Today was a very bad day....

[Dogmaphobe]

When do I get my penthouse apartment, my luxury yacht and my top shelf booze?


I'M WAITING...………...

 

[BULLDOG]

Sorry to hear this. I hope this virus is taken out quickly and government stimulates the economy and assists those businesses impacted. The economy was going well, nobody should lose their livelihoods and businesses because of something like this beyond their control, especially considering how this all came about.

People have been losing their livelihoods, businesses, insurance, and everything else they had because of things beyond their control for a long time. Until now, someone always managed to claim it was their own damn fault. I hope this recently found concern for people instead of corporations lasts more than a few weeks.

Damn, you ignorant leftist children annoy me with your reflexive hatred of corporations. There are MILLIONS of corporations in the country, the majority of which being small businesspeople.

I have a corporation. THe act of incorporating in the state of Oregon allows me to do business legally, and separate by business life from my private life.

I have six employees and we are ALL fucked right now because leftists like you are closing us down and then grandstanding in congress refusing to help "corporations".

Corporations are not people. Would you have incorporated if you weren't able to shift much of that corporate money into your own pocket in a way that a normal, unincorporated person can't. The country is made up of citizens, not companies. We should only help corporations/businesses if that help ultimately ends up in the pockets of the people.

This is not why you incorporate.

I Incorporated because, at the time as a sole proprietor, I was being taxed at 33% on all profits, even though I was holding on to money for rainy day funds, maintenance funds, upgrade funds, expansion funds, etc. The way the tax law was, any of that money I hadn't spent by theend of the year was taxed at that rate (33%). When I incoporated, anything I paid myself was taxed at my individual rate...but money held by the corporation was only taxed at 10%...once it was spent, that expenditure became a write off. If I ever personally spent it...it became personal income and was taxed at my individual rate.

The other VERY important benefit of incorporating was liability. The corporation could be sued...but my personal holdings are insulated...in most cases.

As a sole proprietor or a corporation, any profit or loss was your's anyway, no matter how you shuffled it behind the corporate veil. The corporation allowed you to keep more of it in a way that normal citizens can't. Thank you for making my point.

Not true. I cannot keep it. The corporation can keep it for corporate expenditures only.

The "normal citizen" isn't buying a $140,000 semi tractor and a $50,000 trailer every other month, paying employees and their taxes and employment benefits, paying for millions in insurance coverage or creating jobs for 35 people either.

The reduced tax rate is only an incentive to invest in expansion.

When it comes to me, I pay the same rate the normal citizen pays.

Are their perks to being a corporation? You betcha. I could go out tomorrow and buy a Delorean, park it out front and write it off as a company car. But I must use it 75% of the time (I don't remember what the actual percentage is) or I am begging for an audit. My corporation owns no company cars...it isn't worth it to me. I'd rather buy another freightliner.

I assume you have an LLC. If you had a normal S or C type Corporation,you would be required to have a board of directors. As the holder of an LLC you personally have the choice what to buy and when. Your corporation can supply virtually all your expenses and pay the corporate tax rate for all of it. As I said, you control what is done with any and all profit, and the corporation shields you from tax rates that normal citizens pay. No one forms a corporation unless they receive more from the corporate shield than they would as a proprietor, or sole proprietor. Go try blowing smoke up someone else;s ass.

What to buy and when...FOR THE BUSINESS. I cannot spend money on myself. I can buy a crib or a fishing boat or a mansion. I can buy tools, equipment, desks, computers, office space...and even then, I can't buy my kid a computer. It must be business related. I cannot personally enrich myself with that money. It is for business.

Why can't a normal citizen do that?

You have a job. What the fuck are you going to save up for FOR WORK year after year? You can expense anything you buy for work...if you're willing to itemize.

I think you are just being obtuse. It's not a members only club. Start a business... Incorporate...then you'll understand.

Your corporation can supply and deduct housing for it's principal officer as a business expense. Who says that housing can't include a crib, or even a man cave in the basement that has a pool table, big screen tv and a beer dispenser. Your wife is your top business adviser, so take her out to eat at the most expensive place in town. Spend a couple of minutes discussing work, and then deduct the whole night. You think your company might start doing off shore work? You need to buy and deduct a boat. Nobody says you ever have to actually do any work on the water, but you needed the boat to investigate the possibility. We both know those would all be considered valid businesses expenses, and nobody would bat an eye at the expense sheet.

Your corporation can supply and deduct housing for it's principal officer as a business expense.

Link?

We both know those would all be considered valid businesses expenses, and nobody would bat an eye at the expense sheet.

You're lying.

Nope. Not lying.
Corporate Housing Is Beneficial for Employees and Employers
For employees, corporate housing may be considered taxable compensation, but it’s still a great perk. You just may have to pay taxes for the privilege.

For employers, the cost of providing corporate housing can result in a substantial tax write-off. And when it comes to saving money on corporate taxes, every credit and deduction helps.

How Is Corporate Housing Taxed? Is It Tax-Deductible?

