Stimulus

Quote: AZDuffman

What planet was your business on? I've known several business owners who are able to draw nothing for most of the year. In college we were taught flat out that if you need a regular weekly salary then owning a business is not for you. One bodega I would frequent the guy said the place made no profit except when a big convention was in town, that let him clean up until the next. He lived for the Fury convention, it was his best week of the year.

On an off topic point, I recently watched something on youtube that that was one of the worst conventions to host because they make such a mess, and even though they always paid and were insured for everything hotels just stopped allowing then in because of their toxicity.

Unless there are more that one Fury group, I don't know much about that lifestyle. But, I found that video interesting about that convention and their relation to the hotels.

https://youtu.be/GmULc5VANsw

Quote: AZDuffman

What planet was your business on? I've known several business owners who are able to draw nothing for most of the year. In college we were taught flat out that if you need a regular weekly salary then owning a business is not for you. One bodega I would frequent the guy said the place made no profit except when a big convention was in town, that let him clean up until the next. He lived for the Fury convention, it was his best week of the year.

I don't know what planet EvenBob had a business on, but here in the US on planet Earth it is recommended by many/most accountants that business owners take a salary as soon as it becomes feasible to do so. You are in business to make a profit and if part of that profit doesn't help you live in at least a minimal lifestyle, why be in business for yourself? I am not saying that there are not hard times where sacrifices need to be made but it seems like the idea is to get your business to the point where it pays you a salary plus makes a profit.

Sure, there are exceptions...but the guy who makes it all at one time should also manage the consumption of cash for the whole year. If it isn't enough to live on, then he either needs to close the business, sell more services, start another business, or go to work for someone. the idea of owning a business is to be your own boss, which sounds great...but you can't let the business run you for less money than you need to live.

What you learn in college is not always right or maybe taught badly...the idea of owning a business is to make a living and, hopefully, then some... That doesn't rule out taking a salary. It just may be inconsistent at times if you struggle.

Quote: Gandler

On an off topic point, I recently watched something on youtube that that was one of the worst conventions to host because they make such a mess, and even though they always paid and were insured for everything hotels just stopped allowing then in because of their toxicity.

Unless there are more that one Fury group, I don't know much about that lifestyle. But, I found that video interesting about that convention and their relation to the hotels.

Since you asked.......

The one in Pittsburgh is known to be their biggest conventions. From what I have heard the hotels have mostly told them that they need to use the toilet, not a litter box, if they want to stay there. This convention SLAMS the city. The hotel has to disable the revolving door for the people coming and going. I worked in a twin tower to the hotel in a megastructure so walked thru it all for days it was there.

As a group they fall under "nice people, but weird." I get that people dress as animals from Disney to just mascots for this or that. Some of these people put megabucks into their "fur suits." I get that they might want a convention to market themselves and get ideas. What I do not get is how many of them actually think they are animals. Some eat out of dog dishes and "do their business" in their yard.

One local restaurant during a convention some guy hassled one, the owner chased him off with a bat. Word got around, that owned now has to order hundreds of dog dishes each year for the convention for these people to eat out of. Partly that is a gimmick, but partly because these people are nuts.

Not sure about the females, it is more males anyways. But I would peg the gay male percent at 90% or greater. This holds for those characters at Disney I am told. No idea why.

OTOH, it was a fun week to work in downtown. Get to tell people you saw an 8 foot tall blue fox walking down the street and explain you were not drunk. People come for the parade at the end of the thing. And they leave behind several millions in cash.

Quote: AZDuffman

What planet was your business on? I've known several business owners who are able to draw nothing for most of the year. In college we were taught flat out that if you need a regular weekly salary then owning a business is not for you. One bodega I would frequent the guy said the place made no profit except when a big convention was in town, that let him clean up until the next. He lived for the Fury convention, it was his best week of the year.

I agree with Bob. You should always take a salary if you own the business. If you can't afford to pay yourself you accrue the debt and pay yourself all of the back pay when you can afford it. I went 13 months without paying myself when I started my business many years ago. I was eventually able to pay myself all of the accrued backpay. That is how my accountant recommended so that while you can't pay yourself the business is showing the loss.

Running a seasonal business and making a salary don't necessarily go hand in hand A friend of mine had big business at his restaurant in the summer when he was renting tubes for the river and had patrons eating. Not much going on in the cold months -- not many people wanting to float in a cold river.

Quote: Evenbob

Wow, you'd last a couple months doing
that. I owned a couple businesses, my
wife had one for 20 years. You always
pay yourself a salary, for IRS reasons
if nothing else. What you suggest is
how you run a lemonade stand, not
an actual business. You would also
never find a competent accountant
who would let you do that. I'm
talking brick and mortar businesses
with employee's.

To be fair, I figured that's how most would do it. I wasn't sure about the need to pay a salary for the tax reasons you state. I did essentially run my little surgicenter part of our anesthesia business. We would collect for the cases, pay our employees and expenses, and once a quarter distribute what was left over to the partners. We would get a K-1 at the end of the year. I guess my business was a lemonade stand?

Quote: Evenbob

Wow, you'd last a couple months doing
that. I owned a couple businesses, my
wife had one for 20 years. You always
pay yourself a salary, for IRS reasons
if nothing else. What you suggest is
how you run a lemonade stand, not
an actual business. You would also
never find a competent accountant
who would let you do that. I'm
talking brick and mortar businesses
with employee's.

My parents owned a very successful restaurant and they NEVER drew a salary.

Quote: ams288

My parents owned a very successful restaurant and they NEVER drew a salary.

Big mistake. The business will show more profits and incur more taxes.

Anybody understand how the Stimulus checks ($1200) are going to be electronically disbursed to people who have never got a direct depost refund?

I was assuming the IRS would have a site where we could enter it but I can find no such place. I have heard that paper checks may take up to five months.

Quote: DRich

Anybody understand how the Stimulus checks ($1200) are going to be electronically disbursed to people who have never got a direct depost refund?

I was assuming the IRS would have a site where we could enter it but I can find no such place. I have heard that paper checks may take up to five months.

There will be, it has not been released yet.

If you receive your refunds in Direct Deposit, they will automatically use your most recent information unless you contact them otherwise.

If you receive SS it will be deposited in the same account and your SS (possibly with the next payment).