Originally posted by gpowellpec:
Do I understand that you intend to run a business after working a 40 hour week and would be satisfied to lose money so you can get 1/3 to 1/2 of your loss back from the IRS? This post brings up an interesting question. How many electrical contractors out there started business while working another full time job, used their own money and personal credit and was able to build up a business that gave them a good living while working it and was worth selling when they retired? Also, how many started on other peoples money, drew a guaranteed, living wage and ended up owning a good chunck of a multi-million dollar business after 10 or 15 years?
Why do I feel like I just got flamed? Mr. Powell, I never said anything about a "multi-million" business. Heck, I'm talking about wiring a few houses in the evening, and on weekends. I don't expect to become the next "electrical tycoon". I would like to, if possible, recoup some of the money that my wife (she works) and I pay in taxes. I would also add that many people do spend other peoples money going into business, and you, as well as I, know how they do it. They work for someone for years, help build a business, and then, they quit and take half of the business they helped build. Many people who start a business, already have business before they open their own.
Have a nice day.
