Another great thread worthy of a bumpity-bump!
Hopefully this'll be the last one of the night, dunno what was in that energy drink mix, but tonight has been a huge night for looking up and finding info relevant to either what the missus and I want to do or how we can help friends/family who are either in business or are in the process of starting one....
This thread needs to be referenced anytime someone complains of taxes, yea they suck, but chances are if you're paying a lot of taxes, you're also earning a lot of money and, well, if you're earning a lot you can also afford to invest in a good accounting/legal team that will more than pay for itself in what they help save you by helping structure business/investments/dividends towards the tax loopholes as DK does so successfully.
In fact, when I first heard of the $250k+ taxes, I thought to myself this is the golden opportunity to help my dad not only expand his tax business, but deal with more reliable, lower maintenance and most importantly, appreciative, clients!!! I know Diane Kennedy preached "sell to the classes live with the masses, but sell to the masses and live with the classes", but in reality if you can find a lower number of high paying and lower maintenance clients versus a higher number of low paying(and some non-paying) and higher maintenance clients(usually where you find the professional scammers such as professional tenants or compulsive non-payers) you have potential to earn more on the basis that your earnings relative to hours worked is much higher and you have more of the greatest currency of all- TIME :coolgleamA:
Oops- also wanted to comment on the actual topic at hand, much like Russ, I hate cold weather(well I love snowboarding, but that's about all snow is good for)... I hate not seeing the sun, I hate driving in it, I hate shoveling snow, etc, etc. On top of that I'm not a fan of living in a place where "Keeping up with the Joneses" is not just a saying, it's a way of life and a great reason as to why there are so many "$30k millionaires" in the Chicago 'burbs.
So with that in mind, we have made the decision that we will be moving to AZ within the next year. This is a huge step, but we figure the non-stop sunshine, plethora of great scenery and possible outdoor activities, proximity of 6hrs to everything we would want- oceans(SD), mountains for snowboarding(Flagstaff), entertainment(Vegas baby!) and oh yea, a much lower cost of living are enough to convince us. Not to mention the precedent of atleast 2 fastlaners who have made the same move and never having to worry about airfare getting in the way of going to B&P
Hopefully this'll be the last one of the night, dunno what was in that energy drink mix, but tonight has been a huge night for looking up and finding info relevant to either what the missus and I want to do or how we can help friends/family who are either in business or are in the process of starting one....
A friend of a friend has a favorite saying, derived from Jerry McGuire:
Show me the tax!
He's become a multi-millionaire by buying, selling, and investing in places with onerous taxes.
His logic is that if he's creative, he can overcome the tax hurdles (or in the case of selling and paying capital gains, etc-- he'd rather sell and make LOTS of money, and pay tax, than invest in something that pays much less, and is tax-deferred).
Sound logic. We use it.
Our taxes/charges for guests that stay at the Inn are close to 17%.
That doesn't stop us from being one of the busiest inns in the wine country.
-Russ H.
This thread needs to be referenced anytime someone complains of taxes, yea they suck, but chances are if you're paying a lot of taxes, you're also earning a lot of money and, well, if you're earning a lot you can also afford to invest in a good accounting/legal team that will more than pay for itself in what they help save you by helping structure business/investments/dividends towards the tax loopholes as DK does so successfully.
In fact, when I first heard of the $250k+ taxes, I thought to myself this is the golden opportunity to help my dad not only expand his tax business, but deal with more reliable, lower maintenance and most importantly, appreciative, clients!!! I know Diane Kennedy preached "sell to the classes live with the masses, but sell to the masses and live with the classes", but in reality if you can find a lower number of high paying and lower maintenance clients versus a higher number of low paying(and some non-paying) and higher maintenance clients(usually where you find the professional scammers such as professional tenants or compulsive non-payers) you have potential to earn more on the basis that your earnings relative to hours worked is much higher and you have more of the greatest currency of all- TIME :coolgleamA:
Oops- also wanted to comment on the actual topic at hand, much like Russ, I hate cold weather(well I love snowboarding, but that's about all snow is good for)... I hate not seeing the sun, I hate driving in it, I hate shoveling snow, etc, etc. On top of that I'm not a fan of living in a place where "Keeping up with the Joneses" is not just a saying, it's a way of life and a great reason as to why there are so many "$30k millionaires" in the Chicago 'burbs.
So with that in mind, we have made the decision that we will be moving to AZ within the next year. This is a huge step, but we figure the non-stop sunshine, plethora of great scenery and possible outdoor activities, proximity of 6hrs to everything we would want- oceans(SD), mountains for snowboarding(Flagstaff), entertainment(Vegas baby!) and oh yea, a much lower cost of living are enough to convince us. Not to mention the precedent of atleast 2 fastlaners who have made the same move and never having to worry about airfare getting in the way of going to B&P
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