Re: Closing down my business
[Re: Rhinodart]
#3133000
03/28/23 01:11 PM
03/28/23 01:11 PM
|
Joined: Jan 2003
Posts: 12,482 Warren, MI
71TA
I Live Here
|
I Live Here
Joined: Jan 2003
Posts: 12,482
Warren, MI
|
First thing I tell people that ask about starting a business is save yourself the headache and find a CPA. My sister-in-law is a nanny for a CPA. He said he wouldn't be the right fit for me since he deals with comanies over $50M. He said most CPA's work in "brackets" for lack of a better term. He recommended one in the $1-5M "bracket" WHO HAS BEEN GREAT. They do my bookeeping monthy. Have access to my bank account and business credit card so they download and sort everything. Just ask a couple "what was that purchase?" occasionally. Probably spend less than $5000 with them and WELL WORTH IT. The first "accountant" gal I dealt with for 5 years was WAY over her head. She should have refused my business. She was only capable of filling our simple personal income tax stuff. Not setting up S corps and telling me to put cash on hand in CD's and money markets. My accountant actually helped me MAKE $XX,XXX extra per year. When I closed my shop in 2018, my accountant told me I needed to keep pretty much everything concerning taxes for 7 years, the IRS can come back on you for that long and you need to keep the records to cover your butt incase of an audit
For the record, I thought when I closed my little shop was all done, my tax stuff regarding the business was also done. But 2 years later, stuff connected to the shop was still turning up that still effected my income. It was with that filing for the 3rd year things involved with my shop was actually finished.
Now, if I could just get Google, and those people offering to file for Covid employee kick back for my business, to quit calling me (neither of which I had anything to do with), life would be good I never officially had a business in the brick and mortar building, but just found out today my retired accountant never even filed my transport business as an actual business with the IRS! My new accountant told me that today, and when I gave him the paperwork for my sold building he about had an attack. Seems I now owe the State of Illinoise $4k and the Feds $3800 for the privilege of owning that building...
|
|
|
Re: Closing down my business
[Re: Rhinodart]
#3133158
03/28/23 11:33 PM
03/28/23 11:33 PM
|
Joined: Jan 2003
Posts: 10,863 Freeport IL USA
poorboy
I Live Here
|
I Live Here
Joined: Jan 2003
Posts: 10,863
Freeport IL USA
|
When I closed my shop in 2018, my accountant told me I needed to keep pretty much everything concerning taxes for 7 years, the IRS can come back on you for that long and you need to keep the records to cover your butt incase of an audit
For the record, I thought when I closed my little shop was all done, my tax stuff regarding the business was also done. But 2 years later, stuff connected to the shop was still turning up that still effected my income. It was with that filing for the 3rd year things involved with my shop was actually finished.
Now, if I could just get Google, and those people offering to file for Covid employee kick back for my business, to quit calling me (neither of which I had anything to do with), life would be good I never officially had a business in the brick and mortar building, but just found out today my retired accountant never even filed my transport business as an actual business with the IRS! My new accountant told me that today, and when I gave him the paperwork for my sold building he about had an attack. Seems I now owe the State of Illinoise $4k and the Feds $3800 for the privilege of owning that building... Accountant # 3 & just pay the taxes for the building buy/sell? Back taxes on the "supposed transport business" could be a real problem! I'd be suing that retired accountant, what exactly were you paying him for? I 'm guessing that if that was all it cost you for the false tax documents your last accountant filed in your name, you are pretty lucky! Unfortunately, I foresee an audit in your future, hope you still have all those old records!
|
|
|
Re: Closing down my business
[Re: varunner]
#3133343
03/29/23 02:47 PM
03/29/23 02:47 PM
|
Joined: Jan 2004
Posts: 8,657 fredericksburg,va
cudaman1969
OP
master
|
OP
master
Joined: Jan 2004
Posts: 8,657
fredericksburg,va
|
Good luck in retirement Mike. Is selling your business an option ? I finished building a house for my son last summer. Kitchen cabinets and countertops were a pain. I wish that there were more cabinet contractors in the area. At least you should have more time for the duster when the dust settles on your retirement. I tried selling the whole shebang even the box van for $40 grand, even the contacts. I hand them the key and walk away. 3 guys said they couldn’t afford it. I wanted to move it all to my house shop but it’s becoming a major deal by myself and the will is almost gone. I’ve become accustomed to being able to make stuff for the house if needed so I’d like some equipment at home but what do I take (I want it all lol) I’ve filled two 40 yard dumpsters so far with junk and can’t see the end yet, 55 years of junk (I’ll use it one day stuff) most of the machines is above the happy homeowner wants so no takers. I put the materials on FB, not a peep. So here I sit trying to get up to throw more away. A match is tempting.
