this post was submitted on 15 Jan 2024
582 points (96.8% liked)
World News
32523 readers
783 users here now
News from around the world!
Rules:
-
Please only post links to actual news sources, no tabloid sites, etc
-
No NSFW content
-
No hate speech, bigotry, propaganda, etc
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
nah dude. You put as much money as possible back into the business, instead of paying it in income tax. When you're small, you basically want to make sure your net profit is 1 dollar end of fiscal year. When you're big enough, then ok, show a profit. pay your tax. Those better accountants you can now afford, they're a write off too though. I own a bar, place doesn't make any money, all the bills are paid though, pay a lot in federal and provincial sales taxes. It's a different mentality. You just get used to it being ok not to show or have much a profit, because the business pays all your bills, you're almost like an old subsistence model where you might handle lots of cash, but you never keep much because of myriad taxes and expenses, but it doesn't really matter, the heats on and there's always food in the fridge.