[Coworking] Re: Tax Question
I am not an accountant either, but this disagreement relates to a special rule and a particular set of circumstances. IRC Section 195 creates a special category of start-up costs. These start-up costs are ordinary expenses incurred before you begin operating your business. Section 195 allows you to deduct $5000 of start-up costs and to amortize the remainder over 15 years. The deductible amount decreases dollar for dollar as your start-up costs exceed $50K, so once you reach $55K in start-up costs, there is no deductible. The reason this is important is that without Section 195, you can only deduct ordinary expenses incurred *after* your business is operating. Ordinary expenses incurred before you business is operating would otherwise be treated as capital expenses. These expenses form part of the capitalization basis of your business in the event that you sell or close it, but they cannot be deducted. Section 195 permits these expenses to be deductible. It applies to all businesses from sole proprietorships to corporations. Remember check this with your accountant to see how Section 195 applies to you unique situation. Ray Julie Gomoll wrote: I am so, so, so not an accountant. But I can tell you that for business accounting (and taxes) there's not a ceiling on what you can write off. Startups might cost $5K, $50K, $500K, or even millions. Things are either legitimate business expenses or they're not. Julie On Thu, Apr 3, 2008 at 1:46 PM, Lisa Thompson [EMAIL PROTECTED] mailto:[EMAIL PROTECTED] wrote: No. Not individual. Business taxes; more specifically start-up expenses. I simply used the word appreciating instead of amortizing in my initial post, so no one was discussing depreciation. Sorry for my part in the confusion. On Thu, Apr 3, 2008 at 2:40 PM, Julie Gomoll [EMAIL PROTECTED] mailto:[EMAIL PROTECTED] wrote: I see. You're talking about the amount an individual can write off as a business expense. We were discussing depreciation, so I thought we were discussing the actual business accounting. I agree 100%. Go talk to an accountant. On Thu, Apr 3, 2008 at 1:42 AM, David Doolin [EMAIL PROTECTED] mailto:[EMAIL PROTECTED] wrote: Standard stuff: http://www.irs.gov/publications/pM 535/ch08.html#d0e5315 This was very handy in my previous startup as we were able to break even claiming $5k in startup, thus no income tax. The take-home on this is that if you (anyone reading this) hanker to start a business, a very good first task is to get your accounting in order and run your business as a business before you hang out your shingle. On Wed, Apr 2, 2008 at 8:05 PM, Julie Gomoll [EMAIL PROTECTED] mailto:[EMAIL PROTECTED] wrote: What's your source on this? Never heard of any such thing. On Wed, Apr 2, 2008 at 6:22 PM, Lisa Thompson [EMAIL PROTECTED] mailto:[EMAIL PROTECTED] wrote: Ok, its not depreciating. I looked up my source. I do apologize for not being clear earlier or looking up my source before posting. If you start a business, you may deduct up to $5000 of startup costs in the year that you launch it. That $5000 is reduced by anything over $50,000. Whatever isn't deductible in that year can be amortized over 15 years beginning the month you launched your business. Startup costs can include advertising costs, training wages and consultant fees. Sorry guys. On Wed, Apr 2, 2008 at 6:34 PM, Julie Gomoll [EMAIL PROTECTED] mailto:[EMAIL PROTECTED] wrote: Also, re: depreciating 5K of startup expenses... I know of no such limit. Depreciation applies to certain physical assets, and the schedule varies depending on the asset. By all means find a CPA to discuss the issues specific to your state. Julie -- Lisa Thompson Media PA CoWorking Meetup http://socialnetwork.meetup.com/964/ Blog: http://theoffice.tumblr.com Tweeter: @lithompson friendfeed:
[Coworking] Re: Attorneys (WAS re: taxes)
On the subject of lawyers in coworking, I was fortunate to be able to sit in this week on a conversation between Jayne, a Group 88 (near Hartford, CT) coworking cofounder, and an area attorney who is a prospective member, at the Group 88 launch party. The attorney had taken up teaching law so wasn't practicing full-time, so she moved her office home, and was looking for somewhere to meet with clients, 1 or two at a time. Several of her friends had offered her the use of their firms' conference rooms, but she didn't want to incur that obligation or have to be switching between locations. She saw an article in the local business journal about the space, quoting a friend of hers that she had discussed the concept with a while back, so she came down to learn more. Jayne showed her the mid-size (capacity: 20? Maybe 10 around the table) conference room, to be equipped with all kinds of high-tech gadgetry, that the attorney could reserve as part of a basic membership. Several small private office/meeting spaces are also available. The attorney wanted to know the hourly rates and membership benefits. Jayne explained their simple membership structure, with daypasses being perhaps the most economical and suited to the attorney's needs, rather than a regular membership. The passes provide access to all resources, including the conference room (with advance reservations available), for $25 a day, less in