Go Incorporate Yourself

[rice]

..........just curious as to what you guys do!...I try and steal and cheat every semi-legal way possible on taxes and am willing to try anything!

Guess that male stripper/escort thing didn't work out for you???
Maybe if you changed your name to "Bruce" you'd attract a whole new type of client.

 

[Gulfstream 200]

Guess that male stripper/escort thing didn't work out for you???
Maybe if you changed your name to "Bruce" you'd attract a whole new type of client.

your girlfriend seems to be a regular each weekend when your flying.....biatch!!

(leave her a few hundred this friday, please...)





heck, who am I kidding...Im writing this from another foreign dump...

 

[HMR]

Im curious too...how does one lessen their tax burden this way?

what types of sidework are you doing where you make enough money to need this or need the LLC protection?

My business acumen peaked with my newspaper-route in the 7th grade so bear with me...

I was talking to a wealthy buddy a few months ago and he asked me why I don't have an LLC for the contract flying I do. He asked me a few questions about my monthly income and expenses then, 30 minutes later, handed me a sheet of paper showing items I could legally run through the LLC to lessen my tax burden. Without getting the least bit "creative" it showed a net income increase of over $10,000. When I thought about it some more, I realised every person I know who makes LOTS of money (i.e. the people all of us PT91 guys fly for) have LLC's. Once I got the green light from my accountant I started the paperwork.

My job situation is unique so it might not make sense for everyone. Definately worth a call to your CPA or a tax attorney, though.

 

[Gulfstream 200]

My business acumen peaked with my newspaper-route in the 7th grade so bear with me...

I was talking to a wealthy buddy a few months ago and he asked me why I don't have an LLC for the contract flying I do. He asked me a few questions about my monthly income and expenses then, 30 minutes later, handed me a sheet of paper showing items I could legally run through the LLC to lessen my tax burden. Without getting the least bit "creative" it showed a net income increase of over $10,000. When I thought about it some more, I realised every person I know who makes LOTS of money (i.e. the people all of us PT91 guys fly for) have LLC's. Once I got the green light from my accountant I started the paperwork.

My job situation is unique so it might not make sense for everyone. Definately worth a call to your CPA or a tax attorney, though.

OK. I see why for contract work, I suppose you can create many deductions?

But none of the Pt91 guys I work with do contract work. myself included, no interest in it.

I will ask, but was just wondering why everyone here is creating LLC's and how they are making extra bucks.

anyone else?


I might just have to stick with dancing for Rices girlfriends.

 

[rice]

I might just have to stick with dancing for Rices girlfriends.

You aint got enough trunk for all your junk!!!!!!!imp:

 

[Gulfstream 200]

You aint got enough trunk for all your junk!!!!!!!imp:

and you wonder why she is always smiling when you get home from all those weekends and holidays!

someone has to mind that store Rice!...

you know what they say, once you go black......oh nevermind.

imp:

 

[Some_Other_Dude]

Extra Bucks

Well I have been trying to stay active with my non flying time and started to compete in triathlons. This lead me to becoming a coach and I have small triathlon coaching company.

It helps keep me sane!

 

[HMR]

But none of the Pt91 guys I work with do contract work. myself included, no interest in it.

Understood.

Everyone's situation is different. I love contract work because it's good "toy" money and gets me inside an airplane. I have a set schedule of +/- 4 days a month at my full-time gig so a day or two of contract work isn't a burden on the QOL.

FWIW- According to my accountant, the LLC doesn't need to make a profit for you to get the tax benefits. The IRS just needs to see that an effort to be profitable was made. YMMV.