Shorts Report post Posted May 27, 2009 I'm filling out state tax paperwork and am curious about the 'place of business' address listed when it is also a home address. Are there concerns about the two being the same? Quote Share this post Link to post Share on other sites
esantoro Report post Posted May 27, 2009 I'm filling out state tax paperwork and am curious about the 'place of business' address listed when it is also a home address.Are there concerns about the two being the same? I think most businesses are home businesses of this sort, so there is no problem. On your Schedule C for 2009 you can take the home office deduction. You can only take the home office deduction for the year if all the other expenses still leave you with business profit. The home office deduction cannot add to your losses for the year. If you do have losses for the year, the home office deduction can be carried forward to taxes for 2010. I know some of this info was not requested but it just found itself coming out as a packaged deal. Someone please correct me, if any of my info is incorrect. One thing about the home office deduction is that you'll have to pay taxes in some manner if you sell your home. I'm not sure of the intricasies of this situation. I think I nailed my Schedule C for 2008 and am now even better prepared for 2009 and can more readily see strategies taking form as I make the necessary business purchases. This all leads me to another tax question I have, which will have to go in a separate thread. Ed Quote Share this post Link to post Share on other sites
Shorts Report post Posted May 27, 2009 Excellent. I did not know about the deduction for loss. And selling the house (tax puposes) at a later date will certainly be a detail we'll go over. How about concerns of customers stopping by? I'm not interested or setup to have people walking up to my front door. With the home address listed (public), will this be an issue? How do I handle that? Quote Share this post Link to post Share on other sites
Johanna Report post Posted May 27, 2009 If you mean as far as privacy, there is none. If you type my street address into Google it will show you a pic that clearly shows our house and barn, camper, boat, and trucks. You can count the sections of chainlink fence and sidewalk blocks. Google my name and you can find out I was arrested for (but not convicted of) disorderly conduct in Richmond, Virginia in 1990, but you won't see that it was at a Bonnie Raitt concert or what led up to it. If you mean legally, it is best to consult your attorney or accountant to take advantage of the best arrangements for your particular situation. No one wants to lose their house because someone sued their business! Johanna Quote Share this post Link to post Share on other sites
claybuster101 Report post Posted May 27, 2009 In Michigan if you file a dba (doing business as) with your local county clerks office be prepared to be deluged with a bunch of bullshit mail and propaganda. The first thing to come is usually an application to become a Notary of Public. From there the list of crap can be endless. As an added bonus, the local legal newspaper will publish the fact you have registered as a dba, may or may not have your listed address (don't think that people of ill repute do not read the legal news!) As far as the "home office" deduction goes, unless you have a dedicated space of "X" amount of square feet is it even worth it to claim it? I would think that investing in better tools or equipment (rock solid depreciable expense), and certainly all the leather, thread, rivets etc, etc are used up so there is nothing left in inventory at the end your fiscal year....right? I would think since you (just like myself) do not want a steady stream of off street traffic at your front door (makes my Pit Bull crazy anyway) consider renting a mail box at the local mail boxes etc or kinkos or other similar venue. The numbered box usually is listed as a suite number (box 101 becomes suite 101). Creates a "business address" where items can be shipped to, provides a higher degree of anonimity and a safety net for you and your family. Just my 2 centavo's worth. Like the old guy taught me....Cash never made any enemies. Quote Share this post Link to post Share on other sites
esantoro Report post Posted May 27, 2009 Yeah, that is a tricky situation. If I was going to spend good money on something and was in the area of the maker, I'd want to drop buy and have a look. I think this is where liability becomes a greater issue. What if a potential client comes buy and you have not de-iced the front steps? I'm willing to bet that there are quite a few people out there who make it their full-time job to research , set up, and execute schemes very much along these lines. The only bit of advice I can give that I feel confident about and have put into practice is to make such arrangements only after email and telephone correspondence has taken place first, and then arrange a particular time for a meeting/appointment to take place. The rationale is that you want to make sure the potential client is absolutely, categorically interested in what you make and sell. Just because you're paranoid doesn't mean you're wrong. America the Beautiful. Ed Excellent. I did not know about the deduction for loss. And selling the house (tax puposes) at a later date will certainly be a detail we'll go over.How about concerns of customers stopping by? I'm not interested or setup to have people walking up to my front door. With the home address listed (public), will this be an issue? How do I handle that? Quote Share this post Link to post Share on other sites
Shorts Report post Posted May 27, 2009 (edited) Hmm sounds like I shouldn't be out washing my truck in skimpy clothing at the wrong part of the day. Well, I guess I'll handle it as I go. Any potential customers will be well aware guns are involved so I would hope they tread lightly Any customers that I'll be seeing face to face will be those in our shooting group and any shows I attend throughout the year. But for the most part, there will be no store front and no open door policy when it comes to the daily routine. I did file as an LLC so that offers more protection than with the sole proprietorship. I think I'll still poke around for insurance and make adjustments to the current home owners policy if I can. I just submitted the last of my paperwork and received confirm of all official business. Look out, it's real according to Texas! Edited May 27, 2009 by Shorts Quote Share this post Link to post Share on other sites
TwinOaks Report post Posted May 31, 2009 Hmm sounds like I shouldn't be out washing my truck in skimpy clothing at the wrong part of the day. That's called marketing darlin' What I've done for my extremely limited holster work is to get in good with a local shop/range. I primarily work on an 'as ordered' basis, but have sold a few items on consignment, right off his display cabinets. I'm friends with the manager, and he steers work my way when he can. I return, his holster was 'at cost', as was his daughters. I can leave items for customers, they can leave payment, etc. Good business deal, and I make sure the shop gets a little bit of anything I sell because of them...usually just a cash tip, and everybody's happy. You might check with the local clubs to see if they will allow a similar arrangement. Quote Share this post Link to post Share on other sites
Ian Report post Posted May 31, 2009 Google my name and you can find out I was arrested for (but not convicted of) disorderly conduct in Richmond, Virginia in 1990, Johanna Jo, you wild woman, you Quote Share this post Link to post Share on other sites