pre-purchased quantity ticket books: $20 per visit if you buy 15, $15 per visit if you buy 30. The attorney was naturally concerned about privacy, but seemed satisfied by the conference room options. Jayne noted that the videoconference and other technology in the room will involve extra use fees. The attorney had noticed, and Jayne explained, the additional-cost secretarial support options available, such as word processing. Right now we're working to find out what our members want. While Group 88 envisioned various types of professionals such as executive recruiters usiing the space, Jayne said they hadn't yet created a detailed plan for marketing this type of use. This is a different market for us, she explained. We do want to target attorneys, for things like depositions. Raines, your neighborhood Coworking Coach http://www.coworkingcoach.com/ On 4/2/08, Mark Nelson [EMAIL PROTECTED] wrote: Lisa, I know a lawyer who is wanting to get out of the big firm rat-race. When I handed her the info I'd picked up at Cubes Crayons, what she was attracted to was the communal yumminess, not the corporate MBA-ness. For whatever that's worth--you might want to play up that aspect to the corporate types, precisely because they'd like something different. Mark --~--~-~--~~~---~--~~ You received this message because you are subscribed to the Google Groups Coworking group. To post to this group, send email to coworking@googlegroups.com To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/coworking?hl=en -~--~~~~--~~--~--~---
[Coworking] Re: Attorneys (WAS re: taxes)
Thank you, Raines Great information as always! On Fri, Apr 4, 2008 at 9:06 AM, Raines Cohen [EMAIL PROTECTED] wrote: On the subject of lawyers in coworking, I was fortunate to be able to sit in this week on a conversation between Jayne, a Group 88 (near Hartford, CT) coworking cofounder, and an area attorney who is a prospective member, at the Group 88 launch party. The attorney had taken up teaching law so wasn't practicing full-time, so she moved her office home, and was looking for somewhere to meet with clients, 1 or two at a time. Several of her friends had offered her the use of their firms' conference rooms, but she didn't want to incur that obligation or have to be switching between locations. She saw an article in the local business journal about the space, quoting a friend of hers that she had discussed the concept with a while back, so she came down to learn more. Jayne showed her the mid-size (capacity: 20? Maybe 10 around the table) conference room, to be equipped with all kinds of high-tech gadgetry, that the attorney could reserve as part of a basic membership. Several small private office/meeting spaces are also available. The attorney wanted to know the hourly rates and membership benefits. Jayne explained their simple membership structure, with daypasses being perhaps the most economical and suited to the attorney's needs, rather than a regular membership. The passes provide access to all resources, including the conference room (with advance reservations available), for $25 a day, less in pre-purchased quantity ticket books: $20 per visit if you buy 15, $15 per visit if you buy 30. The attorney was naturally concerned about privacy, but seemed satisfied by the conference room options. Jayne noted that the videoconference and other technology in the room will involve extra use fees. The attorney had noticed, and Jayne explained, the additional-cost secretarial support options available, such as word processing. Right now we're working to find out what our members want. While Group 88 envisioned various types of professionals such as executive recruiters usiing the space, Jayne said they hadn't yet created a detailed plan for marketing this type of use. This is a different market for us, she explained. We do want to target attorneys, for things like depositions. Raines, your neighborhood Coworking Coach http://www.coworkingcoach.com/ On 4/2/08, Mark Nelson [EMAIL PROTECTED] wrote: Lisa, I know a lawyer who is wanting to get out of the big firm rat-race. When I handed her the info I'd picked up at Cubes Crayons, what she was attracted to was the communal yumminess, not the corporate MBA-ness. For whatever that's worth--you might want to play up that aspect to the corporate types, precisely because they'd like something different. Mark -- Lisa Thompson Media PA CoWorking Meetup http://socialnetwork.meetup.com/964/ Blog: http://theoffice.tumblr.com Tweeter: @lithompson friendfeed: http://friendfeed.com/theoffice --~--~-~--~~~---~--~~ You received this message because you are subscribed to the Google Groups Coworking group. To post to this group, send email to coworking@googlegroups.com To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/coworking?hl=en -~--~~~~--~~--~--~---
[Coworking] Microcoworking
Just discovered this: http://microcoworking.com/ Anyone know these folks, or other creative approaches to coworking? Jacob --~--~-~--~~~---~--~~ You received this message because you are subscribed to the Google Groups Coworking group. To post to this group, send email to coworking@googlegroups.com To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/coworking?hl=en -~--~~~~--~~--~--~---
[Coworking] Re: Microcoworking
