Re: Are you guys aware of this ticking time bomb?

Don Y <blockedofcourse@foo.invalid> wrote:

On 10/20/2024 1:12 PM, Sergey Kubushyn wrote:

Don Y <blockedofcourse@foo.invalid> wrote:

On 10/19/2024 3:54 PM, Sergey Kubushyn wrote:

The cherry on the cake is that most people are not even aware they have to
submit such reports...

>
Of course, you are aware that you have to report and pay "Use Tax/Transaction
Privilege Tax/Sales Tax" on any items for which you did not have said taxes
taken out at time of purchase.  Regardless as to whether you are a business
or a private individual...
>
I.e., there are likely many requirements that you are unaware of.
You *do* have a lawyer and accountant, right?

 
I don't. I'm a one man shop filing my business taxes as Schedule C on my
personal tax return.

 
That's your mistake.  Do you also diagnose your own health conditions?
Do your own plumbing?

You hire somebody if you have money for this. And actual need. You probably
don't understand that there are many different situations.

I have a permanent full time job. This is my main income source. I do also
have an LLC that I use for side contracts. Those are quite rare, don't even
happen every year. Didn't have any in 2023 and none this year. The LLC cash
flow is negative -- not even counting other expenses, just business license
cost pushes it in the negative territory. Do you think there is NEED for
hiring somebody to do nothing? And where the money to spend on such hiring
is supposed to come from?

The other use for that LLC is to get calibration agreements and other stuff
with big companies that won't even talk to individuals. Ever tried Fluke for
example? And they are not an exception. Did you try to get proper Internet
connectivity with legal IP addresses where you can run your own server farm?
With your own domains, DNS, email, and everything else?

As of doing own plumbing -- yes, I do. As well as woodworking, HVAC, small
construction, electrical, and whatever else. And I do all kinds of welding,
machining, metalworking, building prototypes, do software engineering close
to the bare metal and much more. I know that I will do it better than most
of so-called "professionals", will be confident that the work is done
properly, it will cost me way less than those "professional" services, will
do way less damage to my nervous system, and it is FUN to learn new skills.
I do have many licenses/certifications like e.g. EPA Universal HVAC that
allows me to work on ANY HVAC system. And I have tons of tools for
different trades that I purchase instead of paying "professionals" order of
magnitude higher price for each one-time job which is poorly done most of
the time.

Also, I've been taught that an engineer must be able to do himself whatever
he wants the technicians and other workers are supposed to do to implement
his design. E.g. one may be not as skilled to do tricky welds but he should
be able at least start and keep an arc otherwise he has no moral authority
to make any demands on the workers and technicians. When you can do whatever
they can do you have their respect.

And those clients/customers who hire me are NOT one man shops. They have
money to burn and they don't have experience so they actually have a NEED.

You hire folks who have these skillsets and have dedicated themselves
to tracking what's "current" in terms of best practices.  Just like
your clients/customers hire *you* to perform YOUR tasks.
 

There are many such businesses (probably most of those 20 millions that
didn't submit that form yet?). People, e.g. make an LLC for renting out
their rental properties. There are no lawyers and accountants there. There
are also many one man shop LLCs made by consultants doing some contracts.
There are many LLCs created just to be able to talk to those big companies
who "do not deal with individuals".
 
Those are ALL subject to that law. Those who have lawyers and accountants
are more likely to have more than 5 million dollars yearly revenue so they
are all EXEMPT. This law is targeted at a LITTLE GUY who usually don't have
lawyers and accountants.

 
I ran a one-man shop.  I had a lawyer and an accountant.  Because I
knew I had to interface to a legal/financial system in which I didn't want
to become "expert".  Do I have the intelligence to learn those things?
Of course!  Is that how I want to spend my time?  Nope!

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