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        New Message Board Archives >> 2007 General Board Posts >> Taxes and a failed business
        
(Message started by: chewy on Apr 10^th, 2007, 4:44pm)

Title: Taxes and a failed business
Post by chewy on Apr 10^th, 2007, 4:44pm

Barb suggested a not so profitable business venture or maybe farming to claim as a loss on my taxes. I have combined those ideas.

I have begun farming a nice big patch of Poison Ivy and will soon have a business website selling full bouquets of Poison Ivy and maybe some nice Poison Oak door wreaths.

Get your orders in quick. (Or not)

Title: Re: Taxes and a failed business
Post by Paul98 on Apr 10^th, 2007, 4:58pm

I'm sure the IRS will be irritated and itching to audit you! It will probably leave them scratching their heads as to why you undertook such a venture.

-P.

Title: Re: Taxes and a failed business
Post by BarbaraD on Apr 10^th, 2007, 5:45pm

Hey, this is a going venture. I've got my order in for Labor day - he's going to deliver a nice arrangement to Jonny at the bath-house.

Don't miss out on Chewy's beautiful Ivy. It'll have you itching for more...

Hugs BD

Title: Re: Taxes and a failed business
Post by Kevin_M on Apr 10^th, 2007, 5:50pm

A worm farm next to a bird sanctuary.

Title: Re: Taxes and a failed business
Post by George_J on Apr 10^th, 2007, 6:35pm

on 04/10/07 at 16:44:53, chewy wrote:

I have begun farming a nice big patch of Poison Ivy and will soon have a business website selling full bouquets of Poison Ivy and maybe some nice Poison Oak door wreaths.

Get your orders in quick. (Or not)

Without luck, it will be an enormous success. I can think of a number of people to whom I would like to send a bouquet of poison ivy. A door wreath of poison oak could be just the thing for visiting in-laws to encounter during the holidays. It might just be the next pet rock.

Go for the worm farm.

Title: Re: Taxes and a failed business
Post by Sean_C on Apr 10^th, 2007, 7:20pm

I'll take a longstem ivy bouquet, heavy on the urushiol please ROTFLMMFAO ;;D ;;D

Sean......................... ;;D

Title: Re: Taxes and a failed business
Post by Charlie on Apr 10^th, 2007, 9:37pm

By the way Chuck; did you land that job as a sperm bank guard? http://www.netsync.net/users/charlies/gifs/slap head.gif
Charlie http://www.netsync.net/users/charlies/gifs/fully dressed.jpg

Title: Re: Taxes and a failed business
Post by ClusterChuck on Apr 10^th, 2007, 9:54pm

on 04/10/07 at 21:37:46, Charlie wrote:

By the way Chuck; did you land that job as a sperm bank guard?

I got fired .....

They frowned on my collection methods ... Something about my body not being a very good vault ... Whatever THAT means ...

Chuck

Title: Re: Taxes and a failed business
Post by Mac_Muz on Apr 11^th, 2007, 9:40am

Well the marketing is all wrong... These plants should be called privacy screens.... The intent is to keep peepin toms far from being abled to view you and yours. A security measure with meaning, and only passive.

You could add russian ollive, cactus, and assorted other plants like stinging nettle. or was the idea to fail? [smiley=huh.gif]

Title: Re: Taxes and a failed business
Post by BarbaraD on Apr 11^th, 2007, 9:47am

Of course the idea is to FAIL -- he needs the tax write off....

Title: Re: Taxes and a failed business
Post by Lobster on Apr 11^th, 2007, 10:07am

Actually it does not need to fail at all.
You write off 100% of your business expenses for any business, successful or failed.

The exception is if your business has lost $$$ for some number of consecutive years, I believe.

That said, if it is Chewy's business, it has 'failure' all over it.

Title: Re: Taxes and a failed business
Post by BarbaraD on Apr 11^th, 2007, 10:17am

Yep, he can do the poison ivy business for three years at a loss and then go into the worm farm... After three years we close down the business.... the poor boy is just paying WAAAY too much in taxes. We gotta help him out....

he just can't quit his day job.. :-/

Hugs BD

Title: Re: Taxes and a failed business
Post by Lobster on Apr 11^th, 2007, 10:51am

On that note, a non-blood relative of mine had his first contracting / 1099 job in 2006. Made a shitload of money, but did not bother himself with any of that 'estimated taxes' nonsense!

Now, a new car and new home theatre and back child support and $40k in other new shit later, tax time comes. His 1099 gig is over and he is back to making 'not too much', living on a shoestring budget.

He is pissed at me cuz I made an ass out of him the whole time I looked over his taxes, not to mention replying 'ummm, not only no, but fuck no' to his request to 'loan' him several $k to pay the bill.

Q- What if I cannot pay the installments?
A- Your cellmate is gonna rape you.
Q- What if I just do not file?
A- You gonna get raped even sooner.

Not sure why his irresponsible ass is all miffed at me now.
;;D ;;D ;;D

Title: Re: Taxes and a failed business
Post by Mac_Muz on Apr 11^th, 2007, 1:21pm

Ah I see, so what this now needs is consoldiation at the any and all entrances. Pile the nasty plants so deep and high no one can enter... ;;D make the risk more trouble than the tax is worth.... Literally a smear campain using poision ivy on every envelope to the IRS.....

Admittedly that will take some doing as those folks thrive on misery anyway. At first no doubt they will like it!