Income up reply retrt

[harvey]

oh no....

I wish I could find the story that began with 'Remember when things were
simple?', and ended with 'Remember when things were simple?' I believe it was
in a PTJournal at some point.

As JimB proposed, I respect your decision to not tag onto your wife's resale
tax license. However, having been that route: DBA, AKA, fictitious business
name, resale license, and so forth, it took me quite a while to get =back= to
the more simplistic income/expense method. In fact, I had to "kill" my
business
(that particular dba) with the tax gestapo to accomplish this.

On a practical level, you've already shared your revenue producing methods
(and
amounts) with us. I no longer have the thread, but believe that your
additional
income is still not up to the sale of one good grand piano (as example).

With this in mind, instead of putting your name on the dotted line tomorrow,
why don't you play "what-if" with the sales tax person? At the entry level,
some of them are reasonable. It's only afterwards that things can get out of
hand. It may be that for the revenue you are generating, you can still take
the
simple route. I don't have your message, but assume -- again on a simplistic
level --  an additional $7500 income per year, and a sales tax of 6%. That's
$450.  True, the state might want that money, but it's possible they're
getting
it in other forms anyway.

Another example: By having a resale number, it won't mean you can buy more
power tools, or get them for less money, and you'll likely pay sales tax on
them. You may even have to continue paying sales tax on your raw materials
(oak, walnut, plywood, etc.)

I don't know the right advice, but am only suggesting that you consider this,
and not act impulsively, which is what you seem to be doing. Discuss all the
ramifications of this with someone.

While I'm on a role, I'd suggest discussing it with someone =other= than your
current tax preparer! I don't like his/her take on things. Don't buy toys..
ah,
tools... indeed!

And that's my take.



At 03:46 PM 8/1/98 -0500, James wrote:
>On this Monday I will be applying for my own sales tax number and for your
>information I will let you know the in and outs, here in MO as to applying
>for it.


Jim Harvey, RPT
harvey@greenwood.net
________________________
I'm glad it's not my piano!
              -- Richard Davenport (date unknown)