accel_is_my_drug Posted February 19, 2013 Report Share Posted February 19, 2013 I don't think it's a valid business at all, I bet it's an LLC thrown together to write the modding of his own car off on taxes, it takes nothing to form an LLC. Then after 5 years of not making money, fold LLC. Create another for a couple hundred on legal zoom. Start again. Wait a minute... you can do this? More details please!!! hmm... what monstrosity to make with my new shop?? How about a Nascar COTF chassis tucked under a 69 Dodge Charger with a 13,247,801 hp twin turbo V10 from the new viper. Fastest, quickest, most awesome-est car ever! Now to name my new shop...hmm... how about Vapor-ware engineering? Quote Link to comment Share on other sites More sharing options...
SpaceGhost Posted February 19, 2013 Report Share Posted February 19, 2013 I have a friend that wanted to get into photography. He said he started an LLC pretty much as a hobby, no intention of making money, bought all his equipment, wrote it off, and basically the government gives you 5 years to show a profit, if not they deem it a hobby. So fold business, go on legal zoom start new LLC for couple hundred dollars or just enjoy your purchases from your failed LLC. I could be missing some details but that is what was communicated to me. Quote Link to comment Share on other sites More sharing options...
ImUrOBGYN Posted February 19, 2013 Report Share Posted February 19, 2013 I have a friend that wanted to get into photography. He said he started an LLC pretty much as a hobby, no intention of making money, bought all his equipment, wrote it off, and basically the government gives you 5 years to show a profit, if not they deem it a hobby. So fold business, go on legal zoom start new LLC for couple hundred dollars or just enjoy your purchases from your failed LLC. I could be missing some details but that is what was communicated to me. Oh, so it's the new "Bankruptcy". I knew a couple people back in the day who would just load the fuck up with shit, file bankruptcy and start it all over again. This was many years ago, of course. lol Quote Link to comment Share on other sites More sharing options...
SpaceGhost Posted February 19, 2013 Report Share Posted February 19, 2013 (edited) Oh, so it's the new "Bankruptcy". I knew a couple people back in the day who would just load the fuck up with shit, file bankruptcy and start it all over again. This was many years ago, of course. lol You wouldn't file Bankruptcy because there is no debt; he paid for the equipment outright. You just dissolve the LLC before 5 years. Hell the cameras were old by then anyway and he wanted new stuff anyway, he's pretty wealthy. I wonder if you could start your own 503c "not for profit" donate your cash to the 503c run by you, write off the charitable donation, use the 503c to purchase equipment, play, have fun, enjoy equipment. Never have to show profit? I think you can create a 503c on legal zoom.com. From Legal Zoom.com What is a 501©(3) public charity? A 501©(3) public charity is an entity that: (1) has been organized under state law, (2) is operated for a 501©(3) purpose, (3) benefits an unidentified charitable class of people (e.g., those who suffer from AIDS), (4) engages in activities that are non-political in nature, and (5) derives at least one-third of its support from the general public. A 501©(3) purpose includes--but is not limited to--educational, religious, scientific, medical and charitable endeavors. So in theory Anthony has this message board, businesses could "donate their ad fees" to the message board, run track days for the public take donations for said track days. (1/3 donations from the public). He could purchase cars race them and set up the charitable group as race/off topic enthusiasts to gather on said message board and hold track events while not making a profit.... You know the 1: 2: 3: 4: NOT profit! I'm no expert, just stating ideas, maybe I am missing a whole bunch of things. Edited February 19, 2013 by Benjamin Quote Link to comment Share on other sites More sharing options...
BigOxley Posted February 19, 2013 Report Share Posted February 19, 2013 I have a friend that wanted to get into photography. He said he started an LLC pretty much as a hobby, no intention of making money, bought all his equipment, wrote it off, and basically the government gives you 5 years to show a profit, if not they deem it a hobby. So fold business, go on legal zoom start new LLC for couple hundred dollars or just enjoy your purchases from your failed LLC. I could be missing some details but that is what was communicated to me. god, we should all do this with our cars. Quote Link to comment Share on other sites More sharing options...
