#321 ·
Basically, people are going to be stuck paying peanuts because 98.7878% of all business will just happen under the table.
Starting a small business
Started by Justin Walker24 · · 👁 43 views · 1.1K replies
#322 ·
So, I run a small retail shop here in the States, and I’ve been thinking about adding a personal car to my business accounts. Since the vehicle is actually registered under my spouse's name, I’m wondering if I can just transfer the title over to the business, or if it would be cleaner to officially buy it from them? I’m also trying to wrap my head around how depreciation works in this scenario and whether I’ll be able to write off gas expenses. Basically, does any of this actually make financial sense?
To be totally honest, the car isn't even strictly necessary for the day-to-day operations of the shop, so I’m a little worried—do you think the IRS might take issue with that? :-)
To be totally honest, the car isn't even strictly necessary for the day-to-day operations of the shop, so I’m a little worried—do you think the IRS might take issue with that? :-)
#323 ·
If you want to get a vehicle from a spouse into your LLC, you've basically got two options: either buy it directly through the business or have them gift it to the company via a formal decision...
The vehicle itself gets written off through depreciation, which sits at 20% this year
You can deduct 70% of the vehicle's operating expenses as business costs.
Alternatively, if you're using your personal car for work stuff, you can just claim the mileage $0.67 per mile.
At the end of the day, you really need to crunch the numbers to see which route makes more sense for your specific bottom line.
If you don't actually *need* a dedicated company car, the IRS won't blink an eye as long as you can prove every single mile driven was strictly for business—meaning no running errands for the family in a company vehicle. You’ll just need to keep a meticulous mileage log documenting those business trips exclusively. 😉
The vehicle itself gets written off through depreciation, which sits at 20% this year
You can deduct 70% of the vehicle's operating expenses as business costs.
Alternatively, if you're using your personal car for work stuff, you can just claim the mileage $0.67 per mile.
At the end of the day, you really need to crunch the numbers to see which route makes more sense for your specific bottom line.
If you don't actually *need* a dedicated company car, the IRS won't blink an eye as long as you can prove every single mile driven was strictly for business—meaning no running errands for the family in a company vehicle. You’ll just need to keep a meticulous mileage log documenting those business trips exclusively. 😉
#324 ·
I’ve been seriously weighing the idea of launching my own small business here in the States...
I have two different paths in mind, but honestly, I’m stuck on which direction actually makes sense to pursue.
First off, I’m an IT guy—graduated from a solid tech program back in Columbus—and I’m thinking about opening a retail shop in my hometown that specializes in computer, audio, and video gear, mobile devices, and satellite equipment.
So, we're talking computers, smartphones, TVs, high-end audio, car acoustics, satellite setups, and all that good stuff.
I actually have a vacant ground-floor unit available in a building I own, though the space isn't massive—maybe around 270 square feet total, or about 215 usable square feet once you subtract the bathroom and utility area.
The catch is, I’m currently working a full-time job, and I can't quite figure out the logistics... is it more profitable for me to just quit my day job and go all-in on the shop, or should I hire someone to run the storefront while I keep my current position and just jump in to help out here and there when needed? It's a bit of a balancing act...
What exactly does the checklist look like for something like this, and what kind of startup costs am I looking at?
I have two different paths in mind, but honestly, I’m stuck on which direction actually makes sense to pursue.
First off, I’m an IT guy—graduated from a solid tech program back in Columbus—and I’m thinking about opening a retail shop in my hometown that specializes in computer, audio, and video gear, mobile devices, and satellite equipment.
So, we're talking computers, smartphones, TVs, high-end audio, car acoustics, satellite setups, and all that good stuff.
I actually have a vacant ground-floor unit available in a building I own, though the space isn't massive—maybe around 270 square feet total, or about 215 usable square feet once you subtract the bathroom and utility area.
The catch is, I’m currently working a full-time job, and I can't quite figure out the logistics... is it more profitable for me to just quit my day job and go all-in on the shop, or should I hire someone to run the storefront while I keep my current position and just jump in to help out here and there when needed? It's a bit of a balancing act...
