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10-21-2009, 09:33 PM
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#1
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Senior Member
Join Date: Nov 2007
Location: New Jersey
Posts: 2,137
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question about money left over at end of year...
What do some of you guys do if you have a good amount of money left over at the end of the year...? wait for the Man to take his huge chunk..? buy stuff? get another van..? Give my wife a big bonus..? give me a big bonus..? What do some of you guys do..?
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10-21-2009, 09:35 PM
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#2
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Seen your member
Join Date: Sep 2007
Location: Cornpatch USA
Posts: 9,918
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If you're planning on having a wad at the end of FY 2009, you can always send it to me.
__________________
This message is hidden because Forgery, JackBoot, LawnGuyLandSparky, milehiwire and user 5941 are on your ignore list.
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10-21-2009, 09:42 PM
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#3
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Senior Member
Join Date: Nov 2007
Location: New Jersey
Posts: 2,137
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Will you promise to just hold it for me.... 
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10-21-2009, 09:43 PM
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#4
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B4T Scotchkote installer
Join Date: Feb 2009
Location: Long Island, N.Y.
Posts: 4,339
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Buy gold bars 
__________________
314.27.. you must use "listed" connectors when bringing wires into a 6X6 PVC box. Use a water tight compression connector for the UF because a 1/2" hole in the bottom of the box will cause all kinds of problems if you post it on a Internet Forum 
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10-21-2009, 09:45 PM
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#5
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Senior Member
Join Date: Sep 2009
Location: kentucky
Posts: 1,945
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Money at end of year
If I did have, I would give it to my wife. Without her and the kids, I would not get up in the morning.
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10-21-2009, 09:50 PM
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#6
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Unlimited Lic.Electrician
Join Date: Sep 2008
Location: Charlotte N.C.
Posts: 7,702
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Quote:
Originally Posted by RIVETER
If I did have, I would give it to my wife. Without her and the kids, I would not get up in the morning.
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I know thats right.
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10-21-2009, 09:51 PM
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#7
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Senior Member
Join Date: Nov 2007
Location: New Jersey
Posts: 2,137
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Are you allowed to gift someone money from your company..?
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10-21-2009, 10:01 PM
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#8
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Senior Member
Join Date: Sep 2008
Location: missouri
Posts: 957
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Put it back into the company, if it shows that you made too much profit uncle sam will rape you. Buy a tugger or bender or something that you can write off.
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10-21-2009, 10:13 PM
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#9
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Not Banned Yet
Join Date: Dec 2007
Location: Near Baltimore
Posts: 1,141
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how much money have you lent to the business to get started?
pay off debts and "keep it in the family"
If you NEED a tool or inventory to operate with...
then lend the money back to the company again after Jan 1 to buy them
right now... and more than ever... CASH is KING!
it's even worth shaving a few irs rules to keep the cash.
__________________
"Sometimes I wonder if men and women really suit each other. Perhaps they should live next door and just visit now and then." ~Katharine Hepburn
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10-21-2009, 10:46 PM
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#10
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Senior Member
Join Date: Dec 2007
Location: MA
Posts: 1,422
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HIDE IT<HIDE IT<HIDE IT. All year long.
Then hide it. 
__________________
"When one American is not worth the effort to be found, we as Americans have lost" (Rolling Thunder MA 1)
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10-21-2009, 11:07 PM
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#11
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Senior Member
Join Date: Nov 2007
Location: New Jersey
Posts: 2,137
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Im a little bit of a square when it comes to that .....
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10-21-2009, 11:14 PM
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#12
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Seen your member
Join Date: Sep 2007
Location: Cornpatch USA
Posts: 9,918
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Pay yourself a fat bonus, that makes it a write-off.
Keep the cash on hand, ready to plow back into the company if needed.
__________________
This message is hidden because Forgery, JackBoot, LawnGuyLandSparky, milehiwire and user 5941 are on your ignore list.
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10-21-2009, 11:22 PM
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#13
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Senior Member
Join Date: Nov 2007
Location: New Jersey
Posts: 2,137
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well the year is not over yet but it was decent for me. Im not sure how much I can give myself, need to talk to my bean counter.....I hope next year only gets better. I really think staying lean and mean through the bad economy is the way to go for me.
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10-22-2009, 06:33 AM
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#14
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Senior Member
Join Date: Nov 2008
Location: Presque Isle, Maine
Posts: 2,232
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There is always Cigarettes, Whiskey and Wild Wild Women.
__________________
"Whatever is felt is within suffering."
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10-22-2009, 07:52 AM
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#15
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Senior Member
Join Date: Nov 2007
Location: Virginia
Posts: 272
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Your accountant should be helping you out with this. Do you have a financial advisor? I bet you can up your retirement money tax free, also do you have a savings plan for your childrens education? you can stick money into that tax free. For next year you may want to think about putting one of your kids on the payroll, again talk to your accountant. You should be sticking the max amount you can toward your retirement.
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10-22-2009, 07:53 AM
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#16
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Registered Member
Join Date: Mar 2009
Posts: 947
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alot depends on how you file your tax return and also what you call a "big" chunk of money.
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10-23-2009, 04:30 PM
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#17
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Member
Join Date: Feb 2008
Location: Pennsylvania - the land of taxes
Posts: 83
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If I have a big chunk of money left at the end of the year, I look to see what bills I forgot to pay! After that, since I am in debt reduction mode right now, I pay off old debt.
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10-31-2009, 12:46 AM
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#18
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bored member
Join Date: Oct 2008
Location: Atlanta, Ga.
Posts: 3,175
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Quote:
Originally Posted by drsparky
There is always Cigarettes, Whiskey and Wild Wild Women.
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"...they'll drive you crazy, they'll drive you insane!"
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10-31-2009, 12:48 AM
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#19
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bored member
Join Date: Oct 2008
Location: Atlanta, Ga.
Posts: 3,175
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Quote:
Originally Posted by dawgs
Your accountant should be helping you out with this. Do you have a financial advisor? I bet you can up your retirement money tax free, also do you have a savings plan for your childrens education? you can stick money into that tax free. For next year you may want to think about putting one of your kids on the payroll, again talk to your accountant. You should be sticking the max amount you can toward your retirement.
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Yep!
I concur. Need an accountant, you do. Very helpful, they are. The money, they are worth.
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10-31-2009, 03:40 AM
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#20
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Site Idiot Smacker
Join Date: Aug 2009
Location: Port Coquitlam, British Columbia
Posts: 1,021
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__________________
Don't make me bust out the apprentice stick!
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