frenzyrumble +1 (i'm growing)

catch22 · 07-05-2009, 08:13 AM

Quote:

Originally Posted by Ra88

Are you sure that this is smart? I'm not critisizing you, but you already make thousands of dollars with toys that are designed by Hasbro, and if you actually go on to starting the Western equilevant of Fan Projects...I don't think that they will be happy with that. Might want to be careful, though I hope that you'll manage to pull it off without any problems.

I don't see how he is being like Fansproject. He's custom painting their toys, not making his own toys using their intellectual properties. The reproduction heads are another story, but that's far from his main area of business.

Ra88 · 07-05-2009, 08:58 AM

Quote:

Originally Posted by catch22

I don't see how he is being like Fansproject. He's custom painting their toys, not making his own toys using their intellectual properties. The reproduction heads are another story, but that's far from his main area of business.

It's what he said in a later post.

Quote:

Originally Posted by frenzy_rumble

Hoping to be a US based Fans Project by the end of the year...

http://www.tfw2005.com/boards/radico...ml#post3828933

And it's not just the "making own toy" things, that was merely the line for Hasbro. They already had a problem with the fankit add-ons, according to what was said at Botcon. Hence my worries that he might go to far and get Hasbro on his case.

catch22 · 07-05-2009, 04:03 PM

Quote:

Originally Posted by Ra88

It's what he said in a later post.

http://www.tfw2005.com/boards/radico...ml#post3828933

And it's not just the "making own toy" things, that was merely the line for Hasbro. They already had a problem with the fankit add-ons, according to what was said at Botcon. Hence my worries that he might go to far and get Hasbro on his case.

me ->

Sorry, missed that.

Superquad7 · 07-05-2009, 05:25 PM

Quote:

Originally Posted by daelite20

it was a joke..just messing around..

N00B

j/k

* * * *

Mike, I wish you well with your endeavors

I'm curious about something: if you're making a steady income, full-time from creating your artwork, and now you're hiring another employee, how are you filing this on your taxes? What other sorts of paperwork are you having to do? I'd imagine if you're wanting to take on this kind of endeavor, you're wanting to do it right and cover your bases.

frenzy_rumble · 07-05-2009, 05:34 PM

Quote:

Originally Posted by Superquad7

N00B

j/k

* * * *

Mike, I wish you well with your endeavors

I'm curious about something: if you're making a steady income, full-time from creating your artwork, and now you're hiring another employee, how are you filing this on your taxes? What other sorts of paperwork are you having to do? I'd imagine if you're wanting to take on this kind of endeavor, you're wanting to do it right and cover your bases.

I'm reporting taxes on all the commissions, as well as ebay sales, paypal transactions, etc. Paperwork involves just keeping a running tab of all $ taken in, all money going out (supplies) and receipts of anything that has to do with the work. Accountant takes care of it all when I file next year.

TonyzCustomz · 07-05-2009, 06:16 PM

Quote:

Originally Posted by frenzy_rumble

I'm reporting taxes on all the commissions, as well as ebay sales, paypal transactions, etc. Paperwork involves just keeping a running tab of all $ taken in, all money going out (supplies) and receipts of anything that has to do with the work. Accountant takes care of it all when I file next year.

Sounds like you need to make yourself Frenzy_Rumble Inc. Incorporating yourself will make things a lot easier according to my accountant last year while filing taxes. Been thinking about it a lot. I would definitely ask your accountant now to see if its a good choice for you or not.

frenzy_rumble · 07-05-2009, 06:27 PM

Quote:

Originally Posted by TonyzCustomz

Sounds like you need to make yourself Frenzy_Rumble Inc. Incorporating yourself will make things a lot easier according to my accountant last year while filing taxes. Been thinking about it a lot. I would definitely ask your accountant now to see if its a good choice for you or not.

yeah, been told that. perhaps when it "appears' to the IRS I am making any real money it'll be time to inc. myself

TonyzCustomz · 07-05-2009, 07:03 PM

Quote:

Originally Posted by frenzy_rumble

yeah, been told that. perhaps when it "appears' to the IRS I am making any real money it'll be time to inc. myself

Well that's the point. The form we fill out now is a pain in the arse and the most audited form by the IRS, any money shown at all and they get ya and its a pain with the deductions. My Accountant said then when you incorporate you go from the most audited form to the least audited form. You can deduct anything pretty much and don't have to worry to much(example is movie tickets, any movie you go and see can be considered research and so long as you log it no worries and it will cut off the top of your profi shown in your form). Bottom line is its much easier and safer way to make sure you dont have to pay up to the IRS when you show even the slightest amount of profit. Definitely look int it.

Solrac333 · 07-09-2009, 02:29 AM

Awesome! Can I work for you? Of course the commute would suck.