Comments on: Is now the time to buy a business? http://smallbusiness.blogs.cnnmoney.cnn.com/2008/11/12/is-now-the-time-to-buy-a-business/ Editors from FSB magazine answer your pressing small-business questions. Thu, 05 Nov 2009 16:07:19 +0000 http://wordpress.com/ hourly 1 By: jonathan chicago ,il http://smallbusiness.blogs.cnnmoney.cnn.com/2008/11/12/is-now-the-time-to-buy-a-business/#comment-1517 jonathan chicago ,il Thu, 19 Feb 2009 00:29:57 +0000 http://askfsb.wordpress.com/?p=815#comment-1517 i jonathan believe that the crisies would be harder for small business to get off the grown especialy when the banks are not giving loans to anyone even if u have a perfect credit score and a business plan so there for we still have to get other things resolve before we can go forward. im a victim of idenity theft and its much much harder for me to get a loan i jonathan believe that the crisies would be harder for small business to get off the grown especialy when the banks are not giving loans to anyone even if u have a perfect credit score and a business plan so there for we still have to get other things resolve before we can go forward. im a victim of idenity theft and its much much harder for me to get a loan

]]> By: Don Bishop, S.P., NJ http://smallbusiness.blogs.cnnmoney.cnn.com/2008/11/12/is-now-the-time-to-buy-a-business/#comment-1175 Don Bishop, S.P., NJ Sun, 07 Dec 2008 15:34:09 +0000 http://askfsb.wordpress.com/?p=815#comment-1175 Hi Charlene, I would also be a little concerned! With todays economy, I don't if it a good time to buy a business, but it is a perfect time to start a business! I invite you to take a look at this website - http://www.mypowermall.com/Biz/Home/158240 and if you have any, I would be more happy to answer them. Have a good day! Hi Charlene, I would also be a little concerned! With todays economy, I don't if it a good time to buy a business, but it is a perfect time to start a business! I invite you to take a look at this website – http://www.mypowermall.com/Biz/Home/158240 and if you have any, I would be more happy to answer them. Have a good day!

]]> By: Clarence, Nashville, TN http://smallbusiness.blogs.cnnmoney.cnn.com/2008/11/12/is-now-the-time-to-buy-a-business/#comment-1163 Clarence, Nashville, TN Fri, 05 Dec 2008 16:22:37 +0000 http://askfsb.wordpress.com/?p=815#comment-1163 I find it difficult to believe that so many Americans will spend this kind of money up front for a business that may or may not work for them, and not even consider the network marketing industry! This industry cost me only a small fraction of this rediculous $70,000 price tag (1.4%). Many people are able to earn significant income from this industry without risking so much money! America, wake up! I find it difficult to believe that so many Americans will spend this kind of money up front for a business that may or may not work for them, and not even consider the network marketing industry! This industry cost me only a small fraction of this rediculous $70,000 price tag (1.4%). Many people are able to earn significant income from this industry without risking so much money! America, wake up!

]]> By: C from Denver http://smallbusiness.blogs.cnnmoney.cnn.com/2008/11/12/is-now-the-time-to-buy-a-business/#comment-1109 C from Denver Wed, 19 Nov 2008 18:41:14 +0000 http://askfsb.wordpress.com/?p=815#comment-1109 David, you sir are an idiot. Go back to Russia or whatever rock you crawled out from. David, you sir are an idiot. Go back to Russia or whatever rock you crawled out from.

]]> By: david frantz http://smallbusiness.blogs.cnnmoney.cnn.com/2008/11/12/is-now-the-time-to-buy-a-business/#comment-1106 david frantz Wed, 19 Nov 2008 03:20:11 +0000 http://askfsb.wordpress.com/?p=815#comment-1106 C from Denver: On the 401'Ks ..... The Socialist in DC already have their 'eye's' on YOUR'S and others 401K money! C from Denver:

On the 401'Ks ….. The Socialist in DC already have their 'eye's' on YOUR'S and others 401K money!

