OT: How is a small business to survive?

bigbet1234 · Mar 9, 2008

I just got my tax bill, and what a crock of shit. Overall, I have lost about 15K or so and I owe 10K in taxes, WTF.

So I find out, I can't write off what I am paying for the business, or what I put down immediately. I have to write it off over 15yrs.

My payment is just about 3K per month 4-$500 of it is interest, i can write that off but not the whole amount.

Tougher than I thought, pretty much a grind in the begining, but hoping business starts to increase in the next year

HisIsTheHand · Mar 9, 2008

Might be worth it to get a 2nd opinion. I don't get not being able to write off the initial cost of the business.

bigbet1234 · Mar 9, 2008

i can, but over 15 years

His Is The Hand said:
Might be worth it to get a 2nd opinion. I don't get not being able to write off the initial cost of the business.

bigbet1234 · Mar 9, 2008

maybe Joeyfitz can chime in

SportSavant · Mar 9, 2008

might be tough years ahead, especially with a recession, I would imagine that wedding cakes would be one of the first luxuries to go?

the amount of money goverments take from the people is incredible, here in Quebec it is pretty much the highest tax rate in the entire world, already paying 5$ a gallon for gas of which the majority is tax, and income tax is the highest or among the highest in the world as well....

then goverments wonder why there are so many people who simply choose to work "under the table" that is to say not reporting or "under reporting" the majority of their business.

bigbet1234 · Mar 9, 2008

Nah, not really, weddings are pretty decent. There is always someone getting Married. And we can offer cheaper options than our traditonal $3.10 per serving

but in reality, there is always someone having a birthday, or a babyshower, anniversary, holiday, etc

I am up about 40% from last year, so......

SportSavant said:
might be tough years ahead, especially with a recession, I would imagine that wedding cakes would be one of the first luxuries to go?

the amount of money goverments take from the people its incredible, Here in Quebec it is pretty much the highest tax rate in the entire world, already paying 5$ a gallon for gas of which the majority is tax, and income tax is the highest or among the highest in the world....

bigbet1234 · Mar 9, 2008

I can also note, I am about to stop delivering to local restaurants. At 3.29 per gallon along with the delivery drivers pay, not worth it. It only makes up about 9% of my total sales

hondaman1 · Mar 9, 2008

my family owned a car dealership, anyways we spent 300k once to remove underground gas tanks to comply with epa regs, we wrote that off on our taxes, 5 years later the irs is breathing down our backs saying that wasnt a write off but a capital improvement. gov is bullshit

nhoj · Mar 9, 2008

Cheat lie and steal like all the other small businesses only way to make it now a days.

FairWarning · Mar 9, 2008

People, keep supporting Wal-Mart instead of the local guy, and your tax problem will be solved, and not in a good way.

Bigbet - I am finding the wedding business worse by the day here, thanks to the economy.

HisIsTheHand · Mar 9, 2008

FairWarning said:
People, keep supporting Wal-Mart instead of the local guy, and your tax problem will be solved, and not in a good way.

:aktion033

My new favorite poster :103631605

Kornholio · Mar 9, 2008

Doesn't sound right to me either. I had the option of writing it all off at once or over several years. I don't know anything about tax law though.

Post this in the Poly forum there is a guy there who knows tax laws well. I think he does taxes for a part time job.

ProPokerPlayer · Mar 9, 2008

With the coming 75% tax rate , dbling or tripling the capital gains tax , stealing billions more from "big oil" ( THAT will lower gas prices) and lets not forget maybe an extra 500-1000 mth garnished from ur ck for FREE health care and your buisness should be on the Fortune 500 in no time!!!!!!!!!!

moethepuppy · Mar 10, 2008

Bigbet,

As a fellow small business owner, I can tell you it is very difficult dealing with the tax laws. All small business owners MUST have access to a good lawyer and a good accountant.

Mopisgood · Mar 10, 2008

moethepuppy said:
Bigbet,

As a fellow small business owner, I can tell you it is very difficult dealing with the tax laws. All small business owners MUST have access to a good lawyer and a good accountant.

and don't forget about insurance, the biggest scam the world has ever seen.

12thRound · Mar 10, 2008

With a small business, you can be in a situation where you have to pay Drunkle Sam taxes on the self-employment income even if your personal income had a net loss.

lapdance · Mar 10, 2008

a good accountant can take care of anything. just make sure you know him and TRUST him.

Brock Landers · Mar 10, 2008

Light a match

barman · Mar 11, 2008

nhoj said:
Cheat lie and steal like all the other small businesses only way to make it now a days.

I almost agree with this post

The more you can successfully hide revenue from the IRS, the better. No need to lie, cheat or steal.

It's just the IRS.

Think of your unreported income as being the portion of taxes that would fund ???? of the federal budget with which you most disagree.

In my case, unreported income translates into tax dollars that won't go to funding wasteful U.S. military spending. (Good military spending is Okey Dokey..but mercenary work in Middle East is NOkey-Dokey)

barman · Mar 11, 2008

ProPokerPlayer said:
With the coming 75% tax rate.....

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OT: How is a small business to survive?

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