LOL, No disgruntled chef here, that business is still going, i just hired 2 others to do the work, as for the multiple businesses, yeap and a multiple personality disorder also!! LOL!
Ok so a quick, not too detailed overview,
Now, No i don't consider the destruction or replacement cost of the truck, it is written off and devalued down -0-(either by nileage or depreication schedule, and i don't deal with that stuff at all), when it is junk, it will simply be replace.
So yea there is a truck, it is owned by the equipment leasing company that owns the fitness equipment, my wifes solon and day spa business equipment, the equipment in the commerical kitchen that is rented for the personal chef business and my son in laws 2 local delivery trucks.
My post was strictly to the "its not the gross but the net that counts", post and nothing else. I said
"I" could net more on less gross then most. I never said this was how the norm was od for a 25 y/o with his 1st van. I also said
"THIS" business , and stated the expeditiing business, not any of my other businesses. Yes the van is maintained by the lease company (and all expenses are shown as a loss for te lease company. I do NOT pay the leasing company a dime for the use of the van. There is a Daily rental agreement written for each run, but it is never paid (that is shown as a loss on the books of the leasing co.). All money that bolt pays my expediting company goes strictly to me, the only expenses are gas, tolls, and the daily stuff we all have on the road, nothing goes to pay for anything on the van, that is all covered in the total GROSS of the leasing company.
It is a simple paper chase that has one business making a profit and paying for all expenses of 3 other business.
No where did i say this was relevent to anyone running their own business, it is simply how i have run my businesses for over 30 yrs. And yes i have been audited many times,only had to pay more when i "forgot" to claim 1099 income on my personal taxes for over 6 yrs, hey i have a bad memory ok!?!? LOL!
So no im sure a newbie with no business experience would even think of screwing around doing something like this, but I totally enjoy screwing with the irs, hell last yr my schedule "C" income on 1 non incorperated business and shown on my oersonal taxes had a taxable income of $.37 (cent) , yr before that was $.18 (cents), passed those audits too.
The fitness center equipment will be taken off the books completely this yr because i can't loss anymore money on it, except the storage fee for storing it.
So again, you can net more on less gross, just depends how how creative you want to be in who owns and pays for what.
And Dave has it right!!!
No need to complicate the simple.
It isn't what you make in a day, it is what you are keeping.
One could gross a million a year but if they spent a million to make it, they still haven't made anything.
