2 posts shown.
@Veky - You nailed it with that post about parasites.
Speaking of parasites though, does anyone actually know what the Chamber of Commerce even does? I mean, some of our money goes straight into their pockets, but whenever I try to reach out, they can't give me a straight answer. I guess I just don't see the point of being a small business owner if there's no actual benefit for us.
Can anyone help me out here? Thanks
Matthew Morris28 said:Thinking about starting my own little IT shop. Mostly coding and computer repair stuff.
Most of it makes sense, except for this:
The work that doesn't require General Motors would be done at home. The catch is the house and everything on the property is in my dad's name. I don't own anything, not even a share of it. Do I actually have to rent space from him? Isn't there some other way? It feels pretty stupid to bother a retiree and drag both of us down to the IRS just to deal with all his tax filings.
Also, the landline and the internet are under his name. Say I don't need the phone, but I can't work without web access. I guess I’d have to get a new number and a new account, but business accounts are basically just more expensive versions of what people already have. Who decides that I *must* use a business account, and why can't I just use the one in my dad's name? Who gets to decide that or force my hand? Does that apply to the electric bill too? Even though I don't have my own connection for that room or anything in my name?
My little setup would basically be competing with my current employer. The company I work for is slowly dying, so I'm trying to get my own thing ready before they fold. Do I need to justify myself to them or ask for permission to start my own business?
And what's the deal with paying mandatory contributions for Social Security and Medicare if I'm working full-time at my current job where they already cover everything for me? Do I still have to pay those $600 or do I just pay the difference between what my employer pays and what my business income requires at the end of the year?
What about the estimated income tax for a new business in its first year? Do I actually pay it or not? How does that math even work? At the end of the year, does the business income just get added to my salary from my job and then calculated... or what? I'm struggling to wrap my head around it since everyone talks about a small business as if it's just an extension of a regular person.
Can you actually get a "pass" on the U.S. Chamber of Commerce dues during the first year if you request it in writing? Is that true?
Got a few more questions, but I wanted to clear these up first. Thanks in advance.