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I'm on a shopping spree!

"Midlife" said:
I don't mind paying taxes on the profits, but it is the extra 5-10 hours filling out extra IRS forms for a business that grosses less than $10k/year that I'm trying to avoid.

I was a good soldier on Wednesday, as I signed up to register the business in Florida to pay sales and use tax. Total tax for the year: $90, most of it use tax.
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Now, you're &^*$ed - wait until the HOA people find out you're running a business out of that garage they gave you crap about. Surely, you MUST be punished for "doing the right thing" and contributing positively to society & the economy... One of them will also report you to the EPA for having hazardous lead-based solder present in THEIR neighborhood. :roul :nut :shrug :hide
 
Just out of curiousity..... all of these "items" that you're buying/claiming for the business are technically the "property" of the business. When you decide to stop repairing harnesses.... even if it's 20 years from now..... technically the remaining value of these items must be claimed as personal income or the assets would need to be liquidated and the proceeds from the sale claimed as income. Don't go too wild shopping unless you plan on staying in business for a long time.... long enough for the value of any business assets to fully depreciate.
 
Just curious since its been a while since ive had an accounting class, but Wouldn't these assets be considered disposable, and be depreciated over a period of no more then 5 years? Could probably claim that most of them are worthless after the first year. A meter can't be much different the a uniform, or work boots, and the useful life is used up in that first year. Any tax Pros?
 
None of the items Mid mentioned should be depreciated over more than 3 years. Perhaps the tool chests could go 5, or 10 if you were looking to extend for accounting reasons.
 
"RustyRed" said:
What can we say...we're easily distracted.
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Hey, look over there, shiney!

Hehehehe


Hey Ramdy, I am not sure how your "Hobby" would be listed, but as an LLC you merely fill out a Schedule "C" with your regular return.

Jack, I think on the amount of money we are talking about he should reinvest in his "Hobby". I doubt he is trying to skip out on paying taxes.

To all else, what I got out of this is some of you guys just don't like giving anything to the government. We are supposed to have representatives to determine how the government spends wastes the money they get from taxes. If you don't like what they are doing get different reps...

Now that being said, there is out there some sort of percentage that everyone should be shelling out to provide the many services we all depend on, like fire, police, roads, schools, (Well schools should all be private, government sponsered schools are dangerous and do not fit in what the founders wanted) military and many other services we don't even think about, but are there.

I don't mean to insult and was not trying to be sarcastic, I was merely trying to point out a few things.

Randy, one more thing....Have loads of fun. Oh, don't forget you will need a test car to test your wire looms on.....

Mel
 
"apollard" said:
One test platform of each year - woohoo!
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Ha! I need one car of every year, along with one of each accessory/option! Then, I'll have to add the cost of installation and removal for testing into each harness. Nah...I trust my work. 76 harnesses sold so far, and not a single return for improper refurbishment.
 
If you don't already have them you could buy some aftermarket gauges and design an adapter harness to fit Autometer gauges to a factory harness. New stereo in the car to make sure it will work with the Harness. :shrug
 
I could also get some nice 10" wide wheels to ensure they don't interfere with electrical signals. Hmmm...
 
You need the wheels and drag radials to work out the bugs on your traction control system you plan on working on this spring. :thu
 
He also needs a better air freshener to remove the smell of burning test leads...........dang that stunk....
 
Well, the stink of your exhaust set off the bitch on the ceiling after you left. Tonite, she screamed that she needed her battery replaced...
 
"Midlife" said:
Well, the stink of your exhaust set off the bitch on the ceiling after you left. Tonite, she screamed that she needed her battery replaced...
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TMPI :shee
 
The bitch on the ceiling is my smoke/carbon monoxide detector...
 
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