]]> By: david frantz http://smallbusiness.blogs.cnnmoney.cnn.com/2008/11/12/is-now-the-time-to-buy-a-business/#comment-1105 david frantz Tue, 18 Nov 2008 23:54:07 +0000 http://askfsb.wordpress.com/?p=815#comment-1105 Greetings C Denver: The IRS loves 'Shelters' EASY pickings!!!! They just let the interest & Penalties add up until they STRIKE...... just like a COBRA! The Guy that sold you the 'shelter' watch him RUN for the hills! as YOU get MAULED by the IRS!... Go hire a TAX attorney and watch a GRAND per hour go up in SMOKE! You will be out 30 grand in Legal fee's in NO TIME! Just PRAY the IRS does not come after you for EVASION! If that happens, Now you are talking BIG BIG BIG bucks... It's WAY CHEAPER to pay the TAX just ask any sports figure about TAX SHELTERS! In AmeriKA your nothing more than MEAT on the Table! In AmeriKA you a SCREWED for PRODUCING! Cheers COMRADES! Greetings C Denver:

The IRS loves 'Shelters' EASY pickings!!!!

They just let the interest & Penalties add up until they STRIKE…… just like a COBRA!

The Guy that sold you the 'shelter' watch him RUN for the hills! as YOU get MAULED by the IRS!…

Go hire a TAX attorney and watch a GRAND per hour go up in SMOKE! You will be out 30 grand in Legal fee's in NO TIME!

Just PRAY the IRS does not come after you for EVASION!

If that happens, Now you are talking BIG BIG BIG bucks…

It's WAY CHEAPER to pay the TAX just ask any sports figure about TAX SHELTERS!

In AmeriKA your nothing more than MEAT on the Table!

In AmeriKA you a SCREWED for PRODUCING!

Cheers COMRADES!

]]> By: C, Denver http://smallbusiness.blogs.cnnmoney.cnn.com/2008/11/12/is-now-the-time-to-buy-a-business/#comment-1101 C, Denver Tue, 18 Nov 2008 15:29:36 +0000 http://askfsb.wordpress.com/?p=815#comment-1101 David: You are assuming that I would pay all the taxes on this. For example, you are not accounting for half of the FICA number being deductible. Also, this number is reduced drastically by a maxed out 401K and match. That puts $30 K in my pocket right there. If you have a business and blindly pay all the taxes without deductions, pre-tax contributions, and tax shelters, you sir are a chump. High income earners will always find a way to reduce their taxable income. David:

You are assuming that I would pay all the taxes on this. For example, you are not accounting for half of the FICA number being deductible. Also, this number is reduced drastically by a maxed out 401K and match. That puts $30 K in my pocket right there. If you have a business and blindly pay all the taxes without deductions, pre-tax contributions, and tax shelters, you sir are a chump. High income earners will always find a way to reduce their taxable income.

]]> By: David Smith http://smallbusiness.blogs.cnnmoney.cnn.com/2008/11/12/is-now-the-time-to-buy-a-business/#comment-1098 David Smith Mon, 17 Nov 2008 06:52:41 +0000 http://askfsb.wordpress.com/?p=815#comment-1098 What kind of business do you own? Cause I have been in Business now more than 7 years; first of all I have never made as much as you have in a year, and I work more than 60-70 hours + massive stress of employees and constant change in the market. I own a retail buss with 6 locations. I sure would like to know what you do? I am in the wrong Buss then! What kind of business do you own? Cause I have been in Business now more than 7 years; first of all I have never made as much as you have in a year, and I work more than 60-70 hours + massive stress of employees and constant change in the market. I own a retail buss with 6 locations. I sure would like to know what you do? I am in the wrong Buss then!

]]> By: Pete Glennon, Greenville SC http://smallbusiness.blogs.cnnmoney.cnn.com/2008/11/12/is-now-the-time-to-buy-a-business/#comment-1097 Pete Glennon, Greenville SC Sun, 16 Nov 2008 22:38:41 +0000 http://askfsb.wordpress.com/?p=815#comment-1097 With $245K in gross margin and a need to take only $60K out, sounds very interesting. Evaluating all the expenses and the viability of the accounts remaining are key. Be sure you only buy the assets and do not assume any liabilities. Get an accountant's advice before signing. With $245K in gross margin and a need to take only $60K out, sounds very interesting. Evaluating all the expenses and the viability of the accounts remaining are key. Be sure you only buy the assets and do not assume any liabilities. Get an accountant's advice before signing.

