Lookin' Good at 58

Friday, January 30, 2009

Time To Start My Own Company

Had a visit with my Mortage Broker today. We received something in the mail from him asking us to give him a call for a free mortage review at our convenience so I thought rather than throw the opportunity away it would be a good idea to give him a call to see what's up. A lot has happened in the past 18 months and since we are halfway through our 3 year term and not a heckuva lot else to do in the month of January anyway , why not I thought.

Well the bad news is that if my wife and I went looking for a house right now we would have absolutely no chance. The good news is we have one already. You see with both of us working as waiters our T-4 statement of income for tax purposes is very low and we got on a special program just for waiters that was available back in 2007. Now with the credit crunch that program is no longer available so we would not have a chance to purchase anything today. Whew!! That was a close one!

The second thing he mentioned is we should 0pen up a company and start throwing our tip income into the company so we can start writing off stuff like transportation , clothing for work , etc. etc. I mean it makes sense since we are basically self employed anyway. Besides that when our mortage comes up for renewal the rate we will be eligible for will be a whole lot easier to get rather than just continue being waiters. Well we will be but , "self employed waiters."

So an appointment with an accountant he recommended is in the plans once I know my wife's schedule for next week. Meanwhile a talk with my employers once I incorporate a name will be in the works for both the wife and I.

Aside from all this with the tv appearances and new courses I hope to start this year and a possible e-book in the plans it might be time to start my own company anyway.

These are exciting times.....

2 comments:

MikeTheWaiterDotCom said...

like you said... the good news is you already have one ... couplie of smiling kids... what else is important???
mTw

Waiter Extraordinaire said...

Mike..true very true. The more ways I can find time to spend with them the better.