Economic Stimulus Package

Ok, so everyone who'll be receiving a "be happy and don't vote us in Congress out of office" check in the Spring, do us all a favor...

Keep it in the ball python community! Not only will we all get to buy something we'll enjoy, we'll be investing and growing money within a year or three. And it'll give us all a reason to stay in this business.

THAT'S how you stimulate an economy. Not by blowing money on a flatscreen tv, but by buying something that can earn you money!!!

SO, what will you be investing in??

My husband is probably going to put his towards a new laptop. Mine.... well who knows. Most likely it'll be going into savings OR into snakes. One of the two.

Flat screen tv! ;)

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Originally Posted by Enve

Flat screen tv! ;)

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*beats head against the wall*

I was only joking, already got a flat screen! Using half for another snake or two and the rest is going into our home improvement budget. Wife and kids are finally paying off! (Just a joke people!)

Probably put it towards Daytona.

Hypo pair from and help with Daytona

i have already been spending mine. it just all goes back into savings:D

Well since I don't watch much T.V you won't have to worry about me wasting it on a flatscreen. ;)

I'm going to put it towards the Daytona trip.

More snakes and help with Daytona. I got an extra $550 back on my taxes this year for the snakes I bought in '07 and that's going toward the same.

Wait, how did you get back money for snakes that you bought?

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Originally Posted by Jay_Bunny

Wait, how did you get back money for snakes that you bought?

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I went to H&R block with a handful of reciepts and told them that I started J.W. Exotics in 2007 as a profitable hobby, then I answered all the questions they asked me. I spent over $7k so far on racks and food and establishing breeder animals, so I got a little something back.

Hey wow. Do you have to have a business license in order to get that money back or do you just answer those questions they ask you?

I'm wondering because I'm slowly but surely turning my love of snakes into a little 'business'. If I do want to get any kind of money back for snakes and such, should I save every receipt I get when it comes to my snakes?

Cueball is taking me to the bar friday night, so I know his check is gone before it even gets here.

I'm buying a video camera so I can make some vids half as nice as adams.

Wofly is taking her check to pay property taxes.

Rich from RBI will be taking his check along with 50% of each months profits for next 8 months to buy me one hell of a birthday present come October and I encourage each and everyone of you to follow in his footsteps.....

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Originally Posted by Jay_Bunny

Hey wow. Do you have to have a business license in order to get that money back or do you just answer those questions they ask you?

I'm wondering because I'm slowly but surely turning my love of snakes into a little 'business'. If I do want to get any kind of money back for snakes and such, should I save every receipt I get when it comes to my snakes?

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I told them that I didn't have a business license or anything and she said that I didn't need one. She wasn't too bright so I purchased their full audit protection just in case, but it's a profitable hobby that I will be paying taxes on, and I spent a bunch of money to get it started so it makes sense that I would get something back.

I've only spent about $500 on racks/tubs/tanks, and well over $1200 on snakes since August 2007. lol. :D

Mine is going towards paying off debt :) I have a few accounts (credit cards) that I will be done with forever! Yay!

New tires for the jeep!

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Originally Posted by TheMissingLink

New tires for the jeep!

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Ooh.. what kind of Jeep?

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Originally Posted by Ginevive

Ooh.. what kind of Jeep?

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05 grand cherokee

The tax code is such a screwy thing... I've been wondering if you could claim our hobby as a tax deduction w/o having a business license. So, if you've spent more money on the hobby than you've made, can you claim that all as a deduction? Snake food, racks, snakes, etc?

rack and incubator

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Originally Posted by bait4snake

The tax code is such a screwy thing... I've been wondering if you could claim our hobby as a tax deduction w/o having a business license. So, if you've spent more money on the hobby than you've made, can you claim that all as a deduction? Snake food, racks, snakes, etc?

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Yes and no the way my CPA originally explained it to me. If you claim anything as a loss as a "hobby" for more than 3 you will get a letter in the mail from Uncle Sam. Show a profit on that hobby at the 3 year mark and your fine. Again, I may be wrong but the way it was told to me is that the irs allows "hobby" deductions for something that you plan on becoming a business but don't have the resources to completely follow threw with at that time. After 3 years of losses, its just a hobby and a no no to wright off anymore.

Check with your account and have them sign off on it, buy the audit protection :)

Don't ever hide profits though, a mid level breeder here in FL who has been producing for 10 + years just got caught. 3 money loosing breeding operations (according to tax records) under 3 different federal EIN numbers = one entity = you were hiding something and now your going to pay for it..... $37K plus penalties and interest adds up to a much bigger number than you would think.

