Taxes-how many are self employed?

[Gadawg73]

How many are self employed and have their life savings at risk daily running their businesses?
How much do you have at risk in your business?
I have $500,000.00 in savings invested in one of my businesses and $300,000.00 in another. This represents 95% of my life savings and I am 55. Add in another $225,000.00 in loans and I have over a million bucks AT RISK.
I will explain the tax implications later and how they dramatically affect the lifeblood of this country, the small business person.

 

[The Rabbi]

You are obviously "wealthy" and your wealth needs to be redistributed and spread around. Fortunately Obama is going to help you with that. On the bright side you won't have to worry about putting gas in your car no more or making your mortgage payment.

 

[Gadawg73]

You are obviously "wealthy" and your wealth needs to be redistributed and spread around. Fortunately Obama is going to help you with that. On the bright side you won't have to worry about putting gas in your car no more or making your mortgage payment.

LOL.
I like your sarcasm and wit Rabbi but unfortunately you are correct in your analysis of the left's position.
Fiscal irresponsibility in government drains the resources of capital from the small business person.
Thanks for the quick witted response. You are correct.

 

[rightwinger]

You are obviously "wealthy" and your wealth needs to be redistributed and spread around. Fortunately Obama is going to help you with that. On the bright side you won't have to worry about putting gas in your car no more or making your mortgage payment.

Got a link to where Obama plans to confiscate wealth and redistribute it?

 

[Lonestar_logic]

I retired from Boots-n-Coots International Well Control, began a second career with an engineering/construction firm (where I currently work) I'm invested in two private businesses, I own a cattle ranch (more of a hobby than anything) and my taxes are outragious (just under 70,000 for '09). I wouldn't mind it so bad if everyone paid their share. But seeing these generational welfare families and illegal aliens reaping the benefits of my hard work really pisses me off.

 

[Ravi]

How many are self employed and have their life savings at risk daily running their businesses?
How much do you have at risk in your business?
I have $500,000.00 in savings invested in one of my businesses and $300,000.00 in another. This represents 95% of my life savings and I am 55. Add in another $225,000.00 in loans and I have over a million bucks AT RISK.
I will explain the tax implications later and how they dramatically affect the lifeblood of this country, the small business person.

No offense, but that is a stupid way to run a business.

 

[The Rabbi]

How many are self employed and have their life savings at risk daily running their businesses?
How much do you have at risk in your business?
I have $500,000.00 in savings invested in one of my businesses and $300,000.00 in another. This represents 95% of my life savings and I am 55. Add in another $225,000.00 in loans and I have over a million bucks AT RISK.
I will explain the tax implications later and how they dramatically affect the lifeblood of this country, the small business person.

No offense, but that is a stupid way to run a business.

And how exactly were you able to determine this from the information given?

 

[Big Black Dog]

Being a person with all of that money, I guess it stands to reason that you don't have a wife that likes to shop at Wal-Mart. If you did, your bankroll would be somewhat smaller. I used to have a pretty good bank account but now I have a much smaller bank account and one of everything that Wal-Mart sells.

 

[Mr Natural]

Business owners get a hell of a lot more deductions and write-offs than W-2 people.

So quit yer bitchin'.

 

[Ravi]

How many are self employed and have their life savings at risk daily running their businesses?
How much do you have at risk in your business?
I have $500,000.00 in savings invested in one of my businesses and $300,000.00 in another. This represents 95% of my life savings and I am 55. Add in another $225,000.00 in loans and I have over a million bucks AT RISK.
I will explain the tax implications later and how they dramatically affect the lifeblood of this country, the small business person.

No offense, but that is a stupid way to run a business.

And how exactly were you able to determine this from the information given?

If you have your life savings all tied up in your business it isn't a business, it's a hobby.

 

[Skull Pilot]

Business owners get a hell of a lot more deductions and write-offs than W-2 people.

So quit yer bitchin'.

Don't be angry at us business owners because we're smarter than you W2 wage slaves.

I bet it really gets your goat that a business owner is able to write off a lot of personal expenses doesn't it.

For example I can't remember the last time I paid for coffee, or paper towels or many other household items. I even have the business pay my heating bills so I can write them off. And not to mention that I get to avoid Social Security taxes on a large part of my income.

It's good to be a business owner.

