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I've come to a conclusion by MidEngineManiac
Started on: 05-14-2019 07:55 PM
Replies: 2 (190 views)
Last post by: MidEngineManiac on 05-15-2019 08:00 AM
MidEngineManiac
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Report this Post05-14-2019 07:55 PM Click Here to See the Profile for MidEngineManiacSend a Private Message to MidEngineManiacEdit/Delete MessageReply w/QuoteDirect Link to This Post
Millennials, bankers and business people are MORONS ! IMBICELLES ! RETARDS !....and should not be allowed out in public unsupervised Did I mention dumb as a stump. Probably not, that's insulting to stumps !!

One of my regular clients had me write up an business outline for his daughter. Small start-up micro-business run out of the basement making and selling "girl stuff"....the kind of thing you do on weekends SOLELY so you can get the tax write-off against your regular income. If you make a few bucks at it great, but if not who gives a crap, you just wrote off 20-30% of all your living expenses.

OK, easy enough. A little research and I've got a decent handle on the average costs, margins, market size, demographic and all that other wonderful over-analyzed bull-kaka. Its not THAT hard to distill that stuff down into a general outline and plan of what MIGHT or SHOULD be possible.

Except...I guess she went and used the outline to go and apply for some government start-up loan or grant or free Wallmart card or something AND now wants a full set of ACCURATE financials...for something that doesn't exist, hasn't started and doesn't do a damn thing, and has never spent or earned a single penny

THEN gets mad and starts to argue when I told her that her Majic-8 ball and financial Ouija-Board was just as accurate as mine.... But I HAVE to <no I dont> They DEMAND <I care why>. THEN she gets even madder and hangs up the phone when I told her to send me 3 years worth of records and I could get it done.

NOW, I have daddy e-mailing and arguing about it....They just CANT seem to grasp that I am NOT going to fabricate a fake set of financials for them JUST so I can enjoy being investigated for fraud when the whole thing falls apart in 6 months to a year.

I've enjoyed my afternoon SOOOOO much, I just cant WAIT to do it again sometime !!

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Report this Post05-15-2019 12:31 AM Click Here to See the Profile for RWDPLZClick Here to visit RWDPLZ's HomePageSend a Private Message to RWDPLZEdit/Delete MessageReply w/QuoteDirect Link to This Post
Actually it sounds like she was being coached and manipulated by a member of the worst group of all - the baby boomers
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MidEngineManiac
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Report this Post05-15-2019 08:00 AM Click Here to See the Profile for MidEngineManiacSend a Private Message to MidEngineManiacEdit/Delete MessageReply w/QuoteDirect Link to This Post
A lot it up here when it comes to tax and financial laws really is Ouija-board witchcraft !! ..."If it's Thursday and the sun is shining and there are exactly 3 clouds showing its legal, but if its Tuesday and last Saturday had a full moon then its not" type of thing.

I am doing roughly the same thing with setting up the wood shop..Even though I can make a living at that type of product, the REAL goal is to build up a fully-equipped multi-discipline shop for my future plans. If I just go and start buying the stuff its with after-tax dollars it will take forever and cost a fortune. If I set up as a legal home business then the tools and equipment are a write-off against the income, and SO is the percentage (and I can make it a lot) of the home used exclusively in the business. PLUS any "toys" buy myself (within reason) can be treated the same way so long as they are legitimately needed to run the business. (A new gun becomes a "staging item" for photographing my new model of hidden storage coffee table). So long as the table is on the website and offered for sale its legal. Dont give a damn if I ever sell one, I got my new gun at essentially 1/2 price or less....If I wait until its on sale AND use it in the business, I got that $200 plinker for about 30-40 bucks out-of-pocket.

Remember, we are under a 50-60% aggregate tax rate up here. We loose 1/2 or more of what we make. Most of us (the smarter ones anyway) find ways to get the stuff they want or need with pre-tax dollars. Its almost like doubling your income. Guys with alimony or support payments are even worse off, since they pay THAT with after-tax money they are left with about 20-25% of their salary to live on. That's when its time to get REAL creative about bringing the taxable income below $12,000/year. Since support is on a sliding scale here based on income, below the 12k mark its considered too low to pay anything.

PLUS Revenue Can's rules are a little lax to simplify things. Anything under about 500-600 bucks per item you DONT have to amortize, just deduct it in the year you bought it. ESPECIALLY if you bought it used/refurbed.

NEXT month, I have to figure out how I can show a new tonneau cover as a legitimate need for remote admin work. DAMN baby boomers and their scheming for new truck parts !!!

The WHOLE trick is to stay away from loans, grants, investors (in general, other peoples money) ect and use 100% your own. THAT way you are not likely to have any future problems. Its basically the Amish business model. Things TAKE longer but cost a LOT less in the long haul. It's not week-to-week or month-to-month thinking, its 5 and 10 year thinking....and if they did away with income tax and the "rules" altogether, you would probably see a 60+% drop in the number of part-time small business here. There would be no point in doing it. NOBODY really believes you set up a business making 2hr/$15 bracelets and necklaces to earn a living or make money do they ? 7 bucks an hour, 5 after materials ? 1/3rd of minimum wage ? YEH, that's legitimately to make money and earn a living.

[This message has been edited by MidEngineManiac (edited 05-15-2019).]

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