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Post Info TOPIC: FED passes Bank stress test with flying colors, but Yellen says Government could run out of money by August!
What do you think? [3 vote(s)]

It does not look good.
0.0%
They will just raise the spending limit like usual.
33.3%
The good lord tells me he's pretty sure he can get me out of this mess, but he says you're fucked.
66.7%


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RE: FED passes Bank stress test with flying colors, but Yellen says Government could run out of money by August!


Rastus wrote:

PowerStroker said...

________________________________________________________________________________________________________________

But we ( read gov't ) can't do everything for you, at some point you have to pull yourself up by your bootstraps and do some work.
________________________________________________________________________________________________________________


That's quite a good statement I thought...Even Mr.Trumpdt is doing just that, with his upcoming bogus media entertainment site.


 

Yea this is for sure a famous quote for PowerStroker! We should send this to ALL the illegal immigrants and people who don't work instead of sending them money!

PowerStroker is such a hypocrite... I'm laughing at you guys, not with you. 



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So exactly how much free money from the government would be enough to satisfy you then?

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I'm not looking for free money PowerStroker! What about that don't you get!!!

But to answer your question, about $110,000 would be good... with $10,200 of it going to repay the tax payers for my PPP loan right off the top... of course I'd want the same 3.75% interest rate that is being afforded to everyone else in the EIDL program with the same term so it's spread out over 30 years!

This would allow me to re-structure ALL business debt, and otherwise bring my DTI inline with just my house payment with a balance under $70k on my personal mortgage. It would also allow me a fairly large cushion and good enough credit to start beating the bushes for my next shop, which would FOR SURE be a "buy" and not a "rent". The leftover would give me enough $$$ power for a good sized downpayment on real-estate... once purchased, a few years down the road or however long it took I could re-finance the business property, pay off the Government and make improvements and or expansions as permissable. 

Point is, I AM NOT ASKING FOR ANY FREE MONEY! I DON'T WANT FREE GOVERNMENT MONEY! This is a business LOAN, not FREE MONEY!

When all is said and done, over the past two years I'll have lost/spent almost $50-$80k due to all this pandemic BS! That is both in revenues and in my own personal money I have paid out to keep things paid on time, EVERY TIME.

It might take me longer to get there on my own, but in terms of the $10,200 paid out and forgiven it only makes the Government and SBA look bad for not following thru with a more realistic EIDL loan to follow up the PPP... I'm sorry to inform you PowerStroker, your Government is ignorant and would rather give your money away than invest it to make money! It's not like I don't have over $100k equity... at least when the property tax man comes knocking twice a year he seems to want to tax me on these "unrealized property value gains" but when it comes to using it? Naw, it's just an illusion! This just proves all of that.

 

 



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FAR BEYOND DRIVEN

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Lots of people have been screwed-up by this false pandemic, that's for sure...

At least you're still in business, & it seems that Mr.Obama doesn't like "these times" either...

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That video was from back when he was President... not recently. lol



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Same shyte different Administration. 



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SELLC wrote:

Same shyte different Administration. 


 

Yes indeed...

Don't forget that the "fix" is to drop the Federal Reserve corporation, & get your own monetary system going again.

Your problem however is that the Mofo's in-charge, & who will remain in-charge, are the only one's who benefit, since like parasites, they feed & grow from your suffering.

The US-of-A doesn't need anybody, as it once was a self sufficient country, & could be again...



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Rastus wrote:
 

The US-of-A doesn't need anybody, as it once was a self sufficient country, & could be again...


 

Amen brother!



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LET'S GO BRANDON!

 



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Just so long as people don't expect loans from the government anyway.

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"If you can convince the lowest white man he's better than the best colored man, he won't notice you're picking his pocket. Hell, give him somebody to look down on, and he'll empty his pockets for you."     Lyndon B. Johnson

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PowerStroker wrote:

Just so long as people don't expect loans from the government anyway.


 

What Rastus is saying is if the Federal Reserve was gotten rid of, or put in check, then we wouldn't see all the nations wealth just given to the top 20%!

It's ridiculous what is going on! It's an attack on American small business! We have people in the Federal Reserve who have been caught cheating the markets with their insider trading, funneling ALL the money to lobbiest of big companies!

We have our own President, Biden, who's ENTIRE FAMILY is on the take! Kicking it up to the big guy, selling America out one painting at a time!

If you don't think something is wrong with the SBA denying a small business like mine a "SMALL" loan like what was mentioned above for a company that has been open 20 years and never late on it's bills for 14 of them years then there is something wrong with you.

I shouldn't have to waste time complaining about it! If your party was worth a damn and were for the middle class and small business like they campaign then you wouldn't have to listen to it! But that's not the way of it!

 



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LET'S GO BRANDON!

 



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On the bright side, if the self-employed business model isn't working for you anymore, there are LOTS of places hiring who could benefit from your expertise.

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"If you can convince the lowest white man he's better than the best colored man, he won't notice you're picking his pocket. Hell, give him somebody to look down on, and he'll empty his pockets for you."     Lyndon B. Johnson

BLACK LIVES MATTER



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I'm sorry PowerStroker but you just don't make that option look attractive... Look at how you're always bitter and more than willing to take the shaft from your political party! And something about driving around in an old Honda and Ford Truck isn't exactly giving me wood either! And I suppose the idea of losing my house and having to shack up with my girlfriend like you're doing is probably the final straw...

