When I first went on my own in 1986 I did all of that PLUS as soon as I had my papers in line and a checking account, I found a CPA and asked him what he would need at tax time. He helped set up simple books I could keep up and gave me lots of ideas on how to do certain things which got my mind on the correct track. That said I still folded up about six years later due to health issues and had to redo everything on a different business that was less physical and worked for my new reality health wise. By then I had learned enough to do it myself but that expert tax and accounting help those first few years made all the difference in the world. People asked why I was spending so much for that and not using HR Block or such for taxes did not understand that this guy gave me tips and advice that those big outfits do not do. That truly was some of the best money I spent as I asked questions and learned a lot.
very interesting. wish I would of known all this when I was still able to work. My work history got cut short when I was injured on the job back 24 yrs ago, and there go any sort of income that I would of still had, now living on just what I get on SSI, which is not much at all, and no umbrella at all😞
I love the advice DP offers on starting small and managing debt. I started with a 1/2 ton, an equipment trailer, and a tractor. Now ive grown into having a dump trailer, mini ex, and mini skid as well. Managing your taxable income with purchases (assets) is key without a doubt. Great episode! The next big step will be the CDL and DOT hurdles. In Michigan it's rough.
This was very informative episode guys. My little landscape business is small potatoes to anything y’all talked about but it all comes down to the same things in the end, hard work, confidence, and organization.
That was a good insight to how things move and shake in Derby. So many times we see and hear people rushing into business,it's not all beer and skittles .
Great podcast guys! Very informative and interesting to hear from other people in business and get their perspective. I’ll never forget when DP was in the 120 and talking about his business plan, and how he knows what it cost an hour to run it and how much a used machine can make. I run my business the same way, I believe in buying used and owning things, not going into big debt.
thank you for this episode, it comes at a good time for me, I am in a situation where my father who handles the office work is not in good shape health wise. so, I think it's important for people in this type of situation to meet on a regular basis (which I keep asking for) to discuss where the business is at and have a plan in case something like this happens, I know enough that if something were to happen to him, I can continue on but not without a semi rough transition. I just hope this situation will make him realize that we need to sit down more often, and he needs to teach me a little bit more about what's going on with his end of the business. .......... keep em coming, I like learning from you guys!! 👍
I know that you released this video a few days ago, yet from my health standpoint.... I just couldn't set through it to watch it close enough. I am surprised how well these podcasts of yours are organized and also researched to give good information on any subject covered. That said, those engineers who knew how the big three run their business, (I know that I worded it wrong but maybe you can piece it together) so when they referred to putting everything under the hood in a designated space.... you sold me forever! Now that is a mouthful and probably too hard to read. I am a seventy four year old cripple who watches you for entertainment. I was heavy equipment mechanic for years and went to a small shop in my backyard till injury left me standing in the cold. I won't write a book and just say you did great again
Another great podcast! I do enjoy these, informative, I am approaching my 23rd year in business. There were a lot of times i wondered if it was the right move to start my own business in the beginning, but looking back, no question, I should’ve done it sooner!
On serious note , thanks for the podcast it was perfectly timed for me as starting to progress towards my own business in 2024 . Very simple helpful advice that cleared a lot of mud for me 👍
You should invite a local CPA onto the podcast to discuss business, accounting and taxes. Any CPA that deals with small businesses would be likely love the opportunity to come and speak with you. And … some accountants are actually funny.
Fantastic podcast DP, I enjoyed every bit and also learned a lot. Your stepdad was great and very informative especially about going into business and making investments in the future for myself and my wife. Thank you very much for this podcast.
Lots of information there. The one thing that was missed is that yes a LLC will protect you from losing the personal stuff if the LLC is ran right but if you try to take all the money out of a LLC and but it in to your personally account and you get sued and a judge pulls the financial information of the LLC and see you made $200k and only have $1,000 in the LLC account they can be judgement against your personal account and stuff. But this is only if you are doing shady stuff. Also great advice is knowing what the business is doing. Seen to many people lose or almost lose a business because of not knowing what is going on. Yeah you might have a accountant on stuff but i seen many accountant steal money and it is really easy to do that.
Mike, another consideration of a llc or s corp is one can pay yourself a salary subject to income and social security taxes, and remaining profits come as dividends that are taxable as unearned income without social security taxes.
I really appreciate Barry being there and discussing the Derby Market. I'm a fan, loving what is happening there. My wife and I are planning a trip there this Spring or Summer. Good Information.
Very good video. Really valuable information for those in business or those thinking about it. Barry should be a regular guest! I think one huge hurdle that keeps people from starting a business is startup funds. And most banks won't approve a startup loan for most customers. There are exceptions. Farmer Chris needs to seriously consider forming an LLC or two. Boy I'd hate to see hime loose his home and everything he has worked for because he didn't protect himself with a corporation.
