Miller Electric

Welding Discussion Forums

Home » Resources » Communities » Welding Discussion Forums
 
Miller Welding Discussion Forums - Powered by vBulletin

Page 4 of 4 FirstFirst 1234
Results 31 to 36 of 36
  1. #31
    Join Date
    Sep 2009
    Location
    South Carolina
    Posts
    570

    Default

    Quote Originally Posted by Broccoli1 View Post
    Another thing about the Hobby thing is that if the IRS decides that it is in fact a hobby you the owe them all of the tax money you didn't pay for those 3 years because you were calling it a business.

    That would suck. As for the other post I wrote I hardly understand what I said myself. But I have tried to get this whole thing right. I guess I'll never be legit until I get laid off from my regular job or just switch all together.

    Some interesting reply's here.

  2. #32
    Join Date
    Dec 2007
    Location
    Los Angeles
    Posts
    2,890

    Default

    Quote Originally Posted by Hardrock40 View Post
    That would suck. As for the other post I wrote I hardly understand what I said myself. But I have tried to get this whole thing right. I guess I'll never be legit until I get laid off from my regular job or just switch all together.

    Some interesting reply's here.
    That is really the extreme where someone is actually trying to write off hobby stuff and it is tax fraud 😁

    If your business just can't make it then you don't owe extra😳

    If you are doing side jobs and collecting money be careful- even cash transactions can come back to bite you if the person decides to 1099*you because his expense is a write off for his business. Thank god they put the brakes on mandatory reporting of every transaction over $600.00 😳

    * Although that is really only for labor if you worked a temp gig for someone, not service repairs etc etc.

    Have you sat down with an accountant or tax person to go over your situation?

    We are not tax people so for us, paying a guy to do it was well worth the $
    We tried our first year and it seemed easy but then we met with a guy, on a clients suggestion, and he saved us a ton of money.

    Good luck to you
    Ed Conley
    http://www.screamingbroccoli.net/
    MM252
    MM211
    Passport Plus w/Spool Gun
    TA185
    Miller 125c Plasma 120v
    O/A set
    SO 2020 Bender
    You can call me Bacchus

  3. #33
    Join Date
    Sep 2009
    Location
    South Carolina
    Posts
    570

    Default

    Thanks Broccoli

  4. #34

    Default

    Quote Originally Posted by Broccoli1 View Post
    It was clear- jt was funnin' with the tank stuff



    No I wasn't.

    I'd also have a hovercraft (not those silly little hobby type, the Marine Corps amphibious assault type) and a fleet of M113's to patrol the compound, maybe a Bradley or two. Oh yea, a observation blimp as well. And a D-9 for road maintenance.

    J
    Some days you eat the bear. And some days the bear eats you.

  5. #35

    Default

    Quote Originally Posted by Broccoli1 View Post
    That is really the extreme where someone is actually trying to write off hobby stuff and it is tax fraud 




    Righto. People do try that.

    In todays environment there are a lot of large, multi national construction companies that have lost money for several years. They will never get classified as a "hobby". A lot of factors come into play.

    J
    Some days you eat the bear. And some days the bear eats you.

  6. #36

    Default

    Quote Originally Posted by Arizona Joe View Post
    What I wrote was,

    "This depreciation comes off the top line along with a whole bunch of other expenses thereby reducing your taxable bottom line. In essence Uncle Sam will pay for your equipment. "

    I thought it was clear that the money came from savings in taxes... unless you take the sentence out of context.




    Right, right up to the last sentence. "THAT" was out of context, and wrong.

    You were fairly accurate right up until you say the govt. will "pay for your equipment". Just flat wrong. Unless you are a phoney green enterprise, then the govt WILL pay for your equipment, payroll, executive bonus', the boat and the airplane/helicopters. Most of us don't fall into that category.

    Anybody in flyover country, working in a real business, pays for their own equipment period. The tax breaks you get are usefull, but thwey do not pay for your equipment.

    A deduction is still a net loss. No way around that, maybe neccessary, but a net loss at purchase.

    JTMcC
    Some days you eat the bear. And some days the bear eats you.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Warning: Function split() is deprecated in /mnt/stor3-wc1-dfw1/357822/357839/www.millerwelds.com/web/content/lib/footer.inc.php on line 82

Welding Projects

Special Offers: See the latest Miller deals and promotions.