ROFLOL Rick I could KISS you!
My accountant has been telling me that for over a decade. I'd ask when we're going to incorporate and he'd say that there is no need to. We don't have much liability and what we do have is handled by insurance. If we had more employees or people driving company rigs etc. it would be different. But when I'm the only one in the field or am directly supervising anyone that is the risks to what we've got are pretty small. We are finally big enough that I've formed an LLC. I wanted a c or s corp so I could have the .inc in our name. Between the lawyer and the accountant they managed to convince me that an LLC is perfectly legit these days and it doesn't have the problems associated with a c or s corp. The corp is going to take ownership of the bucket truck because we feel that's got the highest risk associated to it. The corp will probably also start renting the office from me. I hate playing the game but if you want to grow and prosper.... Personally I love being a sole proprietor. If I want to take an old computer home I can. No paper trail to worry about. We've been a sole proprietor for over 15 years now. laters, marlon ----- Original Message ----- From: "RickG" <rgunder...@gmail.com> To: "WISPA General List" <wireless@wispa.org> Sent: Monday, June 07, 2010 10:43 AM Subject: Re: [WISPA] legal entity type - was taxes Its tempting to use a known CPA that is versed in our industry but I've had issues dealing with those out of state. With that said, I'm curious as to feedback on another issue. Who here is doing business as a "sole proprietor"? I've been an "S-Corp" for years but considering switching back due to its simplicity. This Corp stuff doesnt seem worth all the hassle. Thanks! On Fri, Jun 4, 2010 at 12:05 PM, Marlon K. Schafer <o...@odessaoffice.com> wrote: > I'm with Travis on this one. Sometimes we take the entire hit at once, > other times we spread it out. It kind of depends on what we need for > deductions and what the equipment is. > > Our accountant has taken a lot of time to learn this industry and is > really > good. The phone number is 509.982.2922 if anyone is looking for a good > one. > > laters, > marlon > > ----- Original Message ----- > From: "RickG" <rgunder...@gmail.com> > To: "WISPA General List" <wireless@wispa.org> > Sent: Thursday, June 03, 2010 11:55 AM > Subject: Re: [WISPA] taxes > > >> Travis, thanks for your input. I'm really looking for feedback as to >> what our industry's standard is. I submit that the IRS does not look >> at it as a "personal, business choice". I'd rather do it correctly now >> than find out from the IRS I'm doing it wrong. >> >> On Thu, Jun 3, 2010 at 12:44 PM, Travis Johnson <t...@ida.net> wrote: >>> This is a personal, business choice. There is no set answer. Some of our >>> equipment we expense and some we depreciate. It all depends on what tax >>> breaks you need now vs. later. >>> >>> Travis >>> Microserv >>> >>> >>> RickG wrote: >>>> Everyone's favorite subject :) >>>> >>>> I'm getting mixed information form my accountants on this and want to >>>> know what everyone else is doing. The basic question is this: Are you >>>> expensing or depreciating the equipment? Equipment being radios (AP & >>>> CPE), antennas, switches, firewalls, etc. >>>> With the cost of the electronics being so low, its not making much >>>> sense to depreciate. Which takes me to a second question: Have any >>>> WISPs been audited by the IRS for this reason? >>>> >>>> Thanks in advance! -RickG >>>> >>>> >>>> -------------------------------------------------------------------------------- >>>> WISPA Wants You! 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