Comments on: Personal Income Statement, September 2007 (Net Income: $7,529)

By: Flexo

Flexo — Wed, 03 Oct 2007 22:33:10 +0000

FrugalTrader & Paul: The business is mainly blogging, with some additional web development for a small number of clients, This site provides most of the income in the blogging category, and most of that comes from advertising… though the income from other web development is not insignificant.

By: Paul

Paul — Wed, 03 Oct 2007 20:19:31 +0000

Flexo,

If it’s not too personal, do you mind if I ask what your side business is? Just curious.

Thanks

By: Kurt

Kurt — Wed, 03 Oct 2007 19:45:17 +0000

I need to blog.

By: FrugalTrader

FrugalTrader — Wed, 03 Oct 2007 18:48:46 +0000

Flexo, how many sites do you run? Does this blog provide the bulk of the income?

By: Flexo

Flexo — Wed, 03 Oct 2007 17:50:27 +0000

I’m going to start working on a formal plan for moving to this full time… But my job provides me with a few benefits that I don’t want to drop until I’m sure of long-term prospects. Maybe I’m playing it too safe…

By: FrugalTrader

FrugalTrader — Wed, 03 Oct 2007 17:24:50 +0000

Flexo, your business is growing at crazy rates! Congrats. $8K / month is a very reasonable income for most. At what income point will you consider doing this full time?

By: Mrs. Micah

Mrs. Micah — Wed, 03 Oct 2007 16:20:52 +0000

While we got charged too much by Comcast last month, it worked very nicely for this month, since we had all but $7 in a credit.

By: Flexo

Flexo — Wed, 03 Oct 2007 15:52:25 +0000

Socal: I still need to adjust my estimated tax payments to account for the higher-than-expected business income. The $450 per quarter for estimated taxes (plus an extra $50 withheld per pay period, no allowances) isn’t going to cut it.

By: Socaltrafficast.com

Socaltrafficast.com — Wed, 03 Oct 2007 15:42:30 +0000

OK,

I see that you at about 1100 in tax expenses here. When are you going to claim you tax debt on your business income.

With virtually no deductions you’re looking at a 35% tax rate on that money. Will you be expensing that quarterly or annually?

BTW good job with your business, that’s very impressive. Love the blog gotten a lot of good links, Like Mint.com