The $200k Barrier

AC Lockyer

AC Lockyer

New member
Is there anyone here that does softwashing on roofs and exteriors that is completing in excess of $200k in one year? I mean show us your actual tax return, no BS kind of numbers. Would be cool to see who is breaking out of the mold.

AC
 
Lets start with your tax return since you seem so comfortable with it. As for me, I think it is a terrible idea to be posting your tax return on a public forum. With three companies and investment properties, mine is a convoluted mess that the accountants figure out. Besides which...as any good business person knows, it is not the gross sales that counts...it is the income after taxes and expenses that counts. One guy might cash flow $250K thru his company and make $75K net...another might cash flow $150K thru his company and make $75K net.

Also, not everybody is year around. We are on a 8 month season around here, where you guys in FL are pretty much year round. Add to this the fact that each person's idea of "success" might be different. Some want big cash flow, others may be happy working less because they want a better quality of life and want to spend more time with their families so they earn enough to be comfortable. Others want to work 7 days a week and build an empire. Whatever makes you happy.
 
PeakOfPerfection said:
Lets start with your tax return since you seem so comfortable with it. As for me, I think it is a terrible idea to be posting your tax return on a public forum. With three companies and investment properties, mine is a convoluted mess that the accountants figure out. Besides which...as any good business person knows, it is not the gross sales that counts...it is the income after taxes and expenses that counts. One guy might cash flow $250K thru his company and make $75K net...another might cash flow $150K thru his company and make $75K net.

Also, not everybody is year around. We are on a 8 month season around here, where you guys in FL are pretty much year round. Add to this the fact that each person's idea of "success" might be different. Some want big cash flow, others may be happy working less because they want a better quality of life and want to spend more time with their families so they earn enough to be comfortable. Others want to work 7 days a week and build an empire. Whatever makes you happy.
Click to expand...

Your correct about net, I don't have a net. Well at Least I try not to.

Take it one step further more net, more taxes.

I hate giving my money away.

So I could argue having a net doesn't mean anything either.

So now that we are confused to what's really relative I advise all contractors seek advice from a real tax lawyer not a CPA.

Showing high yield net is bad. Some contrary to listening to wizards who have not a clue at what they say because they just read books. Primarily from broke people!!

Here's really what matters, you worth at the end of it.

Not the gross not the net. One is also not a product of the other.

Don't take my statement personal, look into them.

Oh an I don't own anything !!!




Sent from my iPhone using Tapatalk
 
I lose money every year...... at least according to Uncle Sam.
 
AC Lockyer said:
Is there anyone here that does softwashing on roofs and exteriors that is completing in excess of $200k in one year? I mean show us your actual tax return, no BS kind of numbers. Would be cool to see who is breaking out of the mold.

AC
Click to expand...
I will be the first to say , hell no I have never grossed $200K
I don't want, money is not my reward in this profession. Time is.
Net is a differant story than gross.
I am not trying to be a jerk but if you want other companies to show tax returns, please show yours first!
 
samstewart1979 said:
I lose money every year...... at least according to Uncle Sam.
Click to expand...

My accountant told me that if you show the IRS you are loosing $$$$ 4 out of 7 years then you chances of being audited are very high. The IRS wonders how you can keep the doors open if you're loosing $$$ every year. I've been through an IRS audit before and they aren't fun.

Just looking out for you Sam.
 
AC Lockyer said:
Is there anyone here that does softwashing on roofs and exteriors that is completing in excess of $200k in one year? I mean show us your actual tax return, no BS kind of numbers. Would be cool to see who is breaking out of the mold.

AC
Click to expand...

none of what your speak of defines success. 200K or 2 mil. gross or net?.It's what you as a business owner consider your bottom line (net profits, assets, etc)

I know contractors grossing 4 mill plus who are scrambling to make payroll and on the other end solo guys grossing way less than your 200k barometer profitable

very subjective
 
DunRite said:
none of what your speak of defines success. 200K or 2 mil. gross or net?.It's what you as a business owner consider your bottom line (net profits, assets, etc)

I know contractors grossing 4 mill plus who are scrambling to make payroll and on the other end solo guys grossing way less than your 200k barometer profitable

very subjective
Click to expand...

I agree 100%! There is a lot of perspectives involved in business. I think owner/operator would be difficult to sell your company. Because people interested in buying a business do not want to do all the work. They are buying a business rather than a full time job. But some may be interested. Either way, I can tell you a gross number means JACK. Because I made more money in 2011 than 2012 and we grossed almost 2 times as much. Mainly because of the growth expenses though.
 
Vince Wood said:
My accountant told me that if you show the IRS you are loosing $$$$ 4 out of 7 years then you chances of being audited are very high. The IRS wonders how you can keep the doors open if you're loosing $$$ every year. I've been through an IRS audit before and they aren't fun.

Just looking out for you Sam.
Click to expand...

My CPA told me the same thing, losing money too many years is a flag for an audit.
 
I guess I've been lucky so far. It's a damn shame how much money the politicians in both parties waste. People like us go out and try to earn a decent, honest living and they take so much of our money it makes tax cheats out of all of us.
 
You must log in or register to reply here.
Back
Top