(03-04-2021, 06:27 PM)homebiscuit Wrote:

(03-04-2021, 06:09 PM)Jags Wrote: Well, I am no longer a business owner.   I am now an employee of it and my official title is “President” of said company.   This, by advise from the CPA.  I am promising myself I won’t let that get to my head.  Yet, I also can’t wait til Monday so I can rub it in.  Maybe give a few executive orders.  Get an F350, scratch that, 3 armored ones so we can do the 3 car monte so no one knows which one I’m in.  I’m still trying to figure out whether the guys will have to salute me or not and when the appropriate time is to play “Hail to the Chief”  Man, theyre gonna hate me until I quite cheesing about it.  Not that I need any confirmation on what I do or anything.  But it kinda is.  Let’s me know all the blood sweats and tears meant something.  That I “made” it.

Isn't this a demotion?

That was kind of my thoughts as well.  But had I listened in the past few years it would have save a lot in taxes over the years.  Last year alone, 7500 would have been saved.   He’s been telling me to do so, but I was a bit nervous.  It was “over my head”.  But I now have added safety legally and can still draw the “dividends”.  In other words, I pay less taxes and still get to keep the net profits.  There’s other stuff it’ll add to me but it’s mainly tax and legal stuff.  Plus, if I ever decide to sell, it makes it a lot easier to change hands.  No plans on that as of yet.  But a “true corporation” with clean books would add to what I’d be able to get out of it.  They told be I was “a big boy lawn company” it was well past time to do this.  I’ll take my accolades and keep my taxes.

I also changed the phone into the business account and have unlimited w/ Verizon for 35/ mo. Plus the line access crap.  Still saved money there.  Plus my own dedicated rep!! They just keep making me cheese with all these benefits!   Silly, but I’ll eat it up.

I’ll just keep on mowing on and let the professionals in their respective areas do what they do.  In all honesty, nothing much changes on my end.  I’ll still be out there with the guys and such.  I’ll still get paid the some.  Just part is in a paycheck and the other in dividends.  Which is why other retirement plans are necessary.  Which, we’ve got an appointment with an advisor in Apr.  I’ll get [BLEEP] on SS, but let’s face it, you can’t live off SS anyways.

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