4 ms·

Yeah, they didn't once ask us where we spent the money. I think the assumption is "food, rent and hosting".

• fallentimes 18y ago
  How does this work come tax time? From my understanding, you can only write off hosting, half of food (sometimes) and maybe a part of rent. How did you guys deal with this?
  • SwellJoe 18y ago
    I don't know that we're representative, but, so far, I mostly just wave my hands around and go, "This sucks." And then leave it for later (meaning we haven't been doing much with write-offs or expenses on our tax filings). Pretty much all of my bookkeeping to date has been of the form "put it in a folder for when we hire a bookkeeper". Luckily, this will be the year in which we hire a bookkeeper, and I won't have to think about it too much any more, and I most likely won't end up in jail for not reporting things correctly or on time (fingers crossed).
    • jdavid 18y ago
      on a failed startup of mine, i redid my taxes 3 years after i closed the company. i received $25k as a refund, and it cost me $4k for the accounting. good accounting is WORTH IT. had i used that firm in the first place i might have saved an additional $50k and spent $4k on fiscal advice. Since i self funded i did a lot of stupid things when it came to managing cash flow and spending personally for my company. also for being able to better leverage credit vs opportunity cost on selling stocks and paying employees, i could have much better used my available margin trading ability that had an interest cost of only 5%, and with some stocks, waiting till the fiscal reports would have been worth 20%, which would have kept me in the black personally, vs. having a burn rate. oh the things i would do differently, and well, the things i am doing differently with social helix.