Extra cash on the side

[jjjleftturn]

Hey I was wondering who here on RS has other cash generating work other than the standard 9-5 job?
I mean anything from walking dogs on weekends.. to flipping cars and houses.
All of my friends seem to have their hands in something on the side other than their normal work.

I work a 9-5, but I buy and sell misc stuff from Asia on craigslist in my spare time and I average roughly $2000 extra every month tax free. I know its small time money but its pretty awsome to have that extra bit of change.

Anyone else do anything on the side in their spare time? Im sure lotta guys buy clothes/computer/cars and whatever else to turn a profit?

[LsquareD]

i sell my body

[Stormspirit]

Mirin. What do you sell?

[Ulic Qel-Droma]

2000 dollars per month tax free by flipping shit?

dude, that is 24k a year tax free.

depending on what your goals are... like what? u want 4k a month total? 6k? 10K?

it really depends on what you want.

if you take on something else, you might make less flipping shit. it's all about management and efficiency. see if there's anyway to make your flipping more efficient. perhaps u can squeeze more out of less.

then you'll have even more time to flip even more shit. or find something else to do on top of that.

[k00laid]

lol 2g a month tax free is not chicken shit, as ulic said thats 24k a year tax free which is about 28 or so extra

I would stick to what you were doing, you could pay a mortgage off on the side

[Renxo]

tips please thats a lot of coin for side work lol

[dsot]

OP, what do you buy and sell on the side?

[4444]

And why is it tax free? Because u don't declare income when u should. Bitch move, but 'everyone does it' right?

[bluejays]

Originally Posted by 4444

And why is it tax free? Because u don't declare income when u should. Bitch move, but 'everyone does it' right?

Do you declare what you sell on craigslist?

[DragonChi]

Originally Posted by 4444

And why is it tax free? Because u don't declare income when u should. Bitch move, but 'everyone does it' right?

Originally Posted by bluejays

Do you declare what you sell on craigslist?

I know right! You pay tax on goods already when you bought it, so why would you have to pay tax again?

[Jegz]

OP lemme me in on this business

[4444]

Originally Posted by DragonChi

I know right! You pay tax on goods already when you bought it, so why would you have to pay tax again?

You pay tax on the profits, not a sales tax - unless u have a hst number, but then you get input tax credits, etc - and if ur not declaring profits, then u likely wont have a hst number/collect sales tax

Damn, if ur gonna try to come up with a snappy come back, at least put some intelligent thought into it

[4444]

Originally Posted by bluejays

Do you declare what you sell on craigslist?

Well, I don't sell used shit on Craigslist, as you have to deal with 'Craigslist' people - but I do have a side venture, and thank your yes I do declare all my income, but equally if ur smart, u have sufficient business expenses to not pay any income tax on them - I do everything by the book - but I'm smart so know the rules and equally make the system work to my benefit

Not declaring is the biggest fuck up u can do - be smart, and still don't pay tax but eliminate your risk of getting charged tax,penalties and interest if ur ever found out

[wingies]

tax avoidance and tax evasion, learn the differences

[Hehe]

I used to buy a lot of electronic/luxury stuffs to sell in Asia. I buy them, and my old buddy would hook me up with Asian buyers (from China, HK, Vietnam... etc). I remember lining up in those cold rainy nights.

It was good money, I think I used to make easily 8k+ a year while taking no more than a few days (the total accumulated time) of trouble.

But then I didn't need to file taxes, so I never worried about CRS coming after me.

[jjjleftturn]

Im curious as to what extent does the taxman start to care? I mean theres kids buying a ipod for 20$ and selling it for 50$.. not trying to say its right. But are there any cases of the tax man coming after people selling petty stuff on a classified ads? I mean realisticlty... more than half of richmond restaraunts only accept cash.. and i wonder for what reasons hmm..

The things i sell range from small profit.. 10-20$ to larger profit 100-150$. Overhead is very low demand is high
Im sorry i cant give away my products as they are a very tight niche and took weeks of research to understand the product market.. lol


However i will give you one example my friend does. He usd to buy bar stools on sale at costco for 30$ and sold them for 120$ a pop..
U wouldnt believe how many he sold a week.. i think there was a month where he made almost 4k profit. Yes its stupidly ridiculous.. but somehow not everyone has a costco card and would rather buy it off a stranger on craigalist. Who knows maybe its a more personal approach lol.
Posted via RS Mobile

[4444]

Originally Posted by jjjleftturn

Im curious as to what extent does the taxman start to care? I mean theres kids buying a ipod for 20$ and selling it for 50$.. not trying to say its right. But are there any cases of the tax man coming after people selling petty stuff on a classified ads? I mean realisticlty... more than half of richmond restaraunts only accept cash.. and i wonder for what reasons hmm..

The things i sell range from small profit.. 10-20$ to larger profit 100-150$. Overhead is very low demand is high
Im sorry i cant give away my products as they are a very tight niche and took weeks of research to understand the product market.. lol


However i will give you one example my friend does. He usd to buy bar stools on sale at costco for 30$ and sold them for 120$ a pop..
U wouldnt believe how many he sold a week.. i think there was a month where he made almost 4k profit. Yes its stupidly ridiculous.. but somehow not everyone has a costco card and would rather buy it off a stranger on craigalist. Who knows maybe its a more personal approach lol.
Posted via RS Mobile

its not about when the tax man cares - he ALWAYS cares (under $50 is probably fine, per year, as this is the amount of investment income you can make without having to declare it).

why you should always declare: if you do get audited, and they find out, you're fucked, waste of your time and money, but more importantly, karma - don't be a dick and dick your fellow residents of BC around by not paying tax on your income - yes 'eveyrone does it', but most people are dicks who will fuck themselves over

i guess i like going to bed every night knowing that i have no risk or worries... yet i still pay no more tax than you (all else being equal)

[Ulic Qel-Droma]

well the way i see it is, it's about how much risk you're willing to take.

some people can't take any risk, so they'll just always be a good citizen and pay, they'd rather have a peace of mind.

if you like taking risk, you can save yourself some tax.

to me your situation is low risk. and it'll be hard for them to find out even if they do audit you (if you played your cards right and kept all cash and spending separate from banking, and don't splurge on things that can be recorded).


no pain no gain.

no risk, no reward.


this is just a form of risk:reward.