Corporate housing can be a tax deduction, or either a business or an employee, depending on who pays and other conditions. Get details here.

www.corporatehousing.com

For employees, corporate housing may be considered taxable compensation, but it’s still a great perk. You just may have to pay taxes for the privilege.

So the CEO has to pay taxes on it.

Thanks for the laugh!

The CEO has to pay taxes based on the value the corporation assigns to the benefit. That is much less than the cost of purchasing the items and paying the taxes as an individual would have to do. The purchase price is a totally deductible business expense for the corporation.

The CEO has to pay taxes based on the value the corporation assigns to the benefit.

No, the CEO has to pay based on the actual cost of the housing.

The purchase price is a totally deductible business expense for the corporation.

And totally taxable compensation for the officer.

Taxes are much less than purchase price plus taxes dumb ass.

No shit, asshole.
But your claim is the corporation can deduct and give to the officer for free.
Your claim is wrong.
The corporation gets a reduction in taxes, the officer gets an increase in taxes.

All that provides a way for you to take advantage of profit from a corporation you claim to own in a way that is not available to non incorporate people.

 

[Toddsterpatriot]

All that provides a way for you to take advantage of profit from a corporation you claim to own

Claim to own? LOL!

in a way that is not available to non incorporate people.

Perhaps you could explain the tax difference between getting an extra $50000 in income versus $50000 in housing benefits?

For the corporation? For the officer?

 

[BULLDOG]

Sorry to hear this. I hope this virus is taken out quickly and government stimulates the economy and assists those businesses impacted. The economy was going well, nobody should lose their livelihoods and businesses because of something like this beyond their control, especially considering how this all came about.

People have been losing their livelihoods, businesses, insurance, and everything else they had because of things beyond their control for a long time. Until now, someone always managed to claim it was their own damn fault. I hope this recently found concern for people instead of corporations lasts more than a few weeks.

Damn, you ignorant leftist children annoy me with your reflexive hatred of corporations. There are MILLIONS of corporations in the country, the majority of which being small businesspeople.

I have a corporation. THe act of incorporating in the state of Oregon allows me to do business legally, and separate by business life from my private life.

I have six employees and we are ALL fucked right now because leftists like you are closing us down and then grandstanding in congress refusing to help "corporations".

Corporations are not people. Would you have incorporated if you weren't able to shift much of that corporate money into your own pocket in a way that a normal, unincorporated person can't. The country is made up of citizens, not companies. We should only help corporations/businesses if that help ultimately ends up in the pockets of the people.

This is not why you incorporate.

I Incorporated because, at the time as a sole proprietor, I was being taxed at 33% on all profits, even though I was holding on to money for rainy day funds, maintenance funds, upgrade funds, expansion funds, etc. The way the tax law was, any of that money I hadn't spent by theend of the year was taxed at that rate (33%). When I incoporated, anything I paid myself was taxed at my individual rate...but money held by the corporation was only taxed at 10%...once it was spent, that expenditure became a write off. If I ever personally spent it...it became personal income and was taxed at my individual rate.

The other VERY important benefit of incorporating was liability. The corporation could be sued...but my personal holdings are insulated...in most cases.

As a sole proprietor or a corporation, any profit or loss was your's anyway, no matter how you shuffled it behind the corporate veil. The corporation allowed you to keep more of it in a way that normal citizens can't. Thank you for making my point.

Not true. I cannot keep it. The corporation can keep it for corporate expenditures only.

The "normal citizen" isn't buying a $140,000 semi tractor and a $50,000 trailer every other month, paying employees and their taxes and employment benefits, paying for millions in insurance coverage or creating jobs for 35 people either.

The reduced tax rate is only an incentive to invest in expansion.

When it comes to me, I pay the same rate the normal citizen pays.

Are their perks to being a corporation? You betcha. I could go out tomorrow and buy a Delorean, park it out front and write it off as a company car. But I must use it 75% of the time (I don't remember what the actual percentage is) or I am begging for an audit. My corporation owns no company cars...it isn't worth it to me. I'd rather buy another freightliner.

I assume you have an LLC. If you had a normal S or C type Corporation,you would be required to have a board of directors. As the holder of an LLC you personally have the choice what to buy and when. Your corporation can supply virtually all your expenses and pay the corporate tax rate for all of it. As I said, you control what is done with any and all profit, and the corporation shields you from tax rates that normal citizens pay. No one forms a corporation unless they receive more from the corporate shield than they would as a proprietor, or sole proprietor. Go try blowing smoke up someone else;s ass.

What to buy and when...FOR THE BUSINESS. I cannot spend money on myself. I can buy a crib or a fishing boat or a mansion. I can buy tools, equipment, desks, computers, office space...and even then, I can't buy my kid a computer. It must be business related. I cannot personally enrich myself with that money. It is for business.

Why can't a normal citizen do that?

You have a job. What the fuck are you going to save up for FOR WORK year after year? You can expense anything you buy for work...if you're willing to itemize.

I think you are just being obtuse. It's not a members only club. Start a business... Incorporate...then you'll understand.

