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Topic: IRS

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Gigem

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Re: IRS
« Reply #42 on: October 16, 2024, 03:21:14 PM »
Quote from: ELA on October 16, 2024, 03:17:44 PM
The problem is the narrative of business owners is Silicon Valley types, who have an idea, that doesn't make money, and then get bought out in a bidding war of people either trying to snuff out a potential competitor, or fear they aren't the ones who bought low.

I'm terrified of setting up my own firm, and (fortunately?) the energy work I do doesn't lend itself to getting clients anyway.  But my wife always asks me why I don't.  I keep telling her if the complaint is I work too much, well then that's a great way to work just as much, for less money, and WAY less certainty, while we are still trying to figure out college or career training for 3 kids
My kids are almost grown.  Oldest is getting his degree in May, the youngest is about to enter college (or trade school, he flips back and forth).  But either way, that's taken care of.  I'm entering my 21st year in the corporate world, just shy of 50 (2025).  So right now, I have other means to live while I build the business.  But either way, it has been very tough.  
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bayareabadger

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Re: IRS
« Reply #43 on: October 16, 2024, 03:28:04 PM »
Quote from: Gigem on October 16, 2024, 03:11:31 PM
All my employees literally make more money than I do as the owner.  Because I'm still in start-up mode, I take home no pay.  I'm basically paying to own a business right now. 

Think about that next time somebody starts piping up about "greedy" business owners. 

The hope is that someday, soon!..?...I can finally start seeing some payback. 
So you’re able to live on no income? That’s impressive when it comes to your current assets and reserves.

I recall one moment when I brought up civil asset forfeiture, and people didn’t really crack on it, but said having a lot of cash was a bad sign. While that practice is reprehensible, I’m not the most surprised that a closer eye is sometimes taken to people running businesses while not “earning” money.
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Gigem

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Re: IRS
« Reply #44 on: October 16, 2024, 03:33:18 PM »
Quote from: bayareabadger on October 16, 2024, 03:28:04 PM
So you’re able to live on no income? That’s impressive when it comes to your current assets and reserves.

I recall one moment when I brought up civil asset forfeiture, and people didn’t really crack on it, but said having a lot of cash was a bad sign. While that practice is reprehensible, I’m not the most surprised that a closer eye is sometimes taken to people running businesses while not “earning” money.
My business is my "side gig".  I work for a corporate conglomerate.  I pay income taxes and get a W2.  

I put side gig in parenthesis because I probably put in around 40 hours total a week (sometimes more).  
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ELA

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Re: IRS
« Reply #45 on: October 16, 2024, 03:54:32 PM »
Quote from: Gigem on October 16, 2024, 03:21:14 PM
My kids are almost grown.  Oldest is getting his degree in May, the youngest is about to enter college (or trade school, he flips back and forth).  But either way, that's taken care of.  I'm entering my 21st year in the corporate world, just shy of 50 (2025).  So right now, I have other means to live while I build the business.  But either way, it has been very tough. 
My dad timed his well.  He lost the job with the company he had worked for for 20+ years in the 2008 crash.  Then he did some independent consulting, and launched in 2011.  He was lucky that he was sort of planning on doing it anyway, albeit in 2011, once all 4 kids were out of college.  Although it was 2 years earlier, starting a company in 2009 had a ton of benefits
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OrangeAfroMan

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Re: IRS
« Reply #46 on: October 16, 2024, 09:45:48 PM »
Quote from: Cincydawg on October 16, 2024, 01:44:01 PM
A thing I noticed near us is two restaurants that do almost no business, some takeout.  Both survived COVID, both started just before COVID hit.  I really do wonder if they are both laundries. 
I often see places that honestly cannot stay afloat through normal means, but there they sit.  Functioning in high-cost areas with no obvious dollars coming in.  
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“The Swamp is where Gators live.  We feel comfortable there, but we hope our opponents feel tentative. A swamp is hot and sticky and can be dangerous." - Steve Spurrier

OrangeAfroMan

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Re: IRS
« Reply #47 on: October 16, 2024, 09:51:35 PM »
Quote from: utee94 on October 16, 2024, 08:58:35 AM
Folks have different definitions of "wealthy" or "rich" or "well-off" or whatever.  There's really no point in arguing the subjective.  It'd be much simpler if you attached $ figures for income and assets and went from there.

