Posted by oldtanker on April 30, 2018 at 07:04:33 from (66.228.255.59):
In Reply to: ROAD TRIP pics posted by centash on April 29, 2018 at 19:38:44:
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Bruce, pretty much industry standard to aim for somewhere between a 5-7% net profit. 5-7% when doing a 100 dollar job is 5-7 bucks. When doing a million buck job it's 50,000-70,000. So if this collection is built on the company with the company using the restorations as "repairs" therefore a tax write off then yea I'd be concerned. If the guy is paying himself as the CEO, plus taking owners draws and financing this out of pocket what's the concern? In that case the company is paying it's taxes as is the owner/CEO and not using this as a tax write off. I know more than one farmer with a small collection of tractors that parts and labor on the tractor collection get written off. Heck I knew one guy who built a hot rod 1948 panel truck. Spent about 30K on it 02-05. Had magnetic signs made for it advertising his business (small business) so he could write off the cost, first as advertising then repairs/upgrades!
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