot at on a daily basis. I’m sure you agree Brother!
I think you said it, but yes as a business owner, pay them quarterly. Avoids penalty fees and big bills come the end of the year.
Why is the IRS picking on Mike ??
IRS: Yes ....
In europe he would have lost 50% of the income not 20%
If I made 260k in The Netherlands I would pay 130k in taxes as a business owner and a mustang cost 90k here and in the US 30k
mustangs are about 37k for the most bone stock. 40-50 for a decent one now. Inflation is smacking the US now too :(
yep same in switzerland 52% taxes fml
@@blakliffy Think you might be right
@@bruh-fn5dh this is the dumbest thing ive ever read your odds of being a victim of a shooting in the us are 3.7 out of 100,000. you should turn off the lib news because clearly you are paranoid and brainwashed.
@@TaysonPlaysGuitar go play me a sad song on your guitar about how trump lost
Section 179 is your friend! Business meals 100% write-off for 2021 & 2022, Limited Rental Use, etc etc etc...love your vids man!
-Your fellow bald brother
Lol if you are not a corporation and paying yourself dividends you shouldn't be a business owner... My business makes a bit less than $500k a year and I had never paid $46,000 in taxes. Either you have not idea of how to use the tax system to your advantage or the IRS is scamming you
if Al Sharpton doesn't have to pay HIS taxes, why should you?
True!
Just have to comment on your pic Oddball from Kelly's Heroes ! Lol
@LJ54 or it’s because blacks can get away with anything since everyone is afraid to say anything
@@richardjameswellingtoniv9682 Yeah right, Whites stole the Whole United States lol!
@@mrt2734 sounds like you guys are weak
Man you are probably the only RUclipsr who is this honest to their subscribers mike mad respect bro
This is why i love this channel, just pure and honoust nu bull....!
Wow. I need to own a business. I made 271,500 and paid 100,000 in taxes. That’s a steal.
As a retired mortgage and loan officer, another thing a lot of self-employed people don't understand is hat in order to get a loan, you have to show income on your taxes. Most self-employed people will write off as much as they can and are allowed so they don't have a huge tax bill but when they go for financing, they don't qualify income wise. So, it's either pay taxes and show income, or don't show income and have to pay cash.
On top of paying quarterly so you aren't surprised at the end of the year, you should look into having your lawyer or accountant do a first time penalty abatement. Might help you get rid of that penalty and interest.
Yeah, but then the attorney fee will probably be higher than the penalty.
Just love you AutoVlog videos
There reaming us on taxes in Calif. I bought a Ferrari F430 from Georgia. I paid sales tax of 6400.00. When I went to the DMV to register the car, they told me it would be an additional 3300.00. They keep brain storming on how to get more from us.
I pay alot of taxes as well. I'm embarrased to say how much... but I just put my youtube stuff into a non-profit business since I don't make that much anyways :)
yeah some of us are playing over 50% tax lol
@@tippy35075 fuck that lmao
Why don't I believe you
@@OneSvT no way around it LOL
@@tippy35075 you have to pay 50% just because you are business owner?
As a small business owner myself those mistakes are the absolute worst! Live and learn.... With the way things are nowadays I decided to increase my employees wages to try and keep them but it definitely makes me nervous overpaying what the industry average is as business owner because it takes away from my "take home pay" along with lowering my emergency fund some because I'm not raising my prices so if something was to happen like a mistake in taxes or really anything there is a good chance that I might come up short. Sometimes I don't think people realize all the ends and outs of the financial end of owning a business....
Best VLogger on YT, bar none. This guy is genuine & sincere! Cheers/B
Hej fra Danmark. I do so much like your humbleness and honesty, perhaps a very Scandinavian trait? Keep up the great work and I really enjoy your videos. Thanks!
I personally really appreciate your honesty as you are very correct, no one covers taxes. Great job, keep it up and keep making these awesome videos.
A lot less tax than you’d pay here in the UK
You’d pay 112,000 on that here
But but free health care, guess its not really so free
@@kidamere2408 haha no not at all. Plus the crazy house prices
Same here in Canada Taxes are crazy, I pay like 20,000 a year in taxes I make like 80,000 a year before the government digs deep into your pockets. I also get we have to pay taxes for things to work but how much of it gets wasted on garbage. Then gas tax witch is also crazy gas price in Ontario Canada $1.30 per litre, of that like .35 is taxes. It’s Crazy way to much in my opinion.
@@fullthrottlevlogs7261 if I convert the price of petrol to Canadian dollars here it’s $2.23
I have a question. If you own a business, you obviously have to pay taxes on the business revenue. If you take money out of your business account and pay yourself a salary you have to pay personal taxes on that too? So overall does it even out or does the government double dip on your money. Your business tax should be less if you are paying an employee (yourself) right? Next question. If you own a business why give yourself a salary and pay personal taxes when you can just use the business money to buy anything you want?
