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this post was submitted on 07 Feb 2024
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Sunday morning, fire up the air fryer and park just outside of McD's. Selling hashbrowns at $1 a pop.
And get fined by the city for not having a food vending license. And the audited by the IRS.
The first point makes sense, that's why he needs to sell 10¢ trinkets for a dollar with a "bonus gift" of a hash brown lmfao
I don't see why he'd get audited by the IRS, first he'd need to make more than 600 off it and even if he did, as long as he reports it the IRS DGAF as long as they get their cut lmao
Just get a license and do the food safety course. It's not that hard.
A food handlers license, sure that's not that hard. A food VENDERS license? I've done that. I've opened restaurants from nothing, to where I was climbing thru the walls cutting out the path for the new hood.
There's an exponential fuckton of differences between the two.
And about $500,000-$2M eaaaaasy
Food safety license =/= food vending license
In the corporate world, that's known as "the cost of doing business". As long as the profit exceeds the fine, we're good. If the profits exceed the threshold, it would get claimed come tax time as "additional income". There'd be no audit because local PD doesn't report to the IRS.
If the profit IS good enough, I'd totally pay the fee to register as an LLC so I can do the "fancy accounting" and afford myself all the tax and corporate bonuses that come along with it.
Had I thought of it 5 years ago, I could have used the LLC to apply and get me one of those fancy COVID loans (that didn't need to be paid back). Though, I'll admit the money would have been invested in dividend bearing stocks and actually paid back at the end of the term; minus the profit I made off the money of course.