]]> By: david frantz http://smallbusiness.blogs.cnnmoney.cnn.com/2008/11/12/is-now-the-time-to-buy-a-business/#comment-1094 david frantz Sun, 16 Nov 2008 00:15:19 +0000 http://askfsb.wordpress.com/?p=815#comment-1094 They Royal screw job in AmeriKA: Your dentist tells you need a Crown for your tooth. He quotes you a $ 1000 dollars for the Crown: Out of the 1000 dollars for your Crown, the Dentist has to PAY about $ 500 dollars of it in Various TAXES (Federal tax, FICA, State income tax, business taxes, Etc) Out of the remaining 500 dollars he/she gets AFTER taxes, he pays the cost of doing business.... after that..... he /she might get to keep $ 200 dollars or LESS! By the way, He /She's the one doing ALL of the work and taking ALL of the RISK You on the other hand must Generate about $ 1600 dollars in Income (YOUR : Federal tax, FICA, and State income tax) to Clear the $ 1,000 dollars to pay for the Crown! The Govt made a about a GRAND in TAXES on YOUR CROWN.... SWEEEEEET! This apply's to almost EVERYTHING you do in AmeriKA now....From your food to auto repairs..... you name it the Tax GRAB is in there! It's no wonder we're sinking! They Royal screw job in AmeriKA:

Your dentist tells you need a Crown for your tooth. He quotes you a $ 1000 dollars for the Crown:

Out of the 1000 dollars for your Crown, the Dentist has to PAY about $ 500 dollars of it in Various TAXES (Federal tax, FICA, State income tax, business taxes, Etc)

Out of the remaining 500 dollars he/she gets AFTER taxes, he pays the cost of doing business…. after that….. he /she might get to keep $ 200 dollars or LESS!

By the way, He /She's the one doing ALL of the work and taking ALL of the RISK

You on the other hand must Generate about $ 1600 dollars in Income
(YOUR : Federal tax, FICA, and State income tax) to Clear the $ 1,000 dollars to pay for the Crown!

The Govt made a about a GRAND in TAXES on YOUR CROWN….

SWEEEEEET!

This apply's to almost EVERYTHING you do in AmeriKA now….From your food to auto repairs….. you name it the Tax GRAB is in there!

It's no wonder we're sinking!

]]> By: Wayne Ft Myers, Florida http://smallbusiness.blogs.cnnmoney.cnn.com/2008/11/12/is-now-the-time-to-buy-a-business/#comment-1089 Wayne Ft Myers, Florida Sat, 15 Nov 2008 00:05:50 +0000 http://askfsb.wordpress.com/?p=815#comment-1089 I have been a small business owner since 03. My gross sales have ranged from 1.5 mil to 3.5 mil. I have never taken in less than 400k before taxes and have made over 1 mil one year. I never paid in taxes more than 30%. I have few tax shelters and a conservative accountant. David Frantz I suspect, is padding his numbers to make a point. I work less than 40 hours a week and have plenty of free time. Find good employees that will run the business like there own. Not hard to do in this job market. Owning a business has been the best thing that has ever happened to me. I have been a small business owner since 03. My gross sales have ranged from 1.5 mil to 3.5 mil. I have never taken in less than 400k before taxes and have made over 1 mil one year. I never paid in taxes more than 30%. I have few tax shelters and a conservative accountant. David Frantz I suspect, is padding his numbers to make a point. I work less than 40 hours a week and have plenty of free time. Find good employees that will run the business like there own. Not hard to do in this job market. Owning a business has been the best thing that has ever happened to me.

]]> By: David Frantz http://smallbusiness.blogs.cnnmoney.cnn.com/2008/11/12/is-now-the-time-to-buy-a-business/#comment-1087 David Frantz Fri, 14 Nov 2008 19:21:34 +0000 http://askfsb.wordpress.com/?p=815#comment-1087 Dear Patriot: There are only TWO types of people ...only TWO : The GIVERS and the TAKERS! At one time in AMERICA our nation was LOADED,with GIVERS and our nation prospered and booomed! Now, America has been overrun by TAKERS! wanting everything you have for themselves and they give NOTHING in return......except wanting even MORE! They Take and take and take till nothings left! And GOD help a GIVER that gets involved with a TAKER!!!!!! Like a SPIDER, the TAKER will suck the GIVER dry America has been in a DEATH SPIRAL for YEARS... We are now AMERIKA! The USSA = United Socialist States of AmeriKA Dear Patriot:

There are only TWO types of people …only TWO : The GIVERS and the TAKERS!

