Finally doing my own business....

[Gasser64]

A little strategic planning during your initial set up can go a long way towards minimizing the impact of various taxes/fees/expenses that go hand in hand with starting a new business.

mardyn

I'd love to hear more on this if you don't mind

[SMKR]

do your own bookkeeping and hire a good tax professional. never take any advice from a bookkeeper . one almost ruined me in the early 80's.
when you meet a tax person look for up to date tax law books in their office . if they dont stay current run away .

an assumed name certificate is worth nothing but paying a 3% tax on all equipment and stock. work in your own name .

Hire a great cpa
Hite a great attorney

[SMKR]

good luck.

#1 reason for small business failures is treating the money like it is yours .

No, it's because they run the business with the mentality of a technician vs an owner with true business acumen

[SMKR]

Well, if that goofy Laser guy can do it, why not?

kidding!

That guy must be killing it, he is buying a new vehicle every two weeks!

[txstangnut]

so where is it?

[mardyn]

an assumed name certificate is worth nothing but paying a 3% tax on all equipment and stock. work in your own name .

One you establish the business and take on an assumed name to conduct business under, the city/county/state/feds all see that as another separate entity which they can collect tax revenue from.

A little strategic planning during your initial set up can go a long way towards minimizing the impact of various taxes/fees/expenses that go hand in hand with starting a new business.

If you're not careful, you'll find yourself working for everybody but YOU as the business gets up to speed and heads toward profitability.

mardyn

[bubbaearl]

do your own bookkeeping and hire a good tax professional. never take any advice from a bookkeeper . one almost ruined me in the early 80's.
when you meet a tax person look for up to date tax law books in their office . if they dont stay current run away .

an assumed name certificate is worth nothing but paying a 3% tax on all equipment and stock. work in your own name .

[blandnuts]

Good luck mate!

[prostock1]

good luck.

#1 reason for small business failures is treating the money like it is yours .

You're so right,
I really don't need a paycheck coming in. With that said, once all the bills are paid, any left over cash goes back into the business, or just saved for emergencies.

I'm very lucky my wife's income can cover our monthly bills.

[prostock1]

Well, if that goofy Laser guy can do it, why not?

kidding!

My thoughts exactly

I don't know Laser, but I like ridning his post about his customers. And his shop looks like a great location.

[bubbaearl]

good luck.

#1 reason for small business failures is treating the money like it is yours .

[4king]

Post up your shop adress so the board can send you customers

[BLAKE]

Well, if that goofy Laser guy can do it, why not?

kidding!

[jefehbk]

Like most mechanics, I've been doing side work for the entire time I've had a full time mechanic job, which has been 30+ years.

After several jobs in the past 10 years it's very apparent that working for myself is the only employer I'll ever be content with.

So we'll see how long it lasts.

The only good thing is I'm not going into debt to do this. I have very low overhead and the only employee is my son.

Congrats on taking that plunge....hope it works out well for you.
Are you doing the work out of your house or have a garage somewhere?

[Cooter]

You went out on your own because your time is more valuable than anyone you ever worked for was willing to pay you...

don't step into the same trap by charging less than your time is worth just to get a job!