What exactly does the checklist look like for something like this, and what kind of startup costs am I looking at?
#325 ·
I honestly wonder if they'll ever bother moving that $28 annual revenue threshold for registering for Sales Tax. Everything from overhead to basic operating costs has shifted so much lately that keeping the limit this low feels completely disconnected from reality, especially for those of us for whom joining the system just doesn't make any financial sense right now.
#326 ·
Matthew Hall80 said:I’ve been seriously weighing the idea of launching my own small business here in the States...
I have two different paths in mind, but honestly, I’m stuck on which direction actually makes sense to pursue.
First off, I’m an IT guy—graduated from a solid tech program back in Columbus—and I’m thinking about opening a retail shop in my hometown that specializes in computer, audio, and video gear, mobile devices, and satellite equipment.
So, we're talking computers, smartphones, TVs, high-end audio, car acoustics, satellite setups, and all that good stuff.
I actually have a vacant ground-floor unit available in a building I own, though the space isn't massive—maybe around 270 square feet total, or about 215 usable square feet once you subtract the bathroom and utility area.
The catch is, I’m currently working a full-time job, and I can't quite figure out the logistics... is it more profitable for me to just quit my day job and go all-in on the shop, or should I hire someone to run the storefront while I keep my current position and just jump in to help out here and there when needed? It's a bit of a balancing act...
What exactly does the checklist look like for something like this, and what kind of startup costs am I looking at?
To open up a retail shop, you'll first need to meet certain technical requirements, which you can check on with your local city hall or zoning department. Just getting the business license set up will cost you roughly $667, covering things like medical clearances, registration fees, and various local taxes. As for whether you should do this full-time or keep it as a side hustle, that’s entirely your call—nobody can really tell you what's best for your life. Usually, people start it on the side and then quit their main gig once the business actually starts "taking off." There are just so many moving parts when you're trying to launch any kind of venture.
#327 ·
Steven Ruiz13 said:You can actually opt out of the IRS system if you decide to join voluntarily during that first year. There's a little trick to it, though. When you fill out the registration form, you just list an "expected revenue" figure that's higher than $85,000 $0.00. If your actual earnings end up being lower than what you predicted, the tax authorities will approve your exit. That way, you aren't stuck in the system for five years. But if your turnover ends up exceeding $85,000 $0.00, then you're legally required to stay in the IRS system, no exceptions
.
It is actually the exact opposite: if you apply to join the system voluntarily, you are locked in for at least five years. Just imagine the chaos people would cause if what you're claiming were actually true!
We might have our issues, but we aren't that incompetent!!!
#328 ·
brisktinker15 said:When I'm out on a job, I usually just carry a pad of standard invoices (A-643/NCR), though I once made the mistake of buying those specific "R" series ones where you have to manually fill in an extra digit—totally useless, honestly, because they force you to list tax IDs and formal business info that nobody actually needs when you're just dealing with a regular guy off the street.
Since I’ve been operating outside the Sales Tax Law system from day one, I’ve never had anyone even ask me to use those specialized R1 or R2 forms.
Well, you technically aren't even authorized to issue those specific types of tax receipts since you're outside the Sales Tax system... though, strictly speaking, your invoices really ought to state clearly that you aren't part of the Sales Tax system.
Nobody asks for it, but it probably should be mandatory...
#329 ·
I’m looking for some guidance and advice from anyone who has experience running a seasonal business.
I'm planning to launch a seasonal venture where I'll be working solo. I realize I'll have to cover my own Social Security, Medicare, and a few other "small" monthly overheads, which I estimate will land somewhere between $1,400 and $567. I also know there are various local chamber fees and miscellaneous costs to consider, though I'm not quite sure what those look like yet. My projected revenue won't exceed $85 $0.00, so I don't plan on registering for Sales Tax.
I have a few specific questions:
- Is it necessary to hire a professional accountant, or could I perhaps handle the bookkeeping myself or through an acquaintance?
- What kind of expenses can I typically write off? I assume things like travel, phone bills, and mobile service would count,
but I'd love more detail. - How is the final tax liability actually calculated at the end of the year?
