|
Save money?
I am kicking around setting up a business, a sole proprietorship, primarily to take advantage of dealer pricing for my build. What experience have others has with doing this?
Who know. Maybe it will blossom and I could do mail order for the club members passing along the discount! Is the fall folage cruise on? |
fall folage cruise
could you please post something about the fall folage cruise. Also, does anyone out there know how to afix stone guards for headlights? thanks
|
I will tell you-I put the stone guards on my car and did it wrong, so they fell off. I would suggest that you find a car with them already installed--once I saw how they went on-I felt like a clutz for not doing mine right--
m |
$AVING$
Ask your accountant about the hobby deduction. This may be an easier route and would have the potenatil to save you a great deal of money. When you figure out how to combine BOTH sole proprietorship and the hobby deduction, you'll be on to something. With the records I learned to keep from rental properties, it would not be a big deal to make this leap.
-Steve wadesdad@hotmail.com |
Steve,
A hobby deduction--I never heard of that--I will check-- Thanks for the lead- m |
My neighbor just finished a dragster. After talking to his accountant, he put his consulting co name on the side and will now write it off. A nicely done script type logo might work well on a Roadster too.
|
Taxes
My facts were a little off on a hobby deduction.
Per Kiplinger's "If your endeavor shows a profit in at least 3 years out of 5, the law assumes you're trying to make money. Fail the 3 of 5 year test, however, and it is assumed the activity is a hobby." I was wrong. I'm sure it won't be the last time. There are, however, some interesting things you could attempt. The fact that it is a car would cap you out in depreciation rather quickly (in 2000 it was $3,060). The only way around the cap is deducting a rather heavy car. (+6,000 lbs. empty weight!) Go figure! A really large SUV would qualify as this weight includes cargo and passengers. Try an accountant for the best way. I'm definately NOT one. |
not necessarily a tax deduction
I am not necessarily looking for a tax deduction. Sure it would be nice! But it sound advice to talk to a CPA first.
The biggest item I am looking at is getting dealer prices on parts and supplies. I have spoken to a few of the favorite Cobra related parts supplier and all have indicated a discount for businesses. Years ago in was in retail automotive parts. The mark up can be huge. Just looking to save a buck and perhaps some day set it up so that I can share with the other Cobra/Cobra knock-off enthusiast. Keep the info coming! GO BUCKS |
| All times are GMT -7. The time now is 07:53 AM. |
Powered by vBulletin® Version 3.8.0
Copyright ©2000 - 2026, Jelsoft Enterprises Ltd.
Search Engine Friendly URLs by vBSEO 3.6.0
The representations expressed are the representations and opinions of the clubcobra.com forum members and do not necessarily reflect the opinions and viewpoints of the site owners, moderators, Shelby American, any other replica manufacturer, Ford Motor Company. This website has been planned and developed by clubcobra.com and its forum members and should not be construed as being endorsed by Ford Motor Company, or Shelby American or any other manufacturer unless expressly noted by that entity. "Cobra" and the Cobra logo are registered trademarks for Ford Motor Co., Inc. clubcobra.com forum members agree not to post any copyrighted material unless the copyrighted material is owned by you. Although we do not and cannot review the messages posted and are not responsible for the content of any of these messages, we reserve the right to delete any message for any reason whatsoever. You remain solely responsible for the content of your messages, and you agree to indemnify and hold us harmless with respect to any claim based upon transmission of your message(s). Thank you for visiting clubcobra.com. For full policy documentation refer to the following link: