Yes..I know. But being the head Floorsweeper, Engineer, Shipment Clerk, Bookkeeper, Logistics Planner, Manufacturer, etc.
All I really aimed at was 1) protecting a position as a new Divorces Father of one and 2) preventing failure to File Penalties, Late filing Penalties, Interest
My situation is unique.... to say the least. I am a Sole Proprietor
that has accumulated over 3,200 pieces of unique equipment for 28 years in business that in at least one representative case a single piece of equipment has risen in value from the $2,000.00 at the 1983 purchase price ( which has reached a full depreciation
tem of 7 years) to a "surplus" value of over $25,000.00 in 2015. Times this by the hundreds and you can see where I stand financially...Especially in a potential Divorce case as well as a tax strategy!
An example....I have 5 identical pieces of Equipment that I purchased in 1988 for $1,800.00. All 5 have been fully depreciated during their "service years" and they are well used but have appreciate tremendously. At this moment...if necessary...I can make 1 phone call and have a check sent to me for $115,000.00. Take this not as bragging but illustrating for you where I sit.
The equipment purchases are, in essence, my 401K program!
I have deferred as much as I can over the past years and since I am nearing 60 years of age, I am now looking at dissolvent or at least reduction of the business whilst at the same time maintaining a tax/retirement
strategy.Advise with this info if you care to.Thanks, ***** *****