Taxes are a good thing to pay, you only pay them if you actually make money, so the higher your tax bill, the more you made..... (thats at least what I tell myself laying in bed at night waiting for the check to clear trying decide if I should put a stop payment on it and run to Mexico or not:D).

Ive been thinking about this as well... I have invested some $$ in BP's but did not claim that on my taxes this yr... my plan is to not claim my profits until i break even... so I invested X and until I make back X amount of $$'s I'm not going to claim anything. Im not sure if thats a good idea or not, hopefully someone will chime in. Also I plan on registering as a business in NY but it didnt make much sense to fill out the paper work this yr when ill have 0$ in sales since my snakes arent breeding till this Nov. so I plan on registering all that good stuff next yr(09).

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Originally Posted by JoshJP7

Ive been thinking about this as well... I have invested some $$ in BP's but did not claim that on my taxes this yr... my plan is to not claim my profits until i break even... so I invested X and until I make back X amount of $$'s I'm not going to claim anything. Im not sure if thats a good idea or not, hopefully someone will chime in. Also I plan on registering as a business in NY but it didnt make much sense to fill out the paper work this yr when ill have 0$ in sales since my snakes arent breeding till this Nov. so I plan on registering all that good stuff next yr(09).

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I would think it's best to get your two free years of deductions. After 3 years once you start paying taxes on profits, you will still get your deductions subtracted before it's figured out what you will owe. No reason not to take the little bit of money back while you can.

ive ben out of work since dec. due to my hand.so the best thing i can do is catch up on the bills....

Putting this into savings is absolutely the worst thing. They're sending this out for people to SPEND it and put money into the economy...not stash it away..

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Originally Posted by JoshJP7

Ive been thinking about this as well... I have invested some $$ in BP's but did not claim that on my taxes this yr... my plan is to not claim my profits until i break even... so I invested X and until I make back X amount of $$'s I'm not going to claim anything. Im not sure if thats a good idea or not, hopefully someone will chime in. Also I plan on registering as a business in NY but it didnt make much sense to fill out the paper work this yr when ill have 0$ in sales since my snakes arent breeding till this Nov. so I plan on registering all that good stuff next yr(09).

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BAD idea......

If for any reason you are audited, they will see income much quicker than they will see expense from previous years and either way its tax evasion....

So year one you "loose" 10K
Year two you make back 5K
Year three you Make 10K

Unless this is all cash, not checks, paypal, money orders or credit cards, it will hit your account. IRS will then see the $15k came in and you only reported 5K.

Show your lose, show your earnings.....

Ight so heres the thing... I spent X amount of dollars on my investment in 06/07... didnt claim that this yr... are you saying next yr I claim that $$ I spent on my 08 taxes?

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Originally Posted by ShawnT

Putting this into savings is absolutely the worst thing. They're sending this out for people to SPEND it and put money into the economy...not stash it away..

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What are most Americans going to buy that is going to stimulate OUR economy? That big screen you wanted...made in China. An over whelming majority of people will buy things that won't help our economy to begin with. I'm ready for these clowns to be out of office.

The package is a bad idea to begin with, I'd take my extra money and invest it and make more back on my free money.

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Originally Posted by Brimstone111888

What are most Americans going to buy that is going to stimulate OUR economy? That big screen you wanted...made in China. An over whelming majority of people will buy things that won't help our economy to begin with. I'm ready for these clowns to be out of office.

The package is a bad idea to begin with, I'd take my extra money and invest it and make more back on my free money.

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Exactly. We have a huge deficit, so let's borrow a few more $billion from China to give everyone a couple hundred bucks to spend on Chinese made LCDs. Because helping everyone buy a T.V. will really stimulate the general economy. :rolleye2:

Maybe they should instead start teaching Americans not to max out their credit cards and buy houses they can't afford, with variable interest rates that they can't afford. Or stop sending all our money to foreign countries instead of giving incentives to keep American businesses in the U.S, and buy American. Or stop supporting illegal workers who send all their money to relatives in foreign countries. :mad:

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Originally Posted by Brimstone111888

What are most Americans going to buy that is going to stimulate OUR economy? That big screen you wanted...made in China. An over whelming majority of people will buy things that won't help our economy to begin with. I'm ready for these clowns to be out of office.

The package is a bad idea to begin with, I'd take my extra money and invest it and make more back on my free money.

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Your most likely right, which is the sad thing. But hopefully a good portion will invest in American companies / American made things.

I am pretty sure I will be investing in some BP morph from Adam. Maybe by then the weather will be better and I will have the ones still waiting over there as well.

