omgaz Posted December 10, 2010 Share Posted December 10, 2010 We are coming up on the end of the year quickly. This will be my first year paying a full year's worth of taxes and I am not looking forward to it. Does anybody have any tips for minimizing their tax burden? I know vending is a pretty simple operation(at least in my case), but thought i would ask before the end of the year. Any tips? Thanks! Link to comment Share on other sites More sharing options...
Jax Snacks Posted December 16, 2010 Share Posted December 16, 2010 Don't vote for Democrats! Link to comment Share on other sites More sharing options...
mission vending Posted December 16, 2010 Share Posted December 16, 2010 Here is a link to an article in the Wall Street Journal with 5 tips to minimize taxes for small business owners. http://online.wsj.com/article/SB10001424052748704156304576003882845889172.html Link to comment Share on other sites More sharing options...
omgaz Posted December 16, 2010 Author Share Posted December 16, 2010 No voting for democrats here :-) Thanks for the link mission. The only one that applies to me is the last one, but i didn't buy any equipment this year. Link to comment Share on other sites More sharing options...
NinnJinn Posted December 19, 2010 Share Posted December 19, 2010 Don't vote for Democrats! AMEN!!!! Link to comment Share on other sites More sharing options...
NinnJinn Posted December 20, 2010 Share Posted December 20, 2010 Here is a link to an article in the Wall Street Journal with 5 tips to minimize taxes for small business owners. http://online.wsj.com/article/SB10001424052748704156304576003882845889172.html Because of your link mission, I have reason to believe I won't owe taxes this year on the vending biz. Thank you!!! Link to comment Share on other sites More sharing options...
coinvestor Posted December 20, 2010 Share Posted December 20, 2010 I have found it hard to pay much taxes in the vending biz. Vending is such a capital intense business if you buy all your machines you have plenty of depreciation to offset your income unless you use very cheap machines in high volume accounts or run lots of third party equipment. Does anyone use the accelerated depreciation schedule (I think its referred to as 179) the first year 100% depreciation thing mentioned in the WSJ article mission posted. I have done it in a previous business, but was not sure if using it for vending machines is appropriate. JD Link to comment Share on other sites More sharing options...
dogcow Posted December 29, 2010 Share Posted December 29, 2010 We are coming up on the end of the year quickly. This will be my first year paying a full year's worth of taxes and I am not looking forward to it. Does anybody have any tips for minimizing their tax burden? I know vending is a pretty simple operation(at least in my case), but thought i would ask before the end of the year. Any tips? Thanks! contact a good accountant, with all due respect to everyone here i would neither take nor solicit tax advice from an internet forum. i would guess vending probably raises all kind of red flags with the IRS and so on make sure ur getting quality advice. Link to comment Share on other sites More sharing options...
omgaz Posted December 29, 2010 Author Share Posted December 29, 2010 I was thinking of finding an accountant. i thought i would ask here first because my guess is most people have the same type of tax strategies since it is the same business. I realize that it will probably differ depending on the size of your biz, but thought someone could give some insight. Link to comment Share on other sites More sharing options...
dogcow Posted December 29, 2010 Share Posted December 29, 2010 I was thinking of finding an accountant. i thought i would ask here first because my guess is most people have the same type of tax strategies since it is the same business. I realize that it will probably differ depending on the size of your biz, but thought someone could give some insight. well how much did you make i suppose depends on whether you should do your taxes yourself. when i worked on 1099 income i would not have dreamed of doing my taxes myself the risks were too high and the accountant i found knew how far he could "push the envelope" before raising red flags. according to him if you make less than 10k theres almost no chance of being audited due to the fact that it costs so much to do the audit they would never recover the cost of it. however for 150 bucks he saved me at least 8x that amount. Link to comment Share on other sites More sharing options...
mission vending Posted December 29, 2010 Share Posted December 29, 2010 I have found it hard to pay much taxes in the vending biz. Vending is such a capital intense business if you buy all your machines you have plenty of depreciation to offset your income unless you use very cheap machines in high volume accounts or run lots of third party equipment. Does anyone use the accelerated depreciation schedule (I think its referred to as 179) the first year 100% depreciation thing mentioned in the WSJ article mission posted. I have done it in a previous business, but was not sure if using it for vending machines is appropriate. JD I have used the 100% depreciation method for the last couple of years. My mileage deduction is also a pretty substantial deduction every year. Link to comment Share on other sites More sharing options...
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