At one time in AMERICA our nation was LOADED,with GIVERS and our nation prospered and booomed!

Now, America has been overrun by TAKERS! wanting everything you have for themselves and they give NOTHING in return……except wanting even MORE!

They Take and take and take till nothings left!

And GOD help a GIVER that gets involved with a TAKER!!!!!! Like a SPIDER, the TAKER will suck the GIVER dry

America has been in a DEATH SPIRAL for YEARS… We are now AMERIKA!

The USSA = United Socialist States of AmeriKA

]]> By: Anonymous Patriot, Dallas TX http://smallbusiness.blogs.cnnmoney.cnn.com/2008/11/12/is-now-the-time-to-buy-a-business/#comment-1083 Anonymous Patriot, Dallas TX Fri, 14 Nov 2008 13:29:30 +0000 http://askfsb.wordpress.com/?p=815#comment-1083 David, thanks for the response. I'll reiterate: you are 52 years old and work 2 days a week to make a decent enough living that you can spend your other 5 days doing what you want. And yet you keep complaining and name-calling the country that provides you that lifestyle and opportunity. Your disergard and disrespect for your own good fortune, although I'm sure it was earned in large part by your previous hard work, seems shortsighted. If it's so bad, then why stay here? And if it's good enough to stay here, then why not spend one of your deer-hunting days working for a third party and trying to change the two-party system that you feel is so fundamentally broken (which it very well may be). Again, constant whining combined with inaction does no one any good; in fact, it perpetuates the status quo you are taking issue with. Finally, if you believe what you write, why work those two days at all? Take action on your idea, move out to the wilderness and stop producing altogether. At least then you'd be acting rather that complaining. If you're worried about authorities, there are plenty of places in the world (some in America) where you could go completely off the grid with no problem. At least then you'd be putting your principles to work. If you believe it, act on it; if not, please stop espousing something you don't really believe because you enjoy complaining. David, thanks for the response. I'll reiterate: you are 52 years old and work 2 days a week to make a decent enough living that you can spend your other 5 days doing what you want. And yet you keep complaining and name-calling the country that provides you that lifestyle and opportunity. Your disergard and disrespect for your own good fortune, although I'm sure it was earned in large part by your previous hard work, seems shortsighted.

If it's so bad, then why stay here? And if it's good enough to stay here, then why not spend one of your deer-hunting days working for a third party and trying to change the two-party system that you feel is so fundamentally broken (which it very well may be). Again, constant whining combined with inaction does no one any good; in fact, it perpetuates the status quo you are taking issue with.

Finally, if you believe what you write, why work those two days at all? Take action on your idea, move out to the wilderness and stop producing altogether. At least then you'd be acting rather that complaining. If you're worried about authorities, there are plenty of places in the world (some in America) where you could go completely off the grid with no problem. At least then you'd be putting your principles to work. If you believe it, act on it; if not, please stop espousing something you don't really believe because you enjoy complaining.

]]> By: Conan Bridgeport,ILLinois http://smallbusiness.blogs.cnnmoney.cnn.com/2008/11/12/is-now-the-time-to-buy-a-business/#comment-1081 Conan Bridgeport,ILLinois Fri, 14 Nov 2008 03:44:25 +0000 http://askfsb.wordpress.com/?p=815#comment-1081 Heres my thoughts on Starting a Business if you have the backing and the right product or service for the industry I believe you will be ok and you will make it but it will be tough Now When the economy is in the state that it is right now Home business booms and thats what I think if anybody is going to get into business for them selves get with a good solid home biz the one im in you can join our team for free and we teach you everything you need to know to succeed. Heres my thoughts on Starting a Business if you have the backing and the right product or service for the industry I believe you will be ok and you will make it but it will be tough

Now When the economy is in the state that it is right now Home business booms and thats what I think if anybody is going to get into business for them selves get with a good solid home biz the one im in you can join our team for free and we teach you everything you need to know to succeed.

