xxxxx zzzzz
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So it is tax day for my micro manufacturing business….. It is kind of exciting in an odd way. I have only dealt with service businesses and taxes. I have to learn about valuing inventory for the first time and hopefully the last time I will be bragging about having to do it. I want it to be a real pain to do by next year…
Btw, I had my first Ace Hardware weekend, they let me set up a booth in the parking lot, when they realized they were loosing sales with me so far away from the front door, they asked if I could move my Air Trike and product table right next to the front door….. I felt like I had died and gone to heaven…lol
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xxxxx zzzzz
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oops ment 420 sq ft,,,sorry, late tax nite :-)
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xxxxx zzzzz
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Once you file the LLC and get the TIN it is kinda hard to keep it under the table. You can’t get product liability insurance without it and you can’t get into retail stores with out pli. But teach me how to do it and I might think about it, I can always shut the business down you know.
And, without documentation, how am I going to claim that juicy loss plus the home business exemption based on 2,000 sq foot of space?
Lunch money to me is a burger at MickyDee. On the shoestring that I am on this is real money,,,,lol
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john"Scooter" nauman
49,000
Insider Points
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Darwin, your a bigger man than I. I would call all this “lunch money” and keep it on the LD till it really took flight. But that’s just me. LOL
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xxxxx zzzzz
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You go Kev…lol Just keep it between us, K? So after adding up all my receipts, I found that I have $2,500.00 in supplies to be turned into inventory shortly and I have spent almost 7K in setting up the micro factory that includes a complete electroplating facility.
I shall take a moment to say IRS will be proud to incorporate those numbers in my 1040 C for my lil LLC :-)
Thank you Charlie. Regarding the giving up on inventing, no way. I already have my product that I plan to introduce in the spring of 2012. I have several prototypes up and running at my test locations…. It is a complimentary product to my grill brush line, at least it is for the general bbq arena. It is even cooler than the brush, imo. When I get it filed I will publish a pic.
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Charlie Lumsden
146,500
Insider Points
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Congratuation Darwin sounds like a great weekend for you and your son. Your guzs are on your way! Keep up the good inventing as well as the marketing.
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kevin da biskit
143,500
Insider Points
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Uh, Darwin…on the ir serv. thing , if you aren’t sure what you are doing with the tax treatment, (as a former accountant) I would recommend not starting a thread called _ _ _ on the WWW and announcing it. Ya know?
A li’l smart-assish tax day humorous gift.
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