Price War! A guide for new hobbyists

[C. Eymann]

Are you going to file within the State you live in as a Business and pay State and Federal quarterly taxes. Any amount over $600 in sales you need to report and pay taxes.

If you dint, you'll eventually get busted.

Just sayin

Not to mention that if an individual business/self employed and doing online sales via PayPal or credit card merchants will send a 1099 to the IRS if you gross a certain amount of in sales, PP I know is once over 20k in sale-1099

 

[Jon Fishman]

I never buy anything with an intention of selling. I have a 15 dollar Duncan next to a 300 dollar torch.

My Torch is next to my Duncan, but my torch was only $50....

My point (which I don’t suggest you’re contesting) is that new hobbyists shouldn’t focus on the high priced “whales” of the hobby.

Doesn’t look too good, lights just came on.

 

[Tamberav]

My Torch is next to my Duncan, but my torch was only $50....

My point (which I don’t suggest you’re contesting) is that new hobbyists shouldn’t focus on the high priced “whales” of the hobby.

Doesn’t look too good, lights just came on.

Yes I agree.....a person should buy whatever they like. My no name $10 favia looks great and it's next to a $50 Jason fox so and so. I put them next to each other for contrast since the Jason fox is yellow and the common one red... This follows the 'color theory of aquascape. Since they are almost opposite colors on the color wheel... This actually makes them artificially stand out more.

Yellow just tends to have a higher price tag than red.

Colonies look great an all but it also feels good to see something grow large from a tiny frag. Most corals grow as a pretty decent place when healthy.

 

[Albert Bazaar]

Are you going to file within the State you live in as a Business and pay State and Federal quarterly taxes. Any amount over $600 in sales you need to report and pay taxes.

If you dint, you'll eventually get busted.

Just sayin

Are we talking about a New Line of Skimmers here Jim?? Tax Frag fraud!! Coral Cyrpto dollars??Heck I could play on this all weekend!!! Joking guys,just joking!!!
But seriously folks,Many Big Dealers are wholesale only,no retail sales within the state,only resellers/retailers in which no retail tax collection is needed or State Petshop license as they are not selling to public/retail consumers.Out of State sales/internet are open game.
Shows and swaps are not all controlled yet.However in other parts of the pet trade they are slowly requiring venders various tax collection requirements and Licenses.Big Brother,Men in Black.Boris and Natasha,etc. is slowly closing up the loop holes one by one.The Matrix is here and wants everyone plugged in Mr,Anderson to suck the juice out of you.Yet there are many Neos out there in the shadows.How one views them is up to the individual.Hobbyist, resistance fighters??To many regular people who are not aquarists it almost seems kind of silly that you would be taxed for growing slimy crap on rocks no matter how pretty that algae,coral or fungus is.But make no mistake the King requires his Tax from all his subjects that he allows to live under his Kingdom.
Back to the point before people go blind reading this and repeat after me.I AM A HOBBYIST.I SPEND MORE THEN I MAKE.JUST TRYING TO OFFSET THE COSTS.I RARELY SELL.I MOSTLY TRADE. SAVE ALL YOUR RECEIPTS ON EQUIPMENT GAS,SUPPLIES just in case.You may think your making money but if you start to crunch the numbers more then likely your just paying for your hobby and there's no tax on breaking even.THE END.

 

[Hermie]

My absolute best purchase so far has been from a tank teardown.

 

[jlts21]

more then likely your just paying for your hobby and there's no tax on breaking even.THE END.

isn’t that the point? That’s my plan anyway! Lol

 

[Bob Weigant]

If I buy a frag for $100 and it grows to where other people want a piece I’ll usually set it for $30-$40 or sometimes just free. Not everyone can enjoy this hobby and I like helping others where I can

 

[Albert Bazaar]

If I buy a frag for $100 and it grows to where other people want a piece I’ll usually set it for $30-$40 or sometimes just free. Not everyone can enjoy this hobby and I like helping others where I can

I do it also, mostly because I don't have the time to be advertising every little thing that I need to get rid of and odds and ends.

