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If you owe the IRS 25k wouldn't you have had to make like 90k+ in that tax year? If that's the case what did you do with all that cash. It just sounds like a
by pmorici 17y ago
If you owe the IRS 25k wouldn't you have had to make like 90k+ in that tax year?
If that's the case what did you do with all that cash. It just sounds like a stupid idea to me. If you can pull down that sum in "a summer" aka 4 months, why not just pay the IRS their money and then work 4 more months and then start your business.
- nestlequ1k 17y agoIn freelancing, its very common to go on a hot streak. Last summer I had client paying me 100/hr, and I was working 80 hr weeks for almost an entire summer. After that client wrapped up, it was almost 4 months before finding something else at much less rate. Also, this was before the sept 08 market crash. Pretty easy answer to say what I did with all that cash. Aside from living expenses, travel, and in some cases general overindulgence, I paid off about half my student loans. Also did ok this summer, but that has also come to an end. Either I can work my ass off for the next few months to try to get another client (and then a few months after that to work with the client), or I can invest my time in a startup idea I have now. I've sort of already made the decision for the latter, I'm just trying to figure out how to stay afloat while I give the startup a chance to succeed.