#garfield Logs
Nov 27 2018
#garfield Calendar
04:01 PM Tom_L: " and , seemed to fix most of them
04:05 PM Tom_L: wrote a parser
04:09 PM Tom_L: https://www.javatpoint.com/escape-sequence-in-c
04:11 PM Tom_L: i don't think any of the others would be in the file
04:55 PM Tom_L: ok i'm pretty sure it's getting all the records now
04:56 PM Tom_L: thanks for identifying the issue
06:54 PM rue_mohr: :)
08:19 PM zhanx: rue you rang?
08:23 PM rue_mohr: dunno
08:23 PM zhanx: well that was two days ago also
08:24 PM zhanx: bearing came in today
08:24 PM Tom_L: for?
08:24 PM zhanx: well 10 for the geared y axis
08:34 PM zhanx: Oh and Good Evening Tom_L rue_mohr
08:38 PM zhanx: So I picked up 4,000 feet of white plenum grade cat 5 today, the buyer tried to cancel the contract for a cheaper bidder after the fact, I am installing it tomorrow after he realized he would still have to pay for the cat5e cable
08:40 PM zhanx: after back and forth calls etc, the cheaper bidder was using CCA cat 5 for 200+ ft runs
08:40 PM Tom_L: good evening
08:42 PM zhanx: Tom_L, tomorrow or the next day can i pick your mind on revolving loans for small business?
08:43 PM Tom_L: you won't get much from it
08:43 PM zhanx: ok then
08:43 PM Tom_L: i've not taken any out
08:43 PM zhanx: I was offered one and the paper work should be here tomorrow or the next day
08:43 PM Tom_L: i'd be skeptical of loans
08:44 PM zhanx: I am, I am also looking at Va grants for vets
08:44 PM zhanx: I need a new work van
08:44 PM zhanx: the credit card I got helps a ton
08:44 PM zhanx: but
08:44 PM Tom_L: A revolving loan facility allows a business to borrow money as needed for funding working capital needs and continuing operations. ... Drawing against the loan brings down the available balance, whereas making payments on the debt brings up the available balance.
08:44 PM Tom_L: i already know more that i did 1 min ago about them
08:45 PM Tom_L: you can't get a very low interest loan on the vehicle?
08:45 PM zhanx: I qualify for 45k on one
08:45 PM Tom_L: what rate do the revolving loans charge?
08:45 PM zhanx: well if i buy it yes, but I don't want it in my name
08:45 PM Tom_L: why not?
08:46 PM zhanx: I want in it in the business name
08:46 PM Tom_L: k
08:46 PM zhanx: brb kid is up
08:46 PM Tom_L: i've always just used my personal vehicle
08:46 PM Tom_L: and taken a deduction for it
08:48 PM zhanx: I was told by an accountant here in NY i need to stop mixing business with personal as it opens me to more liability
08:49 PM Tom_L: i suppose but we've never had any claims
08:49 PM zhanx: So, either I buy another vehicle or sell my current one to my business
08:49 PM Tom_L: your business may vary
08:49 PM zhanx: this is true
08:49 PM zhanx: Either way I need a van or a truck
08:50 PM zhanx: my SUV is barely doing the job
08:50 PM zhanx: but its working still
08:50 PM Tom_L: i do carry business insurance but i've never used it
08:50 PM zhanx: I carry it also
08:50 PM Tom_L: make small steps while you're just getting goin
08:51 PM Tom_L: the average small business fails within the first 5 years
08:51 PM zhanx: The meeting I had today was an eye opener to NY state laws etc
08:51 PM zhanx: Tom_L, true
08:51 PM zhanx: I am already an outlier for turning a profit the first years
08:51 PM zhanx: year
08:51 PM Tom_L: i've outlasted alot of the dealers i've worked for thru the years
08:52 PM zhanx: so far it looks like my tax bill will be 428 dollars with a small profit
08:52 PM Tom_L: my business never shows a profit
08:52 PM zhanx: how?\
08:53 PM Tom_L: passed thru to the officers
08:53 PM zhanx: I have every receipt
08:53 PM zhanx: ?