]]> By: david frantz http://smallbusiness.blogs.cnnmoney.cnn.com/2008/11/12/is-now-the-time-to-buy-a-business/#comment-1080 david frantz Fri, 14 Nov 2008 00:02:45 +0000 http://askfsb.wordpress.com/?p=815#comment-1080 Dear Patriot et.el I have taken action: Voting is a waste of time, We just saw our 'leaders' screw us over on the BAIL OUT bill. The SERF'S of ameriKA said NO NO NO and they did it ANYWAY.... and guess what the SERF'S Re-elected 99 % of 'their' leaders that voted for the BAIL OUT.........SWEEET! Has the big light gone on YET? This is proof positive we have NO SAY anymore..... we NEVER DID! now you know FOR SURE! For years I have paid well over 100 grand just in federal tax alone! But no more!! I have had enough of being made a fool of so I have cut way back to no less than 80 % I am 52 years old and semi RETIRED! I work one or two days a week..... if even that! WHY SHOULD I! So now I spend my time ENJOYING my life instead of PRODUCING!..... Enjoyed deer hunting today...AND tomorrow! and the NEXT day after that! I have MORE than enough work to provide 10 to 15 JOBS but NO WAY....it's not worth it anymore in AMERIKA! Way to much RISK for VERY VERY little RETURN! The ONLY way to take action in AmeriKA is STOP PRODUCING! & cut off the money right at the source: OUR LABORS! Watch how fast things 'CHANGE' with no money coming in to the Gov't coffers! In closing: Vote change???..... MY ASS watch how nothing CHANGES except even MORE taxes, more on the DOLE! & MORE WAR for other nations...mark my words...it's GOING to happen! ....SWEEEEET! Sorry for the RANT but it is related to the topic at hand... P.S. On the 'FICA'.... if you are SELF- employed you have to pay BOTH sides of the 'social security /medi-care' tax so it's 15 %....... on 60 grand that's 9 grand STOLEN from you..right off the top: Our 'leaders' are talking 'means testing' or raising the age of retirement so the 15 % TAX is more or less GONE! just ANOTHER tax you PAY! SWEEEET! Dear Patriot et.el

I have taken action: Voting is a waste of time, We just saw our 'leaders' screw us over on the BAIL OUT bill.

The SERF'S of ameriKA said NO NO NO and they did it ANYWAY…. and guess what the SERF'S Re-elected 99 % of 'their' leaders that voted for the BAIL OUT………SWEEET!

Has the big light gone on YET?

This is proof positive we have NO SAY anymore….. we NEVER DID! now you know FOR SURE!

For years I have paid well over 100 grand just in federal tax alone! But no more!! I have had enough of being made a fool of so I have cut way back to no less than 80 % I am 52 years old and semi RETIRED! I work one or two days a week….. if even that! WHY SHOULD I!

So now I spend my time ENJOYING my life instead of PRODUCING!….. Enjoyed deer hunting today…AND tomorrow! and the NEXT day after that!

I have MORE than enough work to provide 10 to 15 JOBS but NO WAY….it's not worth it anymore in AMERIKA!

Way to much RISK for VERY VERY little RETURN!

The ONLY way to take action in AmeriKA is STOP PRODUCING! & cut off the money right at the source: OUR LABORS!

Watch how fast things 'CHANGE' with no money coming in to the Gov't coffers!

In closing:

Vote change???….. MY ASS watch how nothing CHANGES except even MORE taxes, more on the DOLE! & MORE WAR for other nations…mark my words…it's GOING to happen!

….SWEEEEET!

Sorry for the RANT but it is related to the topic at hand…

P.S. On the 'FICA'…. if you are SELF- employed you have to pay BOTH sides of the 'social security /medi-care' tax so it's 15 %……. on 60 grand that's 9 grand STOLEN from you..right off the top:

Our 'leaders' are talking 'means testing' or raising the age of retirement so the 15 % TAX is more or less GONE! just ANOTHER tax you PAY!

SWEEEET!

