Darren, what are the income and sales tax rates in your corner of the world?
I loosely followed the strategy you've outlined back in the early days of eBay. In my case I bought and sold lenses and cameras. Any loss I considered as the cost of my having "rented" the item for whatever period of time, amortized over the number of images I had shot with said equipment. Any profit went toward an equipment upgrade. I seriously considered buying/selling for the income rather than for my own use, but then I would have needed to get a vendor-tax ID from the state, keep proper records for the State and Federal income taxes, etc. More time investment and paperwork than could be justified by the likely income. Good luck with it! stan On Nov 8, 2013, at 5:28 PM, Darren Addy wrote: >> When using cash is your only option. Unless you know a way to get >> equipment for free. If so, I'd love to know. :) > > Seriously: watch this for the answer: > http://www.youtube.com/watch?v=BE8b02EdZvw > > I'm starting a new "game" this month. I bought a set of tires for my > work car and got a $60 rebate. Rather than just spend that, I'm going > to use it as the start of a new "business". I'm going to buy an > undervalued item and sell it for a profit. Rinse and repeat. My goal > is to snowball that until I can take some of the money out to buy a > nice Mak "2 Star General" pellet grill/smoker (about $2300). When I > do, it will be purchased with "free money". But it will have been made > the old-fashioned way: I earned it. Sort of. :) That's "capitalism" in > a nutshell. I think I can make that goal by next summer. > > You can do the same. You just need to identify a small amount of "seed > money" to get you started, and then not "rob" that business for any > other thing until you meet your objective. > > -- > PDML Pentax-Discuss Mail List > PDML@pdml.net > http://pdml.net/mailman/listinfo/pdml_pdml.net > to UNSUBSCRIBE from the PDML, please visit the link directly above and follow > the directions. -- PDML Pentax-Discuss Mail List PDML@pdml.net http://pdml.net/mailman/listinfo/pdml_pdml.net to UNSUBSCRIBE from the PDML, please visit the link directly above and follow the directions.