Very interesting show. I learned a lot I didn't know. Smart man, for sure. I am one who wants to know where money goes. My wife is the type to spend on things we don't need. Need vs want to very different things.
47:00 That 1231 Chris is talking about is important, but I made my first try at a 1231 on Dec. first with estimates for the rest of the month. This did two things It. got me to have 11 months of information locked in before I needed it so at the end I only had to dig up and fill in that last months worth, and it gave me an idea if I made too much and needed to make some purchases before the end of the year. Might as well let the tax savings lower my out of pocket costs on stuff I needed. If I did not do that, I would be making the purchases in January and not seeing the tax benefits for a whole year later if at all.
Hello Mike, Thank you for introducing your step dad Barry to your very large internet family. I sensed you weren't comfortable discussing your Family, but you did it anyway and it worked out well. Barry may have helped Farmer Chris make some decisions he may otherwise, never have made and your young video editor friend seemed to be very enthusiastic as well. If I were you, I'd be tempted to invite Barry to a jobsite some day and let him play on your 120 for a bit. Barry might be very impressed with his step Son.
I wish that in High School they taught kids how to build a good credit score. How to budget money 💰. Best class i took in my first year of college was personal finance.
So says my accountant. According to how I do my tax in NY is is personal tax. Ie I can own a building and lease it to a corporation controlled by a llc. I may have built both but different.
Very interesting! I can listen to Barry all day!
LIKE LISTENING TO BARRY, VERY INTELLECTUAL CONVERSATION, YA'LL KEEP UP THE GOOD WORK
DP and guys,
This is a freaken awesome PodCast. Wealth of insight, simple and straight forward.
Thank you
could not have said it better myself, thanks guys
Having elders to consult with is a privilege. Enjoy their company & advice now.
When I first went on my own in 1986 I did all of that PLUS as soon as I had my papers in line and a checking account, I found a CPA and asked him what he would need at tax time. He helped set up simple books I could keep up and gave me lots of ideas on how to do certain things which got my mind on the correct track. That said I still folded up about six years later due to health issues and had to redo everything on a different business that was less physical and worked for my new reality health wise. By then I had learned enough to do it myself but that expert tax and accounting help those first few years made all the difference in the world. People asked why I was spending so much for that and not using HR Block or such for taxes did not understand that this guy gave me tips and advice that those big outfits do not do. That truly was some of the best money I spent as I asked questions and learned a lot.
Great podcast filled with very valuable information. 😀
very interesting. wish I would of known all this when I was still able to work. My work history got cut short when I was injured on the job back 24 yrs ago, and there go any sort of income that I would of still had, now living on just what I get on SSI, which is not much at all, and no umbrella at all😞
I love the advice DP offers on starting small and managing debt. I started with a 1/2 ton, an equipment trailer, and a tractor. Now ive grown into having a dump trailer, mini ex, and mini skid as well. Managing your taxable income with purchases (assets) is key without a doubt. Great episode!
The next big step will be the CDL and DOT hurdles. In Michigan it's rough.
Brilliant podcast - Barry certainly has his head screwed on right. Successful business person where all were attentive.
This was very informative episode guys. My little landscape business is small potatoes to anything y’all talked about but it all comes down to the same things in the end, hard work, confidence, and organization.
That was a good insight to how things move and shake in Derby.
So many times we see and hear people rushing into business,it's not all beer and skittles .
Great podcast guys! Very informative and interesting to hear from other people in business and get their perspective.
I’ll never forget when DP was in the 120 and talking about his business plan, and how he knows what it cost an hour to run it and how much a used machine can make. I run my business the same way, I believe in buying used and owning things, not going into big debt.
thank you for this episode, it comes at a good time for me, I am in a situation where my father who handles the office work is not in good shape health wise. so, I think it's important for people in this type of situation to meet on a regular basis (which I keep asking for) to discuss where the business is at and have a plan in case something like this happens, I know enough that if something were to happen to him, I can continue on but not without a semi rough transition. I just hope this situation will make him realize that we need to sit down more often, and he needs to teach me a little bit more about what's going on with his end of the business. .......... keep em coming, I like learning from you guys!! 👍
Mike , again very interesting , informative and educational. Thank You
Great video and loved the thumb nail sketch of start up issues and types! Lee
I know that you released this video a few days ago, yet from my health standpoint.... I just couldn't set through it to watch it close enough. I am surprised how well these podcasts of yours are organized and also researched to give good information on any subject covered. That said, those engineers who knew how the big three run their business, (I know that I worded it wrong but maybe you can piece it together) so when they referred to putting everything under the hood in a designated space.... you sold me forever! Now that is a mouthful and probably too hard to read. I am a seventy four year old cripple who watches you for entertainment. I was heavy equipment mechanic for years and went to a small shop in my backyard till injury left me standing in the cold. I won't write a book and just say you did great again
Another great podcast! I do enjoy these, informative, I am approaching my 23rd year in business. There were a lot of times i wondered if it was the right move to start my own business in the beginning, but looking back, no question, I should’ve done it sooner!
