Long time lurker, first time poster.
TL;DR
I found a tax loop-hole that I really want to squeeze through, but I need to be a small business owner to do so.
I need a side hustle, which will:
- Generate about $200 / mo in revenue (qualify as a business, you must)
- Require the lowest possible amount of actual work (I work full time + kid, I'm set)
Note: I only need revenues, not profits.
Thanks!
*EDIT*
I searched the forum and read that 10-page thread on side gigs, although I'll admit I didn't read all of it.
/ TL;DR
Okay,
Background:
I'm in my early thirties, married + toddler, both me and DW work full time.
Saving rate is around 60%, and we are about 7 years from FI.
All is well except taxes are high around here. Specifically dividends and stock market gains are taxed at 25%.
I entertained the thought of moving to Canada, or maybe even the US, but nah... ;-)
So anyways, a friend told me that small business owners get a nice tax break: they can pour as much money as they want into an IRA account, it becomes liquid after 6 years, and taxes are charged upon withdrawal of funds. So you can delay the tax bill and save a lot of $$, which keeps on generating some more $ in the mean time.
After coughing up almost $15,000 on capital gain taxes in 2015 (it's been a good year, yeah), I think I should explore this option and save those <various colors around here> employees.
I bike to work, I pack my lunch, and I end up watching my money being sucked away by the gubmint. Not cool.
I tried going to the IRS and registering as a consulting engineer with zero revenue. They said I have to have some revenues in order to register. So I turn to you, fellow mustachinas, for help. Figuring this one out can shave up to 2 years off my FIRE date.
I'm looking for a side income of $200 / mo with no actual effort or profit.
So far i have:
- Blogging. Seems like a lot of work though.
- Buying stuff on ebay (I'm thinking cheap smartphones) and flipping on the local craigslist at cost or even at a small loss.
Thanks,
TheEngineer
p.s. - I'm amazed this nick was available...