[Stormspirit]

Do you buy locally and resell locally or import from another country for your niche?

brb costco shopping.

[knight604]

Originally Posted by DragonChi

I know right! You pay tax on goods already when you bought it, so why would you have to pay tax again?

Tell that to ICBC.

[Cassijon]

if u get audited and they find the "extra" cash, just say its ur winnings from years at the casino

[4444]

Originally Posted by Ulic Qel-Droma

well the way i see it is, it's about how much risk you're willing to take.

some people can't take any risk, so they'll just always be a good citizen and pay, they'd rather have a peace of mind.

if you like taking risk, you can save yourself some tax.

to me your situation is low risk. and it'll be hard for them to find out even if they do audit you (if you played your cards right and kept all cash and spending separate from banking, and don't splurge on things that can be recorded).


no pain no gain.

no risk, no reward.


this is just a form of risk:reward.

but there's also the right and wrong of it... that has to be worth something

if you could kill someone and get away with it, would you? i know this is blowing it out of all proportions, but i know i couldn't live with myself killing someone, just as i can't live with myself in not declaring all income (note - again, i don't pay any more tax... but i sure as hell declare everything)

[Ulic Qel-Droma]

Originally Posted by 4444

but there's also the right and wrong of it... that has to be worth something

if you could kill someone and get away with it, would you? i know this is blowing it out of all proportions, but i know i couldn't live with myself killing someone, just as i can't live with myself in not declaring all income (note - again, i don't pay any more tax... but i sure as hell declare everything)

right and wrong are subjective.

on my scale killing someone is a lot more wrong than not declaring every single penny of tax.

it's not so black and white.

what's right and wrong maybe worth more to you, than to someone else.


the only way i can explain this easily without going into some long ass philosophical discussion is the very very very nerdy/geeky comparison to dungeons and dragons. oh yes, dungeons and dragons.
the character alignment or whatever it is called.

i'm sure everyone has a pretty basic idea of how that works. if not, you can look it up.



The right and wrong of it, varies from person to person.

laws are not supposed to be absolute.

they're supposed to be a balancing act.

You have a certain law, that has a certain degree of punishment if broken.

the law is strict enough that it scares most people into doing it.
and also people that respect and obey all laws simply through honor of societal "structure" will do it (feel law is "right" thing to do, it is their civil "duty" to fulfil these laws).

the people that disregard law and have the guts to break this law, will be few.
and the people that don't view this law as "right" (or wrong), feel they can do whatever they want (to a degree, some may view tax evasion as a joke, but murder as serious), as long as they are good at hiding it (in fear of punishment). they will be fewer too.

but if you want the law to be absolute... then you're going to have to be a nazi and impose it in a very strict and unpopular fashion. many people will be punished by extreme measures and people will be unhappy. and at the end they'll probably fight back regardless of what the law is because they're so unhappy with how strict the laws are and how tough the enforcement and punishment is.

so it's a balancing act u see.

you may feel "strongly" about it being "Right". but the person next to you might not feel the same way as you. who's right? no one.
but the law is there, if he gets caught, he will have to face punishment. but he's taking the risk to follow what he believes in.


another stupid example would be some low level law, like going above 50km/h or j-walking.

im sure you have done that MANY times.
and you don't feel bad every time you do it. because u simply don't care for those laws... to a certain degree. if there was a cop nearby watching you'd do it through fear of being punished.

but if he wern't there you'd cruise 51.. hell 60.. mayb 65.

jwalk when the street isnt busy (there's less danger to you [selfish reasons]), to save time (also selfish reason).

so do you see now? that small law, you don't really see any right or wrong... yet you're willing to take the risk to break it. if you got caught doing it, you'd probably just feel shitty you got caught and pay the fine... but over time you'd probably do it again (ever get more than 1 speeding ticket?)

just scale it up to tax evasion now. same scenario. some people just don't feel the same way.

scale it up to murder... some people.. just don't feel the same way.

as u can see the more severe, the less people will object. there's no way to catch them all. they make laws to balance, so most people will follow, some will get caught, and some will get away. and they accept that. because that is the best balance they can get.

[Matlock]

Learn a trade and in 5 or more years you can start doing side jobs.

[stewie]

i need to find something to do during the days to keep me occupied. im on medical leave right now from work so from 7am - 430 pm, im not allowed out of the house unless im with someone.

ive a coworkers wife who goes on craigslist, gets some free kids furniture and repaints it all up n shit and resells it...its not much for them, but every little bit helps i guess.

im sure if i were to go grab a cheap 50$ piece of wooden furniture from craigslist,i could sand it down, stain it all, make it look brand new..i could probably re sell it for more then i put in to it...

i need to find something to do to kill time during the day and also try to make a few extra bucks on the side

anyone have suggestions? ive looked into penny stocks, but without someone physically/verbally teaching me 1 on 1, i wouldn't be able to learn it.