Your Business Is Worthless | THE HANDYMAN BUSINESS |
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- เผยแพร่เมื่อ 7 ก.พ. 2025
- Only write off and buy things you need. Don't try to find stuff that could be used as a write off just so you don't have to pay taxes on that money. Its called spending a dollar to save 25 cents.
#thehandyman
#thehandymanbusiness
Great talk! I follow a lot of lawn care channels and they all about just cutting more grass and giving you motivation to cut more grass. We need some more real talk like this.
There is so much truth in “your business is worthless”. I’m a diy guy and I’ve been buying tons of stuff from Facebook marketplace off of retiring skilled laborers who have no asset except their used tools. And I’m buying these tools at a heavy discount.
I like where you’re headed with this topic, please keep them coming
Yes. Exactly. More business stuff, please 😀💵
Best topic so far! One thing I have noticed is talking to wealthier people is most of them want to tell you how they got rich. You just have to learn to ask them in the right way. I have learned you have to drop questions kinda unrelated but will kinda steer the conversation to that answer.
Here l am thinking l was the only one who thought that..
We are renovating a Greek guys basement at his home in NJ. I’m always curious to know how people made their money. He couldn’t get enough of telling me his story. He invited me to come over earlier than my boss and the other worker so we could eat breakfast, he offered to pick me up at the train station to boot. I got there early and there he was in his shiny black Ferrari already waiting at the station. Turns out he owned so much real estate that Trump would be jealous. I learned about his Hotels in Greece about every aspect of investing, and all because l kept the focus on his life. His wife was out for the renovations and he and l became good friends from so much time talking. One time l had to make a run for materials at the local Home Depot ... and he says “Will take the car...”😳 It was the best drive ever. He wanted me to hear the fine stereo system he had installed.
Guy came to US & had to sleep in his Uncle’s Diner basement; used his pants rolled up for a pillow.
Pretty sure I was the one about the Truck. The whole point of section 179 is to help small business owners. Picking reinvestments that cost very little cash flow that ensures you keep capital in the business at the end of the year is smart no matter what size your business is.
To give an example when I was looking at trucks. Used with 8 ft bed - $20,000+ with anything under 85K miles. New Promaster $30000 before the year of end sales that easily take $5k off.
Under current tax law with accelerated depreciation, you can take 50% of the used vehicle, with standard depreciation following every year after. Under 179 you get 100% of the new vehicle even if financing it, which can be split over two years.
So
$20,000-$10,000( off taxes)= $10,000 out of pocket for the truck plus any tax on profits from the year.
Section 179 - $30,0000 -$30,000= $0 for a brand new truck. You would still owe the same on any extra profit.
Assuming you owe enough within two years ($30,000 in taxes) then the new truck is a no brainer. For a mere $45-$60 extra on a loan per month, you get a new vehicle. This is before interest rate differences on new vs used vehicles is even considered. At the end of the day the used truck ends up costing your business more capital than a new one.
You are so right. I grew up hearing my dad saying "don't spend a dollar to save a nickel". But man do I want a new Sierra with the fancy tailgate!!
A GMC? Really?
Handyman i get so much out of every video you share your information so valuable and real...
Real world everyday information..love our channel thank you so much!
Just wanted to say that I enjoy your channel. My cousin has a Handy man business in Michigan where here does remodeling, painting and siding. He never advertises and has more work than he can handle by word of mouth. He has may clients with a lot of money and he says that they will pay him whatever he charges for jobs. Sounds like you work in a good and needed industry.
The contractor I do the bulk of my work for wants to sell me the company so he can retire...we all work as subs, he has no trucks or tools, and he rents his building. His “company” is nothing more than a phone number and some marketing inventory.
I'm curious, what did you do? A phone number is the backbone of every company.... How much was it worth?
Thank you for sharing this. My family has worked this way for decades. They do not talk about it either.
Really good swinger friends who referred you to a massage therapist. 😂
don't forget the Brazilian super model.
Good video to a degree. Gentleman and ladies, it is about “Own Nothing, Control Everything.” I will let you all research where that saying came from.
Also there is a “Public” side of business and a “Private” side of business. I do believe that is what his wealthy business man was trying to say but said he will let him find out on his own. Because wealthy people don’t operate in the Public (they might have a Public front) but they conduct business and live their lives in the Private. A side which most of us are not taught about in a public education.
Btw, what they are doing is not illegal. Wealthy people had the laws and tax code written for them and by them. It sure as hell was not poor or middle class people.
They know how to use both the laws and tax code to their benefit.
Food for thought.
Cheers!
