Carolina start up
Well-Known Member
after all my spending on buying tools i have finally started making a profit not much but profit none the less
Always find a Loss column expense to offset these 'profits'. May be a good time to seek out a Tax Consultant.
yes flush i can finally get a combo meal at wendys instead of just the dollar menuWell as your flush with cash I have a job needing done so can you give me a break on the labor?
Is it gross or net. If it's gross, you don't want anyone to look at it and think that is so gross. If it is net profit, it's the ashes of the gross profit that you try to catch with your net. When you start out you always have too big of holes in your net and the ashes just pass through. As you keep getting smaller mesh for your net, the ashes keep getting smaller along with it.
Government already knows and believes it is more than: Not much! Working on it...Don't tell the government
Is it gross or net. If it's gross, you don't want anyone to look at it and think that is so gross. If it is net profit, it's the ashes of the gross profit that you try to catch with your net. When you start out you always have too big of holes in your net and the ashes just pass through. As you keep getting smaller mesh for your net, the ashes keep getting smaller along with it.
To my surprise, the people that do our taxes said the IRS requirement that a small business show a profit in five years was not in effect. Every year I "lose" money ranching, almost any piece of equipment I have which is a few thousand dollars or more gets deprecated down to its residual value. I'm not being devious - just taking advantage of tax law.I haven't made a profit in 30 years. I have NO idea how I stay in business!
netIs it gross or net. If it's gross, you don't want anyone to look at it and think that is so gross. If it is net profit, it's the ashes of the gross profit that you try to catch with your net. When you start out you always have too big of holes in your net and the ashes just pass through. As you keep getting smaller mesh for your net, the ashes keep getting smaller along with it.
from what the government knows iv been in business for a month and made 300 dollarsI haven't made a profit in 30 years. I have NO idea how I stay in business!