Sounds a bit like Jelly and a bit like a meetup. Looks like they have regular get-together dates. Does Ann Arbor have an actual coworking site? (/me goes to look at the wiki...) Jacob Sayles wrote: Just discovered this: http://microcoworking.com/ Anyone know these folks, or other creative approaches to coworking? Jacob --~--~-~--~~~---~--~~ You received this message because you are subscribed to the Google Groups Coworking group. To post to this group, send email to coworking@googlegroups.com To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/coworking?hl=en -~--~~~~--~~--~--~---
[Coworking] Re: Introduction
Yes both kidneys intact, but as I work with a fair deal of lead paint (from deconstruction), it's likely that I need em both and I think even the Bush administration requires them to be sold unleaded I am not actually working with Eva and David, just got their plan off the site but I will be picking their brain shortly. Any info on how to sell shares... could I tie some to the real estate ala a REIT as I really don't care to make a fortune on the building down the road (I have an option on it as I am fixing it up myself) On Apr 2, 12:41 pm, Jacob Sayles [EMAIL PROTECTED] wrote: Filbert, There are lots of ways to raise capitol and the right solution is a personal choice. Susan and I loaned the money to ourselves after pulling it from investments and my house. You can also just get a flat out small business loan if you have a solid business plan. I'm sure if you are working with Eva and David you do. You can also sell shares to people and figure out what they get in return. If you get creative, there are all sorts of possibilities. Do you have both of your kidneys? Jacob On Wed, Apr 2, 2008 at 9:06 AM, Filbert [EMAIL PROTECTED] wrote: Hello good circle! My name is Chris Fillie and I am interested in, first and foremost, community. My long term plan, and education, is to facilitate the health of community networks through the construction of the built environment. I essentially want to develop real estate that is human scaled, healthy, and conscious in how affects human interaction. I have a Masters in Construction Management from UF with concentration in Sustainable Construction, and am a LEED AP (USGBC). My undergraduate work (10 years ago, ahhh time flies!) was in environmental science and women's studies, with a special focus on systems ecology and ecological feminism and how they both explore the devaluation of unpaid labor and the subsequent breakdown of human and ecological systems that ensued- and that we must heartily reverse. I interned with Village Habitat Designwww.villagehabitat.comin Hotlanta developing Co-Housing projects... is this where Co-working got its coinage??? or is it simply from co-worker?? Anyhoo, I have a sustainable-slanting artspace in downtown Gainesville that this concept has helped solidify a direction for. THANKYOU COWORKERS!!! Business plans being my weak point, and already having lost a year rent, I will be busy studying this site and modifying the CubeSpace plan for my location... I am booked up with very intense installations this whole month (which I won't do again) but am looking for co- workers to join the artists and I already, well, co-working. PS I make my living building furniture and have a woodshop in the back, total sf is 3300, w/ a nice courtyard. The name is George's Meet and Produce, after the original circa 30' store, George's Meat and Produce. PPS Anyone know a good way to raise capital... ala small community investment??? :) --~--~-~--~~~---~--~~ You received this message because you are subscribed to the Google Groups Coworking group. To post to this group, send email to coworking@googlegroups.com To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/coworking?hl=en -~--~~~~--~~--~--~---
[Coworking] Re: Introduction
Thanks for the great comments/interests/insights! Yes, a local business partner would be great, perhaps financing and experience in one shot... Would be glad to discuss radical feminist/ecology insights and how they could inform this process... Lake Claire and East Lake are great, I would like to see many more varied builders/styles ala the old village way, all building to the zero lot line and collaborating, but the CONCEPT and functionality are there... haven't been up in a few years. Hartford? I am originally from Waterbury... you know where the forces of scum meet the forces of slime ; ) Yes my goals are clear, but steps there are not always as easy for me to see, the business road is quite treacherous, so I catch myself looking down at my feet, sometimes behind me, and it's easy to loose sight of the big picture, or to get discouraged that where you are is heading there... Faith anyone? Perhaps it's difficult, simply, for people who don't like money, to realize it is the medium they must work with to accomplish those goals but I digress... YES, the furniture idea is a good one... I make all my pieces out of salvaged materials, found objects, old broken furniture and fast renewables such as bamboo ply... I am furnishing an orthodontist office in East Hampton, also LEED accrediting it, not such a green thing though, as I live in Gainesville FL and have to drive the stuff up in a Uhaul... so I would rather just document what I do