 

[fish farmer]

Are we talking about a New Line of Skimmers here Jim?? Tax Frag fraud!! Coral Cyrpto dollars??Heck I could play on this all weekend!!! Joking guys,just joking!!!
But seriously folks,Many Big Dealers are wholesale only,no retail sales within the state,only resellers/retailers in which no retail tax collection is needed or State Petshop license as they are not selling to public/retail consumers.Out of State sales/internet are open game.
Shows and swaps are not all controlled yet.However in other parts of the pet trade they are slowly requiring venders various tax collection requirements and Licenses.Big Brother,Men in Black.Boris and Natasha,etc. is slowly closing up the loop holes one by one.The Matrix is here and wants everyone plugged in Mr,Anderson to suck the juice out of you.Yet there are many Neos out there in the shadows.How one views them is up to the individual.Hobbyist, resistance fighters??To many regular people who are not aquarists it almost seems kind of silly that you would be taxed for growing slimy crap on rocks no matter how pretty that algae,coral or fungus is.But make no mistake the King requires his Tax from all his subjects that he allows to live under his Kingdom.
Back to the point before people go blind reading this and repeat after me.I AM A HOBBYIST.I SPEND MORE THEN I MAKE.JUST TRYING TO OFFSET THE COSTS.I RARELY SELL.I MOSTLY TRADE. SAVE ALL YOUR RECEIPTS ON EQUIPMENT GAS,SUPPLIES just in case.You may think your making money but if you start to crunch the numbers more then likely your just paying for your hobby and there's no tax on breaking even.THE END.

Here's another thought since you brought up taxes. A friend of mine was a hobby maple syrup producer. He's build up over the years to where it is considered a business....since it is agriculture he can lose money on it for a while. He writes a lot of things off as business expenses so he pays less in taxes. So could an individual claim their DT as part of a frag business?

 

[Albert Bazaar]

Here's another thought since you brought up taxes. A friend of mine was a hobby maple syrup producer. He's build up over the years to where it is considered a business....since it is agriculture he can lose money on it for a while. He writes a lot of things off as business expenses so he pays less in taxes. So could an individual claim their DT as part of a frag business?

Absolutely!!!You can even write off your shoe laces and clothes.Just most Americans don't do itemized.I have the Vince Vaughn Dodgeball file system.
Many people don't realize that when you crunch the numbers,costs,time,etc..You may have been better off working at Taco Bell especially if there is some overtime weekend hours.I don't look at the Gross.I look at the Net.You can be running a $20,000,000.00 Company and be broke.
Today where the $20.00Bill is the New $5.00Bill where it costs now $thousands of dollars just to live each month it has never been more true.

 

[Albert Bazaar]

Absolutely!!!You can even write off your shoe laces and clothes.Just most Americans don't do itemized.I have the Vince Vaughn Dodgeball file system.
Many people don't realize that when you crunch the numbers,costs,time,etc..You may have been better off working at Taco Bell especially if there is some overtime weekend hours.I don't look at the Gross.I look at the Net.You can be running a $20,000,000.00 Company and be broke.
Today where the $20.00Bill is the New $5.00Bill where it costs now $thousands of dollars just to live each month it has never been more true.

If you want to make money fast and cheap.Go to Alabama and grow marijuana.Cheapest State to do it.Bama people are great people for the most part.Sweet Home Alabama.I think every radio station plays this song at least 1-2 times a day there.Maybe it's the Law there.But I love Bama,but they passed new laws their where I can't have or breed my animals that I have been doing for 25 years.That's O.K. Louisiana is still mostly a Free State for all types of Wildife.

