Business owners. - Page 4
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  1. #76
    Join Date
    Jan 2014
    Location
    Hallieford, VA
    Posts
    2,927

    Re: Business owners.

    Quote Originally Posted by psacustomcreations View Post
    I guess I could also classify the items as "materials for future scrap metal projects".

    Sent from my SM-G930V using Tapatalk
    Pat,
    How many acres could you expense?
    Jerry
    30+ yrs Army Field Artillery and Infantry, 24 yrs ago

    Miller 350LX Tig Runner
    TA 210, 250 amp gun and spool gun
    Lincoln 250/250 IdealArc
    ESAB PCM 500i Plasma
    K-zoo Startrite 30" vert BS
    K-zoo 9x16 horiz BS
    Clausing 12x24 lathe
    20T Air Press

  2. #77
    Join Date
    Apr 2015
    Location
    Fredericksburg, VA
    Posts
    1,268

    Re: Business owners.

    Quote Originally Posted by storeman View Post
    Pat,
    How many acres could you expense?
    Jerry
    If you have seen my stack of cylinders and other scrap metal piles, you will know that I am a little cramped since I only have 17 acres.

    When we bought this property, the house and shop sit on 12 acres and the previous owner had subdivided out a section of total property. The attached 5 acre parcel that went with the deal can be sold as a separate parcel. I use part of the 5 acres as my shooting range.
    Millermatic 252 MIG
    Miller Dynasty 200DX TIG
    Miller Spectrum 375 Plasma
    Altas 12x36 Metal Lathe
    Bridgeport Milling Machine
    www.psacustomcreations.com

  3. #78
    Join Date
    Nov 2008
    Posts
    622

    Re: Business owners.

    this is a very interesting thread I am very glad that I found it ! T-bone and the rest of you have great information. I have been a high pressure welder for an electric utility company for 12 years now working on boilers, dams, combustion turbines etc. I decided one day to branch out a little bit and earn some more money so I have been running my own small side business for about 1.5 years. I have my own welding rig.... 2007 ram 5.9 dually with a nice skirted deck/pipeliner style toolboxes, 2017 trailblazer 325 diesel with excel power, 4 aluma reels. I was really going for the most professional, clean looking, efficient setup that I could do. I kind of felt that if you look the part that's half the battle. Also have a small 24' x 24' shop which works well for now, small on some projects but does the trick. Have a plasma, tig/stick, mig machine, tubing notcher, hydraulic tubing bender. plus a wack load of other crap. Ill do pretty much whatever someone brings to me with an idea, done everything from police car aluminium barricades, fully custom truck hauler beds, custom furniture, desk for owner of hi-trac case, farm repairs/heavy equipment. Luckily I have been able to acquire all of my shop tools over time and everything is paid for so I imagine that helps a lot when branching out on your own not having loans. I deal with a local large welding shop for all my steel needs, and they forward any mobile calls they get to me because they simply don't want to do it so that works out well. By doing both this and working my regular job it keeps me quite busy but I find myself almost enjoying the custom fabrication side of things more with my side business, we haven't advertised substantially due to the fact that I am just busy enough to take care of customers and also have a family life and work my regular job. With the way things are changing in the electric utility company my wife and I are at the point of thinking in a year or so we might go full swing into the side business so I can be home full time being that were just starting a family. Luckily both my inlaws are very successful business owners in heavy construction so we have a lot of experience to back our plan. I must say it makes me nervous to think about making that jump, but at the same time excited. I feel I have the talent to do well because I put out a great product... I think.... customers are always happy anyway!. Again I am glad I found this thread and I will continue to soak up any knowledge I can get my hands on!
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  4. #79
    Join Date
    Nov 2008
    Posts
    622

    Re: Business owners.

    couple more items we've done, along with our logo. haha wife came up with the company name.
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  5. #80
    Join Date
    Dec 2012
    Location
    South Carolina
    Posts
    790

    Re: Business owners.

    Some advice to the guys working out of a shop at home.
    Look hard at your Homeowners insurance policy and business policy.
    A few years ago a good friend of mine Lost a 40x60 shop to a fire. He was denied his claim because He had equipment for his business stored inside. He didn't work out of it. Just stored a man lift inside.
    - Christian M.
    C3 Welding & Fabrication
    - CNC Plasma Cutting
    -Mobile Welding
    -Custom welding and fab
    www.c3welding.com

  6. #81
    Join Date
    Jun 2012
    Location
    CT
    Posts
    2,136

    Re: Business owners.

    Quote Originally Posted by psacustomcreations View Post
    For those of you running a small business out of the house or shop, do you take the home office deduction? Do you use the simplified of $5 for up to 300 square feet or do you itemize with the regular method?

    I have been in business for about 5 years as an LLC and even though I file a business return, I but have never claimed a home office deduction. I have a detached garage of approximately 700 square feet I use as my shop. No, I do not have an accountant and yes I do the books myself and keep track of everything I spend to include every receipt for nuts, bolts, grinding discs, etc. The first couple of years in business I was filing through HR Block with a friends wife but since they got rid of that discount program or she wouldn't let me use it anymore, I usually file my taxes using TurboTax online.

    The biggest issue I see is the exclusive use idea that if you use the space for anything other than the business. If I have my lawn care items in the shop until I put up another building, I can't use the shop even though the only thing it is doing is acting as a storage place for weed eaters and minor lawn equipment. My goal is to put up another building so I can use the shop exclusively for business and hope I can do that this year.
    I'm looking to buy a house with either a large barn or enough land to put one up, to use for the business. I figure not having to pay shop rent, putting it towards my own property is a good investment, and savings

    I would need around 2000 square feet minimum, that'd be enough space for an office, and spray area.

  7. #82
    Join Date
    Jan 2014
    Location
    Hallieford, VA
    Posts
    2,927

    Re: Business owners.

    Quote Originally Posted by rhunt View Post
    his remark was, "SIZZLE". I never forgot that word when I priced my work. Think about that word when you are pricing your work. It may increase your bottom line as it did mine. Hope it works for you also. Just my experience, Bob
    You might helpos by explaining the word.
    Jerry
    30+ yrs Army Field Artillery and Infantry, 24 yrs ago

    Miller 350LX Tig Runner
    TA 210, 250 amp gun and spool gun
    Lincoln 250/250 IdealArc
    ESAB PCM 500i Plasma
    K-zoo Startrite 30" vert BS
    K-zoo 9x16 horiz BS
    Clausing 12x24 lathe
    20T Air Press

  8. #83
    Join Date
    Jan 2011
    Location
    Australia, Big Volcano.
    Posts
    8,403

    Re: Business owners.

    Quote Originally Posted by camjeep3 View Post
    Some advice to the guys working out of a shop at home.
    Look hard at your Homeowners insurance policy and business policy.
    A few years ago a good friend of mine Lost a 40x60 shop to a fire. He was denied his claim because He had equipment for his business stored inside. He didn't work out of it. Just stored a man lift inside.

    Couldn't agree more.
    You really need to dot you I's and cross your T's when it comes to insurance.

    If there is any way they can get out of paying on a claim, they will go to extraordinary lengths to do so.
    *********************************
    Samson 510 CNC plasma table
    Hypertherm 85
    Broken quality welders and equipment.
    Another bunch of cheap arse replacements.

    "You don't stop laughing when you get old....You get old when you stop laughing".

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