Naw, think I'm doing just fine! But that is no excuse why politicians and the Government should be allowed to opperate as they have! So I will keep bitching and you can keep thinking it's for reasons other than our Government and it's employees coming up short...

Did I mention my labor rate went up to $100 an hour on November 1st? Sure, I'm backloged until December before I can even take in any new jobs at that new rate but did your job recently give you a $30 an hour increase in your hourly rate? No? Maybe you should grow some balls and join the team of Small Business People and help me fight the good fight!



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LET'S GO BRANDON!

 



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I do have a small business, and it's already put enough in the bank to buy my next Honda outright once the 2015 wears out, and all without any government loans to boot.

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"If you can convince the lowest white man he's better than the best colored man, he won't notice you're picking his pocket. Hell, give him somebody to look down on, and he'll empty his pockets for you."     Lyndon B. Johnson

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I wasn't aware the Government was into making car loans?

All my cars are paid off... No interest in buying a new one at-all!

And again, you don't have a business... you have a hobby... Unless you're paying the $3,500 small business tax each year? Are you?



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A middle-aged loner on a crusade to champion the cause of the innocent, the helpless, the powerless - in a world of criminals who operate above the law.

LET'S GO BRANDON!

 



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All this crap is actually happening all over the world in one-way, or-another...

This 5-eyes & AUKUS garbage means both expansion & contraction, at the expense of regular folks monetary value contraction.

This is just the settling-down period, so that the money we're losing as spending money, gets thrown into the Military Industrial Complex by everyone.

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SELLC wrote:

And again, you don't have a business... you have a hobby... Unless you're paying the $3,500 small business tax each year? Are you?


 Mine is a single member LLC which is a pass through so it just adds to what I pay on my individual return.



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"If you can convince the lowest white man he's better than the best colored man, he won't notice you're picking his pocket. Hell, give him somebody to look down on, and he'll empty his pockets for you."     Lyndon B. Johnson

BLACK LIVES MATTER



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PowerStroker wrote:
SELLC wrote:

And again, you don't have a business... you have a hobby... Unless you're paying the $3,500 small business tax each year? Are you?


 Mine is a single member LLC which is a pass through so it just adds to what I pay on my individual return.


 

Ah!

So it's listed as a hobby then if you don't pay the $3,500 "Self Employment" tax...

Pass thru... LOL

HOBBY!



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LET'S GO BRANDON!

 



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I say the $3,500 self employment tax because that's what I have to pay on income above and beyond my Schedual C deductions... but it's currently at 15.3%

The verbage is very clear, "SELF EMPLOYMENT TAX".

Do you pay it?

 

 



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LET'S GO BRANDON!

 



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I dunno, I use turbo tax and it figures it all out for me. I do report all of the income I earn and pay taxes on it. I also collect and remit MN sales tax.

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"If you can convince the lowest white man he's better than the best colored man, he won't notice you're picking his pocket. Hell, give him somebody to look down on, and he'll empty his pockets for you."     Lyndon B. Johnson

BLACK LIVES MATTER



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I'm not saying you don't have a business, but under the classification for taxes I am willing to bet Turbo Tax is classifying it as a Hobby for tax reasons since you're working for the Dealership.

Are you still able to itemize deductions with a Schedual C?

Usually the first five or so years a business runs at a loss given the amount of capital that has been invested to launch, even if this money is fronted by the company (aka no loans) it will for sure still be used to off-set taxes as the company has to reconcile them expenses regardless if there is an existing loan or not. Some people have the money going into it, and that investment has to be off-set against earnings to figure out the true profitability, or loss in some cases.



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A middle-aged loner on a crusade to champion the cause of the innocent, the helpless, the powerless - in a world of criminals who operate above the law.

LET'S GO BRANDON!

 



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For my regular day job income I can itemize, but ever since the Trump tax code changes it almost always makes more sense for me to take the standard deduction. The last time I itemized was 2017 when I bought the tool box. The accounting for my "hobby" is done differently. I receive a 1099 from Ebay and Amazon on gross sales receipts from them, and I keep track of other sales which are all entered in to the Home and Business edition of Turbo tax. There is also a place for me enter the production/materials/shipping/etc expenses, and then they determine my net taxable income. This "hobby" has shown a profit every single year, but the purchase of the CNC lathe was depreciated over a 5 year period because if I had taken the full 179 deduction at once on it I probably would have shown a loss the year I bought it.

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"If you can convince the lowest white man he's better than the best colored man, he won't notice you're picking his pocket. Hell, give him somebody to look down on, and he'll empty his pockets for you."     Lyndon B. Johnson

BLACK LIVES MATTER



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And that is not the norm... Because you work a day job your business is not exposed to the same kinds of things a "self employed" person is... it's more or less a Hobby for you since it does not support your livelihood, rather a supplemental hobby if you will.

You could open up an S-Corp and be the primary shareholder, although the tax requirements and paperwork for that organazational class sets the bar quite high with required meetings (aka corporate minutes) and all that corporate mumbo-jumbo. Usually in most all big corporations you have multiple payers and serious money and assets in play, including a rather large workforce that is paying taxes on the money they are paid from the corporation. A whole different ball-game from a small business guy like me, or a hobby like yours.

If your first year was the only loss in business, even though you spread out depreciation, that's still pretty good! But again, your business is being supplemented by your work as an employee for another company. You're not self employed, yet.

 



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A middle-aged loner on a crusade to champion the cause of the innocent, the helpless, the powerless - in a world of criminals who operate above the law.

LET'S GO BRANDON!

 

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