New York Carpet World

[Incognito]

Absolutely... You gotta have somewhat of a bankroll to get started... But that's pretty true in any business.

The other dilemma is you can't hire the crew until you have the work, and you can't get the work until you have the crew...

I think the BMW and Mercedes comes way later...

I worked for basically three different shops over my career and all three started out as guys working out of their garages. The way the money is accumulated is by NOT spending it outside the business. They were all able to FIRST generate profits from their own labor, then getting guys to work for them. THEN they were wise enough to always plow those profits back into expanding the business through boom and bust economies without bankruptcy. Even in the instances where the 2nd and 3rd generation came in those principles stayed in effect. Our tax policy is very favorable to re-investing the profits because ultimately you can pay yourself a modest salary that covers your essential needs and let the business pay for "work related expenses" like luxury cars, luxury RV motor homes, business meals and travel with clients, country club and yacht club memberships, suites and season tickets to professional and college sports teams...............you know, BUSINESS EXPENSES.

You will need good accountants and lawyers to make sure everything is legit. Lots of fools just never figure out how to live like this LEGALLY. In fact, the norm is they blow all their profits before they ever get the point where they could put the down payment on the Mercedes.

 

[JPfloor]

I worked for basically three different shops over my career and all three started out as guys working out of their garages. The way the money is accumulated is by NOT spending it outside the business. They were all able to FIRST generate profits from their own labor, then getting guys to work for them. THEN they were wise enough to always plow those profits back into expanding the business through boom and bust economies without bankruptcy. Even in the instances where the 2nd and 3rd generation came in those principles stayed in effect. Our tax policy is very favorable to re-investing the profits because ultimately you can pay yourself a modest salary that covers your essential needs and let the business pay for "work related expenses" like luxury cars, luxury RV motor homes, business meals and travel with clients, country club and yacht club memberships, suites and season tickets to professional and college sports teams...............you know, BUSINESS EXPENSES.

You will need good accountants and lawyers to make sure everything is legit. Lots of fools just never figure out how to live like this LEGALLY. In fact, the norm is they blow all their profits before they ever get the point where they could put the down payment on the Mercedes.

Well yea to a point but ya gotta be carful with your “creative accounting”. If you should become successful enough in the flooring business to afford all those things and want to write them off be ready for an audit. You’ll need to show that they’re used for the business. Motor homes and boats are a tough sell for sure. A fleet of trucks you can explain but not a collection of sports cars… You can get away with some “business luncheons” but if they’re overly extravagant you’re gonna have some splaining to do…There’s plenty you can get away with but you gotta be careful… The IRS isn’t as stupid as you’d like them to be.

 

[Incognito]

Well yea to a point but ya gotta be carful with your “creative accounting”. If you should become successful enough in the flooring business to afford all those things and want to write them off be ready for an audit. You’ll need to show that they’re used for the business. Motor homes and boats are a tough sell for sure. A fleet of trucks you can explain but not a collection of sports cars… You can get away with some “business luncheons” but if they’re overly extravagant you’re gonna have some splaining to do…There’s plenty you can get away with but you gotta be careful… The IRS isn’t as stupid as you’d like them to be.

Right, you cant be stupid about it. You want GOOD accounting advice. If you extrapolate from this article............there's a lot of leeway.

https://www.golfdigest.com/story/heres-why-your-golf-purchases-could-become-tax-deductible

 

[DarisMulkin]

Even tho I had a room set up as an office my bookkeeper wouldn't let me claim it, as I did other things in there that was personel.

 

[JPfloor]

Even tho I had a room set up as an office my bookkeeper wouldn't let me claim it, as I did other things in there that was personel.

I think I disagree with your bookkeeper. I believe a home office is a legit expense, just as if you were renting a room from yourself. A percentage for rent, heat, and electricity.... At least I got away with it for 40 years...

 

[DarisMulkin]

He said that could trigger an audit faster than fast. I'm sure he worked out the deduction somewhere else.

 

[C.J.]

If you’re not getting audited once in awhile, you’re not writing enough **** off. Think about it, what’s the worst that could happen? You say sorry and you write another check.

 

[highup]

If you’re not getting audited once in awhile, you’re not writing enough **** off. Think about it, what’s the worst that could happen? You say sorry and you write another check.

....I only bought the llamas in case I needed to do an exotic carpet repair. NZ wool is expensive.
.....and yes, they need to live in a shop at night.
.......I mean the barn... Yes, yes, I meant the barn. Gotta have the barn.

 

[highup]

1975?
My mind is a mess. I graduated in 75, but my biggest memory is American pie.
One hit wonder.
...I wonder why with a hit like this one.
When I watched the video, I had no clue who this band was.
'pilot'? That name doesn't ring the slightest bell in my belfry .
Wow, what youngins.