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Originally Posted by Brimstone111888

What are most Americans going to buy that is going to stimulate OUR economy? That big screen you wanted...made in China. An over whelming majority of people will buy things that won't help our economy to begin with. I'm ready for these clowns to be out of office.

The package is a bad idea to begin with, I'd take my extra money and invest it and make more back on my free money.

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Most of our govt agreed with the package, are you waiting for all of them to leave office?;)

Put it toward a Jog- A Dog treadmill for my pooches. :)

I'm saving half for sure.

Wil if I had one, I would buy smoe snakes and some racks. So how do I go about breeding snakes, and getting tax deductions for it for my parents?

Am I the only one who wants to send it back? I am sorry but I don't feel like being indebted to a communist china. :salute:

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Originally Posted by Timbuktu

Am I the only one who wants to send it back? I am sorry but I don't feel like being indebted to a communist china. :salute:

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Rock on.

Don't worry, a ton of people are sending it back. Only, they're leaving out the middle man and sending it right back to China. Too bad China won't count all that money as a payment on borrowed funds.

:salute:

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Originally Posted by PythonWallace

Rock on.

Don't worry, a ton of people are sending it back. Only, they're leaving out the middle man and sending it right back to China. Too bad China won't count all that money as a payment on borrowed funds.

:salute:

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Let's all be real and stop buying chinese products I think this would be Americas real test.Ever since the toy recall went down I've really been checking the stuff I purchase.:salute:

Wow, some of you need take an economics class. If you give 1 billion people lets say $600.00 they're gonna spend all of it at some point in time. They may put the check under the matress, but just the thought of having an extra 600 in the nest egg is going to make most people spend more, and as long as their not buying imports directly from another country, its going to help the economy. Just because the Sony HD T.V. that you bought was manufactured in China doesn't mean that the purchase is not supporting the American economy. First, you bought it at a Relailer like Best Buy, secound they bought it from a wholesaler, and third Best Buy most likely contracts another shipping company to move all of its merchandice. Now thats three businesses right here in the US of A.

Yeah this is putting us in a defecit to begin with but if people spend more money on businesses than businesses makes more money and pays more taxes on that money and that puts more money back into the treasurery.

Anyway, I'll get of my soap box.

I plan to spend every bit of my tax returns and economic stimulus package. Why? Because I can afford it! Should everyone do this? No! Some people need to put the money towards debt etc. The more money towards debt, the less forclosure, and the better the economy.

-Austin

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Originally Posted by Austin Smith

Wow, some of you need take an economics class. If you give 1 billion people lets say $600.00 they're gonna spend all of it at some point in time. They may put the check under the matress, but just the thought of having an extra 600 in the nest egg is going to make most people spend more, and as long as their not buying imports directly from another country, its going to help the economy. Just because the Sony HD T.V. that you bought was manufactured in China doesn't mean that the purchase is not supporting the American economy. First, you bought it at a Relailer like Best Buy, secound they bought it from a wholesaler, and third Best Buy most likely contracts another shipping company to move all of its merchandice. Now thats three businesses right here in the US of A.

Yeah this is putting us in a defecit to begin with but if people spend more money on businesses than businesses makes more money and pays more taxes on that money and that puts more money back into the treasurery.

Anyway, I'll get of my soap box.

I plan to spend every bit of my tax returns and economic stimulus package. Why? Because I can afford it! Should everyone do this? No! Some people need to put the money towards debt etc. The more money towards debt, the less forclosure, and the better the economy.

-Austin

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Rich people pay taxes under this administration? you must have taken the same economics class a Mr. Bush. borrow money when you are already in debt? that seems like the logic that ends up in bankruptcy. I wonder if china has a payment plan?

Yes, even rich people pay taxes, and you have to spend money to make money.

You could say that "rich" people pay more taxes due to tax brackets. Of course, since they're rich they don't need all that money right? And we could tax them more right? But if we taxed the rich to death then what incentive would they have to invest? Investment by the wealthy is a very important part of our economy.

deficit spending sucks, but the only thing thats going to get us out of a deficit any time soon is another war and no one wants that so...we have the economic stimulus package.

Look, poloticians have nothing to gain by trashing our economy. Its quite the opposite. Also, Most are well educated and have tons of experience in administrating banks, businesses, and non-profit orginizations. Trust me, if there's one thing our government can handle, its the economy.

On topic, and since I didn't mention before, I plan to spend my check on a nice boa cage and good lookin Surinam! I want a boa so bad I'm itchin'.

-Austin