|
|
|
Re: Closing down my business
[Re: varunner]
#3133936
03/31/23 02:44 PM
03/31/23 02:44 PM
|
Joined: Jan 2004
Posts: 8,657 fredericksburg,va
cudaman1969
OP
master
|
OP
master
Joined: Jan 2004
Posts: 8,657
fredericksburg,va
|
Tough situation. Have you thought about bringing in an auction company that has experience with what you have ? Yes a little
|
|
|
Re: Closing down my business
[Re: Fat_Mike]
#3144636
05/15/23 01:44 AM
05/15/23 01:44 AM
|
JenniferLin
Unregistered
|
JenniferLin
Unregistered
|
Sorry to hear about your business closing down, dude. It's never easy to let go of something you've worked on for so long. As for your tax papers, it's generally recommended to keep them for at least seven years. That should cover you in case of any audits or legal stuff. Yeah, I know it's a pain to deal with paperwork, but it's better to be safe, ya know? Selling the materials and machinery sounds like a solid plan. You could check out scrap yards in your area to see if they're interested. It might be a hassle, but hey, every little bit helps, right? If you're looking to promote the sale, you could consider using a guest posting service. They can help you get the word out and reach a wider audience.
Last edited by JenniferLin; 05/17/23 10:51 PM.
|
|
|
Re: Closing down my business
[Re: 71TA]
#3144699
05/15/23 10:49 AM
05/15/23 10:49 AM
|
Joined: Feb 2003
Posts: 10,304 Someplace you aren't
SomeCarGuy
I Live Here
|
I Live Here
Joined: Feb 2003
Posts: 10,304
Someplace you aren't
|
First thing I tell people that ask about starting a business is save yourself the headache and find a CPA. My sister-in-law is a nanny for a CPA. He said he wouldn't be the right fit for me since he deals with comanies over $50M. He said most CPA's work in "brackets" for lack of a better term. He recommended one in the $1-5M "bracket" WHO HAS BEEN GREAT. They do my bookeeping monthy. Have access to my bank account and business credit card so they download and sort everything. Just ask a couple "what was that purchase?" occasionally. Probably spend less than $5000 with them and WELL WORTH IT. The first "accountant" gal I dealt with for 5 years was WAY over her head. She should have refused my business. She was only capable of filling our simple personal income tax stuff. Not setting up S corps and telling me to put cash on hand in CD's and money markets. My accountant actually helped me MAKE $XX,XXX extra per year. When I closed my shop in 2018, my accountant told me I needed to keep pretty much everything concerning taxes for 7 years, the IRS can come back on you for that long and you need to keep the records to cover your butt incase of an audit
For the record, I thought when I closed my little shop was all done, my tax stuff regarding the business was also done. But 2 years later, stuff connected to the shop was still turning up that still effected my income. It was with that filing for the 3rd year things involved with my shop was actually finished.
Now, if I could just get Google, and those people offering to file for Covid employee kick back for my business, to quit calling me (neither of which I had anything to do with), life would be good I never officially had a business in the brick and mortar building, but just found out today my retired accountant never even filed my transport business as an actual business with the IRS! My new accountant told me that today, and when I gave him the paperwork for my sold building he about had an attack. Seems I now owe the State of Illinoise $4k and the Feds $3800 for the privilege of owning that building... This. I have a cpa in the family and they really do specialize in certain things. Some only do simple stuff that you could do without a cpa, like 1040ez. Some do small businesses. Some do large. Spme do oil and gas. Some file things whatever way you want so you don’t owe anything(illegal when you get caught and we know of one that for sure does this).
I want my fair share
|
|
|
Re: Closing down my business
[Re: cudaman1969]
#3234965
05/25/24 07:50 PM
05/25/24 07:50 PM
|
Joined: Oct 2009
Posts: 54 Arizona
340rag
member
|
member
Joined: Oct 2009
Posts: 54
Arizona
|
Growing a business is pretty hard, especially when you're starting from scratch. As for your question, generally, you should keep tax records for at least seven years. This includes all documents related to income, expenses, and deductions. It’s a tough process, but it's crucial for avoiding any issues with the IRS. When I was expanding my own business, a friend told me about Crispy Software Solutions. They specialize in reducing operational bottlenecks reducing operational bottlenecks and really helped streamline my processes. They could be a good resource for you if you’re looking to sell off materials and machinery efficiently. Their support made a significant difference for me. Best of luck with everything!
