
Read this first from Top to bottom
http://www.forbes.com/sites/kellyphillipserb/2014/07/11/my-advice-to-kickstarter-potato-salad-guy-dont-write-that-tax-check-just-yet/
If not done as dot the i's cross the t's the tax can be staggering
Potato Salad guy is currently at
5,807
Backers
$47,076
pledged of $10 goal
21 days to go
And at one point he had $70,000 but people drop out and others jump in so amount varies a bunch but someone with tax savvy calculated his tax's at
The Tax Foundation figured that on the original $70,000 total, Brown would owe federal taxes of $8,632, Columbus city taxes of $1,510, Ohio state taxes of $1,712, plus $9,313 in payroll taxes. The total? A whopping $21,167.
Gal on Forbes has another opinion and some very good advice for how to structure a campaign at the GetGo to make Tax not so much
Out of here for a fun Fri nite!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!