asheebeans Posted February 3, 2008 Share Posted February 3, 2008 :yay: Woot!! LOL I've been in business 4 years now and I finally turned a profit instead of being in the red! :embarasse I was actually happy to have an income to pay taxes on! haha Quote Link to comment Share on other sites More sharing options...
flutterbye Posted February 3, 2008 Share Posted February 3, 2008 Congratulations!!!! Last year was my first year and I lost. But I guess thats about normal... Here's to a new year of profits for everyone! Quote Link to comment Share on other sites More sharing options...
Suna Posted February 7, 2008 Share Posted February 7, 2008 Congratulations! That's great! Keep doing what you are doing!! Yipee!! Quote Link to comment Share on other sites More sharing options...
heirloomoriginals Posted February 8, 2008 Share Posted February 8, 2008 Yeah, 2007 was my first full year and I still had a loss, but hoping to turn that around in the next two years.Congrats!Steph Quote Link to comment Share on other sites More sharing options...
Patience Posted February 8, 2008 Share Posted February 8, 2008 Way to go Asheebeans!! Sooo happy to see someone's hard work paying off. Congratulations.:highfive: Quote Link to comment Share on other sites More sharing options...
Late Night Posted February 8, 2008 Share Posted February 8, 2008 Good for you!!!!!!!!!!!!!!! :highfive: :wave: *super banana* :party: *getdown* :whoohoo: Quote Link to comment Share on other sites More sharing options...
Lorrie Posted February 8, 2008 Share Posted February 8, 2008 Hey, that is great!! Quote Link to comment Share on other sites More sharing options...
kat88 Posted February 10, 2008 Share Posted February 10, 2008 CONGRATS TO YOU!!!That's quite funny when most of us complain about paying taxes that there actually comes a time when you're thrilled to pay them! Quote Link to comment Share on other sites More sharing options...
MochaMama Posted February 10, 2008 Share Posted February 10, 2008 That is wonderful news!! Your perserverance has paid off. Quote Link to comment Share on other sites More sharing options...
sassy906 Posted February 11, 2008 Share Posted February 11, 2008 CONGRATS TO YOU. WAY TO GO. Quote Link to comment Share on other sites More sharing options...
littlebrownbug Posted February 11, 2008 Share Posted February 11, 2008 Congratulations Asheebeans!! Hard work usually pays off in a positive way and we at LMB congratulate you on a job well done.....good job and keep working hard.Mike and Lea Quote Link to comment Share on other sites More sharing options...
ForHisGlory Posted February 11, 2008 Share Posted February 11, 2008 Congratulations, Asheebeans!Thanks for the thread. I bookmarked it to show my husband. I, of course understandably, took a loss my first year and he is gripping to high heaven and wants me to quit! December and January of this year were the first months I didn't have to buy more product. I just put the money back toward my start up.That is some progress, IMO. He just can't see it! Arghhhh! Quote Link to comment Share on other sites More sharing options...
Cissy Posted February 16, 2008 Share Posted February 16, 2008 I started selling the last half of 2006. I am dreading and procrastinating taking my tax info to my accountant this year. He really ticked me off last year (for 2006). I was asking him about estimated taxes, FICA, etc. and he said he would look at that for 2007. Then what he said that really ticked me off was, "if you don't show some profit for next year, then you'd better find another business." I was explaining to him about costs of testing candles, etc. and he said, "why do you have to do all that, why don't you just make them and sell them, why do you have to waste anything?" Little does he or most people who've never made candles know, or will never understand until they do it themselves (if they make quality candles, etc.)I chose him because he has been several other family member's accountant for years.............wish I had chosen someone else. I didn't know he was such a smartace. I'm still comtemplating getting someone else to do them this year. Anyway, what is considered a reasonable length of time (for IRS), for a new candle business to show a profit? I know many people who start other businesses who've said it took them 2 or 3 years to show a profit.Is the candle business supposed to be any different, or does IRS expect more from us? Quote Link to comment Share on other sites More sharing options...
ForHisGlory Posted February 16, 2008 Share Posted February 16, 2008 I started selling the last half of 2006. I am dreading and procrastinating taking my tax info to my accountant this year. He really ticked me off last year (for 2006). I was asking him about estimated taxes, FICA, etc. and he said he would look at that for 2007. Then what he said that really ticked me off was, "if you don't show some profit for next year, then you'd better find another business." I was explaining to him about costs of testing candles, etc. and he said, "why do you have to do all that, why don't you just make them and sell them, why do you have to waste anything?" Little does he or most people who've never made candles know, or will never understand until they do it themselves (if they make quality candles, etc.)I chose him because he has been several other family member's accountant for years.............wish I had chosen someone else. I didn't know he was such a smartace. I'm still comtemplating getting someone else to do them this year. Anyway, what is considered a reasonable length of time (for IRS), for a new candle business to show a profit? I know many people who start other businesses who've said it took them 2 or 3 years to show a profit.Is the candle business supposed to be any different, or does IRS expect more from us?I've always understood that showing a loss for two or three years was normal. Quote Link to comment Share on other sites More sharing options...
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