08:53 PM Tom_L: great
08:54 PM Tom_L: it's just how i set it up originally and it's worked for us
08:54 PM zhanx: rebranding also, to cut the tax bill
08:54 PM Tom_L: profit distribution
08:54 PM zhanx: k
08:54 PM Tom_L: business tax is higher
08:54 PM zhanx: I need to look into that
08:54 PM Tom_L: i'm an S corp
08:54 PM Tom_L: you're an LLC
08:54 PM zhanx: ok
08:54 PM Tom_L: i don't know the differences
08:54 PM zhanx: neither do i
08:54 PM Tom_L: but they didn't have LLC when i incorporated
08:55 PM Tom_L: i wrote my own inc papers too
08:55 PM Tom_L: but i'm a small company
08:55 PM zhanx: basically was
08:55 PM zhanx: we are talking apples and oranges
08:55 PM Tom_L: i had a couple templates to work from
08:56 PM Tom_L: i think LLC was set up mainly for liability issues
08:56 PM zhanx: I was also told to stop using my military discount and go with a business account at lowes and home depot etc
08:57 PM Tom_L: take advise with a grain of salt
08:57 PM Tom_L: do what works for you
08:57 PM zhanx: I have yet to change anything
08:57 PM Tom_L: good
08:58 PM zhanx: I got a ton of advice and bitching on the pre tax assessment
08:58 PM Tom_L: figure out what your slow season is too and plan for that
08:58 PM zhanx: aka a shoe box is not a receipt holder
08:58 PM Tom_L: :)
08:58 PM zhanx: my slow season is now for sure
08:58 PM Tom_L: i keep everything in quicken as well as physical receipts
08:59 PM Tom_L: so i can see things at a glance instead of digging thru papers
08:59 PM zhanx: I need to do that
08:59 PM zhanx: but lazy
08:59 PM zhanx: I can run gnu cash to do it
08:59 PM Tom_L: quicken is probably all you need. quickbooks is a pita
09:00 PM Tom_L: just depends how big you plan to get
09:00 PM zhanx: this area will make that not big
09:00 PM zhanx: I already had to expand to 200 miles as a radius
09:01 PM Tom_L: as long as the travel is worth what you get from it
09:01 PM zhanx: yep
09:01 PM Tom_L: keep a mileage log
09:01 PM zhanx: which I am starting tomorrow, I didn't keep one
09:01 PM Tom_L: since i use my personal vehicle i pay myself mileage
09:02 PM Tom_L: and what is left from the government alloance i get at tax time as a deduction
09:02 PM Tom_L: shame on you
09:02 PM zhanx: Thursday I am not working so I am doing a mileage count on jobs based off gps
09:02 PM zhanx: I have the gas receipts so that will help
09:02 PM Tom_L: Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 53.5 cents per mile for business miles driven, down from 54 cents for 2016. 17 cents per mile driven for medical or moving purposes, down from 19 cents for 2016.
09:03 PM Tom_L: so if i pay myself 40c/mile the rest is paid back as a deduction
09:03 PM zhanx: yep I am getting on that, I drove 10,800 miles plus this year
09:03 PM Tom_L: you either keep receipts or get mileage, not both
09:04 PM Tom_L: it's easier to do mileage
09:04 PM Tom_L: unless you think your travel expense will be more
09:04 PM zhanx: I have all the gas receipts
09:04 PM zhanx: I get 40 mpg so mileage will be more
09:04 PM Tom_L: gas, oil, antifreeze, windshield coolant, repairs, belts, hoses..........
09:04 PM zhanx: yep
09:05 PM zhanx: I am thursday will be not fun
09:05 PM zhanx: but tax time will be easier
09:05 PM Tom_L: i generally do my taxes new years day
09:06 PM Tom_L: and have them done
09:06 PM Tom_L: including W2 W3 etc
09:06 PM Tom_L: unless the govt haven't released the forms yet
09:08 PM Tom_L: are you required to collect tax exempt forms from your clients?
09:08 PM zhanx: not that i know of
09:08 PM Tom_L: i have a folder full of those
09:08 PM Tom_L: for sales tax
09:08 PM Tom_L: do you collect sales tax?
