Posts by ruggedcyclist74

I’m right there with you; it’s an absolute nightmare for me too. :-)

Richard Howard55 said:Make it a double for me too!

☕

Looks like our chef is on strike again 😁

Henry Edwards33 said:☕ ☕ ☕

I think I’m going to need a double shot of ☕
just to get through this morning.

Here, take this; you can always chew on it after you finish your drink. 🤣

amberbadger17 said:Oh man... looks like I pulled an unexcused absence today... amberbadger17 was up way too late organizing books... my brain is basically mush right now... totally slept through my alarm. Currently sipping on some caffeine, so if anyone wants in...☕

Oh please, one unexcused absence? You've got enough to fill a week's worth of excuses...
one for every single day...
and honestly, you'd probably need to brew at least ten pots of coffee just to justify a single one of those absences...
so, do the math...
🤣

Henry Edwards33 said:Finally made it home. I’m absolutely wiped out, so I’m heading straight for the shower. 😉

It’s currently a total tempest out here—thunder, lightning, and rain coming down in sheets; the sky looks like it's practically boiling, and we’ve even had some power flickers.🙂 Luckily, the Wi-Fi is holding up since I'm on my laptop, so there's no real risk there.

I’m just waiting for this storm to pass, or at least die down a bit, before I can actually jump in the shower and get tucked into bed.

It’s probably for the best that I didn't have a coffee this afternoon,😉 otherwise, I doubt I’d be able to catch a wink of sleep until morning with all this racket outside.

Where did all our coffee shops go?
I suppose everyone decided to just grab their lattes and head outdoors for some fresh air instead???? 🤷

We’re even missing a cookbook... 😲

Henry Edwards33 said:Just drop by whenever. I don't care what you do for a living or what your degree says, and let's just agree not to pry into each other's business 🤣

And if you happen to bring some decent bourbon... You're more than welcome to pour me a glass 😍

Cheers to that
as if you had actually asked for my opinion 😉

amberbadger17 said:hmmm... I keep bugging you accountants over coffee here, even though my actual job has absolutely nothing to do with bookkeeping. But hey, someone’s gotta brew the damn coffee, right? And who better than me, since that's basically my whole life's work? 🤣

And don't even get me started on the booze... I'm handing out homemade moonshine for free. It's got a label and everything—does that mean I don't have to worry about sales tax on those deliveries? 😲

Cheers, everyone!

It seems to me that you're primarily here to learn from us, which is honestly quite wonderful.
Besides, you have a point; someone actually has to make the coffee. 😍

I'll pass on the coffee, thanks—it's a bit late in the day for me—but a decent glass of spiced rum with some tea would hit the spot perfectly right about now. 🤣

Jesse Vaughn65 said:I appreciate the insight, ruggedcyclist74. What’s the setup look like if I’m the one holding the ownership? In this scenario, we both have full-time jobs elsewhere, so we’d both be working for other companies while I act as the owner of this venture, which wouldn't have any other employees. Since I'm not in her field (she's a cosmetologist 🙂), she could work under my entity, and I could pay her through contract work when things pick up. Or, theoretically, she could volunteer her time initially, and then I'd just distribute the profits later on. Essentially, we just need a way to operate legally on a part-time basis while we build up the brand and test the waters. If it takes off, great; if not, we haven't lost much. We want to keep overhead low and stay completely off the radar of the IRS.

Thanks

Best,

Even with volunteers, you're still on the hook for payroll taxes and contributions, so that route isn't really worth the headache.

Personally, I think it makes more sense for her to set up her own LLC once she's licensed, and then...
She can occasionally draw a fee via an independent contractor agreement when she has the capacity. Since she'd be the owner, she can't exactly claim she's being exploited by an employer, and since she's launching a startup that likely won't see a profit right away due to overhead, there's a perfectly logical excuse for why she isn't taking a regular salary.
At any rate, if an inspector ever does show up, you'll always have that paper trail to fall back on...

In practice, she should probably issue an independent contractor agreement for every single esthetic service provided...

Anyway, I hope that helps clear things up...

Raymond Martinez10 said:It’s not "if" I find one—it’s "when." Once I do, you can rename this thread (pick whatever you want; "Wine & Medicine" works too), and then we’ll see what happens next 😉

Also, that "Gotovan" comment? That hits twice as hard ☕

I don't have much experience with women living off Social Security, so I can't really weigh in 😍

Well, in that case, I suggest you hurry up; it would be quite lovely to stop by for a drink in good company... even if that company is strictly digital.

Henry Edwards33 said:We could just rename this thread "Virtual Honeymoon" or maybe something about wine—that might actually fit better. 😁

You know that one commercial? The one where they go, "Oooooh, I know exactly how you feel..."

It’s like being squeezed from every direction, just waiting for the breaking point. Makes me wonder how much longer we can keep going like this.

I don't know about you, but I was fully expecting things to snap way before now.🤷

A colleague mentioned to me today, "Our job has become so stressful!" and her coworker just shot back, "Stressful? It's always been stressful; now it's just straight-up psychological warfare."

Naturally, we spent the rest of the day laughing about it.😂😂😂

But just so you know, it really helps to realize you actually get what I'm going through; that commercial you brought up was a perfect way to put it.

