U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-23-2018, 04:37 AM
 
10,604 posts, read 14,214,683 times
Reputation: 17203

Advertisements

Quote:
Originally Posted by EmilyFoxSeaton View Post
This has nothing to do with anything. Seems you just want to post what you want to talk about. I won't need a tax deduction.



Amazed? I find that hard to believe. It is basic that a message board should keep people on topic. If people want to blather about irrelevant information designed to make them feel superior.. gonna call it out.
You will have to file and pay income tax even as a sole proprietor.

You will be required to pay Self Employment taxes for Social Security and Medicare taxes. You'll pay both the employer's share and the employee's share.

Whether you take business deductions on your filing is up to you.

Last edited by runswithscissors; 02-23-2018 at 05:22 AM..
Reply With Quote Quick reply to this message

 
Old 02-23-2018, 07:33 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
5,506 posts, read 4,106,897 times
Reputation: 7310
Quote:
Originally Posted by EmilyFoxSeaton View Post
This has nothing to do with anything. Seems you just want to post what you want to talk about. I won't need a tax deduction.



Amazed? I find that hard to believe. It is basic that a message board should keep people on topic. If people want to blather about irrelevant information designed to make them feel superior.. gonna call it out.
The posts have all been very much on topic and very relevant to owning and running a business.
If you can't see that then I think you are not going to have successful in business.
Having owned my own business I can say everyone has been pretty accurate.
You on the other hand have no experience and never owned a business, so much you came to a board asking a bunch of strangers for advice .
You claim to be a lawyer which involves reasonable intelligence. Why do you need to ask people here for their advice, can't you figure it out on your own?
It seems you might do well to try a business that doesn't involve dealing with others because you seem to be easily offended and are quick to chastise others.
Reply With Quote Quick reply to this message
 
Old 02-23-2018, 07:38 AM
 
Location: Somewhere in America
12,304 posts, read 10,777,599 times
Reputation: 20540
Quote:
Originally Posted by EmilyFoxSeaton View Post
This has nothing to do with anything. Seems you just want to post what you want to talk about. I won't need a tax deduction.



Amazed? I find that hard to believe. It is basic that a message board should keep people on topic. If people want to blather about irrelevant information designed to make them feel superior.. gonna call it out.
It doesn't matter if you need a tax deduction. The IRS has all kinds of crazy requirements for hobbies and businesses. If you're running a business, you're required to file income, sales, and employment taxes. The state has their own requirements as well. It can be quite a pain and spendy to have an accountant do all that work.
Reply With Quote Quick reply to this message
 
Old 02-23-2018, 07:54 AM
 
Location: Loudon, TN
5,789 posts, read 4,846,494 times
Reputation: 19489
Quote:
Originally Posted by homelessinseattle View Post
If you're retiring and starting a business you're not retiring.


Sell vibrators from your so cal beach home.
You've been watching too much Frankie and Grace! LOL
Reply With Quote Quick reply to this message
 
Old 02-23-2018, 07:58 AM
 
Location: Loudon, TN
5,789 posts, read 4,846,494 times
Reputation: 19489
Buy and manage vacation homes in a resort area. Start with one condo or cabin with a good rental history, and market it on VRBO and Home Away. Use the profits to purchase the next one, and so forth. A side benefit is you can use it several times a year for yourself.
Reply With Quote Quick reply to this message
 
Old 02-23-2018, 08:24 AM
 
Location: Virginia
3,971 posts, read 2,039,196 times
Reputation: 10906
Quote:
Originally Posted by EmilyFoxSeaton View Post
You're magical. Your comments really don't seem on point at all other than telling us how great you are. Presumably you do this to have an income and or because of the field you chose.

But I will not need to have an income and I can choose exactly what I want and how much I want... if, it becomes too much I can just end the business. But I suspect strongly it will take off like wildfire. I have several service providers that only work a few days a week but have a business.

I don't know a lot about antiques but I have considered a shop with "flipped" yard sale furniture (or selling them at yard sales) I enjoy taking like some 1960s piece of furniture and repainting it and doubling the profit.

I don't really have any other hobbies since I have time before retirement if there was something promising I could take classes etc while waiting.
Just some FYI. If you have a booth at an antiques mall, you will pay booth rent, which can sometimes be substantial if it's a decent mall with good foot traffic. The mall will issue you a 1099, so you will have to file a Schedule C unless you just want to declare any income as additional income and pay straight taxes on it. Otherwise you need to maintain careful records of your purchase and sales prices, supplies, store percentage (malls generally take 10% of the sales price if they sell an item when you're not present in the booth), discounts, etc. There's a fair amount of paperwork. You'll also need to keep track track of your mileage for purchases, trips to the mall, etc. It can be a lot of physical and detailed paperwork as well.