AudiOn19s Posted February 19, 2013 Report Share Posted February 19, 2013 I have a friend that wanted to get into photography. He said he started an LLC pretty much as a hobby, no intention of making money, bought all his equipment, wrote it off, and basically the government gives you 5 years to show a profit, if not they deem it a hobby. So fold business, go on legal zoom start new LLC for couple hundred dollars or just enjoy your purchases from your failed LLC. I could be missing some details but that is what was communicated to me. I had a student recently who did this with his GT3 and all of his track expenses associated with the car. started a "Racing" company and basically wrote off all of his track expenses that way. Quick Google search of this guy shows he was found guilty of fraud and other various things related to shady business practices with his construction company so I pretty much instantly decided to discard anything he ever told me. Quote Link to comment Share on other sites More sharing options...
Got-Boost? Posted February 19, 2013 Report Share Posted February 19, 2013 I'd say that falls in the "just because it's legal doesn't make it right" categroy... Quote Link to comment Share on other sites More sharing options...
thorne Posted February 19, 2013 Report Share Posted February 19, 2013 You wouldn't file Bankruptcy because there is no debt; he paid for the equipment outright. You just dissolve the LLC before 5 years. Hell the cameras were old by then anyway and he wanted new stuff anyway, he's pretty wealthy. I wonder if you could start your own 503c "not for profit" donate your cash to the 503c run by you, write off the charitable donation, use the 503c to purchase equipment, play, have fun, enjoy equipment. Never have to show profit? I think you can create a 503c on legal zoom.com. From Legal Zoom.com So in theory Anthony has this message board, businesses could "donate their ad fees" to the message board, run track days for the public take donations for said track days. (1/3 donations from the public). He could purchase cars race them and set up the charitable group as race/off topic enthusiasts to gather on said message board and hold track events while not making a profit.... You know the 1: 2: 3: 4: NOT profit! I'm no expert, just stating ideas, maybe I am missing a whole bunch of things. There's allot of restrictions around a nonprofit. I had the idea of creating a nonprofit whos soul existance is to take care of me..... Quote Link to comment Share on other sites More sharing options...
SpaceGhost Posted February 19, 2013 Report Share Posted February 19, 2013 I had a student recently who did this with his GT3 and all of his track expenses associated with the car. started a "Racing" company and basically wrote off all of his track expenses that way. Quick Google search of this guy shows he was found guilty of fraud and other various things related to shady business practices with his construction company so I pretty much instantly decided to discard anything he ever told me. Good to know. Quote Link to comment Share on other sites More sharing options...
ICEMAN1647545504 Posted February 19, 2013 Report Share Posted February 19, 2013 The problem is that, if you go to finance a house (for example), all the "unreimbursed expenses" of the LLC count against your income. Example: you make $148K (drive a Cougar), you file $100K in unreimbursed expenses under the LLC, your income is $48K for that year. 1 Quote Link to comment Share on other sites More sharing options...
SpaceGhost Posted February 19, 2013 Report Share Posted February 19, 2013 The problem is that, if you go to finance a house (for example), all the "unreimbursed expenses" of the LLC count against your income. Example: you make $148K (drive a Cougar), you file $100K in unreimbursed expenses under the LLC, your income is $48K for that year. See, told ya I am missing stuff. LOL Quote Link to comment Share on other sites More sharing options...
ohioko4s4 Posted February 20, 2013 Report Share Posted February 20, 2013 I have a friend that wanted to get into photography. He said he started an LLC pretty much as a hobby, no intention of making money, bought all his equipment, wrote it off, and basically the government gives you 5 years to show a profit, if not they deem it a hobby. So fold business, go on legal zoom start new LLC for couple hundred dollars or just enjoy your purchases from your failed LLC. I could be missing some details but that is what was communicated to me. Not quite. If you don't show a profit 3 out of the first 5 years, the IRS deems your business a 'hobby' (among other criteria) and any write-offs you take can be later flagged with a tax liability plus penalties and interest. You can generally get away with writing off 'expenses' against 100% of your income for a hobby business, but if you write-off more than income, then you're rolling the dice on a full audit. Quote Link to comment Share on other sites More sharing options...
