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Self employment after ER?
Old 03-30-2009, 12:17 PM   #1
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Self employment after ER?

Has anyone established a part-time home business/self employment after they ER'd? If so, how did it go?
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Old 03-30-2009, 01:11 PM   #2
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I did back in the early 80's. Accounting and it went well. Still have the EIN for the company but have not done any (for profit) since about 86.
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Old 03-30-2009, 02:09 PM   #3
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I'm doing it now. I'm not technically ER since I'm still working PT at this self-employed gig. It's working well for me, YMMV.
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Old 03-30-2009, 02:26 PM   #4
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Most would consider rental property management as a self employment gig ... that's me.
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Old 03-30-2009, 02:28 PM   #5
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Has anyone established a part-time home business/self employment after they ER'd? If so, how did it go?

I started selling on ebay . It's going fine . I usually spend a few hours a week on it so it's more like a hobby that pays well .
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Old 03-30-2009, 02:38 PM   #6
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I started selling on ebay . It's going fine . I usually spend a few hours a week on it so it's more like a hobby that pays well .
Hi, Moe. Just curious - is there any way the IRS could consider eBay revenue to be earnings? I'm assuming that if you are simply selling your own personal possessions it is not "income" for tax purposes, true?
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Old 03-30-2009, 02:47 PM   #7
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Hi, Moe. Just curious - is there any way the IRS could consider eBay revenue to be earnings? I'm assuming that if you are simply selling your own personal possessions it is not "income" for tax purposes, true?
Boy that conversation is going to move to PMs in a hurry...
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Old 03-30-2009, 03:01 PM   #8
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Hi, Moe. Just curious - is there any way the IRS could consider eBay revenue to be earnings? I'm assuming that if you are simply selling your own personal possessions it is not "income" for tax purposes, true?
It has always been my understanding (not having personal experience) that this income is, indeed, considered income by the IRS. Even if (the proof is on your side) the property is your personal stuff, you would have to establish a "cost basis" to lower your exposure. The same is true if you had a yard sale or sold everything at auction.

Now whether they come after you or not would, I suppose, be determined by how big a pile we are talking about.
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Old 03-30-2009, 03:22 PM   #9
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So far most of the little sellers have not been worth going after by the IRS but I do keep good records and can always use the "I'm a widow of an IRS agent " card while I weep .In my mind it's a profitable hobby not a business as I claim no business expenses for it . If my late IRS agent husband saw this post he'd just shake his head and say"Let's file separately ".
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Old 03-30-2009, 05:25 PM   #10
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So far most of the little sellers have not been worth going after by the IRS but I do keep good records and can always use the "I'm a widow of an IRS agent " card while I weep .In my mind it's a profitable hobby not a business as I claim no business expenses for it . If my late IRS agent husband saw this post he'd just shake his head and say"Let's file separately ".
Sounds like you're going to qualify for a job with the fed gubmint.......Maybe at the cabinet level......
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Old 03-30-2009, 06:16 PM   #11
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Sold two books on the net today, netted $62.18, after postage. It's just a side-effect of re-organizing and cleaning out closets and shelves. Gross since 12/14/08 is $836.65.

Did my own house cleaning today, that reduces my expenses by $2,675/year, that is if I don't come to my senses and hire another cleaning lady.
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Old 03-30-2009, 06:19 PM   #12
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Has anyone established a part-time home business/self employment after they ER'd? If so, how did it go?
I retired in October of 2008 and recently have started a small, portable sawmill business- more of a hobby business I guess but I like the work, it's outdoors, and great exercise. I have enough jobs lined up to keep me busy a couple of days a week for a while but for the most part, don't expect to make a lot of money but decided I'd rather invest some cash in a sawmill rather than get a low rate on a CD- these things tend to hold their value so might even beat the market, lol.
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Old 03-30-2009, 07:34 PM   #13
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After supposedly retiring, I started consulting 3 days/week. What I like most about it is that it has rekindled my love of all things geeky.
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Old 03-31-2009, 10:00 AM   #14
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7 years ago my wife started making goat milk soap that I sell at local growers markets twice a week. Its been both fun and profitable. We could grow the business but frankly then it would be more like w**k than fun
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Old 03-31-2009, 12:13 PM   #15
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7 years ago my wife started making goat milk soap that I sell at local growers markets twice a week. Its been both fun and profitable. We could grow the business but frankly then it would be more like w**k than fun
That's the spirit!
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Old 03-31-2009, 01:21 PM   #16
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We (DW and I) retired July 1, 2008, which was 2.5 years before my official retirement age of 66. We are now full-time, unpaid missionaries in Peru. But we wrote textbooks before retiring, still receive royalties, and when we return from our mission in a year, we'll continue to update our books and possibly write completely new titles. As long as it doesn't seem like w**k, and as long as it's profitable, we'll keep doing it.
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Old 03-31-2009, 03:59 PM   #17
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My male gigolo business has had a rocky start. There may be a problem with my business model: women aren't willing to pay for what they can get all too easily for free. Of course, it's inconceivable that there could be something wrong with the product...
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Old 03-31-2009, 05:15 PM   #18
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My male gigolo business has had a rocky start. There may be a problem with my business model: women aren't willing to pay for what they can get all too easily for free. Of course, it's inconceivable that there could be something wrong with the product...
Are you advertising in the right venues?
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Old 03-31-2009, 06:10 PM   #19
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Are you advertising in the right venues?

That is great advice ! Send me a few fliers and I'll put them on the bulletin boards of the nicest trailer parks . You'll be booked for ever . I hope you play bingo .
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Old 03-31-2009, 06:16 PM   #20
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What someone needs to start is a listening business ! A lot of older people are always cornering me in the local supermarket to discuss anything from their back pain to how to tell if a melon is ripe . So somebody should just start a business that they can call when lonely and have someone to talk to . I'd love to do it but I usually fall asleep in the middle of their World War 2 stories and how they don't make good cars anymore and Bless her soul but nobody made apple pie like Betty and have I told you how Doc Smith cured my lumbago .
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