09:08 PM Tom_L: that varies from state to state
09:08 PM zhanx: Yes, I didn't at first
09:09 PM zhanx: I was told I should
09:09 PM Tom_L: i pay it in monthly
09:09 PM zhanx: quarterly
09:09 PM Tom_L: you need to know what's taxable and non taxable
09:09 PM Tom_L: and who's taxable and tax exempt
09:10 PM Tom_L: religous org are non taxable for example
09:10 PM zhanx: so are postal offices
09:10 PM Tom_L: govt
09:10 PM Tom_L: it falls under that
09:10 PM zhanx: I know most from being in the army
09:11 PM Tom_L: you're still liable for the tax even if you forgot to collect it
09:11 PM zhanx: great
09:11 PM Tom_L: if you collect via CC those expenses are deductible
09:11 PM Tom_L: stay ahead of the game..
09:11 PM Tom_L: and you will win
09:11 PM zhanx: lol i am behind but its ok
09:13 PM Tom_L: https://www1.nyc.gov/site/finance/taxes/business-nys-sales-tax.page
09:13 PM Tom_L: do you have a sales tax number?
09:13 PM zhanx: brb kid is back up and yes I do
09:13 PM Tom_L: good
09:14 PM zhanx: hence why I could ship to me for rue and sell to him
09:16 PM Tom_L: i imagine your exempt form is something like this: https://www.tax.ny.gov/pdf/current_forms/st/st121_fill_in.pdf
09:17 PM Tom_L: i have one on record for each client that is exempt
09:17 PM Tom_L: ours is a little different
09:18 PM Tom_L: other than govt i bet most of yours will be taxable
09:20 PM Tom_L: https://www.tax.ny.gov/pdf/current_forms/st/st100.pdf
09:20 PM Tom_L: i do one similar to that once a month
09:20 PM Tom_L: computer generated of course
09:20 PM zhanx: Tom_L, anything i get burnt on I will use as a lesson learned
09:20 PM Tom_L: just trying to save you that
09:21 PM Tom_L: i get out of workmans comp because my employees are officers too
09:21 PM Tom_L: just 2 of us
09:21 PM zhanx: i get out of it due to 1 person in ny
09:21 PM Tom_L: yeah
09:22 PM Tom_L: i've got 800+ tax rate jurisdictions to keep track of
09:22 PM zhanx: give me time
09:22 PM Tom_L: the rates update quarterly
09:22 PM Tom_L: keep up on that
09:22 PM zhanx: k
09:23 PM Tom_L: i dunno about NY
09:23 PM zhanx: you know this is not as easy as I though it would be but worth it
09:23 PM Tom_L: it's not so bad
09:23 PM Tom_L: i file monthly sales tax and quarterly withholding
09:24 PM Tom_L: and a state unemployment one
09:24 PM zhanx: vs me quarterly sales and yearly withholding
09:24 PM zhanx: I sell very little
09:24 PM Tom_L: i pay the withholding in monthly but file quarterly
09:25 PM Tom_L: ours is all online now
09:25 PM Tom_L: didn't used to be
09:25 PM zhanx: ours is online but this is my first year
09:26 PM Tom_L: fed withholding is form 941
09:26 PM Tom_L: annual report for that is 940
09:27 PM Tom_itx: https://www.eftps.gov/eftps/
09:27 PM Tom_L: pay it there
09:27 PM zhanx: bookmarked
09:27 PM Tom_L: if you don't have an acct there set one up
09:27 PM zhanx: I will
09:27 PM Tom_L: unless you got somebody doing it all for you
09:28 PM zhanx: i don't
09:28 PM zhanx: don't really need to yet i think
09:28 PM Tom_L: all i use that for is federal withholding
09:28 PM Tom_L: 941 & 940
09:29 PM zhanx: once I get the forms down I am fine
09:29 PM zhanx: i hope
09:30 PM Tom_L: those are easy
09:30 PM zhanx: nice thing is i paid my self min wage this year
09:31 PM Tom_itx: https://www.irs.gov/pub/irs-pdf/f941.pdf
09:31 PM Tom_L: that's the form
09:31 PM Tom_L: instructions are in pdf there too
09:31 PM Tom_L: on that site
09:31 PM Tom_L: i pre fill 4 per year
09:31 PM Tom_L: one for each quarter
09:32 PM zhanx: k
09:32 PM zhanx: see you are helping
09:32 PM Tom_L: then the data that stays the same won't get entered wrong