]]> By: Anonymous Patriot, Dallas TX http://smallbusiness.blogs.cnnmoney.cnn.com/2008/11/12/is-now-the-time-to-buy-a-business/#comment-1078 Anonymous Patriot, Dallas TX Thu, 13 Nov 2008 18:23:03 +0000 http://askfsb.wordpress.com/?p=815#comment-1078 To David Frantz, If the U.S. and its system of taxation are so bad, then please go somewhere else and stop complaining so much. We all pay taxes. It stinks to not see those dollars and there are those that take advantage of social programs paid for by those tax dollars. But your bellyaching about taxation and socialism is embarassing; because if you had a better alternative and any sense, you'd leave. Yes, it is seriously flawed in some ways, but the fact that you are here proves America is the best option you've got (assuming you are a rational actor). Given that (1) it's your best option and (2) you're not being singled out for taxes any more than anyone in a comparable position, your over-the-top rhetoric comes off as annoying whining. Suck it up or do something to change the system through the mechanisms for change like supporting a campaign or running yourself, but please stop whining. You're not special. We all have problems and America with a "C" is still clearly the best option you have, so stop complaining and do something to help the rest of us make it better. Constant whining, namecalling, and inaction is the definition of counterproductive. Also, if you are paying 64K in taxes on 130K in income, please pay a tax accountant to do your returns, because you're overpaying (for instance, the maximum FICA contribution in 2008 is $6,324, so you're paying like 10K more than the system allows in your very realistic, informed estimation). Thanks. To David Frantz,

If the U.S. and its system of taxation are so bad, then please go somewhere else and stop complaining so much. We all pay taxes. It stinks to not see those dollars and there are those that take advantage of social programs paid for by those tax dollars.

But your bellyaching about taxation and socialism is embarassing; because if you had a better alternative and any sense, you'd leave. Yes, it is seriously flawed in some ways, but the fact that you are here proves America is the best option you've got (assuming you are a rational actor). Given that (1) it's your best option and (2) you're not being singled out for taxes any more than anyone in a comparable position, your over-the-top rhetoric comes off as annoying whining. Suck it up or do something to change the system through the mechanisms for change like supporting a campaign or running yourself, but please stop whining.

You're not special. We all have problems and America with a "C" is still clearly the best option you have, so stop complaining and do something to help the rest of us make it better. Constant whining, namecalling, and inaction is the definition of counterproductive. Also, if you are paying 64K in taxes on 130K in income, please pay a tax accountant to do your returns, because you're overpaying (for instance, the maximum FICA contribution in 2008 is $6,324, so you're paying like 10K more than the system allows in your very realistic, informed estimation). Thanks.

]]> By: David Frantz http://smallbusiness.blogs.cnnmoney.cnn.com/2008/11/12/is-now-the-time-to-buy-a-business/#comment-1077 David Frantz Thu, 13 Nov 2008 17:02:43 +0000 http://askfsb.wordpress.com/?p=815#comment-1077 Basic tax return on 130 grand income in ameriKA: 130 grand gross: 15 grand FICA tax 1 grand on Medecare tax 40 grand Fed income tax 8 grand State income tax That's 64 grand snatched from YOUR labors! Enough money taken to send your child to HARVARD!... EACH YEAR! This is a basic tax return but it will not differ to much from the actual! Just think every year a HARVARD education is taken (STOLEN) from YOUR children! and GIVEN to someone else living on the DOLE... having multiple children by multiple fathers, but can't tell you how the names of the daddy's! how sweeeeeet it is to live in AMERIKA! We are doooomed: deal with it america has passed the point of NO RETURN! we are now AMERIKA with a 'K' USSA = United socialist states of ameriKA Basic tax return on 130 grand income in ameriKA:

130 grand gross:

15 grand FICA tax
1 grand on Medecare tax
40 grand Fed income tax
8 grand State income tax

That's 64 grand snatched from YOUR labors! Enough money taken to send your child to HARVARD!… EACH YEAR!

This is a basic tax return but it will not differ to much from the actual!

Just think every year a HARVARD education is taken (STOLEN) from YOUR children! and GIVEN to someone else living on the DOLE… having multiple children by multiple fathers, but can't tell you how the names of the daddy's! how sweeeeeet it is to live in AMERIKA!

