Tax Form Question.....What A Joke!

[Raven]

i wouldn't worry about it Bigfish....

as the usa world turns....your business is small potatoes.

no offense meant... and i had not paid taxes for many years

all caught up now... tho , but that wasn't the first time

either... so my point is that allot of that stuff is never enforced.

technically....you have to take all your materials...you spent

fixing the plug shack..all the fuel you used and spent $$ cash

to buy...every tool you own and use to make plugs.....the wood,

the paint, chisels, lathe,hardware everything and say its worth x amount of
dollars.....

then compare your current profit margin to that figure....

so .... when your profit margin is at the 100,000.00 level
then they might have an interest. Until then i wouldn't worry.

[spence]

Yea, they'll send someone in to count your new office chairs

-spence

[Raven]

on the other hand you can offset this excise tax by declaring a room
in your house as an office and then claim the new laptop and printers
everything office related...even pens.
on your long form as a business deduction.
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even if you met say Cranium at Dunkin Donuts for coffee and donuts
to discuss a new prototypes wiggle.... wobble or color that can be
filed as a business luncheon (save every reciept by month) which is tax deductible.
including the gas you burned to drive there and back.

[mikecc]

We go thru it every year. all fixtures , machines & inventory.

[Karl F]

yep.. normal.. all forms of govt. stick their hands in yer pocket.. be it homeowner, business owner.. home based business.. save all reciepts, pay all taxes, be it excise, personal property,RE, income, Sales Tax.. etc. etc... ya never know when they will want to take a peak.. best to have all your i's dotted and t's crossed....
these days it pays to have a Good Accountant, and a Good Laywer.

[BigFish]

Slip....thats what I figured! Thanks guys!

[Raven]

every time you go fishing.....
you can write that off as product testing
or research and development......

might be a good idea to buy a good
tax guide for entrepreneurs for
maximum deductions.

ok i'm done...

[Mr. Sandman]

The simple answer is to move out of MA, it is downright hostile towards business. Towns, states and fed. IMO any company grossing less then 10 mil/year should not pay any corp tax. You can't harvest fruit if you don't let the plant grow....

[capesams]

Originally Posted by Karl F

yep.. normal.. all forms of govt. stick their hands in yer pocket.. be it homeowner, business owner.. home based business.. save all reciepts, pay all taxes, be it excise, personal property,RE, income, Sales Tax.. etc. etc... ya never know when they will want to take a peak.. best to have all your i's dotted and t's crossed....
these days it pays to have a Good Accountant, and a Good Laywer.

amen to this quote....and you can add tax # and insurance to that. Doesn't this sound like a rehash of another thread not long ago?