Dam. Tax seems pretty low compared to Aus. 260k i would be paying close to 100k.
Here in Norway you have to pay 50% tax if make more than 80k a year something
Not exactly, the US also has significant state taxes in addition to federal income tax (mike is talking about). All in top marginal tax bracket is about 42%. Which is not dissimilar to Europe or Australia
^ for Pennsylvania
@@guus2072 yeah but the top marginal tax rate kicks in much earlier in Europe. In Germany, for example, it’s at €55k / year. In the US it’s about half a million $ (for individuals).
@@dannyvonhaus oh yeah I moved from the Netherlands to Australia. Whilst Australia isn't as good as the US (with low tax rates) it's certainly a lot better. If you ask me, Europe overtaxes the middle class. There's really no need to tax the middle class this much.
Sorry to hear man hope it gets sorted
As a fellow swede, I'm glad you didn't actually complain about the tax rate in the US, considering what we in Sweden pay.
or we pay in Finland! Nordic countries rule! :D
Norway here. Glad we pay high tax, look at USAs disastrous healthcare system
Haha im swedish aswell and i have No problem paying high taxes, just look how shit usa healtcare system is for example.. high tax=win
@@heymonk8947 the tax money in us vanishes here. u guys are lucky
I don’t mind high taxes either, but IMO our (Sweden) tax rate is absurdly high.. especially for small businesses.
Just FYI you can unlock the doors using a flathead screwdriver or the antenna.
Best auto channel on RUclips!
Yes that TAX break we received from 45 was straight up BS. My tax person prepared me for this tax return, it got me last year too. I notified HR to continue to take out what was previously being deducted for taxes prior to this BS break. I was ready this year!
Solid. Love the honesty. I have been very entertained by the content you provide so i would hope of course that it is working out for you financially for sure in order for you to continue doing the vlogs. My dream car is the w204 c63 but unfortunately its not affordable for me so ive settled with a 2009 c200 kompressor in black. Like a honda its totally customizable which im slowlly plugging away at and your videos are inspiring. Especially the steering wheel video. Epic. God bless and hope things get even better for the future.
Yeah, you gotta pay the estimated quarterly taxes if you're self-employed. It makes it a lot less painful over time (as opposed to paying it all at once).
You can’t have it both ways Mike. Show a lot of income to afford toys or show low income to avoid taxes. Looks to me like you need to structure your business better and your cpa is not that good.
Big thumbs up if only for the way you transitioned into the KEEPS promo. Lol. That actually made me laugh! I watched the whole thing just cause of that.
Nice video! Keep up the work. You got this
Mike you still haven’t changed the light bulb in the garage lol
He can’t afford to run 2 bulbs after the tax hit 😂
Great video Mike 👍
I like you. You are pretty transparent and I respect that. I own a business and a chunk of my money is contract/1099. You make so much more than me and write off toys, so it did come off whiney. I'd love your tax bill as long as the perks and income are there for me too.
Hell, I'm thinking of getting in this car hustle of RUclips channels. People are buying dream trucks, exotics and it's 100% for work. I'd give my pinkie toe to make your income and have your tax bill.
Pay quarterly payments using a tax estimator on your revenue. Four payments a year. It should have been part of your 'business plan' long, long ago.
Love your channel! Honest good man
I told myself im tired of watching these channels and the tuber does an sponsor ad on there telling me to buy a product ex: a hair product thats has a side effect of making me impotent id unsubscribe and not watch there channel again.. ( Nurse of 20 years here ) You were my fav and sadly im keeping my promise. Wish you luck out there brother. Keep it real.
To have the cars as a "business expense", do you have to title/register them as commercial vehicles?
Keep up the incredible work!! Love the videos and how open and transparent you are!! Don’t lose sight!! And change that damn bulb in the garage!!... lol 😂
Hey Mike, In the UK I am on PAYE (pay as you earn) but I get a tax return also at the end of the year with a bill. When I moaned about this with my Dad he simply said " You gotta earn it to pay it" - Wise words.
I am not financial expert, but there is pre-tax expenses? If you have registered business, if you earned 260k in a year, you can purchase a car for 230k on a company, and they will only tax you on the 30k that is left, am I right or did I get something wrong? That is the magic of the corporations.
Btw yes, thank you for being brutally honest, we love you
Good job! Keep the good work! I love watching your video👌🏼
Keep keeping real like you always do !!
Love your videos man 👍🏻👊🏻
Talk to Wil...self employed you pay the whole %15 social security tax. Your marginal rate is at least 25% and state/local adds 3 or 4 %. If you don't set aside 50% of what you take in you are in trouble. Don't forget the 7% when you spend what you have left. Oh and real estate tax so you can live somewhere.
Good information. Keep up the good work.