We are doooomed: deal with it america has passed the point of NO RETURN! we are now AMERIKA with a 'K'

USSA = United socialist states of ameriKA

]]> By: Eric, Coral Springs Florida http://smallbusiness.blogs.cnnmoney.cnn.com/2008/11/12/is-now-the-time-to-buy-a-business/#comment-1076 Eric, Coral Springs Florida Thu, 13 Nov 2008 16:56:08 +0000 http://askfsb.wordpress.com/?p=815#comment-1076 This is just flat out wrong, and the author should go back to serving burgers. Tax due on $60k when married filing jointly would less than $8k. Worst case scenario would be less than $15k with FICA and FUTA. Don't let the disgruntled stop you from pursuing the American dream. This is just flat out wrong, and the author should go back to serving burgers.

Tax due on $60k when married filing jointly would less than $8k. Worst case scenario would be less than $15k with FICA and FUTA.

Don't let the disgruntled stop you from pursuing the American dream.

]]> By: Chris http://smallbusiness.blogs.cnnmoney.cnn.com/2008/11/12/is-now-the-time-to-buy-a-business/#comment-1074 Chris Thu, 13 Nov 2008 15:16:35 +0000 http://askfsb.wordpress.com/?p=815#comment-1074 David I agree with your assessment on this. The potential earnings are not worth the risk. I disagree with the USSA comment. This country is not socialist. Actually, the Government is becoming more privatized. The Federal Government has privatized itself at the request of Banks and Wall Street. They want you to think it is socialization, but the largest companies continue to control the Government. David

I agree with your assessment on this. The potential earnings are not worth the risk. I disagree with the USSA comment. This country is not socialist. Actually, the Government is becoming more privatized. The Federal Government has privatized itself at the request of Banks and Wall Street. They want you to think it is socialization, but the largest companies continue to control the Government.

]]> By: David Frantz http://smallbusiness.blogs.cnnmoney.cnn.com/2008/11/12/is-now-the-time-to-buy-a-business/#comment-1073 David Frantz Thu, 13 Nov 2008 04:13:06 +0000 http://askfsb.wordpress.com/?p=815#comment-1073 Based on your numbers: If you net 60 grand via your Sub chapter - S K-1 return: watch how fast you get screwed: Fed tax: 18,000 dollars (30%) FICA Tax: 9,000 dollars (15%) You pay 45 % right there! not to mention all of the other 'hidden' and not so hidden taxes you pay before the K-1 Return is even generated. Now that you are self employed you get to PAY the other half of the medicare & Social security tax...how sweeeet! thats 15 % So for all of the hard work you WILL DO, and for all of the CRAP you WILL put up with and NO BAIL OUT cash for your Mistakes, : You keep 33 grand WOW!!!! how nice!!! 16 grand for your husband and 16 for you!!!! WOW your rolling in Bucks!!!! the good life!!!! moving on up!!! It's no WONDER the owner wants to sell!!!! Advise: RUN RUN RUN RUN RUN...save yourself! Welcome to AmeriKA with a 'K' It's not worth it anymore in the USSA = United Socialist States of AmeirKA see my other post below Based on your numbers: If you net 60 grand via your Sub chapter – S K-1 return: watch how fast you get screwed:

Fed tax: 18,000 dollars (30%)
FICA Tax: 9,000 dollars (15%)

You pay 45 % right there! not to mention all of the other 'hidden' and not so hidden taxes you pay before the K-1 Return is even generated.

Now that you are self employed you get to PAY the other half of the medicare & Social security tax…how sweeeet!
thats 15 %

So for all of the hard work you WILL DO, and for all of the CRAP you WILL put up with and NO BAIL OUT cash for your Mistakes, :

You keep 33 grand WOW!!!! how nice!!! 16 grand for your husband and 16 for you!!!! WOW your rolling in Bucks!!!!
the good life!!!! moving on up!!!

It's no WONDER the owner wants to sell!!!!

Advise: RUN RUN RUN RUN RUN…save yourself!

Welcome to AmeriKA with a 'K'

It's not worth it anymore in the USSA = United Socialist States of AmeirKA

see my other post below

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