Ouch! I can't imagine. I only have room to keep 75-100 pieces around at one time. 8K would really put me in a bad mood come every November!
Edward
Wanna be in the repro biz?
- Thread starter darinjacobs
- Start date
-
- Tags
- crybaby jacobs
Ouch! I can't imagine. I only have room to keep 75-100 pieces around at one time. 8K would really put me in a bad mood come every November!
Edward
bit_slicer
New member
I understand. Actually I was trying to resolve Frizz'z apparent misunderstanding about sales and use tax.
davin72
New member
Ours was somewhere around $22,000 last year. Would have been worse but durring december we got rid of about $50,000 in dead inventory. We are hoping that it will be even less this year but we need to hurry and sell some stuff off and try not to keep much inventory for the next month and a half.
LyonsArcade
Well-known member
I'm with you man.
They tax the money you make.
They tax you anytime you buy anything.
They tax you anytime you save anything.
If you buy something that doesn't get destroyed, they tax you each year on it.
They tax you on anything you accrue while you invest.
It's common practice to tax people for the rain water that rolls off their roof.
Then, when you die, they tax you again.
LyonsArcade
Well-known member
WELCOME TO AMERICA! Once you start looking at it, it's fucking AMAZING what the government is pulling on us.
OP
OP
darinjacobs
Well-known member
Inkjetters really don't have it much, if any better inventory tax wise. While they don't have much in the way of completed product for sale, the bulk materials and the equipment itself qualifies for that tax in most states with an inventory tax. Typically if the inkjetter is using decent stuff there's upwards of 25k tied up there.
Not debating inkjet vs silkscreen because we all know the superiority of silkscreen, just talkin taxes
25k is nothing Brian. Ive got that much in just 2 of my pinball projects.
Inkjetters can depreciate their 25k in eqpt. to reduce their liability, decals you cannot.
WadeLanham
Well-known member
I know some of you do a project here and there. But think about this for a second. In my state we have an inventory tax. I was just hit with a bill for $1495.60 from the state. Slightly lower than last year. Thats on top of estimated quarterly income tax and overhead. Not to mention your time and the wonderful cast of characters you get to deal with on a daily basis
So it's not all that cheap and easy as people think. I roll my eyes when people say they know what it costs to print something (really?) and what the selling price should be. Sure that might be ok for the small guy who runs one or two projects and doesnt report their income, but I can't do that.
Having said that, anyone wanna buy Phoenixarcade and pay these bills? LOL.
Okay, so how much income have you netted from Phoenixarcade sales the past few years?
Wade
cadillacman
Well-known member
I know some of you do a project here and there. But think about this for a second. In my state we have an inventory tax. I was just hit with a bill for $1495.60 from the state. Slightly lower than last year. Thats on top of estimated quarterly income tax and overhead. Not to mention your time and the wonderful cast of characters you get to deal with on a daily basis
So it's not all that cheap and easy as people think. I roll my eyes when people say they know what it costs to print something (really?) and what the selling price should be. Sure that might be ok for the small guy who runs one or two projects and doesnt report their income, but I can't do that.
Having said that, anyone wanna buy Phoenixarcade and pay these bills? LOL.
youll be happy to know when it was time to get art for my tron, i used yours.
Im a cheap bastard, but it was money well spent!!
Talon2000
Well-known member
I see a year end sale coming up!!
If your refreshing this quote:
It's not a reference to the structure or method so to speak. Its a comment about Progressive-ism. A wonderful school of thought permeating our government. Sum it up in 3 words. Tax and Spend. Oh yeah, other favorite...Spend your way out of debt. Is that like trying to sleep yourself out of AIDS? Anyway, try that as a business owner when your finances are tight. Let me know how it works out. Even at this I am not even beginning to think about scratching the surface of explaining it.How how very "progressive"...
