A. FL isn't chasing FL sales tax that hard, they actually limit sales tax on any boat to 18K. Buy a 300K boat, tax is 18K, buy a 10mm yacht and sales tax is 18K. The reasoning is too many boats were being registered in the Bahamas to avoid the tax so why not let them register here and collect something. Also, FL charges no sales tax on used outboard powered boats, just the hull when bought from a private party. 100K used boat, value the hull at 25K and you only pay 6% on the 25K, rest of the boat is used parts even if it has brand new triple 300's.

SC takes this approach a bit further, sales tax on any boat is $300 but you have a use tax so you have to get the boat out of state or you get hit with the use tax.

a lot of my expense on the boat is entertainment...I have the added advantage of running a wet mining company so I do a lot of marine related repairs and replacement here...:party-smiley-004:...no rule says I can't have a powerboat as a dredge tender is there??? :confused::drink:

Read this:
http://www.thetruthaboutcars.com/201...ontana-plates/

It's a "trend" around those that collect cars.

I don't have an exotic collection, but am looking at alternative choices compared to dealing with Virginia DMV all the time with the 7 we have on the street right now; as well as inspections, and personal property taxes.
Also, I like some of the Montana license plate designs/colors better, (yes, I am that vain).

Montana plates are big with the motorhome crowd too. We have a LLC in Montana.

if you get audited there is no way you will convince them your Skater is any kind of working tender and you will be f'ked!

Speaking as a former Skater owner I think it's fantastic tender for the mega yacht owner who needs to maximize his time. :angry-smiley-044:

A quick way to shuttle VIP back and forth. Kinda like the the govmt buying $70000 tahoes instead of $25000 cars to conduct their business.

GTFO :picard1:

why would anyone be dumb enough to do that.....so the government can take the money and waste it on someone or something or some rule that will cost even more money

if "the book" has convoluted rules and you follow the rules in "the book" to your advantage then you should do that every chance you get

We call it "Optimizing" :daz:

All I can do is laugh at some of these comments...

That's incorrect. You must have at least two partners to have a partnership, but not a LLC. Single member LLCs are very common. SMLLC's are great because they are disregarded for income tax purposes so a separate tax return is not needed. All activity from the SMLLC is reported on your individual income tax return.

I am hoping that is the case as I have several single member LLC's. You just have to be careful as not to co-mingle money or they may look at them as one, nullifying some of the benefit.

It most definitely is the case. I spoke with two clients today alone about SMLLC's. I am not an attorney so I will not speak to the legal issues, however, comingling funds is generally not advised.

I have a SMLLC and have been audited by the IRS. No issues were brought up about SMLLC.

I went to a supercar shoot out a few months ago and a Lamborghini there had Montana tags.....which I thought was odd in Florida. Yesterday I saw a new Range Rover Autobiography Edition with Montana tags so there must be something to the trend!

I also saw somewhere online that once a car is 10 years old you can get permanent tags, pay one fee and the tags are good for as long as you own the vehicle. Also note to get the tags neither you or the car actually have to travel to Montana!

I work in the mortgage business and there's nothing I enjoy more then when self-employed people call to try and get a mortgage and they show no income and I have to tell them they are S.O.L! . Most of them ***** and complain that its not fair the government this the government that and they have to cheat on their taxes to make any money.I dont feel bad one bit, I pay my fair share. Theyre not all like this but most are. i have lots of respect for someone who starts their own business but pay your fair share...

Dagah2x.... I pay way more than my fair share. I think 40% tax bracket is a little crazy. Also, considering I seem to find a boat and only keep it a year or so I think it's absolutely crazy that I would need to pay anywhere from 10-20k in taxes. But, if I trade to a dealer for another boat I can offset it buy trade in. WTF?

Considering this great nation is currently divided and only getting worse everyday by lazy a$$ people that want everything for nothing has turned me to be greedy . You just keep paying your fair share to help all those losers and I will do what I can to protect mine from the losers. As long as these idiots in charge are spending out of control it's a lost cause.

Self employed people call you and you enjoy not being able to help them? How about this....FU for not having the balls to own the mortgage business....you don't have a clue....you don't know what fair share is...you can respond back when you put everything on the line to start your own business.

Tombone, I totally agree with you money is all green at the end of day. If, I was in the mortgage business I would not give 2 chits where the persons money was coming from if I only get paid to close deals. I would say he might be on a wic card or some government assistance with this comment?. Just sayin !

[QUOTE=NORTECH-ANGLER;4184212]Tombone, I totally agree with you money is all green at the end of day. If, I was in the mortgage business I would not give 2 chits where the persons money was coming from if I only get paid to close deals. I would say he might be on a wic card or some government assistance with this comment?. Just sayin ![/

Goverment assistance .....he can't take a piss without the goverment approving it...I can't believe he had the balls to post such a ignorant comment. Wow look at me I give mortgage loans....how about this it's not your money and you didn't write the rules...you are nothing but a over paid pencil pusher. That fact you have enjoyment on not being able to make a commission on a loan is crazy....by far one of the dumbest comments I have seen on OSO....

Man......WTF were you thinking!

Let me make sure you guys understand what I mean. I dont mean self-employed people in general. If you tell the government you make $10,000 a year and pay taxes on that amount and you have boats cars and a 300k house. You are taking advantage of the system, end of story. As I said earlier i have lots of respect for someone who owns their own business and I do loans for them all the time but its the guys who dont contribute their share i have an issue with.