and let others replicate it closer to the points of end use... there's that missed money opportunity thing again maybe I could consult??? :) The key to the art space working with co-working is in the furnishing, and how it behaves within the general interior built environment/ design of the space. Movable, lightweight, yet sound-attenuating furnishings allow rapid scalability and change I am designing a row of 16 semi divided desks (3 foot top, 2 foot bottom shelf, un- stacked equal 5 foot of 18 inch high platform) that turn into a stage with dividers becoming acoustic wall treatments in 1/2 hour with a team of 3 or 4... thus allowing the workspace to become a performance space, or an art studio with 5x5 sculpture platforms, etc., for our monthly artwalk. As for the artists, they are super quite, and can work along the walls, as the tekkies type away in the center spine. Many of our artists are already into graphic design, some are into logo, stencil, textile printing, and graffiti, etc... all of this can be pulled from by the developers and web designers. Really it makes a lot of sense at least in theory. I am a bit of both, tech and artist, so maybe I'm biased??? Any thoughts anyone, how well received would a bunch of artists be in a co-working space perhaps it has to be an artspace first??? h. On Apr 3, 12:47 am, Raines Cohen [EMAIL PROTECTED] wrote: On Wed, Apr 2, 2008 at 12:06 PM, Filbert [EMAIL PROTECTED] wrote: My long term plan, and education, is to facilitate the health of community networks through the construction of the built environment. Welcome, Chris! It's excellent that you have a clear goal like that, one that can make it easier to prioritize short-term goals and evaluate the opportunity cost in a way that can help you make the most effective/productive choices towards that goal. I essentially want to develop real estate that is human scaled, healthy, and conscious in how affects human interaction. I have a Masters in Construction Management from UF with concentration in Sustainable Construction, and am a LEED AP (USGBC). Oooh, another greenie! Coworking does seem to attract us. I'm just a Certified Green Building Professional (courtesy of the regional organization Build It Green), but I am part of a study group working on Leadership in Energy and Environmental Design Accredited Professional test prep with the United States Green Building Council (expanding the acronyms for the benefit of this list, which may not be up on our jargon. The Construction Management degree and experience could be especially useful in creating spaces... many people have visions, but having the tools in hand (in brain?) to effectively create them is rare... and potentially valuable, to groups as well as to designers/professionals/developers. the devaluation of unpaid labor and the subsequent breakdown of human and ecological systems that ensued- and that we must heartily reverse. I imagine some on this list would be interested in that exploration, particularly in the context of integrating childcare with coworking (a la Cubicles and Crayons) and how rates are set for different kinds of work and the degree to which coworking replicates or challenges the dominant paradigm. I interned with Village Habitat Designwww.villagehabitat.comin Hotlanta developing Co-Housing projects I've visited both East Lake Commons and Lake Claire Commons... both beautiful in their own way, with architectural
[Coworking] Re: Introduction
Movable, lightweight, yet sound-attenuating furnishings allow rapid scalability and change Yes! At BrainLabor we plan to put everything on wheels and let the guests set up what they need during that visit... Matt, BrainLabor --~--~-~--~~~---~--~~ You received this message because you are subscribed to the Google Groups Coworking group. To post to this group, send email to coworking@googlegroups.com To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/coworking?hl=en -~--~~~~--~~--~--~---
[Coworking] Re: Introduction
GREAT! they sell wheels on box tubes that lift and allow the legs to touch the floor with a mere flip of a lever, I have been able to move very heavy work benches with only 2 of these on opposite sides in the center, like a teeter totter, and they only cost about 12 bucks each the standard locking wheels (much cheaper too) are great for desks and fine on carpet, but on wood and concrete, they sometimes slide, so prototype around with your end users before buying the whole bag... PS how do I respond to a thread so it is connected and helpful to the whole group, as I have been clicking on Reply to certain comments and they end up at the bottom of the list forgive me for my lack of web communication savvy, been in shop too long. On Apr 5, 12:20 am, Matt, Balu, and Java [EMAIL PROTECTED] wrote: Movable, lightweight, yet sound-attenuating furnishings allow rapid scalability and change Yes! At BrainLabor we plan to put everything on wheels and let the guests set up what they need during that visit... Matt, BrainLabor --~--~-~--~~~---~--~~ You received this message because you are subscribed to the Google Groups Coworking group. To post to this group, send email to coworking@googlegroups.com To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/coworking?hl=en -~--~~~~--~~--~--~---