If there's no point in arguing the subjective, then a vast majority of human interaction should stop.

Just with what is shared here on the board, I've simply noted how well-off/wealthy/rich many here are, and I'm given nothing but guffaws and grunts about just being comfortable. 

It's okay to be wealthy.  On whatever the fuck measuring stick you like.  But pretending you're not is weird and unnecessary.  Pushing back against it just creates some sort of alternate reality.  I don't think many people here realize how poor 1/3 of the country is.  And a story about how you had to rough it for 4 years back in 1973 doesn't contribute anything to the fact that you're out of touch.  There's honestly nothing wrong with being unfamiliar with the impoverished populations.
Just don't create an alternative reality.
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“The Swamp is where Gators live.  We feel comfortable there, but we hope our opponents feel tentative. A swamp is hot and sticky and can be dangerous." - Steve Spurrier

FearlessF

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Re: IRS
« Reply #48 on: October 16, 2024, 10:03:42 PM »
most live in their own alternative reality

regardless if moneyless or a billionaire 

regarding $$$

it's difficult not to
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OrangeAfroMan

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Re: IRS
« Reply #49 on: October 16, 2024, 11:56:07 PM »
Quote from: FearlessF on October 16, 2024, 10:03:42 PM
most live in their own alternative reality

regardless if moneyless or a billionaire

regarding $$$

it's difficult not to
Yes, we all live in bubbles of varying size and scope.  That's fair.  But let's all acknowledge that and not automatically deny one's own financial successes. 
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“The Swamp is where Gators live.  We feel comfortable there, but we hope our opponents feel tentative. A swamp is hot and sticky and can be dangerous." - Steve Spurrier

longhorn320

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Re: IRS
« Reply #50 on: October 17, 2024, 12:46:51 AM »
All we want is

Less to do

More time to do it in and

More money for not getting it done
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Cincydawg

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Re: IRS
« Reply #51 on: October 17, 2024, 07:21:11 AM »
We had a "poll" here a while back and the middle point was that after about $5 million in net assets, a person could be considered "wealthy".  It's a qualitative term.  If someone says they are not, in their mind, they are not (unless they are lying of course).  I might say, for example, we're all wealthy as compared with folks even in Europe, which is likely true for the most part.  Someone else might opine it takes an extreme level of wealth just to avoid being homeless here, which to me, would seem ... obscure.

The "truly wealthy", e.g., billionaires and those near that level, can easily avoid income taxes if they choose, legally.  My own definition of "wealthy" is "someone who doesn't need any income".  That's intentionally glib.
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FearlessF

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Re: IRS
« Reply #52 on: October 17, 2024, 07:40:05 AM »
I don't "need" any income to live

but, my standard of living would suffer some
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Cincydawg

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Re: IRS
« Reply #53 on: October 17, 2024, 07:50:08 AM »
Yeah, I should say "need" = maintaining desired level of living.  If I have a billion dollars invested in say Berkshire Hathaway stock, I can readily borrow $30 million a year for my life style, and the stock is likely to appreciate more than 3% year over year, so I'm not even reducing my wealth.  The story with that mutual fund is indeed remarkable.

Most mutual funds out there are almost scams.
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Temp430

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Re: IRS
« Reply #54 on: October 17, 2024, 08:03:18 AM »
How many more IRS agents has the Biden-Harris administration added or seeks to hire?  87,000?  Mind boggling.

https://www.kiplinger.com/taxes/605107/new-irs-agents-and-the-inflation-reduction-act
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Gigem

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Re: IRS
« Reply #55 on: October 17, 2024, 08:06:17 AM »
Wealthy vs not is as much a state of mind versus anything else. I know people who are literally multi millionaires who you would think they are broke. They drive old 20 year old cars, never go on vacation, never eat out, never buy anything extravagant and still work really hard as in manual labor. They always pay for everything with cash and exact change in the store because the clerk might not give them the exact change back. They’re worried they might get short changed maybe $.01 or gasp- a nickel. 

I also know people who are broke that spend money like crazy, eat out everyday, always drive the newest and best vehicles, and live in big fancy houses. As a service business owner you quickly come to realize to not judge a book by its cover. The person in the shack will pay you in cash, the high roller in the mansion may not pay you at all. 
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