Posts by steelsurfer17

Hey,

I've been using E*TRADE until now. But they stopped working with Americans, so I can't even pull off any trades anymore. I reached out to four other big brokers and everyone's telling me the same thing—they aren't doing business with us anymore?

Anyone got the scoop?

So, I finally went under the knife for my septoplasty.

The pain isn't even that bad since you can just take meds, so it’s manageable. Honestly, pulling those gauze pads out of my nose was way more annoying than actually painful. But man, that first moment you can finally take a full breath through your nose? It’s incredible to actually feel what breathing is supposed to feel like when everything is straight...

Then, fast forward a week, and the cartilage starts shifting back to its old shape. My doctor just shrugged his shoulders, and now I'm right back where I started. I guess I just know better now, though.

There is zero chance I'm going back for a second surgery...

I really hoped this would be another success story to motivate people looking into nose jobs.🙂

:-)

So what’s your take then: is it actually doable? Even with all the issues and whatever else? Like, you just gotta know the tricks?

Is it one of those "yeah, you can, but it's way too complicated" situations?

Or is it just pointless?

Brian Jackson39 said:Look, I’m telling you, the government deserves its cut of corporate profits. If you hold onto an apartment that's gained value, you've essentially locked in a profit. You can't just sit on that kind of equity without acknowledging the tax implications.
Do you actually have any idea what you're doing when it comes to bookkeeping and taxes? Or are we just winging it?

I’m curious—if you were to drop $30k into an investment right now, where would you put it? $0.00And exactly how do you plan on financing a house? You aren't going to walk into a bank like Chase or Wells Fargo and expect them to approve a mortgage based on that business of yours. They won't touch it—not because they don't want to, but because there’s zero cash flow to show for it. You haven't even been operating long enough to establish a footprint. Let me tell you from experience: during that first year of running a startup, getting any kind of meaningful credit is next to impossible. You're essentially flying blind in the eyes of the lenders.

If I knew everything, I wouldn't be asking here. I know some stuff, I guess. :-) Feels like my questions are getting under your skin... why's that?

Didn't realize an apartment counted as profit....

Regarding loans, is there any way I could take out a personal loan and then dump that into the company's capital or just give the firm a loan?

Look, I guess I didn't make myself clear. Here's the actual plan:

Right now, I'm pulling in maybe $10,000 a month. I save $3,000 $0.00 and set up an IT consulting LLC. Then I buy my house and car through the business.

My current boss keeps me on the payroll, but maybe at a $1667 rate. Meanwhile, other $1667 pay my company for services. So, the business sees $1667 in monthly revenue. I wasn't even thinking about "taking" that money out of the company—just using it to cover the mortgage, the car, TVs, trips, whatever.

Basically, most of the cash still comes directly from my boss to me, and the part going to the company stays there to pay for stuff. If everything went through the firm, yeah, I agree, that would be stupid.

For things like gas or car maintenance, I’d probably have to pay myself a small salary. So let's just say I'm living on minimum wage personally and using the company for the rest (extra income).

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A monthly turnover of a few thousand dollars is nothing. No business can actually run on that.
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I'm not trying to run a massive business here; I just want to pay off a house, a car, and other stuff.

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To deal with sales tax, you generally need to hit at least $50,000 in annual revenue.$0.00.
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As far as I know, that's the threshold where you HAVE to register for sales tax, but you can do it sooner if the amount is lower.

About pulling assets out of the company—since I'm the 100% owner, I could just close the business and I'd still own everything the company had (assuming all the loans are cleared first). The whole point is that I don't care if it's under the company name; I'm buying a house to live in for the next 50 years.

Regarding the depreciation mentioned in the other post, I'm counting my savings toward buying things without sales tax. Reducing profit through house or car depreciation isn't really my concern right now because the business revenue is strictly meant to cover expenses (business costs, housing, etc.), so I don't need to pull cash out.
Notice the difference between getting your entire paycheck this way versus just using a portion of it to cover expenses!

Anyway, I'm just thinking out loud here to keep my brain busy. Glad you guys jumped in, thanks for the replies.

Look, I know it’s not easy, but it’s gotta be doable. I hear plenty of lawyers pulling this off all the time.
Since I work as an IT consultant, my home is basically my office. Plus, I use my car for business trips and spend pretty much every day driving around Chicago.
Obviously, I’ve got a CPA handling my books.

Just wondering if anyone else actually does this and if it even makes sense.
Thanks for the help

Couldn't find an existing thread on this, so my bad if I'm repeating things.

The idea isn't exactly groundbreaking:

Setting up an LLC to handle building a house and buying a car. My current boss pays me maybe 2/3 of my salary normally—so I stay on his payroll—but I start my own firm and route 1/3 of my pay through it as consulting fees.

Then my company builds my house (using it as the business HQ) and maybe leases a car. Basically, I get the sales tax back on those expenses.
If setup costs are around 30 $0.00. Say the cost is 30 $0.00 (ignoring the temporary chance to claw back seed capital). On a $100,000 house, I've got $20,000 saved. And for a $100,000 $0.00 car, another 20 $0.00. That’s $23,000 in total savings.

I wouldn't be an employee at my own firm. Maybe later, once the pay ratio shifts (more going to the company, less to my actual paycheck), I'll just take profit distributions.

Costs would include an accountant and whatever taxes or fees go to the government (like local levies or whatever else they squeeze out of you).

Anyone have thoughts or reasons why this won't work?

p.s.
I know this is technically dodging the system (though I don't think it's illegal), but honestly, looking at the people running this country, I've kind of lost the urge to play fair with the government.