My story…

[1blessed]

@parsonbrown You got something you don’t need for 20 percent off?

 

[chasmate]

@wolfspirit Read profit first, and put percentages towards op ex, marketing, tax savings and owners pay.

Then your finances will always be in order without worrying about it

 

[parsonbrown]

@chasmate Great book. It’s how we run our businesses. Each one has a partner profit account, tax account, spend account, business income account, bonus. Everything comes into our business income. All purchases are out of the spend. Me and my partner each have our own profit account. The bonus and tax account are pushed back to the owners if we end of not owing in taxes. Then we cut bonuses for all salesmen and employees.

 

[bossray]

@wolfspirit It’s hard not to succeed as a small contractor. Almost everything is a right off. As an LLC filing as an s-corp, running work out of your home, your primary vehicle is your $100k work truck, and half your meals are covered, all your gas… he should be paying very little if anything in taxes.

 

[grahamvanhellsing]

@bossray An llc personal vehicle is not a 100% write off.

This sub has some shitty advice.

 

[bossray]

@grahamvanhellsing I think it’s the reading comprehension that is shitty here.

A WORK truck is 100% right off. You can buy a brand new truck that’s over 6000LB, and 100% of can be expensed.

Once you buy that $100k Ford Raptor through your LLC, that’s the only vehicle you need. You don’t need a personal vehicle. You work in construction. You’re always working. It doesn’t matter if you’re driving to church, going to the grocery store, whatever, you’re still working.

To clarify:
1) Be a contractor.
2) Buy a new truck through the company.
3) Never own another vehicle or pay out of pocket for transportation again.

And to carry that further:
4) Pay yourself a reasonable salary.
5) put everything in the company.
6) Never pay a utility bill again.
7) Every meal is a business expense.
8) Everything you buy for your house is a business expense.
9) Tax time, turn that $400k in taxable income into $2k you owe the IRS and walk away.

20 years, this has worked just fine for my father.

 

[girlonfire1]

@bossray Is this serious? I mean you can put anything you want on your taxes, that does not make it legal. People get away with including personal use of vehicles, meals and utilities for years, sometimes forever, that doesn’t make it legal. I live near a minimum security federal prison. Quite a few of the “residents” are here for tax issues. Quite a few of this group seem to be contractors. There are several crimes that I am pretty sure I could carry out without getting caught. Not getting caught would not make them not crimes.