Employment/Tax Question (1 Viewer)

[Pipe Line]

Pepper your angus to go to jail

Well, fuck me then I guess, right.



lol



multi layered joke

 

[Pipe Line]

I'll never understand people hesitating to make more money because they will have to pay more taxes...

I guess if it boosts you into some entirely new bracket that is justified, but there are ways to account for that.

Anyway, cash is always king. No checks, PayPal, Venmo, CashApp etc. Just old fashioned cash.

It's more or less just for my own tax knowledge/learning. Feel like I should know more than I do at just about to be 31 years old.

 

[BugeaterInWa]

It's more or less just for my own tax knowledge/learning. Feel like I should know more than I do at just about to be 31 years old.

Buy gold and silver bullion or maybe get a retirement type of account established and try to max out pre-tax contributions.

 

[God is a Husker]

After reading the OP im refusing to read this thread because Jesus Christ.

@Jim14510 I can’t even

 

[Rise to Power]

It's more or less just for my own tax knowledge/learning. Feel like I should know more than I do at just about to be 31 years old.

Understood - but would you accept a $10K raise at your current job?

 

[Jay Bilzerian]

I'll never understand people hesitating to make more money because they will have to pay more taxes...

I guess if it boosts you into some entirely new bracket that is justified, but there are ways to account for that.

Anyway, cash is always king. No checks, PayPal, Venmo, CashApp etc. Just old fashioned cash.

As was once told to me by someone much smarter than me, the goal is to pay as much in taxes as possible at the lowest effective rate….

 

[Jim14510]

So in that situation, is that 5% of $1800 in penalty?

Yes

 

[Pipe Line]

Yes

Not horrible. Not sure it's worth not having a legal business though.

 

[Pipe Line]

Understood - but would you accept a $10K raise at your current job?

That'd be nice

 

[Pipe Line]

After reading the OP im refusing to read this thread because Jesus Christ.

@Jim14510 I can’t even

Just learning about life

 

[Jim14510]

Buy gold and silver bullion or maybe get a retirement type of account established and try to max out pre-tax contributions.

Still pay self employment tax. If he has retirement plan available his income could be too high to contribute to a deductible retirement plan.

 

[Jim14510]

Not horrible. Not sure it's worth not having a legal business though.

If you do any commercial work you'll more than likely get a 1099.

I of course am joking about not reporting at all.

 

[Southendzonehusker]

It’s amazing how some people don’t understand the difference between tax avoidance and tax evasion. Plenty of ways to maximize income while paying the least amount of taxes. Having a small side business, it’s not done for the income.

 

[Pipe Line]

If you do any commercial work you'll more than likely get a 1099.

I of course am joking about not reporting at all.

Basically what my plan is is a legal business entity/name, LLC, doing weekend work for a couple hours around the neighborhood for a side hustle. I plan on that for a year or two to see how that goes, then re-evaluate from there. Nothing super complex at the moment.

 

[herbsinator]

Just learning about life

Ignore the haters, everyone has to start somewhere…

 

[kenyanfeline]

The farmer in me says: “Make sure your side business is not profitable and hide your $ in business assets.”

That extra income sounds great, however if you play your cards right you can create generational income for your family.

Here’s how:

1. Start by having a garage sale in the spring, before you start your business. Sell everything that you can link to lawn care/snow removal. Collect cash only.

2. Use that cash to purchase a new mower. This new mower will be your first beautiful thing known as a “business expense.” Write that fucker off on your taxes.

3. Write all maintenance and gas off as a business expense and then some.

4. Make a logo. Have a sticker made. Put the sticker on your truck. Hook your mower trailer up to the truck. Take a picture.

5. Create Facebook page. Put picture of your truck, logo, and mower trailer on the Facebook page.

6. Hire your wife to be your social media manager for your business. You need to pay her $599 cash. Not a dollar more.

7. Write off as much of your mortgage payment as possible as a business expense (garage for storage, main living area as “office.” I’d say 55% of your mortgage. Shoot for the stars.

8. Make as much money cash as possible next summer. Put about 1/2 of it in the bank. Put the other half in a shoe box. Pop up a ceiling tile in your basement, place shoe box in ceiling.

9. With that cash that you put in the bank, don’t let it sit there for too long. Go buy a new mower or snowblower with it. Do not, under any circumstances, sell your old mower or snowblower.

10. With that cash you put in the shoe box, take your family on a nice vacation every year.

11. You will soon run out of space in your garage to store all of your mowers. Buy a storage unit and write that off too.

12. Repeat steps 3-9 every year. The most important thing is that you DO NOT MAKE A SIGNIFICANT AMOUNT OF MONEY EACH YEAR. Any money that touches the bank needs to be used to buy a new piece of equipment by the end of your fiscal year, every year.

