I am looking to start a small business and was wondering if anyone from around the country had any ideas? My main goal is to start it for the tax write off's (Uncle Sam crushed me this year) but I also wouldnt mind making a little pocket change.
Small Business Start Up?
- Thread starter Master Capper
- Start date
I just started a livery service. Buy a nice car and write it off. By doing 2 round-trips to the airport every week it pays expenses.
hey bogeyman, how do you start something like that and advertise so people use you? just curious, I'm tired of my "day job" and looking to start something up on my own, have some money to work with, and also want the tax benefits of own business, just the initial stages of starting it up seem the hardest hurdles for people, curious to hear what people say, sorry for stealin your thunder MC 
Mike
Mike
Nysportsfan, your not stealing my thunder, I am sure there are a ton of us looking to make some jack and get some tax write offs. As far as a livery service do you transport goods or people from the airport?
bogeyman, where in SE mass are you from? I maybe able get you some business.
MC, full or part time? Mike keep trying
MC, full or part time? Mike keep trying
hey skull, got your email, appreciated it, forgot to tell you earlier. It's just tough on me, I'm in my early 20s and in the searching stage, I'm a guy who busts my hump doing whatever I'm working on, but I just need to start something up, and it's tough getting loans or people to believe in you, everyones a skeptic these days :shrug: :shrug:
but this is america, real estate like you said and we talked about has room to grow, and there are plenty of people in this world who have made money and have not been the brightest in terms of school, or even in real life And, the tax shelters of your own s corp or small business are enormous, dont know much about livery, I'd think it isnt overly complicated and mostly cash/credit cards, I do know NYC is selling taxi medallions for like 250k, a bit steep, but theres a business for ya, own one of those, but the liability and insurance costs are rough as well, sorry for hoggin your thread MC thought I'd throw that in
Mike
but this is america, real estate like you said and we talked about has room to grow, and there are plenty of people in this world who have made money and have not been the brightest in terms of school, or even in real life
And, the tax shelters of your own s corp or small business are enormous, dont know much about livery, I'd think it isnt overly complicated and mostly cash/credit cards, I do know NYC is selling taxi medallions for like 250k, a bit steep, but theres a business for ya, own one of those, but the liability and insurance costs are rough as well, sorry for hoggin your thread MC thought I'd throw that inMike
Skulldog, part time at first, if things go well I am vested where I work and could just take a few years off and live off renewal contracts.
I own a small print shop. I went through a business broker, like a real estate broker but they help owners of business who want out to find buyers for the business. Usually you can get loans because they are ongoing businesses and have a track record of sales, profis, etc. The bank just wants to know they will be investing in something that can produce enough to return revenue to cover the bills. Use can immediately depreciate the equipment and goodwill purchased through the transaction. A general rule is to expect losses for 3-5 years after purchase so make sure you can weather through this and have some working capital to implement new ideas for promotion and marketing.
Going to bump this. I was considering opening up a sports bar but the risk was just a bit too high for me. A delivery service sounds interesting. When you write off a vehicle, does that include your interest paid on the car loan for that year?
An accountant would have a good answer on this but they're all busy this time of year. I think you can deduct the percentage of payments and interest along with milage that you use it for actual business vs. personal. I have to give my accountant an actual percentage of milage driven for business purposes each year.
- Feb 12, 2000
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You can not itemize your payments AND claim mileage. You must do one or the other. The IRS allows $0.375 per mile. The general rule is that if you have an older car, it works better to clain mileage. I can't figure out why that is, but it's what I've read.
MC, if you own a home pull an equity line and start your business that way, no BS, lower interest rates and you can draw the $$ as you wish. If not seek a family member who believes in what your doing and have them take a equity loan on their home and pay them a couple of points above what they're paying. It's really tough starting a small business part time, it's best to get your spouse involved(if applicable),or take on a partner that way you don't get burnt out working both jobs.
