Re: How many days are you taking off for the 4th of July?
Posted by:
white man's crime
()
Date: June 30, 2019 04:22PM
FU Business Owner Wrote:
-------------------------------------------------------
> Legally set up your own company, as an LLC. It is
> a very simple, easy, tax pass through entity.
> Cost is about $300-$500. Register it with the
> Federal Government, and State and get a Tax ID.
> Get all other required registration and other
> paperwork completed and filed - like a business
> license, etc.. Designate a small portion of your
> home for your business in your garage, basement,
> or home office.
>
> Sign a 3 year lease for a corporate vehicle with a
> loaner car agreement in case it needs to go into
> the shop. Make the lease in the company's name.
> Co-sign the lease loan agreement as a personal
> guarantor. Insure the car through the company.
> Get a company credit card, again be the personal
> guarantor. Get a company bank account.
>
> Write off the corporate vehicle lease payments,
> taxes, registration, insurance, fuel, parking,
> maintenance - including Jiffy Lube, Car Washes,
> etc.
>
> One could reasonably assume, as the IRS probably
> will, that you are using the vehicle for
> non-business/personal purposes 30-35% of the time
> - so don't be a stupid greedy tax dodging loser
> and only write off 65-70% of the vehicle expenses
> as a business write off.
>
> You have three years to demonstrate your LLC is a
> viable, revenue producing/profitable business. If
> you can't sustain or prove it is a real viable
> business in the eyes of the IRS/Law, shame on you
> for sucking at business - shut down the business
> after 3 years - and OBTW also turn the leased
> vehicle back in at the end of 3 year lease before
> you close down the business.
>
> If you can, legally - deduct the business losses
> off your taxes.
>
> Rinse and repeat. Time to launch a new business
> and lease a new car.
^^^^ this. Almost made a profit on one of my businesses so I hired two of my kids to make sure I didn't. Then had my tax attorney dissolve the business after 3 years and sold the assets for a "loss", took the tax write off and my wife opened a new one 3 weeks later.