After 8-9 years of doing this, you will have all of the following:
1. Customers
2. Visibility (Facebook page, sticker on truck, etc.)
3. No liquid assets.
4. $50,000-$60,000 worth of equipment (business assets)

That, my friend, is called a business. At this point, you will be 40 years old. You won’t feel like mowing and snow blowing anymore. Time to ride off into the sunset by doing the following:

1. Figure out what your “company” is worth. Should be in the $70,000 range. Exaggerate this number by a few thousand.

2. Sell 67% of the company to someone young and ambitious. Make sure this person has great work ethic and is someone you trust. You will receive about $50,000 straight cash at this point. Have fun with about $30,000 of it. Take the wife to Hawaii.

3. Maintain a 33% share in the company. Work it out with the new majority owner that he will be handling all of the labor and day to day operations, but you will be in charge of cooking the books. Take 33% of all profits to “pay yourself.”

4. “Hire” your kids to do basically nothing, but pay them the full 33% of your share each year. Open an IRA for each of your kids. Take all of that 33% of profit and split it between each kids IRA.

5. Continue this cycle for years to come. Educate your children. Teach them how to maximize their contributions to an IRA.

6. When your children retire, the will both have roughly $3.7 million dollars in an IRA and you will
Have created generational wealth by working a few hours a week.

 

[Pipe Line]

The farmer in me says: “Make sure your side business is not profitable and hide your $ in business assets.”

That extra income sounds great, however if you play your cards right you can create generational income for your family.

Here’s how:

1. Start by having a garage sale in the spring, before you start your business. Sell everything that you can link to lawn care/snow removal. Collect cash only.

2. Use that cash to purchase a new mower. This new mower will be your first beautiful thing known as a “business expense.” Write that fucker off on your taxes.

3. Write all maintenance and gas off as a business expense and then some.

4. Make a logo. Have a sticker made. Put the sticker on your truck. Hook your mower trailer up to the truck. Take a picture.

5. Create Facebook page. Put picture of your truck, logo, and mower trailer on the Facebook page.

6. Hire your wife to be your social media manager for your business. You need to pay her $599 cash. Not a dollar more.

7. Write off as much of your mortgage payment as possible as a business expense (garage for storage, main living area as “office.” I’d say 55% of your mortgage. Shoot for the stars.

8. Make as much money cash as possible next summer. Put about 1/2 of it in the bank. Put the other half in a shoe box. Pop up a ceiling tile in your basement, place shoe box in ceiling.

9. With that cash that you put in the bank, don’t let it sit there for too long. Go buy a new mower or snowblower with it. Do not, under any circumstances, sell your old mower or snowblower.

10. With that cash you put in the shoe box, take your family on a nice vacation every year.

11. You will soon run out of space in your garage to store all of your mowers. Buy a storage unit and write that off too.

12. Repeat steps 3-9 every year. The most important thing is that you DO NOT MAKE A SIGNIFICANT AMOUNT OF MONEY EACH YEAR. Any money that touches the bank needs to be used to buy a new piece of equipment by the end of your fiscal year, every year.

After 8-9 years of doing this, you will have all of the following:
1. Customers
2. Visibility (Facebook page, sticker on truck, etc.)
3. No liquid assets.
4. $50,000-$60,000 worth of equipment (business assets)

That, my friend, is called a business. At this point, you will be 40 years old. You won’t feel like mowing and snow blowing anymore. Time to ride off into the sunset by doing the following:

1. Figure out what your “company” is worth. Should be in the $70,000 range. Exaggerate this number by a few thousand.

2. Sell 67% of the company to someone young and ambitious. Make sure this person has great work ethic and is someone you trust. You will receive about $50,000 straight cash at this point. Have fun with about $30,000 of it. Take the wife to Hawaii.

3. Maintain a 33% share in the company. Work it out with the new majority owner that he will be handling all of the labor and day to day operations, but you will be in charge of cooking the books. Take 33% of all profits to “pay yourself.”

4. “Hire” your kids to do basically nothing, but pay them the full 33% of your share each year. Open an IRA for each of your kids. Take all of that 33% of profit and split it between each kids IRA.

5. Continue this cycle for years to come. Educate your children. Teach them how to maximize their contributions to an IRA.

6. When your children retire, the will both have roughly $3.7 million dollars in an IRA and you will
Have created generational wealth by working a few hours a week.

Fuckin.sold.

 

[RedDeanRedemption]

if you make more money you pay more taxes and end up with less money. It’s science

 

[Herbie]

well now o have a question.
If I open an llc to buy a 30k ct322w/ 911 backhoe attachment then advertise services but never get a job can I claim a 30k loss on my taxes?

 

[kenyanfeline]

Fuckin.sold.

I think I told you this in another thread but I highly suggest going the Walker route with all of your equipment. They have everything you need to run a year-round business using only one machine and several attachments, and they hold their value like none other.

In 10 years when you sell your business, if you take good care of your machines, you will have a fleet of Walker equipment that will be worth an extraordinary amount of money that you can leverage into an inflated business valuation.

It’s all expensive stuff, but if you play your cards right, that will be the difference between being able to sell your business for $30,000 versus $70,000.