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SAME OLD INFO?
Providers of creative business ideas are always coming up with “unbeatable” reasons to form a Nevada entity. There are legitimate reasons to form an entity in Nevada just like there are reasons to form an entity in Delaware, or even your own state.
“Unbeatable” reasons have included bearer shares, credit repair, entity-paid house payments and tax avoidance. There exists more than a little poor and dangerous business advice regarding entities. The founders of the Business Owners Institute have been in the business of advising businesses for decades. We’ve issued many warnings, advised against stupid ideas and exhorted business owners to use common sense and think things through to the final end. We still issue warnings we still advise.
I HATE PAPERWORK
You may have 2 floors and 16 offices of record keepers. You may have a corner desk or you may use the passenger seat in you truck to store your records. We do understand the productive mind’s disdain for additional paperwork. There comes a time when we all have to grow up– when we all have to get up when we cannot ignore the alarm clock, when we have to keep an inconvenient appointment. When we have to figure out our own system for record keeping that will protect us from attack and/or internal rot.
The Business Owners institute begs, pleads, cajoles and would command you (if we could) to make record keeping one of your top priorities. Accurate financial and administrative records can save your business life. We have the LIFESAVER SYSTEM!!! You will learn why accurate record-keeping will set you apart .
fun, safe, effective.
We hear all the time from business owners that <”I’m too d___ed unorganized to even be organized!!!” We can say that you are NOT too unorganized to organize your business. Every business struggles with organization during slow time through to the most hectic of business activities. Recommit and prosper.
INDEPENDENT CONTRACTORS / EMPLOYEES
When is an independent contractor independent? When the contractor is paid less than $600 per year or has company with ITS OWN tax ID number.
When is an independent contractor really a “common-law” employee? The IRS has a list of 20 questions to solve this dilemma. If the answer to any of the 20 questions is “yes” you have a common-law employee relationship and you are NOT paying an independent contractor.
By the way, the IRS has one more question– #21 (Did the party work for anyone else during the past year?), if this is answered no, you, again, have been paying a common-law employee and not an independent contractor. You are now responsible for any unpaid payroll taxes, plus 100% penalty, plus interest.
The cost to the business for an independent contractor to be reclassified by the IRS as a “common-law employee” will be significant. The IRS generally audits after 3 years have gone by. and can literally wipe the business out!!!
Whether an employee or and independent contractor, we need to know how to instill pride is
WE HEAR ALL THE TIME FORM BUSINESS OWNERS THAT ”
A great investment keeps producing returns month after month and year after year. You can smile… THE WINNER.
The Best lawsuit is the one you can avoid.
Think about it! How many homeless people do you think get sued?
What can an attorney get from someone who has nothing??? And fortunately, the founding fathers outlawed Debtor’s Prison.
But let’s face it. You don’t have to be destitute to avoid a lawsuit. You can do some marvelous things that generally make attorneys uninterested in perusing you.
If you want to pay less? You must owe less!
Do you think it’s fair that other people get to manage their cash flows differently?
Get across the point that the big boys aren’t paying the same taxes you are. They get far more deductions than you get.
They are not a sub-s, an LLC and This is UNFAIR. We need them to know that. UNFAIRNESS is borderline unethical.
You’re not on board with this are you crazy,? You want to be a victim all of your life?
You went out and did what was expected of you and you went out and saw the shyster,
Does he own part of your Business?
Does he care if you make money? He only cares if he makes money. Isn’t that the truth? If you want your business to provide for you, you have to provide for it. You’ve got to use the resources that you can find. The normal resources that you are used to, attorneys, accountant, and correspondence courses don’t have a lot of connection to your business. Those things don’t have a whole lot of credibility to your business. They just don’t apply. So you’ve get to develop some new resources. Maybe you’re in a position that you can sit down and have some nice long talks with someone who’s had your problems. How do you find someone who is successful in business? Nobody knows about it. Do you like that cell phone you’re using? Why didn’t you have one like that thirty years ago?
[we need analogies] Now we’ve got Owe Less Tax. There are industries that no longer exist because somebody else came in with technology Hollywood Video. Netflicks.
Have we come to grips with a definition of owe less tax. Have we determined that OWE LESS TAX can be sold at an indirect sale.