WTF this cannot be right why the hell am I being taxed so much?

Yeah.
In germany the highest you need to pay is 42% on income +19% everytime you buy something in the stores. Health Insurance isn't cheap either. 300-400$, even if you make nothing at all.

Sucks to be a citizen (=forcefully employed by the gouvernment)

 

Here in the Middle East you don't pay taxes for your Adsense Earnings, or any other online earnings.

But don't come here, because it sucks here.

 

There must be somthing wrong if you are asked to pay 50% tax.

Your business is a very simple business as far as its taxes are concerned and to me your throwing your money away by getting an accountant to do your taxes for you. If i were you i'd buy a good tax-book or just go through the tax form guide which you should be given by the inland revenue.

Basically if you follow all the points correctly your taxes should be far less than you think - at least i know this is true in UK but it should not be as bad as you say in the US either.

Rod

 

I looked at your first site and if life in ME is half as bad as the 3 pictures it's showing there it's not that bad at all

 

Nearly 50% is pretty typical or even low when you're self-employed, for U.S. or Europe. I am not self-employed, but currently pay:
- 31% of wages in federal taxes
- 8% of wages in state taxes
- 7.65% FICA (SS + Medicare)
- 1% local taxes
= 47.65% total tax burden

If I were self employed, the only additional tax would be an additional 7.65% in employer FICA expenses (for a total of 55.3%). As high as that sounds, it's really not much different than if you worked for someone else. Plus, you can take advantage of so many deductions (if you track your expenses well in something like QuickBooks) that your burden should be less than if you made the same amount of money being an employee.

Anita

 

Hmmm. I'm not understanding why your tax liability is 50% when it normally is 30%. By the way, you can probably schedule free consultation with an H&R Block employee.

 

watch :

AMERICA: Freedom To Fascism. Aaron Russo Interview.

in the google video

 

Nearly everything you make via internet is taxed 30%. It sucks, but that's life.

 

MN self-employed making over 45 or 50k (forget which one) pays 46% in taxes. But you get to write off so many things it more than makes up for the small, additional, "self-employment" tax.

 

In UK taxes are worked out differently to the one you put up there. In fact if i paid more than 15% overall i would be disappointed for figures less than $50k or £24k - there are so many allowances you could deduct ...

 

david are you incorporated? If so are you paying yourself a salary from the corporation? Do you have a home office? If you are paying yourself a salary, expensing a home office, internet fees, hosting fees, etc...you should be able to claim a loss on the business. You would pay personal taxes on the salary you draw from the business.

 

How do you know there my sites...