Cheesehead
Recycles dryer sheets
I have had my own small video business for 33 years with a home office, I am 59 (DW is a 55 year old teacher and would like to retire ASAP) and thought I would "retire" in a couple of years just so I can enjoy more of life before the inevitable deterioration sets in. I love my work (although it's high stress), it's exciting, pays very well but much more importantly: I can write off a LOT, all legal. I was once audited so I know what I can write off.
I was thinking of taking far fewer projects at 62 and using my super powers to help charities and other worthy causes rather than help mega companies sell products, services or manipulate public opinion which is what I spent my career doing.
So I would like the opinion of folks that had or still have their own small business and ask what sense does it make to "close up shop" if we can still have all these legal write offs? For instance, one car and ALL it's expenses and gas, the land line, two smart phones, the high speed internet connection, a portion of the mortgage, most trips to Radio Shack and Lowes, cable TV, much of the parking downtown...they are all legally deductible and add up to around $700 a month.
Would love to hear from people in a similar situation. I understand if you don't turn a profit in 7 years the IRS gets upset...
I was thinking of taking far fewer projects at 62 and using my super powers to help charities and other worthy causes rather than help mega companies sell products, services or manipulate public opinion which is what I spent my career doing.
So I would like the opinion of folks that had or still have their own small business and ask what sense does it make to "close up shop" if we can still have all these legal write offs? For instance, one car and ALL it's expenses and gas, the land line, two smart phones, the high speed internet connection, a portion of the mortgage, most trips to Radio Shack and Lowes, cable TV, much of the parking downtown...they are all legally deductible and add up to around $700 a month.
Would love to hear from people in a similar situation. I understand if you don't turn a profit in 7 years the IRS gets upset...
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