Does anyone else find themselves reaching for something a little stronger than just a cup of coffee? Honestly, when I'm dealing with my clients, caffeine alone doesn't quite cut it; I need something with a bit more kick to shake both myself and them out of the funk. 🙂

People are truly desperate right now—everyone is drowning in debt, and collections notices from all the way back in 2009 are still landing on doorsteps... 🙂
It’s constant pounding on the doors and money being squeezed from every possible direction. I can't help but wonder if you guys are seeing this same kind of chaos in your neck of the woods?

Kate Robinson5 said:It simply cannot be done off the books. That’s just straight-up illegal labor. You either need to hire them properly or set up some sort of formal contract.

In a perfect world, you'd be absolutely right, but when you see how many businesses out there are running with zero official employees and facing zero pushback from the authorities, a much different picture starts to emerge...

I haven't exactly heard of an inspector ever coming after a business owner just for working in their own shop without being on the official payroll...

It seems more likely that they might actually raise an eyebrow only if the company doesn't have a single other employee on record...

Well, at least that's what my experience has shown me.

Jesse Vaughn65 said:Hey there,

I’ve been scrolling through these forums for a while now, but it’s finally hitting me just how much I don't know, so I’m reaching out to anyone willing to lend a hand.
Here’s the situation: my wife works full-time as an esthetician for a local spa, and we’re looking into the possibility of her starting her own LLC to take on private clients at home on the side. My understanding is that she could technically be the owner of her own business, and if she does that, she wouldn't necessarily have to worry about double-paying certain payroll taxes since they're already being covered by her main employer. But since she'd be working for herself, I'm a bit lost on the mechanics—how would she actually pay herself a draw or a salary while still drawing a regular paycheck from her day job?
Also, there's the "what if" factor. If her current employer were to let her go—God forbid—would she lose all access to unemployment benefits because she's technically a business owner? And would she then be stuck footing the entire bill for her company's taxes and overhead all on her own? Please set me straight if I've got this wrong.

Thanks,

Best,

Your wife can certainly start her own company; she doesn't need to be registered as an employee of her own LLC since her primary employer is already covering her social security and tax withholdings, so she's free to work.
As for getting paid, if the work is just occasional, she could potentially pay herself through contract work, though most people simply distribute the profits the business makes during the year. You can also issue yourself quarterly profit distributions throughout the year...

If she does lose her job at the salon, she won't be eligible for unemployment benefits, and she'd essentially have to register herself as an employee within her own company to handle things.

goldenwolf13 said:Just a couple of things I'm chewing on here:

1. So, if someone who already has a full-time job opens up their own small business—and they fully intend to keep their current gig too—they end up covering those extra social security percentages on top of their base pay, right? Well, my question is about the freelancers or independent contractors hired by that new business. If those contractors are also already employed elsewhere, what’s the deal with their contributions? Do they have to pay them, and how much are we talking about?

2. I'm trying to wrap my head around the terminology used for sole proprietorships versus corporations. In a standard corporation, you talk about revenue and then profit. But in a small business setup like this, is "income" essentially the equivalent of what a company would call its profit? Or am I just getting my wires crossed?

3. Following up on that last thought—when it comes to the year-end totals for these types of businesses, are we looking at everything invoiced throughout the year, or only what has actually been collected? Basically, does the math focus on recorded revenue and expenses, or is it strictly based on actual cash flowing in and out?

1. At the end of the fiscal year, a small business owner files their tax return, and based on the net income reported, the IRS calculates the total self-employment tax owed; they’ll eventually receive a notice in the mail regarding this amount. These taxes are then treated as deductible expenses in the following year once they've actually been paid.
Taxes are settled in aggregate alongside the rest of your filings...

2. It’s similar, but let’s not conflate the two. Business income functions much like a salary or a freelance fee; income is simply income, whether it comes from a W-2 or a 1099.
Profit, however, is what remains after you subtract your expenses from your revenue. While people often use "profit" and "income" interchangeably in casual conversation, in the eyes of the IRS, there is a practical distinction...

3. It all comes down to tracking receipts and expenditures.

analogtrucker15 said:Is it actually true that if you run things as a sole proprietorship and open a bakery to sell sweets, you’re legally required to have a certified pastry chef on staff? But then, if you register it as a formal corporation instead, anyone can bake whatever they want regardless of their credentials?

In theory, sure, you could pull that off—provided nobody asks any questions. A small business wouldn't even be able to get its initial permits without a certified professional on the books, but should an inspector ever decide to drop by, you'd be facing some massive fines, since a corporation is expected to actually know its own regulatory requirements...

Even a little bit of downtime isn't much fun when the heat becomes absolutely unbearable...🙂

As long as kids stay focused on mastering numbers, they'll be fine; once you hit adulthood, being able to crunch those figures—and knowing how to manipulate them to your own advantage—is a skill that always pays dividends eventually.🙂

I suppose I should be grateful it’s only a three-month stretch... 😍
actually, scratch that, make it six months...

I’m in the same boat; I’ve been leaning much more into enjoying life lately than actually being productive... I even managed to squeeze in a full week of vacation, not to mention a few extra days off I selfishly tucked in beforehand...

Now that I'm finally back at my desk, I honestly have no idea where to begin, given the sheer mountain of paperwork staring me down... and as if that wasn't enough, today brought an even larger pile to the party. It’s going to be a pretty intense forty-eight hours while I try to get through all these sales tax filings...

p.s. As for everything else I've fallen behind on, we’ll just have to tackle that mess sometime toward the end of the year.😁