Absolutely wonderful podcast 👍🏻
On serious note , thanks for the podcast it was perfectly timed for me as starting to progress towards my own business in 2024 . Very simple helpful advice that cleared a lot of mud for me 👍
You should invite a local CPA onto the podcast to discuss business, accounting and taxes. Any CPA that deals with small businesses would be likely love the opportunity to come and speak with you. And … some accountants are actually funny.
Awesome pod!! This is the kind of information that can make people truly successful!!!
Fantastic podcast DP, I enjoyed every bit and also learned a lot. Your stepdad was great and very informative especially about going into business and making investments in the future for myself and my wife. Thank you very much for this podcast.
Lots of information there. The one thing that was missed is that yes a LLC will protect you from losing the personal stuff if the LLC is ran right but if you try to take all the money out of a LLC and but it in to your personally account and you get sued and a judge pulls the financial information of the LLC and see you made $200k and only have $1,000 in the LLC account they can be judgement against your personal account and stuff. But this is only if you are doing shady stuff. Also great advice is knowing what the business is doing. Seen to many people lose or almost lose a business because of not knowing what is going on. Yeah you might have a accountant on stuff but i seen many accountant steal money and it is really easy to do that.
That was a great watch thanks to Barry for all of great advice 👍👋🇨🇦
Thanks for the lessons and some history of how the Market came into being!
What a really nice guy Barry is I sit an listen to him all day long an I'm from the UK. I found it really interesting even though I'm not a business.
Mike thanks for the great incite by Barry I still have alot to learn.
Very good information about business 👍
Great job guys.
Mike, another consideration of a llc or s corp is one can pay yourself a salary subject to income and social security taxes, and remaining profits come as dividends that are taxable as unearned income without social security taxes.
Great podcast thanks Mike and Chris and Barry
Mike, hard to hear you 😊😊😊😊😊
Very interesting video. Barry really knows his onions. Looking forward to the next podcast.
I really appreciate Barry being there and discussing the Derby Market. I'm a fan, loving what is happening there. My wife and I are planning a trip there this Spring or Summer. Good Information.
Awesome
Very good video. Really valuable information for those in business or those thinking about it. Barry should be a regular guest!
I think one huge hurdle that keeps people from starting a business is startup funds. And most banks won't approve a startup loan for most customers. There are exceptions.
Farmer Chris needs to seriously consider forming an LLC or two. Boy I'd hate to see hime loose his home and everything he has worked for because he didn't protect himself with a corporation.
Very interesting show. I learned a lot I didn't know. Smart man, for sure. I am one who wants to know where money goes. My wife is the type to spend on things we don't need. Need vs want to very different things.
Wow great podcast, cannot believe this channel hasn’t blown up yet. You should talk to Barry about marketing it better 😂
This is the best info ever.
47:00 That 1231 Chris is talking about is important, but I made my first try at a 1231 on Dec. first with estimates for the rest of the month. This did two things It. got me to have 11 months of information locked in before I needed it so at the end I only had to dig up and fill in that last months worth, and it gave me an idea if I made too much and needed to make some purchases before the end of the year. Might as well let the tax savings lower my out of pocket costs on stuff I needed. If I did not do that, I would be making the purchases in January and not seeing the tax benefits for a whole year later if at all.
I found this very interesting and educational. Barry would be a guy you should listen to
Hello Mike, Thank you for introducing your step dad Barry to your very large internet family. I sensed you weren't comfortable discussing your Family, but you did it anyway and it worked out well. Barry may have helped Farmer Chris make some decisions he may otherwise, never have made and your young video editor friend seemed to be very enthusiastic as well. If I were you, I'd be tempted to invite Barry to a jobsite some day and let him play on your 120 for a bit. Barry might be very impressed with his step Son.
PS: don't film it.
I wish that in High School they taught kids how to build a good credit score. How to budget money 💰.
Best class i took in my first year of college was personal finance.
Another great video
Thanks
When folks ask about doing any project I say, "Do your homework."
Once again Mike’s mic isn’t working well but understand.
👍🏻
I feel like I’m getting an ad every 3-5 minutes, what’s up with that???
Sorry have no control over that any more
I cannot hear Mike ?
Bidness is Bidness!
I thought the other big thing of an llc was that you paid tax on ur self not a corporation.
Same but different
So says my accountant. According to how I do my tax in NY is is personal tax. Ie I can own a building and lease it to a corporation controlled by a llc. I may have built both but different.
Just a different way to pull money from a business and avoid tax
Sometimes it is hard to hear one or two of the people in your videos. The others can hear ok.