News
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
view the rest of the comments
open business, close business, open new business, repeat, but they are all the same
A deduction isn’t a handout. You don’t get free money you didn’t already earn.
Yeah, if this was a credit that'd be a different story and very ripe for exploitation. However, a deduction is still quite a bit of money to reduce your taxable income by.
my comment implies there was already a business or a business to be made, and closing and reopen was a metod to game system for 50k deduction, hence less taxes, each time this is done
If your business is doing so poorly that deducting a single person's wage for the first year is worth that effort then...I guess yeah. Game away.
I see you’re unfamiliar with small businesses
No, I'm not. That's the thing. I know that a very small business (sub five employees) lives and dies by word of mouth and repeat business. Something that closing down and becoming another business with another name (even a derivative) will absolutely kill. On top of the IRS very likely having protections against this very scenario, starting a new business with a new license, and a new name, a new logo, and a new bank account, insurance, and a new domain name probably (in which case, software, accounts, POS, would be tied to the wrong domain email which is embarrassing if it's not changeable), and does it need permits? They're new too. Did you have an LLC? Lawyer fees and processing and time. All to save $50k in taxes which likely weren't terrible if you're that small.
It's basically like starting a game of Civ or something similar and adjusting everything in the custom gameplay mode to make a few things a little easier in game. And then you get a few hours of playing in and realize you borked the game and would rather play a typical campaign.
You just use the same phone numbers and accounts and stuff. There’s been standard ways to redirect people to new names for at least centuries.
It costs a couple hundred bucks to start a new llc in most states. People just use their old articles of incorporation and change the names (I know one who just crossed the old ones out with a pen and wrote the new ones in over the top).
Permitting almost always has exceptions for existing operations.
When you close a business on paper you don’t suddenly lose access to services in the name of that business.
If you can figure out a good reason to (any reason counts, restructuring, etc) you can have the same dba filing for your new company, not change anything externally and be fine.
What you’re not considering is that all of the above things might amount to five grand if you live in a particularly restrictive state, but that’s still 45k in tax breaks a year and if there was some reason to restructure internally now you’re getting paid for it.
Yes you do. Your bank account is in the old business's name, and any lines of credit you have will be in that business's name as well. Doing anything for a new business is harder than for an established one. Once you explain "oh yeah I did own that one, I just changed the name for tax purposes" you sound like a scammer.
Banks and suppliers (good ones) are not going to waste their time figuring out your scheme. They will just drop you.