 

[The Rabbi]

No offense, but that is a stupid way to run a business.

And how exactly were you able to determine this from the information given?

If you have your life savings all tied up in your business it isn't a business, it's a hobby.

Are you really this stupid?

If his businesses are producing $200-300k in income for him then I wouldn't call that a hobby.

 

[Oddball]

Amazing about how people who have no more get-up-and-go than to be career employees, all know how those taking the risks that end up employing them should run their businesses.

 

[Ravi]

Business owners get a hell of a lot more deductions and write-offs than W-2 people.

So quit yer bitchin'.

Don't be angry at us business owners because we're smarter than you W2 wage slaves.

I bet it really gets your goat that a business owner is able to write off a lot of personal expenses doesn't it.

For example I can't remember the last time I paid for coffee, or paper towels or many other household items. I even have the business pay my heating bills so I can write them off. And not to mention that I get to avoid Social Security taxes on a large part of my income.

It's good to be a business owner.

Yep, that's why the OP should stop bitching...seemed rather clear to me what he meant.

 

[Ravi]

And how exactly were you able to determine this from the information given?

If you have your life savings all tied up in your business it isn't a business, it's a hobby.

Are you really this stupid?

If his businesses are producing $200-300k in income for him then I wouldn't call that a hobby.

Smarter to not have over $800,000 of your personal income tied up in a business. If you need to do that you are doing something wrong.

 

[Skull Pilot]

Business owners get a hell of a lot more deductions and write-offs than W-2 people.

So quit yer bitchin'.

Don't be angry at us business owners because we're smarter than you W2 wage slaves.

I bet it really gets your goat that a business owner is able to write off a lot of personal expenses doesn't it.

For example I can't remember the last time I paid for coffee, or paper towels or many other household items. I even have the business pay my heating bills so I can write them off. And not to mention that I get to avoid Social Security taxes on a large part of my income.

It's good to be a business owner.

Yep, that's why the OP should stop bitching...seemed rather clear to me what he meant.

It was his petulant tone I was responding to.

I just picture him stamping his feet and crying "It's not fair"

 

[Gadawg73]

How many are self employed and have their life savings at risk daily running their businesses?
How much do you have at risk in your business?
I have $500,000.00 in savings invested in one of my businesses and $300,000.00 in another. This represents 95% of my life savings and I am 55. Add in another $225,000.00 in loans and I have over a million bucks AT RISK.
I will explain the tax implications later and how they dramatically affect the lifeblood of this country, the small business person.

No offense, but that is a stupid way to run a business.

How would you know?
Do you know how I run my businesses or what businesses I own?
What is a smart way to run a business?
What small business do you run?
I have been at it for over 30 years.

 

[Ravi]

Don't be angry at us business owners because we're smarter than you W2 wage slaves.

I bet it really gets your goat that a business owner is able to write off a lot of personal expenses doesn't it.

For example I can't remember the last time I paid for coffee, or paper towels or many other household items. I even have the business pay my heating bills so I can write them off. And not to mention that I get to avoid Social Security taxes on a large part of my income.

It's good to be a business owner.

Yep, that's why the OP should stop bitching...seemed rather clear to me what he meant.

It was his petulant tone I was responding to.

I just picture him stamping his feet and crying "It's not fair"

That's exactly how I pictured the OP.

 

[Ravi]

How many are self employed and have their life savings at risk daily running their businesses?
How much do you have at risk in your business?
I have $500,000.00 in savings invested in one of my businesses and $300,000.00 in another. This represents 95% of my life savings and I am 55. Add in another $225,000.00 in loans and I have over a million bucks AT RISK.
I will explain the tax implications later and how they dramatically affect the lifeblood of this country, the small business person.

No offense, but that is a stupid way to run a business.

How would you know?
Do you know how I run my businesses or what businesses I own?
What is a smart way to run a business?
What small business do you run?
I have been at it for over 30 years.

If true, you shouldn't need to have all of your life savings tied up in it. My business has none of my personal savings in it...it is self-sustaining and turns a lovely profit.

 

[Gadawg73]

Business owners get a hell of a lot more deductions and write-offs than W-2 people.

So quit yer bitchin'.

Ever heard of business expenses?
What are they and why should I pay taxes on those?
What small business do you own?
And where was I "bitchin"?