last person to post wins!

[Barrie]

Good morning Mark.

 

[Chris]

Morning all. Trying to finish up all my P&Ls for taxes today. I got rid of my book keeper last year because i had to answer every charge on where it went anyway so i might as well do it myself. It actually went faster than before. Im glad i dont use a bunch of different cards to pay bills.

 

[Havasu]

Still sounds like a headache.

 

[Barrie]

Good morning Chris.

 

[Floorist]

Another night, another black gang shooting. At least 20 shot at a birthday party in Alabama because someone felt "disrespected".

 

[Chris]

Still sounds like a headache.

Im kinda over the whole running a business thing. Work my ass off, make a bunch of money all year and by now im still struggling to pay bills and will have a huge tax debt to pay. Its really not worth it.

 

[Havasu]

Seems I've heard these words before?

 

[Scout734]

When my husband had his remodeling business he sub-contracted all the labor. We debated hiring employees but decided not to. It sure made tax time easier and no one was lazy with their work since he bid everything out by the job, not the hour. We ended up with a consistent group of subs that did excellent work at fair prices.

 

[Chris]

When my husband had his remodeling business he sub-contracted all the labor. We debated hiring employees but decided not to. It sure made tax time easier and no one was lazy with their work since he bid everything out by the job, not the hour. We ended up with a consistent group of subs that did excellent work at fair prices.

I wish i could but im one of the subs.

 

[Chris]

Seems I've heard these words before?

Really i could take home more money having a full time job

 

[Chris]

Ill be screwed this year because i paid off a few things. Payments are not tax deductible.

 

[Scout734]

I could have sworn we deducted car payments and the cost of tools and equipment.

 

[Floorist]

I could have sworn we deducted car payments and the cost of tools and equipment.

Sometimes you can. You can deduct some of the fuel too.

 

[Chris]

We deduct all fuel repairs and maintenance. On company vehicles the year you purchase you set up to depreciate over 5 years or there is a quicker option. So if my cpa sets it up for 5 years and i pay a bunch extra the next year to pay it off it doesn't count as a write off. They call it pass through income. Basically i pay a company bill and it shows up as if i took that as cash from the company and i pay taxes on it. Really the government has it set up to keep you working. If i wanted to close the doors tomorrow i would have to recapture all my depreciation and write a big check to the government.

Its the same with rentals and anything else with business. They always win and we have to fight to get out.

 

[Chris]

We are a corporation so our taxes are a little different than a sole prop or llc but not that much different.

 

[Floorist]

Morning

 

[Barrie]

Good morning Rusty.

 

[Havasu]

Good morning

 

[Chris]

Morning all

 

[Scout734]

Good morning everyone