Well now, this is an interesting development.

Kyle

Kyle

Beloved Misanthrope
PREMO Member
phreddyp said:
Well here is ONE, you don't pay state and local taxes on T-Bills for a savings of about 7%.

I was leaning towards disclosing this in my conversation with Gilligan yesterday, but when he disclosed that his enterprise is NOT profitable the discussion was rendered mute, as you do not pay taxes on losses.

I am pretty sure that LightRoasted will be here rebutting this with 7% tax savings in fiat money is no savings at all.
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Between keeping up with four different investment companies, I don't know if I have the time to wrestle with a fifth. Even for state exempt.

But I'll look into it.
 
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phreddyp

Well-Known Member
Gilligan said:
LMFAO. What a fool. Yep...24 years of being unprofitable. A true financial miracle..an epic survival tale.... :killingme
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It is not hard to show that you are unprofitable, just place much of the money in qualified retirement accounts for you and your employees. Amazing most if not all profit disappears no taxes due. I am shocked that your accounts manager did not pick up on this. Also years with allowed accelerated depreciation can make a BIG difference. You really should NOT be on such a high horse Gilligan!
 
Gilligan

Gilligan

#*! boat!
PREMO Member
phreddyp said:
It is not hard to show that you are unprofitable, just place much of the money in qualified retirement accounts for you and your employees. Amazing most if not all profit disappears no taxes due. I am shocked that your accounts manager did not pick up on this. Also years with allowed accelerated depreciation can make a BIG difference. You really should NOT be on such a high horse Gilligan!
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Is making wild uninformed assumptions sort of a hobby of yours? How many years have you owned and operated your engineering company?
 
stgislander

stgislander

Well-Known Member
PREMO Member
phreddyp said:
It is not hard to show that you are unprofitable, just place much of the money in qualified retirement accounts for you and your employees. Amazing most if not all profit disappears no taxes due. I am shocked that your accounts manager did not pick up on this. Also years with allowed accelerated depreciation can make a BIG difference. You really should NOT be on such a high horse Gilligan!
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You realize he's yanking your chain just for the fun of it right?

At least when he's messing with you, he's leaving me alone.
 
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phreddyp

Well-Known Member
Gilligan said:
Is making wild uninformed assumptions sort of a hobby of yours? How many years have you owned and operated your engineering company?
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Nope just trying to show that it is easy to show no profit for years, you get to have your cake and eat it too! You were the one who stated that your business was unprofitable not me. So basically you lied and now its my fault, typical liberal.
 
Gilligan

Gilligan

#*! boat!
PREMO Member
phreddyp said:
So basically you lied and now its my fault, typical liberal.
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:killingme
crackup.gif
 
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phreddyp

Well-Known Member
Gilligan said:
Is making wild uninformed assumptions sort of a hobby of yours? How many years have you owned and operated your engineering company?
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Not an Engineer, I was an electrical contractor which I have stated before. I retired after 35 years or so, had to deal with most aspects of doing a regulated business, as I would imagine you have. I have made plenty of mistakes that's for sure so when I think that I can help a fellow business person I WILL try. Business is tough, I pretty much always appreciated a fellow business person giving me tips and other times I paid to learn them in seminars and classes. Trying to navigate thru Taxes, Health Insurance, retirement, employee problems, Code changes, procuring jobs, materials and equipment maintenance can be a challenge to say the least!
 
GregV814

GregV814

Well-Known Member
I understand some really smarty pants people ON THIS FORUM will be starting a company soon. I don't know what they are doing but it dosent matter cause the Government will fund the start up and finance their payroll and bail em out in the end... dont laugh, I wish I figgered it out earlier.... watch for:

HemiStMaryClem co.com
 
Gilligan

Gilligan

#*! boat!
PREMO Member
phreddyp said:
Not an Engineer, I was an electrical contractor which I have stated before. I retired after 35 years or so, had to deal with most aspects of doing a regulated business, as I would imagine you have. I have made plenty of mistakes that's for sure so when I think that I can help a fellow business person I WILL try. Business is tough, I pretty much always appreciated a fellow business person giving me tips and other times I paid to learn them in seminars and classes. Trying to navigate thru Taxes, Health Insurance, retirement, employee problems, Code changes, procuring jobs, materials and equipment maintenance can be a challenge to say the least!
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Since the majority of our business is always overseas (worldwide)....the fun times involved with international shipping, export/import laws, contracts, Letters of Credit, international travel, and even just basic communication (language barriers) are hard to beat.
 
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phreddyp

Well-Known Member
Gilligan said:
Since the majority of our business is always overseas (worldwide)....the fun times involved with international shipping, export/import laws, contracts, Letters of Credit, international travel, and even just basic communication (language barriers) are hard to beat.
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I do not envy that, the other stuff I listed was more than enough for me, sometimes I wonder how I did it. LOTS and LOTS of hours, but it did pay off.
 
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