What’s up Man Cheers On before a 1000
paint or change that front grill to black one
Filing quarterly has always been a normal process as a business owner. Your accountant should have known this and avoided these headaches. Dude, all said and done you've only paid roughly 9.6% ( $48k/$500k) in total taxes (federal, state & local) across those 2 years. That's crazy low, even with the penalty of late fees. Most people working "regular" jobs making $250/year are paying 20-30% in federal taxes alone unless they have tax write-offs such as yourself. But even then most don't come close to approaching only 9.6% in taxes overall.
Dude, you are too transparent. Ofcourse, always love your cars & amazing content but also your personality too. Always supporting, keep doing wonderful stuff bro.
I honestly don't want to see the Ranger die! But if it does you definitely have to get another hooptie! I recommend and old Volvo wagon.
Quarterly Estimated Tax Payments to avoid penalties and allways allways keep receipts of your deductible expenses in case of a tax examination.
I love it when everything get in the background 😂
Here’s an idea Mike…make that condo in N. FL your permanent residency and you’ll avoid that PA state income tax. We’d be happy to have you!
I pay 26kish a year, with 2 dependents you definitely do not pay more as a business owner. Businesses can finagle (lie) numbers much more than individuals
Me recall ford 2021 f150 I was not sure if u had one mike
Yeah that's pretty low tax for the amount earned. I need some more write offs. Thanks for being transparent Señor Mike.
Businesses pay way less than people who make income from W2 on a percentage basis. Not sure why he's crying about it lol....
Thank you for sharing this
If you voted for Biden, then don't complain about high taxes
Yeah. I’m a very highly pod w-2 as well as a separate business. I’m slightly over 50% total tax on my W2
For my business. I’ve set up a defined benefit plan. I can put near 50% into my DBP.
Love you Mike, but that’s a crazy low rate. Most businesses like mine are pass through, and
And you pay a disproportionately LOW tax rate
Hey mike love your videos man keep up the good content bro wish I can meet you and see your car in person Love it
I always hit the thumbs up button, but still looking for the "HUGE THUMBS UP" button! Great video Mike! Thank you for sharing.
Bird noise near the end !!😁😂😎😎
So ... under 50k over two years making 500k. That’s an effective tax rate of 10 percent. If you made that much as a W2 employee you’d have about 23.18 percent for 2021. I would say you’re doing good.
I live in Europe and right now about 30% of my salary goes to taxes and i'm a 22 year old who doesn't earn much yet. For your self employment and that kind of income you would pay 50% here
I just love how apologetic you are each time there is a distraction on the background 🤣🤣🤣🤣
like a true Swede, coming from a Swede haha
Yep every year I pay my taxes I get almost sick thinking about all the things you could do with all that money and just how little you get for all that money. The best part is how they treat you like a criminal almost, in return for sending them a shit load of money
That's quite a hit for sure Mike. Correct me if I'm wrong but didn't Streetspeed buy that aventator to reduce his income and show it as an expense? I think he said that in a past video. I'm Canadian so don't know the US tax laws but their might be some loop holes to look into. Continued success 🙏🏼
Gre at, that you always share everythingbwith us. Not many do. Especially in Europe talking money is a big nono... over here taxes would have been 50% of what u made... BTW how much is health insurance, unemployment,.... that what adds up to the 50% here BUT how is that in the US.
From the 260000 how much did u have to pay for health insurance n all that? Wozkd be interesting to know...all the best, stay safe
Living the dream brother 👍👍
I live in Europe, if i had to pay that i would be really happy bcs that’s nothing compared to the tax here
I know.. .
And don't forget 5 Euros for a liter of gas.
@@AStanton1966 What?? Where? In Germany 1L costs 1.44eur
One advise I would give to you to try and lessen the amount you pay for tax is that pay a percentage of the monthly income so that when you get assessed for 2022, you pay as little as possible.
The danger ranger is why I'm subbed 😂
That 1 burnt light bulb in the fixture on the garage opener is grinding my OCD. = P
Just like my bald head it’s too late my friend. I call what’s left of my hair “my survivors” not giving up the fight. All twenty of them hahaha
Imagine over 10 to 20 years they would have ripped you off by over a Million Dollars. I understand keeping equal living and reasons for tax but nah that a lot. stay strong and keep up that amazing content!
First ever video I saw on this channel was with this truck! Glad it's now fixed.
$46,000 isn't that much for someone who can afford a house, and lots of expensive cars. You do very well.
How was court?
taxes man... i hate it. I shelled out quite a bit this month myself lol!
Just bought my first mercedes ever a cls550 took awhile to find the options I wanted had to drive from Ohio to Indiana. I feel your pain though they called and said my title was in I get to the bmv she's like yeah that will be $785 I said excuse me. Well sir they can only charge you a certain tax rate and when you get back you owe the rest. Oh and if your paying with card that's a 3% charge. I was beyond mad bunch of thieves
i need that Keeps man!!!
Good Segway plug on keeps
Moral of the story... Everyone has problems.