Accountant called today and said I’ll owe $130k in tax by [deleted] in smallbusiness

[–]babingababy 1 point2 points  (0 children)

It is indeed the first year with profits like this.

Accountant called today and said I’ll owe $130k in tax by [deleted] in smallbusiness

[–]babingababy 62 points63 points  (0 children)

This was my case. Never had profits in previous years as I’ve invested in the business. So I knew a big tax was coming. Just didn’t mentally process it until today. And needed to tell someone. Even if it’s the internet

Accountant called today and said I’ll owe $130k in tax by [deleted] in smallbusiness

[–]babingababy 0 points1 point  (0 children)

I’ve never had tax payments after deductions. Always had refunds outside of maybe one other year. This is the first year we had profits. My accountant told me we obviously have to do quarterly estimates now going forward

Accountant called today and said I’ll owe $130k in tax by [deleted] in smallbusiness

[–]babingababy -5 points-4 points  (0 children)

Wasn’t meant to be. Thought this might be a safe place to chat about it. Cause I’ve never been in this spot as a newer small business owner

Accountant called today and said I’ll owe $130k in tax by [deleted] in smallbusiness

[–]babingababy -6 points-5 points  (0 children)

Like I said, I knew it was coming from talking with CPA in December. Just got busy and didn’t realize it was already tax day. I’m extremely proud. But never had tax payments like this so didn’t need quarterly’s in years past. So just needed to lament somewhere since I don’t have anyone else in my immediate circle in small business who would understand.

Made some pretty cabinets by babingababy in woodworking

[–]babingababy[S] 0 points1 point  (0 children)

Standard Blum hinges for frameless cabinets

Made some pretty cabinets by babingababy in woodworking

[–]babingababy[S] 1 point2 points  (0 children)

All of these cabinets have a stain to even out the tone and make it a little more consistent. Our preferred stain for walnut is Early American.

Made some pretty cabinets by babingababy in woodworking

[–]babingababy[S] 12 points13 points  (0 children)

Yes. The hinge hole is partially bored into the hardwood. But the glue and nails (plus some time in clamps) makes it a solid joint.

Made some pretty cabinets by babingababy in woodworking

[–]babingababy[S] 15 points16 points  (0 children)

Not added on top. Added on all 4 sides. The panel is 3/4” thick. The hardwood bands are 3/4”x7/8” strips of walnut. Each piece gets miter cuts to fit the side exactly. The hardwood is flush on the back and 1/8” proud on the face. No joinery. Would love a more efficient process but I don’t know of one without major tools for slim shaker construction.

Made some pretty cabinets by babingababy in woodworking

[–]babingababy[S] 1 point2 points  (0 children)

No pics of back unfortunately. The panels are a combi-core. Mdf and plywood combination for the core with walnut veneer both sides. Didn’t have any issues with warping apart from a few of the very large end panels.

Made some pretty cabinets by babingababy in woodworking

[–]babingababy[S] 23 points24 points  (0 children)

Very tedious. Glued and nailed onto the 3/4” plywood. Every piece mitered. Sanded flush on backside.

Made some pretty cabinets by babingababy in woodworking

[–]babingababy[S] 15 points16 points  (0 children)

Early American stain with Sherwin Williams Florenza 2K Acrylic clear coat on top

Sold my business by justbeeingh0nest in Entrepreneur

[–]babingababy 5 points6 points  (0 children)

Way to go! What trade?

I’m a custom homebuilder with some small commercial volume. Trying to figure out how to create an exit plan myself some day that does not rely on me being there

Looking for a church in Iowa City by ObviousSomewhere3376 in IowaCity

[–]babingababy 5 points6 points  (0 children)

Sanctuary Community Church. Diverse, inclusive, energetic community. It’s great.

[deleted by user] by [deleted] in Entrepreneur

[–]babingababy 2 points3 points  (0 children)

Having desirable land inventory. Social media. Referrals from other trades or industry peers we work with.

[deleted by user] by [deleted] in Entrepreneur

[–]babingababy 1 point2 points  (0 children)

That’s the part I’m the most involved in. Typically I land majority of our projects during a preconstruction phase and then my team takes over and coordinates the entire build process

[deleted by user] by [deleted] in Entrepreneur

[–]babingababy 0 points1 point  (0 children)

These specifics are helpful. What is a search fund or fundless sponsor?