I always get a big kick out of folks who ask about my “company”. I swear to the heavens Ive always wanted to call it - “Big Whitey” or “The White Van Clan” --never even made it to a vote; quickly brought back to reality of the “strange” sounds of these names; but never the less trueisms of owning a white van lol.
Classic! Great channel for newbies and corroboration of we “do’s it”! 🤣🤩
Really great video. Maybe you could talk about gray area things you have seen others do - no endorsement , just observations. I have rental houses and I can see that you also understand how benificial that can be to a contractor like yourself. A LOT of gray area built right into it. As I am getting old and gray I am also getting MORE gray in other areas.
Interesting point of view, I never thought about either of my businesses being worthless... thanks for the video, I got some research to do now ;)
My real estate investment company owns a 30x50 shop/office that my electrical company leases for an fantastic rate.😏
Insighful n usefull awesome
We are a C Corp and it works out well for us separating the corporation’s tax liability from our own personal income tax and being able to deduct all the business related expenses. We pay ourselves as employees, but we are also owners of the company. And usually our expenses, that of course includes payroll, work out to be more than our profit (semi intentionally) so the Corp pays very little or no taxes in the jurisdictions in which we work.
well said
If your handy and can handle renters.... and wanna avoid the taxes on the money you make.
Build a business that makes no money "no money" (write off every thing business) keep a business loan on your rentals 15 year note put every penny made for the rentals into the loan and pay off the loan in 10 years.... redo the loan and put the cash from the loan in your bank account. Redo it every 10 years. Build the business that makes "no money" and has a tax write offs at the end of the year. Several other factors involved like getting started, to get a business loan in property you have to have 30%ish equity in the property.
I've watched all your video I think your funniest comment is when you talked about the tighty extra picky lady so a grand was added on the bid .😂
Really great information in this video for ppl starting/in a business who are unsure as to what to do about the financial side of things..... So remember the Nextel PTT(push to talk) feature back in the day....if you had that, you were “COOL”.....beep beep. Used that flip phone & feature all the time, as was a company phone, & my first cell phone. Oh the memories you bring up on your channels☺️ He doesn’t take a Paycheck, wondering if he takes a “partner draw” from business account....totally legal.
For years was a partner in an LLC business (2 other ppl; so I owned 33.33% of a 10k sq ft building & had 25 employees) & when the market was great in early 2000’s, at one point the business was worth in the 7 digits. Did learn a lot though, & the experiences that I got from working/running a business like that is invaluable. Also learned that it’s extremely hard exhausting work, especially when have employees you are responsible for. Am no longer involved with that business/company, & that’s okay. I prefer working by myself &/or with couple ppl if need the help on a job. I find it to be a lot less paperwork, stress, & headaches working this way.....
cheers😊
Lived everything you just said. I've got one customer that owns a large business and made his Philipino wife the President/CEO. Nothing fishy there. Do work for a couple restaurant owners in town. Yup get business checks while working on their other rental properties. Doctors/lawyers also do the same thing. My tax gal just completed my taxes for 2018. Go Trump is all I have to say. His tax breaks saved me over $2000.00.
Ty so much for the new channel. Love watching both.
Well it too awhile but you got the point across and it was entertaining!
Cool video and you brought up great points especially regarding investing money for retirement. I think many young self employed people don’t think about that. Anyway thanks and I’m looking forward now to the Brazilian model story now too ; )
Building a brand is the way to go. Have a couple employees, treat them well and make their pay incentive based. Definitely smarter to build a brand BUT some people are just grunts their whole life. Nothing wrong with it, IMO it’s how our brains are wired.
Had the beginnings of a good live stream. to be continued ...🤞🏼👍🏼
The handyman business is really just a lifestyle. If you enjoy it, and are good at it, you have answered the two great mysteries of life:
"What do you want to do and who do you want to do it with?"
I’m a little bit over 2 years out of tech school in the refrigeration field and I plan on getting my conditioned air license as soon as I get 48 months in the field to be legal to do side work . I’m not sure if I’ll ever leave the company I work for but your videos are helpful
Great topic,taxes ,models, houses ,.......😎
We need that super model story for “business education “
I’m on track to net about 25k for my first year as a handyman on the books. I work about 50hrs a week. Fortunately I own a duplex which covers my mortgage and a little extra. I basically work like a farmer but for now I’m okay with that. I love being my own boss. With that said, there are many days where I wonder why I don’t just punch a clock for someone else, collect benefits and make twice what I make now.
Waterburyfixit you have to raise your prices at least every year your customers will understand... if you charge enough you'll be making a lot of money
how are you getting clients?
@@jer3504 mostly word of mouth. My community has a popular online forum that publishes daily so I’m able to find leads from there tube to time as well. But since I’ve started (2018) I’ve been able to maintain my business from recurring clients.
coke, wild turkey? and paint thinner....smooooth.....