- Are there any other taxes, fees, or hidden costs I should be factoring into my budget?
Thanks so much for any help you can provide.
I'm planning to launch a seasonal venture where I'll be working solo. I realize I'll have to cover my own Social Security, Medicare, and a few other "small" monthly overheads, which I estimate will land somewhere between $1,400 and $567. I also know there are various local chamber fees and miscellaneous costs to consider, though I'm not quite sure what those look like yet. My projected revenue won't exceed $85 $0.00, so I don't plan on registering for Sales Tax.
I have a few specific questions:
- Is it necessary to hire a professional accountant, or could I perhaps handle the bookkeeping myself or through an acquaintance?
- What kind of expenses can I typically write off? I assume things like travel, phone bills, and mobile service would count,
but I'd love more detail. - How is the final tax liability actually calculated at the end of the year?
- Are there any other taxes, fees, or hidden costs I should be factoring into my budget?
Thanks so much for any help you can provide.
#331 ·
So, I was just at the Chamber of Commerce meeting earlier.
I guess I should probably mention that whole headache involving the administrative fees. Honestly, it’s just one more thing they tack on to make life difficult, right? It feels like every time you turn around, there's some new little surcharge designed to bleed you dry. It’s pretty much ridiculous if you ask me.$83
I mean, I guess I should probably just vent about this for a second. It’s one of those things that keeps bugging me, you know? I don't know if it's just me being a bit extra, but it feels like everything is getting more complicated for no reason. Maybe I'm just overthinking it, but honestly, sometimes you just have to lay it all out there. Just my two cents, I suppose.$67
Medical stuff... I mean, that’s really just for certain types of small businesses, anyway. I haven't quite figured out what the total damage is going to be yet—probably around a certain amount, I guess.$133)
-$6.75 I mean, I don’t even know where to start with this one. It’s just... it's a lot. I guess I’m just sitting here thinking about how everything seems to be heading in such a weird direction lately. Maybe I'm just being cynical, or maybe I'm the only one actually paying attention, but it feels like we're constantly hitting these walls that shouldn't even be there in the first place. It’s frustrating, honestly. I was trying to make sense of it all earlier, but the more you dig, the messier it gets. Just my two cents, I suppose.
I guess I’ll probably find out the rest of the details pretty soon. I'm still waiting on a few things to clear up, but hopefully, I'll have some actual answers shortly.
I guess I should probably mention that whole headache involving the administrative fees. Honestly, it’s just one more thing they tack on to make life difficult, right? It feels like every time you turn around, there's some new little surcharge designed to bleed you dry. It’s pretty much ridiculous if you ask me.$83
I mean, I guess I should probably just vent about this for a second. It’s one of those things that keeps bugging me, you know? I don't know if it's just me being a bit extra, but it feels like everything is getting more complicated for no reason. Maybe I'm just overthinking it, but honestly, sometimes you just have to lay it all out there. Just my two cents, I suppose.$67
Medical stuff... I mean, that’s really just for certain types of small businesses, anyway. I haven't quite figured out what the total damage is going to be yet—probably around a certain amount, I guess.$133)
-$6.75 I mean, I don’t even know where to start with this one. It’s just... it's a lot. I guess I’m just sitting here thinking about how everything seems to be heading in such a weird direction lately. Maybe I'm just being cynical, or maybe I'm the only one actually paying attention, but it feels like we're constantly hitting these walls that shouldn't even be there in the first place. It’s frustrating, honestly. I was trying to make sense of it all earlier, but the more you dig, the messier it gets. Just my two cents, I suppose.
I guess I’ll probably find out the rest of the details pretty soon. I'm still waiting on a few things to clear up, but hopefully, I'll have some actual answers shortly.
#332 ·
Thanks so much... I was honestly starting to think I was just being some kind of weirdo...
I don't actually need a medical certificate, since I work in the tourism industry...