All I can say is that from the point of view of Ky and taxes....some folks I know thank you. Without our generous tax dollars they can be so lazy that they won't even feel the need,or have the incentive, to expend the energy to thank you. They would probably argue there should be a government program to write the thank you letters.
OP
OP
darinjacobs
Well-known member
Send me your financials and sign a NDA and let's talk privately
Gruber
New member
I agree, same with my Tron. Darin's stuff is top notch and worth the money.
OP
OP
darinjacobs
Well-known member
Thank you very much guys. Each order is important to me.
This post was just to Bitch about taxes not the business or customers
Yeah... thank god for the single biggest reason why California is running on borrowed money... every year.
Wow... I didn't realize there was such thing as "Inventory Tax"... that seems ridiculous. I don't see how that makes any sense at all... if you sell it, they tax you on it, but if you don't sell it, they also tax you on it.
And actually... if you sell it out of state, they don't tax you on it. Is it only inventory left at the end of the year? Could you sell all of your inventory out of state at the end of the year, then buy it back at the beginning of the next year? It seems like that law is just penalizing you for having anything laying around at the end of the year.
BTW, I just did a search for inventory tax and found a page that says there's 15 states with that tax:
Alaska
Arkansas
Georgia
Indiana
Kentucky
Louisiana
Maryland
Massachusetts
Mississippi
Ohio
Oklahoma
Rhode Island
Texas
Vermont
West Virginia
DogP
And actually... if you sell it out of state, they don't tax you on it. Is it only inventory left at the end of the year? Could you sell all of your inventory out of state at the end of the year, then buy it back at the beginning of the next year? It seems like that law is just penalizing you for having anything laying around at the end of the year.
BTW, I just did a search for inventory tax and found a page that says there's 15 states with that tax:
Alaska
Arkansas
Georgia
Indiana
Kentucky
Louisiana
Maryland
Massachusetts
Mississippi
Ohio
Oklahoma
Rhode Island
Texas
Vermont
West Virginia
DogP
phineas foo
Permanently Banned
Phoenix Arcade, Simple solution: Become a producer/provider and have the virtual storefront in another state. Oregon only has income tax, no sales tax and no inventory tax.
Make your items and then ship them to someone you can have move the product for you. You can write off shipping, pay someone say, 10-15% to send your items out for you. It is a ton cheaper to pay that little then a stupid inventory tax for something collecting dust and then forces you to have a reduction sale, putting more product out at a cheaper price that people will wait for than buying at retail.
I love loopholes. My favorite is when working with screen used costume pieces from movies. The Gov tries to say collectible, but if you know what you are doing, then you tell them what it really is.. clothing.. they look it up and it says used clothing, NO TAX.. They get really pissed off!
Anyway, food for thought....
PF
Make your items and then ship them to someone you can have move the product for you. You can write off shipping, pay someone say, 10-15% to send your items out for you. It is a ton cheaper to pay that little then a stupid inventory tax for something collecting dust and then forces you to have a reduction sale, putting more product out at a cheaper price that people will wait for than buying at retail.
I love loopholes. My favorite is when working with screen used costume pieces from movies. The Gov tries to say collectible, but if you know what you are doing, then you tell them what it really is.. clothing.. they look it up and it says used clothing, NO TAX.. They get really pissed off!
Anyway, food for thought....
PF
OP
OP
darinjacobs
Well-known member
$4401.44 this years bite.
Buy more stuff from me so my inventory tax will be lower next year. However my income tax will rise.
The tax man cometh.
Buy more stuff from me so my inventory tax will be lower next year. However my income tax will rise.
The tax man cometh.
Level42
New member
I am not a specialist, but I do actually believe that that is one tax we do NOT have over here.....Mind you, please don't give them any ideas here !!
Ouch. I understand your pain but in a much different way. I inherited a bar with four apartments that's been in my family since prohibition was repealed. The Ohio Department of Taxation is the biggest and nastiest group of thieves I have ever had the misfortune of encountering.
Similar threads