The Nextel phone were the best phones ever. You could use them as a walkie talking on the job . Wish they still made them.
Damn, you didn't finish the story about the Brazilian supermodel. Was she a right off?
1:56 explanation was incredible!!!
Why did you kill this !!!!!!
I was waiting for the second story
From 94 till 2009, I had an office down town, a cpa, employees, the whole deal. The tax code Is criminal. I saw that from the inside
The sound quality and topic are great. Take yer hat off or put a spot light in your garage to take the shadows off yer face.
You can file a Schedule C or SE without a TIN. The TIN is helpful when you do work for other businesses that are going to 1040 you. That way your not giving you SSN out to everyone. It takes 5 minutes to get a Sole Proprietorship TIN on the IRS website. Sales Taxes and Vendors Licenses are where things get all complicated from state to state.
What you’re describing about these “business owners” kinda sounds like corporate fraud but on a much smaller scale. I’ve seen it happen a lot in the stock market. People file for a shell corporation and buy all types of assets under that co. and borrow money against them. Then when the company goes belly up, file for chapter 11. CEO sells his shares makes a killing, gets away scratch free, company goes under. Shareholders and creditors get screwed.
As previous corp executive turned GC, the dude knows his shit. The highest levels of business happen in the gray areas. Have seen it my entire professional life. In the end, you have to know how to hustle and manage that gray area.
Thanks for the comment. It's hard to explain what gray area means to people who have never worked in the management of a business. Its not breaking the law, its knowing how to work with regulations and around them to get work done.
I love the long stories 🔥
Bottom line is you need a good accountant that knows the tax laws and a good planner.
Great information Handyman.
reminds me of the rich dad poor dad book/podcasts...interesting stuff...esp if you work in a cubicle on a salary
I drive a “creepy van” 😂
david raney is there a club we need to join? Lol
@@PartyProDJsFL My gf's daughter calls them 'perv vans'. Can't get no respect I tell ya.
Is that YOU I saw living down by the river?
justin Bentley 😂
Kirk Johnson who says a handyman can’t lay pipe with the best of them 😆
I do repairs/etc on the side from my full time job. I don't take checks and that's all I'm saying about that. However my wife is self employed in an in home custom cake business. Lots of write-offs and lots of clients pay cash and that's all I'm saying about that.
Nice topic, enjoyed. Couple Shades of Grey
Great insight. Very helpful...mwahhahaha!
Bottom line: If you attempt to comply and follow every rule and law set forth for the business owner to adhere to, you will not survive as a business for long. That's the way the Man needs to have it. So at any time, if he needs to, he can find a rule or law or regulation you are violating and can shut you down because of that.
I have an old hippy CPA who does my tax stuff and tell him just don'y do anything to get me audited or sent to prison
I should say... you only pay taxes on what you report that you make
whoa man, you skipped right over the swinger part... were there naked people or not?
I am the grey area.....amex points can be spent on amazon. I get a few hundred dollars a month in points.
You mentioned you have a financial advisor. It would be interesting to see how s/he is doing compared to the S&P 500. I used to have one, when I asked him after 10 years why he was always below the S&P 500 he said my portfolio was built to withstand a crash in the market. Basically, his fees were killing my portfolio. About 2 years after, I decided to manage my portfolio by myself. One of the best decisions I have made. Most financial advisors trail the sS&P 500 which anyone can do for him/herself.
That is not how I have it set up. I have most of my money in mutual funds. I have an account with Edward Jones.
@@TheHandymanBusiness got it. Have you checked their fees within the fund itself vs the fees from other companies? Not all S&P500 have the same fees.
Great information!!
Don’t buy something just for a tax deduction. Pay the 20 or 25% tax and keep the rest of the money to invest in your retirement
If you want me to like your videos then I absolutely need to be told to hammer that like button
Lmaooooo
The less you spend is always better
Wooden boat renovation type videos would be great to see if you have any.
Great info handman! Videos are great
Gray area, hmmm. You can put anything that is connected to your business , but not your personal stuff as expense ,. You still need to show where your money comes from and how you support yourself. With computers now a days lets just say if you cheat it is easy to trace. One thing I don' t want to do is cheat the IRS!!!
I learned this as a carpenter: "Dollar waitin' on a dime!" By the way, I absolutely LOVE my Chevy G20 van. Just sayin'.
That was a fine story. It kept me interested. I kept waiting for you to say the phrase “owner’s draw” since they don’t take a paycheck. Anyway, I enjoy your channel very much. I wish you lived near me because I have work for you. Keep up the great work. Cheers.
Local Business owners where my best clients in my last business.
but what about the supermodel??!!! Now, that sounds like it could be a gooood story!! LOL
those Yeti Koozies are the best!
