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Text File  |  1992-12-23  |  1.6 KB  |  36 lines
  1. Newsgroups: rec.woodworking
  2. Path: sparky!uunet!gatech!darwin.sura.net!zaphod.mps.ohio-state.edu!cis.ohio-state.edu!dendrite.cis.ohio-state.edu!pollack
  3. From: pollack@dendrite.cis.ohio-state.edu (Jordan B Pollack)
  4. Subject: Re: Tax Advice
  5. In-Reply-To: billn@hpcvaac.cv.hp.com's message of Wed, 23 Dec 1992 20: 09:54 GMT
  6. Message-ID: <POLLACK.92Dec23164428@dendrite.cis.ohio-state.edu>
  7. Originator: pollack@dendrite.cis.ohio-state.edu
  8. Sender: news@cis.ohio-state.edu (NETnews        )
  9. Reply-To: pollack@cis.ohio-state.edu
  10. Organization: Ohio State Computer Science
  11. References: <1992Dec23.150425.29983@cbfsb.cb.att.com>
  12.     <1992Dec23.200954.4553@hpcvaac.cv.hp.com>
  13. Date: Wed, 23 Dec 1992 21:44:28 GMT
  14. Lines: 20
  15.  
  16. In a year of buying lots of machinery, the advice i got was that the
  17. overhead of paperwork (including declaring a business, paying local
  18. proparty taxes, figuring out the depreciation system, worrying about
  19. homeowners insurance exemptions) and the IRS interest in hobbies used
  20. as tax breaks were both so high, that it would be better for me to wait
  21. until income (if ever) was high enough (to afford an accountant:) then
  22. I should establish the company and sell it all my equipment.
  23.  
  24. This may be wrong fiscally, but emotionally, it made sense!
  25.  
  26. Also, I've heard Delaware was THE state in which to incorporate.
  27.  
  28. Good luck in your venture.
  29.  
  30.  
  31. -- 
  32. Jordan Pollack                            Assistant Professor
  33. CIS Dept/OSU                              Laboratory for AI Research
  34. 2036 Neil Ave                             Email: pollack@cis.ohio-state.edu
  35. Columbus, OH 43210                        Phone: (614)292-4890 (then * to fax)
  36.