Steven Schussler's wrote a great book, "It's a Jungle in There". There are several good points about being an entreprenuer, that can be learned from his story. Take for example, the IRS hobby law. According to www.irs.gov, one of the main benefits of having a small business is that: "An activity is presumed for profit if it makes a profit in at least three of the last five tax years". Even if it does not make any profit, a judgement by the IRS can still be made to show it was a valid business venture. In Steven Schussler's case, he was able to write off huge amounts of money by doing crazy things like turning his house into a showroom to bring investors in. Writing off massive losses in the hundreds of thousands of dollars, he funded theme restaurants that featured dinosaurs, jukeboxes and eventually the rainforest.
In this blog, I post information about some early ventures and hope you can grab some useful information. This information was originally copyrighted in 2010 by Izu Services, LLC.
Izu Services
The mission of Izu Services, LLC is to advance automation technologies in the areas of Robotics and 3D Modeling in a manner as to enrich the lives of people within the community.
Specialty:
- Automated Software Testing
- Algorithm Development
- Terrain Processing
- CNI, Las Cruces, NM
- EBID, Las Cruces, NM
- Told a refund of $1560 would be issued by the IRS
- Moved to CA, Completed Articles of Dissolution (New Mexico) to close business ($50)
- Fined $1560=$190 x #ShareHolders x #MonthsLate for filing 2553 late
- Distributed IRS K1 to shareholders to include profits in their tax returns
- Completed IRS 2553, Election by a Small Business Corporation to become an S Corporation (have shares)
- Completed Operating Agreement (internal bookeeping)
- Completed Articles of Organization (New Mexico) to register business as LLC ($25)
Hopefully, you can also learn about making small transactions through Pay Pal, Google AdSense, Amazon Associates, Etsy, Tradebit or your own website. Thank you for clicking ads and purchasing books in my blog. If I have helped you mold your own personal financial plan, donations or soap orders are always welcome!
Izu Reality
The mission of Izu Realty is to focus on affordable housing in the Las Cruces, NM Market. Using an S Corporation, Izu Realty can pull together multiple investors to limit the risk for any particular individual. The goal is to focus on creating steady returns of about 5-7%.
Resources
- Property Research
- Property Management
- Financial Advice
- Business Plan
- Nov 2011 : Paid Taxes and Insurance totalling $1008
- Nov 2011 : 80/24.3/64.549=-8.8 : 750/076.35=1700 : -7,148
- Oct 2011 : 80/23.0/64.654=-7.7 : 750/000.31=1026 : -6,642
- Sep 2011 : 80/22.7/64.760=-7.5 : 750/172.81= 277 : -7,191
- Aug 2011 : 80/22.4/64.865=-7.3 : 750/749.58=-300 : -7,569
- Jul 2011 : 80/22.1/64.969=-7.0 : 750/382.67=-300 : -7,369
- Jun 2011 : 80/21.8/65.074=-6.8 : 750/489.81=-667 : -7,541
- May 2011 : 80/21.5/65.178=-6.6 : 459/1387.1=-927 : -7,605
- May 2011 - House rented for $750/month
- Apr 2011 : 80/21.2/65.282
- Mar 2011 : 80/20.9/65.385
- Feb 2011 : 80/20.6/65.488
- Jan 2011 : 80/20.3/65.591
- Jan 2011 - House unoccupied with a mortgage of $300/month
- Nov 2011 : 130/33.8/114.547 : -18,383
- Nov 2011 - House unoccupied with a mortgage of $833/month
Equations
- HomeIncome(n)=Appraisal(n)-TotalPayments(n)-MortgageBalance(n)
- RentIncome(n)=RentIncome(n-1)+Rent(n)-Services(n)
- BalanceDue(n)=BalanceDue(n-1)-Rent(n)+Services(n)+Proceeds(n)
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