Some colleagues mentioned that when you register your LLC, you should list as many business activities as possible under your scope of work. Basically, don't just stick to what you plan on doing right now—include everything you can think of. That way, if you decide to expand your services in a couple of years, you won't be stuck paying all those filing fees all over again just because of some minor technicality...👍👍
Also, they told me that while you should indicate the nature of the business in the official name, it’s probably better to keep it short. For example, maybe just "LPF... Tourism Services." Keeping it brief makes life easier because you'll have to write that out for every single signature, and it's cheaper to get custom rubber stamps made if the text isn't massive.😁 😁..
Anyway, I'm still just gathering info... feel free to reach out again... POZZZZZ.
I don't actually need a medical certificate, since I work in the tourism industry...
Some colleagues mentioned that when you register your LLC, you should list as many business activities as possible under your scope of work. Basically, don't just stick to what you plan on doing right now—include everything you can think of. That way, if you decide to expand your services in a couple of years, you won't be stuck paying all those filing fees all over again just because of some minor technicality...👍👍
Also, they told me that while you should indicate the nature of the business in the official name, it’s probably better to keep it short. For example, maybe just "LPF... Tourism Services." Keeping it brief makes life easier because you'll have to write that out for every single signature, and it's cheaper to get custom rubber stamps made if the text isn't massive.😁 😁..
Anyway, I'm still just gathering info... feel free to reach out again... POZZZZZ.
#333 ·
Even my tourism classification is a bit of a joke—they actually listed me down as a service provider under water transportation
I’ve been doing a little digging online, and I’m guessing my overhead will land somewhere around $833/month, which is great because I'll be able to write off every single cent of my income against
.
I’ve been doing a little digging online, and I’m guessing my overhead will land somewhere around $833/month, which is great because I'll be able to write off every single cent of my income against
.
#335 ·
But how are you planning to handle the costs? $833Between health insurance and Social Security, plus everything else... I heard it could be anywhere from $1,400 to $1,700. A friend mentioned it used to be closer to $1,700, though maybe they lowered it slightly to $1,400 recently.
Also, if you apply to the unemployment office afterward, you might not qualify for benefits, or at least that period won't count toward your eligibility. It counts toward your retirement, sure, but not for unemployment... or for example, maternity leave wouldn't factor into the average calculation for women.
It’s just a complete mess...
Anyway, let me know, and thanks.
☕☕
Also, if you apply to the unemployment office afterward, you might not qualify for benefits, or at least that period won't count toward your eligibility. It counts toward your retirement, sure, but not for unemployment... or for example, maternity leave wouldn't factor into the average calculation for women.
It’s just a complete mess...
Anyway, let me know, and thanks.
☕☕
#336 ·
As far as I can tell, nothing has actually been lowered. Starting next year, rates are going up to $574 across the board—pension, health, workers' comp, you name it. Then there’s the Chamber of Commerce fee, which sits at $88 every quarter plus an extra 0.40% of your income. And don't even get me started on the annual overhead: corporate taxes, local tourism levies, historical preservation fees, tax prep advances...
#337 ·
And yeah, you don't have any rights left at the State Employment Agency once you stop working.
#338 ·
Greetings to everyone, I am also in the process of launching a seasonal small business similar to yours, and my primary concern at this stage is whether I am legally required to hire any employees; since I already hold another full-time position, I intend to manage this venture in parallel entirely on my own without hiring a single staff member
#339 ·
mistylynx5 said:As far as I can tell, nothing has actually been lowered. Starting next year, rates are going up to $574 across the board—pension, health, workers' comp, you name it. Then there’s the Chamber of Commerce fee, which sits at $88 every quarter plus an extra 0.40% of your income. And don't even get me started on the annual overhead: corporate taxes, local tourism levies, historical preservation fees, tax prep advances...
Yeah, that's what I heard too.
Once you tally it all up, it ends up being about $833 my monthly rent.
#340 ·
Amanda Gonzalez4 said:Greetings to everyone, I am also in the process of launching a seasonal small business similar to yours, and my primary concern at this stage is whether I am legally required to hire any employees; since I already hold another full-time position, I intend to manage this venture in parallel entirely on my own without hiring a single staff member
From what I gather, you basically have to employ yourself or someone else and pay into the system, though you do get a chunk of those contributions back eventually.
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