Your corporation can supply and deduct housing for it's principal officer as a business expense. Who says that housing can't include a crib, or even a man cave in the basement that has a pool table, big screen tv and a beer dispenser. Your wife is your top business adviser, so take her out to eat at the most expensive place in town. Spend a couple of minutes discussing work, and then deduct the whole night. You think your company might start doing off shore work? You need to buy and deduct a boat. Nobody says you ever have to actually do any work on the water, but you needed the boat to investigate the possibility. We both know those would all be considered valid businesses expenses, and nobody would bat an eye at the expense sheet.

If I take corporated housing as an employee of the corporation...I must add it to my personal 1099 as compensation just as if I gave myself cash. There is no getting around it.

Taxes are much less than the cost of purchasing a house and furnishings. A new big screen TV becomes a deductible expense for the corporation, with no cost to the person enjoying the housing.

To be honest...we are now out of my depth of knowledge.

The way it is designed to work is that the compensation is to be claimed on personal taxes.

If the CEO gets a furnished penthouse apartment...he is to claim that as compensation equal to fair market value of renting a comparable penthouse apartment.

Whether that translates to the real world...I do not know. Human nature being what it is, I suspect not as much as we would like.

I don't play tax games. The wife doesn't have a company car...she drives a 20 year old buick and I drive a 30 year old pickup truck. So...if folks cheat the system, they are committing a crime.

Just remember...the lion's share of corporations aren't on Wall Street...they're honest folks on main street.

That's my unvarnished opinion.

I'm no expert on corporate law, but I did take advantage of the benefits for a few years. Not all corporations are unethical. All large corporations are unethical.

 

[Tijn Von Ingersleben]

.... that our business will not survive very many at all.
On average we get between 25 orders on a REALLY slow day to over 50 on a good day.
Last thursday we got 12
Friday - 10
Today - 1.... yeah 1.
I will either have to lay off half the employees or half everyone's hours. Leaning towards halving hours.
And even that will only sustain us for a few weeks at this rate.

And then the Governor gives a stay at home order.
We're fucked. And Washington can't get their heads out of their asses long enough to work together and pass a bill. Too fucking scared the other party will get the credit.
I know a lot, and i mean a LOT of business owners and all day today is panic and mayhem. It is all I did today was deal with "I don't know what to do at this point..."

Shit...and this is all for nothing...all so some rich bastards can consolidate assets. It's such shit. Sorry man.

 

[luchitociencia]

.... that our business will not survive very many at all.
On average we get between 25 orders on a REALLY slow day to over 50 on a good day.
Last thursday we got 12
Friday - 10
Today - 1.... yeah 1.
I will either have to lay off half the employees or half everyone's hours. Leaning towards halving hours.
And even that will only sustain us for a few weeks at this rate.

And then the Governor gives a stay at home order.
We're fucked. And Washington can't get their heads out of their asses long enough to work together and pass a bill. Too fucking scared the other party will get the credit.
I know a lot, and i mean a LOT of business owners and all day today is panic and mayhem. It is all I did today was deal with "I don't know what to do at this point..."

I truly feel your pain.

I have started my life twice from ZERO. On the last one I had to sell all my equipment which was almost new at half price in order to have cash money fast. The first time was the bad economy of the moment, the second time was totally my fault by over spending. After the last bad experience I decided to become a regular employee in a government agency and have side jobs for extra income.

My curiosity is to know from you, as a victim of this current situation mandated by the government, do you think that the measures were necessary in your area?

How do you feel about it? Do you think that other solutions should have been considering before the order to close business, churches, etc?

I'm not asking you to provide alternatives but if you agree with what has been done with the attempt to contain the spreading of the virus.

On the other hand.

Do you think that one way to help your kind of business might be returning back to mail envelops rather than internet services for a while? Like, three to five years of government agencies using your services for printing envelopes again for people paying their house taxes, income taxes, etc, and cut off online payments?

This returning back to old days might slow the process of receiving documents and payments and refunds, but no one will get broke because their tax refund took two months rather than a week.

I know my suggestion sounds "stupid", but look, you can't go broken and depend on a loan which will take long to pay and will keep you on the edge, but I think some measures must be made to help your business and you and your employees recover faster from this economic falling.

To retrograde some methods of sending bills and payments in order to incentivize progress in the kind of business (printing) is probably a solution for your case.

Hope you can recover from the current situation, it catch you by surprise and I think that it is a duty from everybody -not the government alone- to find the way of coming back to the point before the virus.

 

[otto105]

The Democrats will do everything they can to worsen the situation and damage The Economy. This is about The Election for them, and they really could care less about Working Americans, when they all got rich from robbing working Americans, and skimming money from our taxes.

Post rated to stupid to respond to.

 

[The Original Tree]

The Democrats will do everything they can to worsen the situation and damage The Economy. This is about The Election for them, and they really could care less about Working Americans, when they all got rich from robbing working Americans, and skimming money from our taxes.

Post rated to stupid to respond to.

It’s “too” not “to” Estupido!