 

[Albert Bazaar]

If you want to make money fast and cheap.Go to Alabama and grow marijuana.Cheapest State to do it.Bama people are great people for the most part.Sweet Home Alabama.I think every radio station plays this song at least 1-2 times a day there.Maybe it's the Law there.But I love Bama,but they passed new laws their where I can't have or breed my animals that I have been doing for 25 years.That's O.K. Louisiana is still mostly a Free State for all types of Wildife.

ALSO WEED GROWS QUITE A BIT FASTER THEN CORAL.CAN ALWAYS HAVE YOUR TANKS IN THERE ALSO TO SQUEEZE MORE OUT OF THE HALIDES.Knock out 2 birds with one Stone/stoner???

 

[fish farmer]

If you want to make money fast and cheap.Go to Alabama and grow marijuana.Cheapest State to do it.Bama people are great people for the most part.Sweet Home Alabama.I think every radio station plays this song at least 1-2 times a day there.Maybe it's the Law there.But I love Bama,but they passed new laws their where I can't have or breed my animals that I have been doing for 25 years.That's O.K. Louisiana is still mostly a Free State for all types of Wildife.

I can do that here...in Vermont. More and more feed corn fields are switching to CBD cannabis and weed is legal here but on a personal level.

 

[1stNoel]

ALSO WEED GROWS QUITE A BIT FASTER THEN CORAL.CAN ALWAYS HAVE YOUR TANKS IN THERE ALSO TO SQUEEZE MORE OUT OF THE HALIDES.Knock out 2 birds with one Stone/stoner???

A reefer that sells reefer.

I can see it now...
"Nice reef. Hey, what are those plants over there? Is that...???"
"Nawwwww, man...those are mangroves." wink, wink.

 

[Hermie]

"reefer" is one of the biggest stereotypes of "reefers"

 

[Zos4me]

I have a new tank and I have some cheap frags as well as one expensive torch. I am still learning and wont buy a walt Disney anytime soon, but the way I look at it is if i have the money and i really like what im looking at I'm buying it. I dont care.

 

[Albert Bazaar]

"reefer" is one of the biggest stereotypes of "reefers"

Ohh no I got your guys started now!!

 

[Albert Bazaar]

I can do that here...in Vermont. More and more feed corn fields are switching to CBD cannabis and weed is legal here but on a personal level.

Well that's the good thing about Alabama it's cheap to do hasn't been pinched by the corporate and don't wish to get in trouble here, the politicians.They at least are allowing the little guy to have a chance.In Missouri it was $15000.00 for a permit fee and That did not guarantee you a License.And no refund either if you were turned down.I had 10 acres there.
Not of ganja but of Forest.LOL.

 

[ZoWhat]

Absolutely!!!You can even write off your shoe laces and clothes.Just most Americans don't do itemized.I have the Vince Vaughn Dodgeball file system.
Many people don't realize that when you crunch the numbers,costs,time,etc..You may have been better off working at Taco Bell especially if there is some overtime weekend hours.I don't look at the Gross.I look at the Net.You can be running a $20,000,000.00 Company and be broke.
Today where the $20.00Bill is the New $5.00Bill where it costs now $thousands of dollars just to live each month it has never been more true.

So how are you going to react when you get a certified I.R.S. letter in the mail?:

Dear Mr. Albert Bazaar,

We have selected your Federal Income Tax Return for the year show above for examination. We examine tax returns to verify the correctness of income, deductions, exemptions and credits.

We have scheduled an appointment for you as shown above. If you are unable to keep this appointment please call us at the contact number above within 10 days.

Life is not always a big joke... just sayin'

 

[Albert Bazaar]

So how are you going to react when you get a certified letter in the mail?:

Dear Mr. Albert Bazaar,

We have selected your Federal Income Tax Return for the year show above for examination. We examine tax returns to verify the correctness of income, deductions, exemptions and credits.

We have scheduled an appointment for you as shown above. If you are unable to keep this appointment please call us at the contact number above within 10 days.

Life is not always a big joke... just sayin'

Well if they can find the money that would be helpful to find out where it is.