Dont get me started on the public assistance people. I field calls on a daily basis from people who are on SSI or whatever that have no money, credit report full of collection accounts that werent their fault and want to buy a house. They are the worse ones that yell scream and complain that the government is screwing them and they should be able to own a house too.

,

Dont take my comments as a personal attack or anything, if you pay your fair share then thats great. Probably 75% of the SE people I try to qualify do not qualify on their income for a loan and have more personal debt then income. I do not feel bad for them one bit.

IMO, you are tripping over mouse turds and inviting yourself to an audit.

To the OP, easy answer is, buy a marina and become a boat dealer.

That statement makes me think that you may be an unemployed Registered Democrat that is living the good life off of the taxes us hard working folks continue to pay to support your sorry arse.:party-smiley-004:

And let us not forget that you sorry mortgage people are in fact the main reasons that the real estate market went completly upside down due to your inflated property evaluations which in turn paid you a larger commission and that the result of your greed has all the rest of us working folks still paying for your stupid mistakes. :angry-smiley-038:

Put down your shovel. You have dug a deep enough hole!

is it hard going thru life so misinformed? :lolhit:

[QUOTE=wingnit;4184360]And let us not forget that you sorry mortgage people are in fact the main reasons that the real estate market went completly upside down due to your inflated property evaluations which in turn paid you a larger commission and that the result of your greed has all the rest of us working folks still paying for your stupid mistakes. :angry-smiley-038:

Yes us mortgage people inflated the property values, that makes a lot of sense! Values were driven up by low rates that are market driven and sometimes influenced by the Fed and greedy speculators that wanted to make a quick buck. Im not saying the banks werent greedy too giving loans to people without verifying income but thats for another thread. I dont see any reason to pick on me because of my profession just because you probably bought a house in Florida on top of the market and lost your azz on it.

I think everyone here has pretty much the same opinion as I do that the working class pays WAY too much in taxes to support entirely too many people living off the system. My main point for posting was that there is a good percentage of people who are self-employed and dont claim a large portion of their income and i dont feel bad for them if they can't get a loan just as I wouldnt feel bad for someone living off the system that cant get a loan. I work hard for what I have and contribute my 30%-40%.

[QUOTE=dagah2x;4184410]
I see plenty of reason to pick on you. This is not one sided. I am a small business owner and you made a generalized statement that lumped small business owners together. I am doing the same with you as a mortgage company associate.

I called you out on your opinion, and now you're a part of the working class and pay way too much in taxes. Flipped like a pancake. That is what this thread was about to begin with.
An don't give us this :poopoo: that you work hard for a living. Please do tell how hard you have to work at screwing people. If you truly are in a 30 to 40% bracket, then you are making ~$425 k per year preying on people. How do you look at yourself in the mirror knowing the part you played in the fleecing of the American people?

Remember....do unto others, you reap the benefit of what you sow, what goes around comes around............

BTW....You made another generalization lumping me in with people who didn't understand what was happening with the Florida real estate market. I bought my waterfront home in St. Petersburg 20 years ago and it was far from inflated. I didn't let you greed stricken azzhats talk me into leveraging the hell out of my home during the boom and therefore am not anywhere near upside down like so many unsuspecting (uninformed) others. I feel sorry for them for what you and the rest of your bottom feeding cronies allowed to happen....wait....more like did to these families.

Come on, sign right up for this adjustable rate mortgage. Your 900K dollar house will be plenty affordable on 50K a year as long as the rates don't go up to 2% or more. Not our fault you are in over your head in 2 years.... I watched my property value drop as the Clampets across the street moved in to a 500K dollar house, did nothing to it for a year and a half, and then let the bank forclose on it and dump it.

I own a small business, and I pay a sheetload of taxes. If somebody had told me when I opened my doors what I would be paying in taxes I honestly would have thought they were lying. I will legally right off any and everything I possibly can.

Hey Matt!

Maybe we can claim mortgage boy on our taxes as a dependent.:drink:

I LOVE OSO! :nicethread:

Our current tax code is almost 74,000 pages long and over 7 times the length of the Holy Bible. That leaves plenty of grey area to be navigated, and I'm walking through every grey door my accountant will let me. It has nothing to do with "paying my fair share" and everything to do with the fiduciary responsibility I have to my wife, kids, and my boating habit.

I dang near starved to death the first couple of years I owned my business. My family suffered, I worked long horrible hours and had tons of doors slammed in my face but I kept pushing and survived. We bought groceries and gas on a credit card for several months because that was our only option. By golly now that I'm making some money you can bet your azz I'm going to hang onto every last dime I can. My story isn't unique either, every small business I owner I know has had similar struggles.

Amen...It is a fight when you go out on your own. I only thought I had everything figured out until I went out on my own...I just hope one of these days I can enjoy the benefits of all this hard work. Life was a lot easier working for someone else letting them do all the heavy lifting. Looking back I would not change a thing. Just wish I made the move years ago before I had kids.

The real cause of the crash was Greenspan keeping rates to low for way to long and wall st creating a huge mortgage backed securities market that gave all these banks and mortgage brokers a place to sell the loans.

Sorry, but Greenspan was only a part of the problem. The entire industry mortgage AND insurance, GLOBALLY were playing by rules that assured the failure on an international level. This one isn't about political parties, it's about people being greedy and stupid, worldwide.

Keep on fighting the good fight. A successful business is driven by dedication and survives because of determination. If it was easy, everybody would do it. :ernaehrung004: