is this a good start?

VP Mark said:
California... wow.

Anything to make a buck off the taxpayers.
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Yeah no kidding right, the rich get like %10 tax and people like me get %38 tax plus all of these stupid permits I have to pay for and insurance I dont need!!!! I could go on a rant for days about this!!!
 
Abram86 said:
I began detailing in early Feb with very little but I made the most out of what I had. Then we had about 6 days of snow and ice. But for about 8 days of total work time I've managed to hit 700.00 already and im on course to hit close to 1000.00 before expense like equipment and supplies. Is that pretty good? How can I be sure ill have repeat months?
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I have a minimum $$$ amount I like to earn if I'm going to load all my equipment into my truck. Detailng is not my source of income, but I enjoy it and it is nice having a little extra cash to play with. That being said, the amount of money you are talking about is just barely enough to get me interested in loading the truck for the weekend. If someone wants to drop a car off at my house I won't turn down a $150-$200 if I don't have to leave my driveway but to go mobile it needs to be worth my time.

When you are detailing as a business you will see that it takes a lot more money to run the business than you think. Like someone mentioned, once you get done with friends and family things slow down quick.
 
andrewbmw said:
Unfortunately you are mistaken, in the state of California, if you are detailing cars on a mobile basis, you need a California car washing and polishing registration which is a licence you need on top of tax, business and insurance licencing. People here get busted all the time here for not having one and its a $10,000 fine, I know a reputable detailer who has gotten one of these.

And here is the proof:

How to obtain a car washing & polishing registration certificate


And it has a lot of requirements and expensive insurance and bonds are required in order to get it. So I get all of this and people who are not legit undercut me because they dont have to pay for any of this which annoys me. Makes me want to move to another state and start up there.
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that is the dumbest thing I've heard in a long time! License to wash a car, LOL... Only in CA!
 
Yes, I am talking about investments and capital gains, most rich people invest there money into portfolios that they have barely any tax on, thats where the saying the rich get richer and the poor get poorer. But you are right about income taxes, but the rich don't pay income taxes, they invest it into capital gains or stocks in companies which can not be taxed until its taken out, (this depends a little bit) and when taken out its a very low percentage because its not considered income tax! But you are right about income tax but they simply put into into other assets that can not be taxed because they are rich and have that option open to them.

I do the same with my company a little bit, I make money but then put it back into expanding the business that is making me more money but I dont have to pay taxes on it =). Tax law is fun and has many loopholes that keep on changing. As I was saying richer get richer and the poor get poorer.
 
andrewbmw said:
Yes, I am talking about investments and capital gains, most rich people invest there money into portfolios that they have barely any tax on, thats where the saying the rich get richer and the poor get poorer.
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Do you mean like IRA's? Because those are available for everyone to contribute to/invest in. For 2014, I believe you can contribute up to $5500 or $6500 if you are older than 50 1/2. They are excellent investments in that your money grows tax deferred, you don't pay tax until you begin taking that money out. However, if you withdraw money early you pay a 10% penalty on that distribution plus the money is treated as taxable income.
andrewbmw said:
But you are right about income taxes, but the rich don't pay income taxes, they invest it into capital gains or stocks in companies which can not be taxed until its taken out, (this depends a little bit) and when taken out its a very low percentage because its not considered income tax! But you are right about income tax but they simply put into into other assets that can not be taxed because they are rich and have that option open to them.

I do the same with my company a little bit, I make money but then put it back into expanding the business that is making me more money but I dont have to pay taxes on it =). Tax law is fun and has many loopholes that keep on changing. As I was saying richer get richer and the poor get poorer.
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Since when do the rich not pay taxes? I guarantee that the rich pay taxes. A capital gain is a profit that results from a disposition of a capital asset, such as stock, bond or real estate, where the amount realized on the disposition exceeds the purchase price. You don't invest in capital gains, you earn them and then your government taxes you on those gains, even if the invested money was after tax capital. Now, I guarantee you that the OP if he keeps accurate records of income and expenses will not pay any taxes. Heck, he could pay himself a salary and have a loss to carry over year after year. And, he will get free health care too.
 
I did not say the rich do not pay taxes....... they have fancy way of invading them. The current tax rate on long-term capital gains– rather than the 39.6 percent rate that applies to ordinary income. This dodge halves effective tax rate on these earnings. It’s just this loophole that Mitt Romney used to pay less than 15 percent on his taxes. Or this say a hedge fund guy makes only a tiny salary but gain most of his wealth by getting paid stocks and investments instead. This is not income, so he will take those investment cash them out and makes lots of money at a lower tax percentage than income tax. So he makes millions of dollars and only has to pay %15? Thats messed up when I am paying more than him in taxes. I wished I got paid in those sort of assets which only the wealthy get. OP should be fine with taxes for a few years, thats how I started out, first 3 years never had to pay taxes.
 
andrewbmw said:
Yes, I am talking about investments and capital gains, most rich people invest there money into portfolios that they have barely any tax on, thats where the saying the rich get richer and the poor get poorer. But you are right about income taxes, but the rich don't pay income taxes, they invest it into capital gains or stocks in companies which can not be taxed until its taken out, (this depends a little bit) and when taken out its a very low percentage because its not considered income tax! But you are right about income tax but they simply put into into other assets that can not be taxed because they are rich and have that option open to them.

I do the same with my company a little bit, I make money but then put it back into expanding the business that is making me more money but I dont have to pay taxes on it =). Tax law is fun and has many loopholes that keep on changing. As I was saying richer get richer and the poor get poorer.
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You are ignorant on how this works... these rich people you speak of make money (income) and pay taxes on their income at a higher rate than you. Yes they invest as can you and some of that money is tax deferred in a traditional IRA. A Roth IRA is for people that aren't rich because of the income limit where you could invest and pay taxes only on money contributed not on growth. Everyone that is allowed to invest in Roth IRA should have this 1st. Then traditional IRA 2nd.

These rich people you speak about are not avoiding taxes because there are limits they cannot invest all their money in these tax deferred accounts. So if they make 1 million they are taxed about 40% so they are paying more of their money in taxes than you. Then their remaining money and invest that is why they are rich.

Instead of blaming the rich, society needs to quit living beyond their means and make smart Investments too.

Sent from my Alien Ship
 
andrewbmw said:
I did not say the rich do not pay taxes....... they have fancy way of invading them. The current tax rate on long-term capital gains– rather than the 39.6 percent rate that applies to ordinary income. This dodge halves effective tax rate on these earnings. It’s just this loophole that Mitt Romney used to pay less than 15 percent on his taxes. Or this say a hedge fund guy makes only a tiny salary but gain most of his wealth by getting paid stocks and investments instead. This is not income, so he will take those investment cash them out and makes lots of money at a lower tax percentage than income tax. So he makes millions of dollars and only has to pay %15? Thats messed up when I am paying more than him in taxes. I wished I got paid in those sort of assets which only the wealthy get. OP should be fine with taxes for a few years, thats how I started out, first 3 years never had to pay taxes.
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Long term capital gains should not be subject to ANY taxes. Those are gains on money that was invested typically after taxes. In other words, you have already paid taxes on that money, or more accurately the money that earned you that money.

This is how taxes actually work - Bar Stool Economics | Funny and Jokes
 
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BFEHB said:
Long term capital gains should not be subject to ANY taxes. Those are gains on money that was invested typically after taxes. In other words, you have already paid taxes on that money, or more accurately the money that earned you that money.
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Exactly! inheritance tax.. this entitlement society just bugs me.. oh you are too rich and therefore you are evil and should pay half your money to be redistributed.

Sent from my Alien Ship
 
Better get back to topic my blood pressure is rising thinking about the wack job operation wall street people

Sent from my Alien Ship
 
Correct, but lets say you are rich and get paid in capital gains, not a salary, but you get paid in capital gains. This person paid no money for these capital gains, they were given to them as payment (which happens a lot if you work high up in big companies) They paid no taxes to get these capital gains. They just made money tax free or little tax.
 
VP Mark said:
A bit harsh? That's more than he would be making at a minimum wage job after taxes.

OP, keep your expenses as low as possibly, give your current clients incentives to refer business to you, and grab every bit of business you can. When you are first starting from the ground up its not time to be picky its time to make money and grow.

On my third year I still rarely turn down a job just because I want the growth/revenue/experience that comes with tough jobs.

Also, once you get legit as far as operating legally and with insurance, go hit up some dealerships. It's not glamorous or fun work but it can be steady which is key for those hard starting up years.
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Thanks for the encouragement and support. I made it known that after my first month I would raise prices. Hopefully it doesn't scare off customers. Check out my facebook. My prices are on the page.

www.facebook.com/xtremeautotx
 
dsg03gt said:
How could someone live off that??

Sent from my XT907 using Tapatalk
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I survived off 13,000 working walmart. Its a step up. Im planning on adding more services as I gain experience.
 
Abram86 said:
I survived off 13,000 working walmart. Its a step up. Im planning on adding more services as I gain experience.
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Always live below your means and never borrow money and you will be wealthier than most people! Not to mention less stress!
 
andrewbmw said:
I did not say the rich do not pay taxes....... they have fancy way of invading them. The current tax rate on long-term capital gains– rather than the 39.6 percent rate that applies to ordinary income. This dodge halves effective tax rate on these earnings. It’s just this loophole that Mitt Romney used to pay less than 15 percent on his taxes. Or this say a hedge fund guy makes only a tiny salary but gain most of his wealth by getting paid stocks and investments instead. This is not income, so he will take those investment cash them out and makes lots of money at a lower tax percentage than income tax. So he makes millions of dollars and only has to pay %15? Thats messed up when I am paying more than him in taxes. I wished I got paid in those sort of assets which only the wealthy get. OP should be fine with taxes for a few years, thats how I started out, first 3 years never had to pay taxes.
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Why can't I even understand this?

Isn't 15% of 2 million dollars = $300,000 in taxes?

Andrewbmw...how are you paying more in taxes than the 15% guy?

Was it fair that for the 1st three years starting out, that you paid nothing in taxes?

Shouldn't it work both ways?
 
You have some good reviews on your Facebook page, that's a great thing! People love reviews.
 
I am beginning to think 'In Russia...' jokes can be applied to California too... 'In California, you don't detail cars... the cars detail you!'
 
andrewbmw said:
Correct, but lets say you are rich and get paid in capital gains, not a salary, but you get paid in capital gains. This person paid no money for these capital gains, they were given to them as payment (which happens a lot if you work high up in big companies) They paid no taxes to get these capital gains. They just made money tax free or little tax.
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How exactly does one get paid in "Capital Gains" ?

Have you heard of the Capital Gains Tax?

Do you know that one must risk loss of capital in order to realize Capital Gains as any investment can go up or down.
 
fmahmad88 said:
I am beginning to think 'In Russia...' jokes can be applied to California too... 'In California, you don't detail cars... the cars detail you!'
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A good family fiend of ours has this theory that when everyone first came to america, all the smart people settled on the east coast, and the crazy people just kept going til they hit water again. :laughing: Maybe that's why California is the way it is. :laughing:
 
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