OT: Taxes. Farck

[C40_guy]

Originally Posted by Aaron O

Not necessarily...

I would NOT do it as a hobby. I don’t know your situation, but I’d either expense it as a schedule c, or put it on as personal use property.

If you go Schedule C, I’d be reticent about showing a loss. Show a little profit, and don’t forget your health insurance now goes on the face of the return, up to profit.

Agreed. Hobbies don’t get to show losses.

But this (the Internet) is not the place to discuss personal situations.

[Aaron O]

Originally Posted by C40_guy

Agreed. Hobbies don’t get to show losses.

But this (the Internet) is not the place to discuss personal situations.

Forget losses. Hobbies no longer get expenses. It’s insane.

If you want help, let me know.

Schedule c or not, I wouldn’t show a loss in most cases.

[oldpotatoe]

Originally Posted by CunegoFan

So you can vote for whether you get screwed from the right or the left? Either way you're screwed.

Choose wisely and vote..either FOR one or against the other but vote..otherwise, non voters have no right to complain..Voting ought to be mandated..otherwise you pay a fine at tax time...
More people didn't vote in 2016 that voted for either 'candidate'..shameful.

[TREEfool]

I wrote down a lot of notes from this thread as it will be the first year that I do taxes as a business owner. I thought taxes were one of the worst things in life back when it was easy and now I have to do like 10x the work.

[Aaron O]

Originally Posted by TREEfool

I wrote down a lot of notes from this thread as it will be the first year that I do taxes as a business owner. I thought taxes were one of the worst things in life back when it was easy and now I have to do like 10x the work.

Pro-tip...

If you have a business, you need a CPA. We’re worth it. Especially this year with depreciation changes, and 199a deductions.

Doing it yourself is a waste of temporal resources...you’re likely taking on more risk, and you’re likely leaving more money on the table than you’re saving doing it yourself.

[zap]

Originally Posted by TREEfool

I wrote down a lot of notes from this thread as it will be the first year that I do taxes as a business owner. I thought taxes were one of the worst things in life back when it was easy and now I have to do like 10x the work.

As a small business owner, I can't stress enough that you need to hire an excellent tax accountant. As noted above, your time is better spent running the business........tax accountants are incredibly cost effective.

[Davist]

Originally Posted by oldpotatoe

Choose wisely and vote..either FOR one or against the other but vote..otherwise, non voters have no right to complain..Voting ought to be mandated..otherwise you pay a fine at tax time...
More people didn't vote in 2016 that voted for either 'candidate'..shameful.

well, not mandated, but agree, you should consider it your civic duty and participate.

Not to get OT, but one thing that burns me is that some of the "local" decisions and elections (which can have a big impact in daily life, like school board, rail trail, township stuff) are held during "primary" elections which doesn't allow me to vote under current PA law (you have to be a registered R or D per the folks there, which I refuse to do, for many reasons). grrrr..

Originally Posted by zap

As a small business owner, I can't stress enough that you need to hire an excellent tax accountant. As noted above, your time is better spent running the business........tax accountants are incredibly cost effective.

Fully agree, my wife's a small business owner and our CPA does a great job

[Aaron O]

Originally Posted by zap

As a small business owner, I can't stress enough that you need to hire an excellent tax accountant. As noted above, your time is better spent running the business........tax accountants are incredibly cost effective.

I’m biased...but I wouldn’t hire anyone but a CPA. Small businesses are usually best served by small cpa firms/practices. I wouldn’t hire a non-CPA.

Originally Posted by Davist

well, not mandated, but agree, you should consider it your civic duty and participate.

Not to get OT, but one thing that burns me is that some of the "local" decisions and elections (which can have a big impact in daily life, like school board, rail trail, township stuff) are held during "primary" elections which doesn't allow me to vote under current PA law (you have to be a registered R or D per the folks there, which I refuse to do, for many reasons). grrrr..



Fully agree, my wife's a small business owner and our CPA does a great job

I’m also in PA, and, to me, you’re not following your own advice by not registering. I register with whatever party gives me more voting influence in that locality.

[yngpunk]

Originally Posted by oldpotatoe

Choose wisely and vote..either FOR one or against the other but vote..otherwise, non voters have no right to complain..Voting ought to be mandated..otherwise you pay a fine at tax time...
More people didn't vote in 2016 that voted for either 'candidate'..shameful.

In some countries (e.g. Brazil) it is mandatory that you vote or they assess an, ,albeit small, fine.

Also, displeasure with either option doesn't mean you can't still vote and express opposition to both options...maybe if more people voted for Gary Johnson or Jill Stein in 2016, the powers that be might just take notice of the people.

[Davist]

Originally Posted by Aaron O

I’m biased...but I wouldn’t hire anyone but a CPA. Small businesses are usually best served by small cpa firms/practices. I wouldn’t hire a non-CPA.


I’m also in PA, and, to me, you’re not following your own advice by not registering. I register with whatever party gives me more voting influence in that locality.

To be clear, I'm registered to vote, just not a declared R or D. Why in the world would I endorse a party I don't believe in? Political expediency, as you cite, isn't a good enough reason for me. I do vote in all elections I'm able to, and will continue. The fact that a local election is run concurrently with a primary somehow should preclude me voting my choice UNLESS I register R or D (oddly no other parties were mentioned..) is suppression in my view.

[Jaybee]

Originally Posted by Davist

To be clear, I'm registered to vote, just not a declared R or D. Why in the world would I endorse a party I don't believe in? Political expediency, as you cite, isn't a good enough reason for me. I do vote in all elections I'm able to, and will continue. The fact that a local election is run concurrently with a primary somehow should preclude me voting my choice UNLESS I register R or D (oddly no other parties were mentioned..) is suppression in my view.

I agree with you, and though I am not a lawyer, would be surprised if this survived a legal challenge. Governments, federal to local, cannot discriminate or suppress voting on the basis of political affiliation.

[Aaron O]

Originally Posted by Davist

To be clear, I'm registered to vote, just not a declared R or D. Why in the world would I endorse a party I don't believe in? Political expediency, as you cite, isn't a good enough reason for me. I do vote in all elections I'm able to, and will continue. The fact that a local election is run concurrently with a primary somehow should preclude me voting my choice UNLESS I register R or D (oddly no other parties were mentioned..) is suppression in my view.

Because this is the game. It’s the worst game around, except for all of the others. By not registering, you are choosing not to play your best. This is the game we have, and there are no points awarded for not playing it.

[zap]

Originally Posted by Aaron O

I’m biased...but I wouldn’t hire anyone but a CPA. Small businesses are usually best served by small cpa firms/practices. I wouldn’t hire a non-CPA.

Agreed.

[CunegoFan]

Originally Posted by oldpotatoe

Choose wisely and vote..either FOR one or against the other but vote..otherwise, non voters have no right to complain..Voting ought to be mandated..otherwise you pay a fine at tax time...
More people didn't vote in 2016 that voted for either 'candidate'..shameful.

Why would you assume mandated voting for people who don't currently care enough to vote would not make things much worse?

It is already in vogue to make ridiculous comparisons with the 1930s and current populism, i.e. the rabble not voting for those handpicked by the elites.

[PoppaWheelie]

Originally Posted by CunegoFan

The deplorables in other states should subsidize your mansions.

The limousine liberals' call for everyone to pay their fair share always seems to end right about the time taxes hit the upper crust.

At what point should federal handouts be cut off? $10K? $25K? $50K?

Yeah, except that CA is near the top of the list of per capita Fed tax payers, and near the bottom for Federal dollars coming in for each buck going out. Pretty sure that means the subsidies are going in the other direction.