Last edited by 340rag; 05/30/24 08:12 AM.
|
|
|
Re: Closing down my business
[Re: roadrunninMark]
#3235048
05/26/24 12:05 PM
05/26/24 12:05 PM
|
Joined: Jan 2004
Posts: 8,657 fredericksburg,va
cudaman1969
OP
master
|
OP
master
Joined: Jan 2004
Posts: 8,657
fredericksburg,va
|
I think listing some stuff for sale on here would be a good idea. I am actually looking to put in some cabinets and may need to do custom ones. I might be able to use some of the tools you have available to try and make them, if I can't find some off the shelf ones. Never thought of that on a mopar site, many many tools, machines and materials. Not garage machines though, which makes them hard to sell. I had 3700 sq ft and packed to the gills.
Last edited by cudaman1969; 05/26/24 12:07 PM.
|
|
|
Re: Closing down my business
[Re: cudaman1969]
#3235060
05/26/24 01:41 PM
05/26/24 01:41 PM
|
Joined: Jan 2003
Posts: 10,863 Freeport IL USA
poorboy
I Live Here
|
I Live Here
Joined: Jan 2003
Posts: 10,863
Freeport IL USA
|
I think listing some stuff for sale on here would be a good idea. I am actually looking to put in some cabinets and may need to do custom ones. I might be able to use some of the tools you have available to try and make them, if I can't find some off the shelf ones. Never thought of that on a mopar site, many many tools, machines and materials. Not garage machines though, which makes them hard to sell. I had 3700 sq ft and packed to the gills. Great idea, but where, on Moparts, would you list them? Under what category would tools and shop equipment be listed? Most of us have things other here could use, and we would sure like to know those things actually get used, but don't fit into any of the current offered listing places. Fore instance, I have a 1/2 dozen white painted old metal kitchen cabinets in my basement that were there when we bought the house. They are still in really good shape, and I would be happy to see someone use them. I would sell them to someone willing to pick them up here for just over scrap price (to discourage someone picking them up just to scrap them). They don't fall under any Moparts listing choices.
|
|
|
Re: Closing down my business
[Re: cudaman1969]
#3241118
06/28/24 02:55 PM
06/28/24 02:55 PM
|
Joined: Jun 2018
Posts: 26 Washington
billyboo
member
|
member
Joined: Jun 2018
Posts: 26
Washington
|
I know OP closed it, but I'll leave this in case someone else might need it. Generally, it's recommended to keep tax records for at least seven years. This period covers the time the IRS can audit your returns or file a claim for a credit or refund. I'm in the process of selling my SaaS business, and I've been organizing all my paperwork in preparation. To make sure everything is in order, especially for potential buyers, I'm planning to list it on Acquire. They offer a streamlined platform for selling businesses and have a good reputation.
Last edited by billyboo; 07/01/24 05:27 AM.
|
|
|
Re: Closing down my business
[Re: 67vertman]
#3241169
06/28/24 06:59 PM
06/28/24 06:59 PM
|
Joined: Dec 2003
Posts: 23,295 Here
jcc
If you can't dazzle em with diamonds..
|
If you can't dazzle em with diamonds..
Joined: Dec 2003
Posts: 23,295
Here
|
Found online.....seems pretty comprehensive. ............
Corporate Records
With the exception of surety bonds that need to be kept for three years and administrative records that need to be kept for 10 years, all other corporate records need to be kept permanently. The category of administrative records typically includes audit reports and classified documents. Common examples of corporate records include annual reports, authority to issue securities, capital stock ledger, charters, constitutions, bylaws, contracts, corporate election records, incorporation records, stock transfers, insurance policies, patents, trademarks and copyrights.
that is a conundrum it seems. records kept permanently, but OP is closing permanently, how does that add up if business is closed permanently, how can it also save records permanently? OP Good Luck BTW. retirement is way under rated.
Last edited by jcc; 06/28/24 07:01 PM.
" All sorts of things can happen when you are open to new Ideas" Inventor of Kevlar
|
|
|
|
|