09:32 PM Tom_L: copy one to the next etc
09:32 PM Tom_L: just change the quarter
09:32 PM Tom_L: i mail that to the IRS once a quarter
09:33 PM Tom_L: but pay to the other site monthly
09:33 PM Tom_L: the efpts site
09:34 PM Tom_itx: https://www.irs.gov/pub/irs-pdf/i941.pdf
09:34 PM Tom_L: instructions
09:34 PM Tom_L: i copy one once per year and save them in a 2018 folder on the pc
09:34 PM zhanx: you just posted that
09:34 PM Tom_L: keep all my yearly stuff in a yearly directory
09:34 PM Tom_L: no, those are the instructions
09:35 PM Tom_L: look close
09:35 PM Tom_L: one is f one is i
09:35 PM zhanx: my bad
09:35 PM Tom_L: (form) (instructions)
09:36 PM Tom_L: i forget where i get my w2 w3 forms but they're generated from the website as you enter the data and they give you a pdf with them all completed
09:36 PM Tom_L: then you just print it and distribute them to the employees etc
09:36 PM zhanx: k
09:37 PM zhanx: great thing is my VA pay is tax free
09:38 PM Tom_itx: https://www.ssa.gov/bso/bsowelcome.htm
09:38 PM Tom_L: for the w2 w3
09:39 PM Tom_L: welcome to small business :)
09:39 PM zhanx: thanks
09:39 PM zhanx: not in the nice way
09:41 PM Tom_L: i keep a document showing what and when things are due
09:41 PM Tom_L: especially the annual one because i'd forget otherwise
09:42 PM Tom_L: the rest are state sites which will be different for you
09:43 PM Tom_L: https://www.labor.ny.gov/home/businesses.php
09:44 PM Tom_L: you'll probably have to pay somthing there once a quarter or annually
09:44 PM zhanx: dont remind me
09:44 PM Tom_L: https://labor.ny.gov/ui/Authentication/index.shtm
09:45 PM Tom_L: employee wage report
09:46 PM Tom_L: the fine for missing it is worse than the payment so don't miss it
09:46 PM Tom_L: at least here it is...
09:46 PM zhanx: not helping Tom_L
09:46 PM Tom_L: :)
09:46 PM Tom_L: just makeing you more successful
09:47 PM zhanx: true
09:47 PM Tom_L: most of this you weren't aware of right?
09:47 PM zhanx: every tab is open
09:47 PM zhanx: and your are right on that
09:47 PM Tom_L: that is about all i can think of off hand
09:47 PM Tom_L: save the links
09:47 PM zhanx: much as i hate it, it helps
09:48 PM zhanx: shit now i might need the revolving credit to fix my fuck ups
09:48 PM Tom_L: most of those aren't that much
09:48 PM Tom_L: withholding and sales tax are the highest
09:49 PM zhanx: 8 r
09:49 PM Tom_L: bye
09:49 PM zhanx: 8 percent in ny
09:49 PM Tom_L: ours varies
09:49 PM Tom_L: from county to county and city
09:49 PM Tom_L: that's why there's 800+ rates
09:50 PM Tom_L: i also import those into my program
09:50 PM Tom_L: from their website
09:55 PM rue_bed: wow, cca is turning up eh?
09:55 PM rue_bed: nighmare
10:17 PM Tom_L: cca?
10:19 PM Tom_L: now you see why small business _is_ the backbone of the US
10:19 PM zhanx: anyone that runs CCA is bad (copper clad aluminum wire)
10:20 PM Tom_L: ahh
10:21 PM Tom_L: i think they're starting that some around here due to copper theft
10:21 PM zhanx: hence why i spelled it out Tom_L , its data rate is lower
10:23 PM Tom_L: rule of thumb at least for me, i hold about 35% for business operating costs excluding payroll
10:26 PM Tom_L: you may need a little more
10:27 PM rue_bed: copper clad aluminum, wire
10:27 PM rue_bed: its just cheap
10:30 PM Tom_L: gnite
10:31 PM rue_mohr: zhanx, tell me when your ready for the next part, show me how the pinion is going!
10:31 PM rue_mohr: you need two of the collar-nuts
10:31 PM rue_mohr: per gearbox, the pinion is also used on the X gearbox
10:32 PM rue_mohr: I'm just posting as you reply and make progress