Comments on: Met with an accountant yesterday; here are some of my thoughts! http://www.dorm-room-biz.com/2008/05/20/met-with-an-accountant-yesterday-here-are-some-of-my-thoughts/ Helping Young Entrepreneurs Grow Thu, 11 Mar 2010 19:41:10 -0600 http://wordpress.org/?v=2.8.5 hourly 1 By: The Toilet Paper Entrepreneur | The Source For First Time Entrepreneurs | Blog http://www.dorm-room-biz.com/2008/05/20/met-with-an-accountant-yesterday-here-are-some-of-my-thoughts/comment-page-1/#comment-11462 The Toilet Paper Entrepreneur | The Source For First Time Entrepreneurs | Blog Tue, 01 Jul 2008 22:17:25 +0000 http://www.dorm-room-biz.com/?p=407#comment-11462 [...] Room Biz v3.0 – Met with an accountant yesterday; here are some of my thoughts – Chris Pund shares all the details of setting up his business.  Make sure you read the [...] [...] Room Biz v3.0 – Met with an accountant yesterday; here are some of my thoughts – Chris Pund shares all the details of setting up his business.  Make sure you read the [...]

]]> By: Chris http://www.dorm-room-biz.com/2008/05/20/met-with-an-accountant-yesterday-here-are-some-of-my-thoughts/comment-page-1/#comment-11376 Chris Thu, 22 May 2008 14:13:59 +0000 http://www.dorm-room-biz.com/?p=407#comment-11376 It you liked it, please digg it! It you liked it, please digg it!

]]> By: Isabella Murphy http://www.dorm-room-biz.com/2008/05/20/met-with-an-accountant-yesterday-here-are-some-of-my-thoughts/comment-page-1/#comment-11375 Isabella Murphy Thu, 22 May 2008 04:52:45 +0000 http://www.dorm-room-biz.com/?p=407#comment-11375 Nice write up, Chris, and thanks for answering my question. Huge favor, if you would: I totally entered in the wrong URL -- as you can see, that link you have to my name leads one to some other website far, far away. Could you tweak it for me? ;) My brain was somewhere else with the first comment. I'm stumbling this - very valuable to entrepreneurs starting out :) Isa Murphy Nice write up, Chris, and thanks for answering my question. Huge favor, if you would: I totally entered in the wrong URL — as you can see, that link you have to my name leads one to some other website far, far away. Could you tweak it for me? ;) My brain was somewhere else with the first comment.

I’m stumbling this – very valuable to entrepreneurs starting out :)

Isa Murphy

]]> By: zowoco http://www.dorm-room-biz.com/2008/05/20/met-with-an-accountant-yesterday-here-are-some-of-my-thoughts/comment-page-1/#comment-11374 zowoco Wed, 21 May 2008 19:23:42 +0000 http://www.dorm-room-biz.com/?p=407#comment-11374 It is always difficult to chart the precise moment at which a hobby venture begins to be a business and should be created as an LLC or company. The downside is that once you have bought the paperwork, paid your accountant and sorted the tax, you probably won't have any money left at all, especially if you pay yourself a salary from the company! The upside is that you now view your online business earnings as a serious business venture and therefore you will work all the harder to maintain your income figures, assess your internet marketing strategies and start new programs. You will soon want to go full time! The most useful networking to be done is to set up joint ventures with others who sell your line of product, and ezine/newletter owners who promote like items. Starting a company is a big step but it can be the one that rockets your online income into the serious numbers! Good Luck! xx It is always difficult to chart the precise moment at which a hobby venture begins to be a business and should be created as an LLC or company. The downside is that once you have bought the paperwork, paid your accountant and sorted the tax, you probably won’t have any money left at all, especially if you pay yourself a salary from the company!

The upside is that you now view your online business earnings as a serious business venture and therefore you will work all the harder to maintain your income figures, assess your internet marketing strategies and start new programs. You will soon want to go full time!

The most useful networking to be done is to set up joint ventures with others who sell your line of product, and ezine/newletter owners who promote like items. Starting a company is a big step but it can be the one that rockets your online income into the serious numbers! Good Luck! xx

]]> By: Mike Michalowicz http://www.dorm-room-biz.com/2008/05/20/met-with-an-accountant-yesterday-here-are-some-of-my-thoughts/comment-page-1/#comment-11373 Mike Michalowicz Wed, 21 May 2008 14:49:35 +0000 http://www.dorm-room-biz.com/?p=407#comment-11373 Good stuff Chris. On my paranoid side, I would suggest not disclosing income, etc. and if it is reported or not. If you ever, God forbid, get audited that comment could haunt you. While we aren't talk big money, you just never know. - Mike "Mr. Paranoid" Michalowicz Good stuff Chris. On my paranoid side, I would suggest not disclosing income, etc. and if it is reported or not. If you ever, God forbid, get audited that comment could haunt you. While we aren’t talk big money, you just never know.

- Mike “Mr. Paranoid” Michalowicz

]]> By: Ellis Benus http://www.dorm-room-biz.com/2008/05/20/met-with-an-accountant-yesterday-here-are-some-of-my-thoughts/comment-page-1/#comment-11369 Ellis Benus Tue, 20 May 2008 17:24:44 +0000 http://www.dorm-room-biz.com/?p=407#comment-11369 All good advice. I myself am a web designer, also do some ebay business, and have a few other income streams I'm trying to develop. Just like yourself, I plan to go the LLC taxes as an S-Corp route later this year. I just don't have enough revenue to justify it currently. Best of luck to you, and remember, just about any meal you eat if you discuss business then it is a tax deduction. Every time my wife and I eat out, we are talking about the business, and telling people about it, so almost always it's a tax deduction... But yes, that is usually only 50%. Still, it adds up quick. Also, be sure to track your mileage as well. Finally, I'm still trying to get you to email me regarding using some of your resources at my speaking presentations to college students about starting businesses while still in school. If you would email me at eb at ellisbenus.com that would be greatly appreciate! Thanks! All good advice.

I myself am a web designer, also do some ebay business, and have a few other income streams I’m trying to develop. Just like yourself, I plan to go the LLC taxes as an S-Corp route later this year. I just don’t have enough revenue to justify it currently.

Best of luck to you, and remember, just about any meal you eat if you discuss business then it is a tax deduction. Every time my wife and I eat out, we are talking about the business, and telling people about it, so almost always it’s a tax deduction… But yes, that is usually only 50%. Still, it adds up quick. Also, be sure to track your mileage as well.

Finally, I’m still trying to get you to email me regarding using some of your resources at my speaking presentations to college students about starting businesses while still in school.

If you would email me at eb at ellisbenus.com that would be greatly appreciate! Thanks!

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