Buy sell hold accumulate and enjoy

[savedfrommyspokes]

Originally Posted by Bigshot69

Based on what I've read this would seem to be where the legislation in Washington is headed. That said, after reading several articles I'm unsure how sole props, LLCs (Sole Member), and 1065 partnerships would be impacted? Perhaps maybe there is a CPA on here who would kindly provide their $.02?

My CPA has for years has encouraged me to take this route....my wife has been looking for job opportunities out of state for years also, so I have been reluctant to shell out for the initial cost to set up in my state and then relocate soon after. Each year my CPA lets me know how much I could have saved as an s-corp versus a sole proprietorship and this year it would been about half of what I owed.

To tie this back to the theme of the thread, at some point down the road (hopefully a long time) before I begin to sell off my collection, this is the route I intend to take(if all the current legislation is still in place).

[uniship]

To the guy who started this thread, that's one helluva photo. Respect.

[T206Collector]

I can see a safe deposit box in one of the photos, so I'm guessing these are the photos from "bank visit" day. I keep all of my signed T206s (and even some of the non-signed ones) at the bank in a similar fashion. But, you have to get high quality scans of the cards before you do that. Otherwise you will certainly miss them and have to take more trips to the bank!

[ajjohnsonsoxfan]

Originally Posted by T206Collector

I can see a safe deposit box in one of the photos, so I'm guessing these are the photos from "bank visit" day. I keep all of my signed T206s (and even some of the non-signed ones) at the bank in a similar fashion. But, you have to get high quality scans of the cards before you do that. Otherwise you will certainly miss them and have to take more trips to the bank!

Ugh. I think I would quit the hobby if I ever had to keep my cards in a bank vault. (no offense to anyone that does..I get it. But I just like to look at the beauties too much and would use an insane amount on gas getting to and from the bank.) :-)

[pokerplyr80]

Originally Posted by ajjohnsonsoxfan

Ugh. I think I would quit the hobby if I ever had to keep my cards in a bank vault. (no offense to anyone that does..I get it. But I just like to look at the beauties too much and would an insane amount on gas getting to and from the bank.) :-)

It's tough, but as someone who was the victim of a home break in, fortunately just after I got back into the hobby, it's a necessary precaution for my own piece of mind.

[PhillipAbbott79]

Originally Posted by pokerplyr80

It's tough, but as someone who was the victim of a home break in, fortunately just after I got back into the hobby, it's a necessary precaution for my own piece of mind.

That is what a gun is for.

[MR RAREBACK]

now that's a nice green cobb wowzer

[mechanicalman]

Originally Posted by PhillipAbbott79

That is what a gun is for.

Exactly. So when they break in when you're not home, they'll steal your gun and not your cards.

[BruceinGa]

Originally Posted by pokerplyr80

It's tough, but as someone who was the victim of a home break in, fortunately just after I got back into the hobby, it's a necessary precaution for my own piece of mind.

My son's home near Downtown Atlanta was burglarized about 4 years ago. They took electronics and threw his graded cards (some T206's but mostly 50's-70's rookie HOFer's) on the bedroom floor.
Btw, he moved to a less crime area a year later.

[BobC]

Originally Posted by savedfrommyspokes

My CPA has for years has encouraged me to take this route....my wife has been looking for job opportunities out of state for years also, so I have been reluctant to shell out for the initial cost to set up in my state and then relocate soon after. Each year my CPA lets me know how much I could have saved as an s-corp versus a sole proprietorship and this year it would been about half of what I owed.

To tie this back to the theme of the thread, at some point down the road (hopefully a long time) before I begin to sell off my collection, this is the route I intend to take(if all the current legislation is still in place).

Not sure what state you are currently in, or what state it is that your wife is looking to get a new job in either. In any case, the cost for initially setting up a business in most states isn't really much at all, maybe a couple hundred bucks at most, and you can generally do it yourself online through the Secretary of State's office for where you are currently residing. And then if you ever do end up moving to another state, you can probably just contact the Secretary of State's office in your new locale and ask to register the current business so it can now operate in your new home state. No need to start a brand new business or to shut down the old one at all. And that would initially only cost you a couple hundred dollars or so at the most to register in the new state also.

Of course there are other factors to consider also, such as the type of business/work you are going to have/be performing, are there going to be employees, are you going to have inventory or other assets, etc. and so on. You should always consult with a qualified professional before doing anything like that of course.

Now, as for your CPAs specific idea about saving money by becoming an S-Corp instead of operating as a sole proprietor, I assume he's referring to the fact that you have to pay up to 15.3% of your net income as self-employment tax (social security and Medicare) as a sole proprietor. Whereas, if you elect to become an S-Corp, your distributive share of income from the company is not subject to self-employment taxes at all, right? Just be careful, the IRS has talked about his for years and knows that people purposely do this to escape paying in the self-employment taxes. They supposedly are on the lookout for this and always threaten to start cracking down on companies that do this, especially when the owners are actually performing services/work in the business that otherwise should be subject to self-employment taxes.

BobC