Double F
Member
DISCLAIMER - NO "Laundering" talk, just discussions of cool business one can setup NOT related to cannabis.
Hi im looking to start a business of some kind, because as a cannabis farmer (a tax paying one at that) i have to file taxes as self employed. well you cant exactly write down "ganja farmer" as your job description, so i want to find a business i can start that i can use as a job.
Ideally, im looking for a few aspects, they are as follows.
1. LOW STARTUP COSTS! i dont want to have to lease a big warehouse, buy expensive tow trucks, or invest 100k in machinery/inventory to start. need a business with low startup costs that deal in mostly cash. the less regulation the better.
2. AUTOMOBILE TAX DEDUCTION. i want to be able to deduct the expense of my monthly vehicle payment, as well as gas costs on taxes. This will easily save thousands in taxes for someone who is self employed and uses a truck for work.
3. NO EMPLOYEES. something where you are self employed and do all the work yourself.
SO, i came up with a few ideas, PLEASE ADD SOME MORE!.
1. Garbage Hauler/Mover - A close friend does this. he visits the dump once a week and keeps his receipts. he deducts all of his gasoline costs and vehicle costs, even repair bills for his truck. when he files taxes they dont even ask to see proof of anything except his costs. last year he deposited 50k in cash into his bank over a year and paid around 2-3k in income taxes, usually it would have been 5-6k but deductions really helped.
2. Handyman, Landscaping - Also know a few people who do this, most of them already licensed or unlicensed contractors. they use their truck for work, deduct the expense of tools, etc. how cool is it to buy a 500 dollar chainsaw and a 300 dollar powersaw and deduct them on your taxes!! you can do a "job" once a week and than deposit all that cash into the bank and claim it as income. if anyone asks for information on the jobs just give them an address to some property for sale and say you didnt get their ID, who checks ID for a contracting job anyways?!?!
3. Movers/Delivery - get a van or small box truck and say you do moves or special parts delivery, and get paid mostly cash for it. you could even lease the truck out to REAL movers and let them drive around in it when not in use. i wanted to get a van and put a "ABC auto parts delivery" or something like that, say i deliver car parts. it could explain having big cardboard boxes in the back of the van (filled with vacsealed pot hehe)
4. Limo/ Private Driver - i liked this one because i wanted to lease a brand new chevy tahoe and then slap the TC tags on the bumper and say i was a private driver. i would just deposit like 1200 in the bank every week and say i did a wine tour or drove some rich person. once again, "oops i dont ask for ID from my clients and i dont take credit cards its too confusing."
the only drawback to this business was high startup costs especially for fees. to have a TC plate in california costs like 3000 a year and you need to buy the super expensive insurance policy, but maybe those are tax deductible as well? you could deduct gas and car payment easily as well which would get that 3k in fees back i assume. would like more info on this. if done right, i could easily see driivng a "wine tours" limo up to the norcal mountains and bringing back untold amounts of herb. dress in a suit, have some printed out google maps of wineries, doubt CHP would even notice.
MODS- if any of this violates TOU please let me know first and i will edit my post. PLEASE DO NOT DELETE!
Hi im looking to start a business of some kind, because as a cannabis farmer (a tax paying one at that) i have to file taxes as self employed. well you cant exactly write down "ganja farmer" as your job description, so i want to find a business i can start that i can use as a job.
Ideally, im looking for a few aspects, they are as follows.
1. LOW STARTUP COSTS! i dont want to have to lease a big warehouse, buy expensive tow trucks, or invest 100k in machinery/inventory to start. need a business with low startup costs that deal in mostly cash. the less regulation the better.
2. AUTOMOBILE TAX DEDUCTION. i want to be able to deduct the expense of my monthly vehicle payment, as well as gas costs on taxes. This will easily save thousands in taxes for someone who is self employed and uses a truck for work.
3. NO EMPLOYEES. something where you are self employed and do all the work yourself.
SO, i came up with a few ideas, PLEASE ADD SOME MORE!.
1. Garbage Hauler/Mover - A close friend does this. he visits the dump once a week and keeps his receipts. he deducts all of his gasoline costs and vehicle costs, even repair bills for his truck. when he files taxes they dont even ask to see proof of anything except his costs. last year he deposited 50k in cash into his bank over a year and paid around 2-3k in income taxes, usually it would have been 5-6k but deductions really helped.
2. Handyman, Landscaping - Also know a few people who do this, most of them already licensed or unlicensed contractors. they use their truck for work, deduct the expense of tools, etc. how cool is it to buy a 500 dollar chainsaw and a 300 dollar powersaw and deduct them on your taxes!! you can do a "job" once a week and than deposit all that cash into the bank and claim it as income. if anyone asks for information on the jobs just give them an address to some property for sale and say you didnt get their ID, who checks ID for a contracting job anyways?!?!
3. Movers/Delivery - get a van or small box truck and say you do moves or special parts delivery, and get paid mostly cash for it. you could even lease the truck out to REAL movers and let them drive around in it when not in use. i wanted to get a van and put a "ABC auto parts delivery" or something like that, say i deliver car parts. it could explain having big cardboard boxes in the back of the van (filled with vacsealed pot hehe)
4. Limo/ Private Driver - i liked this one because i wanted to lease a brand new chevy tahoe and then slap the TC tags on the bumper and say i was a private driver. i would just deposit like 1200 in the bank every week and say i did a wine tour or drove some rich person. once again, "oops i dont ask for ID from my clients and i dont take credit cards its too confusing."
the only drawback to this business was high startup costs especially for fees. to have a TC plate in california costs like 3000 a year and you need to buy the super expensive insurance policy, but maybe those are tax deductible as well? you could deduct gas and car payment easily as well which would get that 3k in fees back i assume. would like more info on this. if done right, i could easily see driivng a "wine tours" limo up to the norcal mountains and bringing back untold amounts of herb. dress in a suit, have some printed out google maps of wineries, doubt CHP would even notice.
MODS- if any of this violates TOU please let me know first and i will edit my post. PLEASE DO NOT DELETE!