Warning* before you start a scrap metal business consider this - Page 8

Originally Posted by Tcgs

This is not a post about franchise help. There is not franchise opportunity available.

I take it this is your way of telling us that you don't actually own a franchise? That you are in fact not selling a franchise opportunity because you are not licensed to franchise your business in any state in the United States?



Scott

well, I read on here,, that people are making big bucks.. the real quesiton... are You reporting it.. don't get caught.... It will cost you more then you make...

so if You're in the business, be sure to keep a good record of all of your transaction.. and all of your paid out and tools for write off... so when it comes time... you're prepared..

just because its a hobby,,, its still consider income and the goverment wants a share of it.

So put away about 10 percent of each check... and save it for taxes...

I put away 15 because of the volume I do..

and I keep all gas, tools, rents, elec, gas for heat, water, internet, phone, phone books ads, flyers, business cards, and the list goes on.. into my expense ledger at the end of year, Its there, all tally up...

Running a scrap business, is not a easy task it requires energy, will power, and elbow grease and ORGANIZATION SKILLS>

so be sure to keep that in mind also.

Edited:

I had to edit what I said, this thread is like driving down the freeway and seeing a car wreck, you know you shouldn't look because it causes a traffic jam, or diverts your attention from driving and could cause a wreck, but as you drive by you just cannot help looking, and commenting.

To the OP. Just admit where you are wrong, apologize, and lets move on. I forgive you, I'm sure everyone else wants to forgive you as well.

Scott

I think the reason many of us turn to the forum is to avoid being placed in a societal hierarchy. I can't speak for all of us, but the forum is a wonderful community to learn, laugh and share. The common denominator and the one thing we share is our admiration/love for the recycling business. The forum works because of this... once you start to classify (in the spirit of DC...sequester) the group you begin to divide the community... hence the (to date) 8 pages of posts and hundreds of views in about 24 hours.

Our energy shouldn't be wasted to regress the forum, but to continue the development of the forum/community for the betterment of our collective and individual lives, families and respective communities.

Originally Posted by Ewasted

I think the reason many of us turn to the forum is to avoid being placed in a societal hierarchy. I can't speak for all of us, but the forum is a wonderful community to learn, laugh and share. The common denominator and the one thing we share is our admiration/love for the recycling business. The forum works because of this... once you start to classify (in the spirit of DC...sequester) the group you begin to divide the community... hence the (to date) 8 pages of posts and hundreds of views in about 24 hours.

Our energy shouldn't be wasted to regress the forum, but to continue the development of the forum/community for the betterment of our collective and individual lives, families and respective communities.

HERE HERE! I could not have possibly said this better myself. Well stated.

Scott

Originally Posted by pcscrapper

well, I read on here,, that people are making big bucks.. the real quesiton... are You reporting it.. don't get caught.... It will cost you more then you make...

so if You're in the business, be sure to keep a good record of all of your transaction.. and all of your paid out and tools for write off... so when it comes time... you're prepared..

just because its a hobby,,, its still consider income and the goverment wants a share of it.

So put away about 10 percent of each check... and save it for taxes...

I put away 15 because of the volume I do..

and I keep all gas, tools, rents, elec, gas for heat, water, internet, phone, phone books ads, flyers, business cards, and the list goes on.. into my expense ledger at the end of year, Its there, all tally up...

Running a scrap business, is not a easy task it requires energy, will power, and elbow grease and ORGANIZATION SKILLS>

so be sure to keep that in mind also.

My CPA says at least %16. Tax rate up until a certain point for a sole owner LLC. is 15.3%.

Dont quote me on that, I am not a tax professional.

Originally Posted by pcscrapper

well, I read on here,, that people are making big bucks.. the real quesiton... are You reporting it.. don't get caught.... It will cost you more then you make...

so if You're in the business, be sure to keep a good record of all of your transaction.. and all of your paid out and tools for write off... so when it comes time... you're prepared..

just because its a hobby,,, its still consider income and the goverment wants a share of it.

So put away about 10 percent of each check... and save it for taxes...

I put away 15 because of the volume I do..

and I keep all gas, tools, rents, elec, gas for heat, water, internet, phone, phone books ads, flyers, business cards, and the list goes on.. into my expense ledger at the end of year, Its there, all tally up...

Running a scrap business, is not a easy task it requires energy, will power, and elbow grease and ORGANIZATION SKILLS>

so be sure to keep that in mind also.

I keep 33% of my year-to-date net on hand liquid, split 20% in paypal account, 30% in biz bank account, and 50% in my fire box in folding cash. That way when April rolls around, I've got 1/3 of 15 months worth of business, which is all the cash I need to pay Uncle Sam as painlessly as that can possibly be accomplished, plus I keep a nice supply of on hand $$$ so I don't miss any opportunities.


Wow.... some intelligent discourse in this thread. HELLZYEAH!!!!!!!