I ran a booth at an antique mall for over 4 years; I was actually one of the first booth "owners" when the mall opened. It was fun, but got to be a pain having to attend auctions and estate sales all the time to keep my stock varied and sufficient. I also got tired of cleaning up, pricing, displaying, and schlepping merchandise from the source to my home and then to the mall, plus storing all the inventory that wasn't at the mall. Then there were customers that, after all this work, would still always try and get the price down even further (and I didn't price my items super high like a lot of the dealers.) Eventually I just got bored and figured I had other, better things I could do with my time and money. I don't miss it a bit either.
Reply With Quote Quick reply to this message
 
Old 02-23-2018, 09:07 AM
 
Location: Houston area
762 posts, read 810,380 times
Reputation: 1742
OP, you are smart enough to figure out what you want to do. Just do it. If it doesn't work out, quit. Try something else. Only you know what will make you happy.
Reply With Quote Quick reply to this message
 
Old 02-23-2018, 09:33 AM
 
329 posts, read 162,889 times
Reputation: 509
Quote:
Originally Posted by aslowdodge View Post
The posts have all been very much on topic and very relevant to owning and running a business.
If you can't see that then I think you are not going to have successful in business.
Having owned my own business I can say everyone has been pretty accurate.
You on the other hand have no experience and never owned a business, so much you came to a board asking a bunch of strangers for advice .
You claim to be a lawyer which involves reasonable intelligence. Why do you need to ask people here for their advice, can't you figure it out on your own?
It seems you might do well to try a business that doesn't involve dealing with others because you seem to be easily offended and are quick to chastise others.
I can't rep you again, sorry.
Reply With Quote Quick reply to this message
 
Old 02-23-2018, 09:36 AM
 
Location: DFW - Coppell / Las Colinas
32,019 posts, read 36,668,383 times
Reputation: 38660
If you have a big circle of friends you might enjoy helping Seniors with their Real Estate. It's difficult getting in the business today in the normal way due to technology. You might even go to work assisting an established agent.

Good thing about RE is there is a huge amount to learn. If you can specialize in Seniors you might have a step up on the younger crowd. It is all commission so no sales means no $$.

It's a tough but rewarding business. I really enjoy the learning part, everyday is a new day.
Reply With Quote Quick reply to this message
 
Old 02-23-2018, 09:41 AM
 
329 posts, read 162,889 times
Reputation: 509
Quote:
Originally Posted by Bungalove View Post
Just some FYI. If you have a booth at an antiques mall, you will pay booth rent, which can sometimes be substantial if it's a decent mall with good foot traffic. The mall will issue you a 1099, so you will have to file a Schedule C unless you just want to declare any income as additional income and pay straight taxes on it. Otherwise you need to maintain careful records of your purchase and sales prices, supplies, store percentage (malls generally take 10% of the sales price if they sell an item when you're not present in the booth), discounts, etc. There's a fair amount of paperwork. You'll also need to keep track track of your mileage for purchases, trips to the mall, etc. It can be a lot of physical and detailed paperwork as well.

I ran a booth at an antique mall for over 4 years; I was actually one of the first booth "owners" when the mall opened. It was fun, but got to be a pain having to attend auctions and estate sales all the time to keep my stock varied and sufficient. I also got tired of cleaning up, pricing, displaying, and schlepping merchandise from the source to my home and then to the mall, plus storing all the inventory that wasn't at the mall. Then there were customers that, after all this work, would still always try and get the price down even further (and I didn't price my items super high like a lot of the dealers.) Eventually I just got bored and figured I had other, better things I could do with my time and money. I don't miss it a bit either.
It sounds like something I would enjoy because I love restoring wood and furniture but I can see the scenario you are talking about. I remember when I was moving years ago I had a sale and people were coming thru my house and cellar. I had priced the stuff low because I just wanted to move but then people would come in and waste my time haggling over the stupidest of things.

Once I got so fed up about these two older gents arguing over an old picture frame in my cellar that when they left I flung it against the wall (I know, bad - maybe an anger management issue ) But about $130 came flying out that someone (probably my grandfather) had hidden.

Then when I no longer wanted anything to do with my 'sale' I put the rest of the stuff outside with a 'free' sign. You wouldn't believe how many people came pounding on my door asking the price. One family came back so many times I finally said, "Ten dollars" and they were finally happy and left with their stash.

Bungalove - this was in my old 1920's bungalow that I wish I still had

But it WAS something I was considering doing on the side when I get a little bit older but now I'm not sure.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top