SpaceGhost Posted February 20, 2013 Report Share Posted February 20, 2013 Not quite. If you don't show a profit 3 out of the first 5 years, the IRS deems your business a 'hobby' (among other criteria) and any write-offs you take can be later flagged with a tax liability plus penalties and interest. You can generally get away with writing off 'expenses' against 100% of your income for a hobby business, but if you write-off more than income, then you're rolling the dice on a full audit. More good info, not sure if he was ever audited though. He could have been payed to do some work though. Quote Link to comment Share on other sites More sharing options...
AngryBMW Posted February 20, 2013 Report Share Posted February 20, 2013 Not quite. If you don't show a profit 3 out of the first 5 years, the IRS deems your business a 'hobby' (among other criteria) and any write-offs you take can be later flagged with a tax liability plus penalties and interest. You can generally get away with writing off 'expenses' against 100% of your income for a hobby business, but if you write-off more than income, then you're rolling the dice on a full audit. Bingo. -Marc Quote Link to comment Share on other sites More sharing options...
ForeverMaker Posted February 22, 2013 Report Share Posted February 22, 2013 All UGR cars better watch out... http://i.imgur.com/yoqExEL.png Quote Link to comment Share on other sites More sharing options...
imstock2 Posted February 22, 2013 Report Share Posted February 22, 2013 Word on the block.. wiggly boy is making his da vue in the tx2k13 Quote Link to comment Share on other sites More sharing options...
TimTaylor751647545500 Posted February 22, 2013 Report Share Posted February 22, 2013 83 pages??? http://1.bp.blogspot.com/_pL6UNEjjrZQ/SG00ox7yhvI/AAAAAAAAAY8/UU3hUU4r5Nk/s400/shock.jpg.jpeg cliffs? Quote Link to comment Share on other sites More sharing options...
ForeverMaker Posted February 22, 2013 Report Share Posted February 22, 2013 Read page 1 and the first few posts. dwiggs does not have a running car and was making all these claims. even the owner of UGR joined this site because of it. Quote Link to comment Share on other sites More sharing options...
JuicedH22 Posted February 22, 2013 Report Share Posted February 22, 2013 Not quite. If you don't show a profit 3 out of the first 5 years, the IRS deems your business a 'hobby' (among other criteria) and any write-offs you take can be later flagged with a tax liability plus penalties and interest. You can generally get away with writing off 'expenses' against 100% of your income for a hobby business, but if you write-off more than income, then you're rolling the dice on a full audit. Glad someone said it... BTW, just to be clear... you do know that when you "write off" a business expense, it doesnt mean you get that value removed or given to you on a tax return, right? It doesnt make the purchases "free' as you seemed to be eluding to... Quote Link to comment Share on other sites More sharing options...
SpaceGhost Posted February 22, 2013 Report Share Posted February 22, 2013 BTW, just to be clear... you do know that when you "write off" a business expense, it doesnt mean you get that value removed or given to you on a tax return, right? It doesnt make the purchases "free' as you seemed to be eluding to... Seriously? SMH Those child credits I get, yea that's the money the Fed pays me to have kids..... And of course the fed pays me the interest I pay on my house all year. I'm getting like $50k back. Quote Link to comment Share on other sites More sharing options...
SpaceGhost Posted February 22, 2013 Report Share Posted February 22, 2013 What I was eluding to was writing off about $15k to $20k in camera and video equipment. You know if you are going to buy it anyway, might as try to reduce your tax burden with the purchase. Quote Link to comment Share on other sites More sharing options...
Mr. Jones Posted February 22, 2013 Report Share Posted February 22, 2013 DAFUQ Quote Link to comment Share on other sites More sharing options...
Farkas Posted February 22, 2013 Report Share Posted February 22, 2013 Word on the block.. wiggly boy is making his da vue in the tx2k13 da vue? lol Ohhhhhhh, you mean DEBUT. Got it. Quote Link to comment Share on other sites More sharing options...
JuicedH22 Posted February 22, 2013 Report Share Posted February 22, 2013 How did that fucking retard graduate high school?????? da vue???? What.... the.... fuck.... Quote Link to comment Share on other sites More sharing options...
Wonderboy Posted February 22, 2013 Report Share Posted February 22, 2013 BALLS BALLS BALLS BALLS BALLS SHIT FUCK ASS CUNT AMERICA Quote Link to comment Share on other sites More sharing options...
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