Miller Electric

Welding Discussion Forums

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

Page 2 of 4 FirstFirst 1234 LastLast
Results 11 to 20 of 36
  1. #11
    Join Date
    Sep 2009
    Location
    South Carolina
    Posts
    570

    Default

    Quote Originally Posted by Broccoli1 View Post
    Why don't you get legit and go out on your own full time?
    My dream.

  2. #12

    Default

    I want to go legit but here is my theory...I had to work my ass off to save enough money to buy equipment, a truck, and paying for living expenses while being taxed. And now the government gets to double tax me for everything that I have accomplished? To **** with that. Its Un-American and I will not Stand for it. I do not want to go into politics, this is a welding forum. And I Guaran-god****-tee you that 90% of millerwelds forums are not liberals, so you catch my drift.

  3. #13

    Default

    I want to go legit but here is my theory...I had to work my ass off to save enough money to buy equipment, a truck, and paying for living expenses while being taxed. And now the government gets to double tax me for everything that I have accomplished? To **** with that. Its Un-American and I will not Stand for it. I do not want to go into politics, this is a welding forum. And I Guaran-god****-tee you that 90% of millerwelds forums are not liberals, so you catch my drift.

  4. #14
    Join Date
    Dec 2007
    Location
    Los Angeles
    Posts
    2,888

    Cool

    Your theory is seriously plucked up: the prevailing rate in your area is $180/hr yet you are worried about the unamerican taxman so you charge $20/hr?.

    Have you even looked into the tax breaks you actually get for having your own business?

    Nothing is free and you certainly will be taxed on income/ profits but that is the whole idea behind starting a business- profit- and with a decent accountant you can legally lower your taxes.

    Yup- you'll need to pay for legit sheite like insurance , business lic. Etc etc but that's part of operating costs.
    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

  5. #15
    Join Date
    Feb 2010
    Location
    YOUNGSTOWN, OHIO
    Posts
    172

    Default

    Quote Originally Posted by AwesomeAlbert View Post
    I used to make $12 an hour, way underpaid... the shops around here charge a minimum in of $75/hr inhouse with a minimum of 2 hrs. The only other mobile welding service place charges $180/hr with a minimum of 2hrs. But I have all of my own gear and work out of my truck its, I'm currently not licensed but I am seeking employment.
    When I commented on the original post, I was under the impression that you were in a shop. If you are mobile, that changes everything.
    As the other posts have stated, you should be making MINIMUM $75 an hour with a one hour minimum, plus a service call (call out) fee, plus material. Here in my area, $100 an hour, one hour minimum, and $50 call out fee(or $1.50/mile) was what I charged and never did I have one person complain about the rate. If there is only one other mobile welding service out there, you should be charging as much or almost as much as them.
    As for the taxman, there are ways to play the game like the big boys do.
    If it is just you and your rig (outfitted of course), start-up cost is very minimal.
    And trust me when I tell you this, you can get your money back very quickly if you are business savvy.
    Last edited by jpence38; 08-02-2013 at 05:57 AM.
    JIM

    Owner Operator of JNT Mobile Welding & Repair LLC
    Millermatic 350P Aluma Pro
    Dynasty 200DX
    Maxstar 150 STL
    Trailblazer 302
    Suitecase 12RC
    Extreme 12VS
    Extreme 8VS
    Spoolmatic 30A
    Miller HF251D-1
    Passport Plus
    Spoolmate 100
    Hypertherm Powermax 45 and 85
    Ingersoll Rand Engine Driven Compressor
    Dake 75 ton H-Frame Press
    JD Squared Model 32 Bender
    Miller Digital Elite

  6. #16
    Join Date
    Sep 2012
    Location
    Coastal Maine, Coastal NC
    Posts
    23

    Default

    I was grumbling to my accountant about the tax I was going to have to pay on some transaction and his reply to me was "Yes, they will tax you but they never take all of it.....at least not yet." So, undercharging for you work is a pretty naive way of tax avoidance. Charge what you're worth and pay the tax you owe. Your accountant (you should have an accountant if you're in business) can help you over the rough spots and keep them from "taking it all."

  7. #17
    Join Date
    Sep 2012
    Location
    AZ
    Posts
    52

    Default

    Quote Originally Posted by AwesomeAlbert View Post
    I want to go legit but here is my theory...I had to work my ass off to save enough money to buy equipment, a truck, and paying for living expenses while being taxed. And now the government gets to double tax me for everything that I have accomplished? To **** with that. Its Un-American and I will not Stand for it. I do not want to go into politics, this is a welding forum. And I Guaran-god****-tee you that 90% of millerwelds forums are not liberals, so you catch my drift.
    If you go legit the equipment and truck you've already purchased will be business assets. As such they follow a depreciation schedule. 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.

    On the other hand if you do it your way you will be double taxed. And besides not being legit you will be guilty of tax evasion. So, I would call an accountant who handles businesses and tell him what you want to do. He/she may very well be willing to chat with you for free so you started on the right foot in the hopes of getting your business later.
    Good luck!

    PS: Death and taxes transcend conservatism and liberalism alike.

  8. #18

    Default

    Quote Originally Posted by Sberry:310324
    Charge just enough to give them a heart attack and not quite enough to kill them.
    Love it. Pretty much the definition of Capitalism. :-)
    =======================
    Miller 211 AutoSet
    Miller Dynasty 200 DX
    Thermal Dynamics Cutmaster 42

    "The Sleep of Reason Produces Monsters"
    Francisco Goya

  9. #19
    Join Date
    Sep 2009
    Location
    South Carolina
    Posts
    570

    Default

    Quote Originally Posted by Arizona Joe View Post
    If you go legit the equipment and truck you've already purchased will be business assets. As such they follow a depreciation schedule. 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.

    On the other hand if you do it your way you will be double taxed. And besides not being legit you will be guilty of tax evasion. So, I would call an accountant who handles businesses and tell him what you want to do. He/she may very well be willing to chat with you for free so you started on the right foot in the hopes of getting your business later.
    Good luck!

    PS: Death and taxes transcend conservatism and liberalism alike.



    Here is what happens when you try to start up a legit business.

    You buy equipment, more equipment, advertise and more etc.

    You file your taxes, assets / cost are deprecated but over a few or more years while also buying more equipment. You show a lose because you didn't make more money than you spent, so the deprecation amount is more than you made.

    Three years of this shows your not a legit business but more of a hobbyist. Tax man says close the business, but keep trying and if you make money you have to reopen the business and pay tax.

    What the he##, what if I make less than the deprecation of the assets plus the stuff I'm still buying? I can't keep showing a lose but I must pay tax because I made money???

    The way I look at it, is keep everything,, receipts. Make money but until you can make enough to pay tax on which is over what your cost deprecation are, you can't call it a business. TAX man don't call it a legit business until you can pay tax on it.

  10. #20

    Default

    Quote Originally Posted by Arizona Joe View Post
    In essence Uncle Sam will pay for your equipment.


    No, Uncle Sam allows you to pay for your equipment with pre tax dollars. Big difference there.

    J
    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.