Thanks for the vids handyman 🤙
You never said how good they’re “fondue” was!!! 😅 and I want to know what happened with the Brazilian super model!!! Why wouldn’t she let you concentrate?!?! 😂
Always go to the "fondue" party
It's all legal those tax write-offs until you get audited!
Dude you rock!!
Swingers, tax gray areas, Brazilian super models... this is like a soap opera.
You never know what your going to get here.
I saw a black lab in one of your other videos. I'm new and binge watching, but haven't seen more of him/her. Please introduce.
No black labs in my videos. Just a brindle Staffy.
Great show as always.. how old were you when you started investing in a 401k or whatever you’re investing in..Also, how old were you when you decided to start using a financial advisor and how did you know how to chose the right financial advisor?
I started young. My wife started young too. I took a long break when I went self employed. I just got back into it a few years ago. I use one of my parents financial advisers. Go to the website of any of the major investment companies and submit a request to be contacted by one. Dave Ramseys website is also a good way to get started.
Do you ever have your customer make a deposit on the job before you start? Or maybe at certain stages for fairly large project?
My name is Lance Gibson and I am starting to do quite a bit of this kind of work for myself. Though I am kinda working a few other guys on and off. Depending on how much work I have. So some times I end up not really being able to fund materials for multiple projects at once. I know I should maybe make a credit account at a hardware but right now my credit isn’t so great and I can’t do it in my business name because it’s not registered as an actual business yet. But I was just wondering if you have an opinion on having the customer make deposits. My feelings about it is that deposits would make the customer turn away from your company because they just feel as though your company isn’t successful because you can’t fund the materials in the beginning. I would really appreciate your opinion on this or maybe other handymens opinions also.
Asking for a deposit on jobs larger than a few hundred $ is standard for me. I am a handyman, not a bank or loan company. If the deposit is close to the cost for materials, it shouldn't be a problem for legitimate customers who aren't out to screw you.
This is my second time watching this video and I just got to know... did you take the Fondue?
Yes I Did
Enjoyed as usual. Doesn't your business have some residual goodwill value at liquidation? I know you've emphasized how much personal relationships matter - but I'd have thought you could sell the business, agree to stay on with the new owner for a period and give him an 'in' to maintaining those relationships?
Most my customers don't even know the name of my business. They only hire me because its me doing the work.
You can have 20 employees and a secretary, your business is still worthless because of what's said in this video. Don't get me started on politics and BIG business...
The guys who started Microsoft, Apple, What's App, and Minecraft might not be in agreement with your observation.
Love the content
Momma Is that you?
@@TheHandymanBusiness hello mah childrensssss
excellent topic! little bit too short, though..
Loop holes. Of course a truck is a business expense. Your truck is a tool that transports material. What are you supposed to do, walk 30 miles with material? That's like saying I duck tape drywall because I can't afford hammer/nails.
For those interested in fondue story it's on patreon
Life sure would be swell if we just got rid of the politicians.
Anybody wanna buy a truck n some tools? Valuation priceless....
Handyman did you partake of the “Fondue?”
Ya wtf I came here to say this. You can't just not finish that story handy man. Did you rail her or not?
How do you find a financial planner?
Sean Ochoa
Try Dave Ramsey, Preferred Local Provider. I got. pretty good one that way.
I'd say interesting stuff. You could try to buy things in good years to keep your income lower.
Really like the topic, keep more coming like this. I'd like to hear about getting started and initial financing/funding of a business. How you manage your finances do you do it yourself or hire an accountant to help?
I have an accountant handle every thing. I
@@TheHandyman1 thank you
IRS- $300 in brown water write offs?!
Handyman- Damn videos wont make themselves... :)
As always- Thank you for the time investment into the current and next generations of tradesmen/ women.
Was there a livestream this week?
Just wondering if my TH-cam settings are set correctly.....
No live stream.
So, were they swingers?
More videos like this
I got my vodka tonic, you may begin!
That coke bottle looks like it made a friend! The grey area can bite you if your nat watching!
That bottle of rum,is that a business expense?
It actually is. It's mandatory for the live streams.
Hey handyman, make Brazilian supermodel here. Due to my focus on good looks and not English comprehension, I wasn't sure if you meant to use restaurant guy's methods or not, because we are in a different situation than him.
This may seem a stupid question but from your videos, you don 't seem to have any family time. If you have a spouse and children when do you see them?
Career and early retirement are number one priority.
But if his business failed, wouldn't he lose everything? If he cut himself a paycheck and ate the taxes, he would separate himself from his business and if it fails, he just walks away, no?
Hey dont hate on the creepy vans!
Back to the super model...lol