Box-o-Berkshire

[Don Roth]

I am pleased to see I am a wealthy man, at least in ebay
dollars, see item 2460899600. Even if the economy stinks,
penton parts seem to be the new gold fund! Now if I can just
convince my lovely wife that she needs a tax shelter ....
-don

[Mike OReilly]

No kidding & Congrats. I figure that after shipping to Italy, that will probably be close to a $1500 "box-o-berkshire".
Got any more stashed away?
Mike

[Mick Milakovic]

Don, that tax shelter you mention is not as difficult as you might think.  Two years ago I started a business I call "Vintage Cycle Sales".  I set up a tax number with the state of Indiana and began operations without any dollars invested.  I have to report sales tax, but I just calculate that with the price of the bikes that I sell.  The bikes I buy for me and the kids to ride are property of the business, and I usually buy and fix one extra project each year.  In addition, all our riding gear, parts and oil get listed as business products.  Sometimes I do repair work for peole also, but I shy away from it because most people want their bikes done immediately, and I can't guarantee that. That money just gets listed as labor profit (I don't pocket it without listing it).

In the end, I lose money each year, but the tax return is well worth the time and effort!  Besides, I was going to spend the money anyway, so why not?  The state gives you 5 years to turn a profit or else close down the business.  That's OK, because if that happens all you have to do is open another one!  I know some "cottage farmers" that do that constantly, and as long as you leave a good paper trail you're all right.  It's all in the name of fun, and I'm having a ball!  Here's a link to my website:

//www.vintagecs.com