ApacheChief
Senior member
- Oct 2, 2004
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Originally posted by: tin10
I have nothing and everything to loose
Originally posted by: randal
Get a CPA/Accountant. Put all your money into a bank account and don't spend money without them knowing. When tax time comes, *DO* cough up the $250-500 it will cost to have them do your taxes for you. It will save you soooo many headaches. We tried to handle our own taxes here at the cafe for the first two quarters we were open, and we fscked it up bad and got upside-down with the IRS to the tune of ~$1500. They are not nice. At all.
People pay you to do the thing you are good at (computers), not to balance their bills & do their taxes; similarly, pay an accountant to do what they are good at.
Originally posted by: Elcs
Originally posted by: randal
Get a CPA/Accountant. Put all your money into a bank account and don't spend money without them knowing. When tax time comes, *DO* cough up the $250-500 it will cost to have them do your taxes for you. It will save you soooo many headaches. We tried to handle our own taxes here at the cafe for the first two quarters we were open, and we fscked it up bad and got upside-down with the IRS to the tune of ~$1500. They are not nice. At all.
People pay you to do the thing you are good at (computers), not to balance their bills & do their taxes; similarly, pay an accountant to do what they are good at.
Im training to be an Accountant so my side of the coin would be biased in this case. Nice to see someone recommending the hire of my future profession.
The tax module we handle is in my final year so Im not that far into things. Hiring an Accountant should ensure you dont, as randal did, and make a mess of things. As randal said, $250-500 was money better spent than the time/stress wasted on doing their own tax then having to pay the fines. If you do your own tax, it just takes away from the time you'd be working usually and your income takes a hit. If you do it on your own time, it'd increase your stress and we all know how nasty that is. The Government is not something you want to mess with.
As I pointed out above, managing your physical cash (the bits of paper with $ signs on and bank balance) is one of the biggest reasons for new/small businesses failing in the UK. An Accountant may cost you money but with their knowledge in handling money, their services may be beneficial to your survival.
Originally posted by: Klixxer
50$ says that in one year from now you have forgotten this idea and agree that it was a stupid idea to begin with.
1. To get big, think big
2. If you think small you will become nothing
3. Without money, you can't make money, so dive in, head first and loan at leat 100-200k
4. Be definate about it, win or loose, all or nothing, anything in between is loose.
5. Handling a few computers to people you know isn't experience, it's favors.
Bottom line, either you go for it full strength or you keep doing it black market style, for a few friends, once you go into business, everything changes.
Do you know anything about taxation of companies, book keeping? Are you going to handle that by yourself without knowing shiat about it? LOL, yeah, how successful you wil BE!
Then comes the support calls, "my mouse stopped working" free support to drive 15 miles to change the batteries in some old hag's mouse? Live with it.
I think you are very young, very naive and very stupid for your age.
Originally posted by: tin10
Originally posted by: Klixxer
50$ says that in one year from now you have forgotten this idea and agree that it was a stupid idea to begin with.
1. To get big, think big
2. If you think small you will become nothing
3. Without money, you can't make money, so dive in, head first and loan at leat 100-200k
4. Be definate about it, win or loose, all or nothing, anything in between is loose.
5. Handling a few computers to people you know isn't experience, it's favors.
Bottom line, either you go for it full strength or you keep doing it black market style, for a few friends, once you go into business, everything changes.
Do you know anything about taxation of companies, book keeping? Are you going to handle that by yourself without knowing shiat about it? LOL, yeah, how successful you wil BE!
Then comes the support calls, "my mouse stopped working" free support to drive 15 miles to change the batteries in some old hag's mouse? Live with it.
I think you are very young, very naive and very stupid for your age.
Well Klixxer, seeing's how your from Germany, the American way here is a little bit different. Most compaines started the same way I did. They start small, grow, become a corporation, and you know the rest.
I appreciate that you actually think I am stupid, since I do hold a 3 yr 4.0 gpa at T.C.U in Computer Engineering. I laugh and feel nothing but pitty for you, why u might ask, because the simple fact is, you know NOTHING about me, who I am, what I am capable of doing, so I would rather you not post in my thread anymore, if you do, I will ask the mods to remove it, because your not even giving constructive critizism, your just saying what you think of me, and frankly dear, I dont give a damn!
Thanks!
Originally posted by: tin10
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I dont understand why I would need to pay someone to handle my money, the simple fact is I will do the service, as much and as many in one day, at the end of the day, take all money and put in the bank, that way I have record of EVERY transaction possible, and make it easier at the end of the year, or month, however income taxes are done, to send them the money the state "DOESNT" deserve, but requires me to pay........down with TAXES on small businesses!
I really appreciate all that you guys are telling me, althought it is SCARING the be-jeezus out of me, I am still inclined to have all preparations ready for the first of the year, I mean, I can start small, and if push comes to shove, higher some people, and do it that way, but time and TRUST in the customers will only tell, thanks to all so far, and I would appreciate more help....
Also, is it a requirement, even if I am doing the business out of my home, to have a DBA license (Doing business as), if so I can do that easily. Also, since people say I dont have to charge a SALES tax on the service, but still have to pay income tax and possibly SS taxes, where and how do I start with this, does it cost anything at first, thanks again!
Originally posted by: tin10
now, is a business license the same as a DBA (doing business as) certificate? No, in most places a business license it just a way for a local/municple goverment to raise a wee bit of revenue. Whereas a DBA is nesseccary for two reasons (1) it protects your right to use whatever business name your going to use. Typically, one must go the county Courthouse where they live and/or work (i.e. could be more than one if your work area is covers more than one county) and pay a small fee ($15 here)to register that biz name so noone else can legally use it. (2) You should open a seperate bank accout for your buisiness and since you are unincorporated, the banlk will want to see the certificate from the county granting you that biz name b4 they will open you an account. This is for fraud protection (no one can steal your checks and deposit them in their own an account also using the same name etc.). Further more, banking has become a bit more strict ect after terroism (i.e., anti-money laundering legislation)
I dont see why someone would have to pay taxes on a service, there are loads of people who I know do this and dotn have a penny taken from them, but maybe they just havent got caught yet? YES
All in all I appreciate all the help, and to those who say I can't do this, I am sorry, but you are weak minded as well. I dont care what happens with this in the next few years to come, im 21 years old, I have nothing and everything to loose
Originally posted by: NautikaL 8
Originally posted by: Agamar
I didn't know a 14 year old could legally earn money via working, without working for a parent.
yea man. those ten year olds that shovel snow sure are doing illegal things. Man we should just arrest them all...i mean wtf theyre getting paid for working!
i think its you have to be 15 to legally hold a job and be employed by someone. Its not illegal for people under the age of 15 to earn money...