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Reselling Items And Pro Discounts

 
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Old 04-14-2014, 07:43 AM   #21
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Re: Reselling Items And Pro Discounts


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Originally Posted by jwatts View Post
I'm just saying I WAS rewarded, rather than taxed for these purchases that were resold.
Not being taxed is not a reward. I just don't understand that mentality. You earned that money. It is YOUR money. I don't think of my paycheck as a reward but hard earned money, so I will never think of a refund or deduction as a reward.
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You ask for your money frequently, and you collect it quickly, else you stop working immediately.
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Old 04-14-2014, 11:15 AM   #22
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Re: Reselling Items And Pro Discounts


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Not being taxed is not a reward. I just don't understand that mentality. You earned that money. It is YOUR money. I don't think of my paycheck as a reward but hard earned money, so I will never think of a refund or deduction as a reward.
That's a bit like saying you're rewarded with freedom because you didn't commit a crime.
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Old 04-14-2014, 04:19 PM   #23
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Re: Reselling Items And Pro Discounts


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That's a bit like saying you're rewarded with freedom because you didn't commit a crime.
Or rewarded with freedom due to time served.
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Old 04-14-2014, 04:21 PM   #24
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Re: Reselling Items And Pro Discounts


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Or rewarded with freedom due to time served.
I like that analogy
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Old 04-20-2014, 12:03 PM   #25
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Re: Reselling Items And Pro Discounts


Chris: everyone on this thread disagrees with your advice: https://www.contractortalk.com/f7/tax...3/#post2000393

You still think this is a good idea?
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Old 04-21-2014, 06:44 AM   #26
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Re: Reselling Items And Pro Discounts


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Originally Posted by jwatts View Post
Chris: everyone on this thread disagrees with your advice: https://www.contractortalk.com/f7/tax...3/#post2000393

You still think this is a good idea?
You're misunderstanding what Chris said... he doesn't deduct the entire job invoice on his taxes... he deducts the jobs expenses (in addition to all the other expenses related to the business).
Learn the terms and understand what you're talking about before you bash people.
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Old 04-21-2014, 07:24 AM   #27
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Re: Reselling Items And Pro Discounts


Hire an accountant to file your taxes

You don't like people stepping on your toes being a DIYer doing construction work because they don't know...quit trying to be an an accountant filing your own taxes.

Tax laws can be complicated, I guarantee you doing your own that you have errors, being self employed whether sole prop or corporate has many advantages, but you need someone who knows and understands the rules to complete the forms properly for you.

This includes items like the cost of doing your business like the materials, the phone bills, the office, the vehicles, and all there associated items. Certain value of tools get immediate 100% write off first year, some get depreciated.

It's above my pay grade and experience to figure it all out and I'm not interested in doing my own tax forms. Chances are you are missing so many items it's beyond funny.

And when it's done properly by an accountant and your refund is higher...me and the boys here...we all drink beer, your buying
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Old 04-21-2014, 07:50 AM   #28
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Re: Reselling Items And Pro Discounts


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Hire an accountant to file your taxes

You don't like people stepping on your toes being a DIYer doing construction work because they don't know...quit trying to be an an accountant filing your own taxes.

Tax laws can be complicated, I guarantee you doing your own that you have errors, being self employed whether sole prop or corporate has many advantages, but you need someone who knows and understands the rules to complete the forms properly for you.

This includes items like the cost of doing your business like the materials, the phone bills, the office, the vehicles, and all there associated items. Certain value of tools get immediate 100% write off first year, some get depreciated.

It's above my pay grade and experience to figure it all out and I'm not interested in doing my own tax forms. Chances are you are missing so many items it's beyond funny.

And when it's done properly by an accountant and your refund is higher...me and the boys here...we all drink beer, your buying
My wife went to school to be an accountant and we still hire a cpa to do all of my taxes.
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You ask for your money frequently, and you collect it quickly, else you stop working immediately.
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Old 04-21-2014, 10:32 AM   #29
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Re: Reselling Items And Pro Discounts


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My wife went to school to be an accountant and we still hire a cpa to do all of my taxes.
Do she at least do the book keeping?
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Old 04-21-2014, 11:54 AM   #30
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Re: Reselling Items And Pro Discounts


Sales tax varies by state so you always need to check with YOUR state's requirements. Where I am, Chris's description would be correct. I worked for a scene shop at one point who found out, after five years of business, that because the scenery was sold as a unit, even though it was assembled on site, that we should be charging sales tax on it. Want to know how much sales tax a business owes on over 3 million in delivered scenery?

If I bought a $1000 entry door and installed it for a customer then I would just pay the sales tax at the lumberyard and invoice the customer for $1k. No more sales tax owed. If I bought that same door as tax exempt at $940 and then invoiced the customer for the door at $1140(includes markup) plus the labor, I would have to charge and pay sales tax for 6% on the $1140 instead of just the $940.

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