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Old 01-15-2011, 01:25 AM #113
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Default Re: Jetlasers GB #3 is CLOSED -

Quote:
Originally Posted by hakzaw1 View Post
I just hope I dont get a form1099 bite in he ass come next Jan. It would suck to have to pay taxes on a group buy that I made no profit on. Hopefully that will not be the case.
Hi Len,
Maybe you didn't read my post in the paypal thread, but the jist of it said.
You are only taxed on your profit, so if you made no profit and get a 1099, just keep all the paperwork from the bank or whatever you used to buy the products from JL before reselling in the GB and file it altogether at tax time, you pay taxes on the profit (amount of money paid to you minus the cost you paid JL).
I will say that if you are doing this for free, then you're assuming a great liability both legally and financially, for no personal gain with JL having nothing to risk and all to gain.

If you do get a 1099, then you need to put it in your taxes. It's not something that can be thrown away and ignored. When you get a 1099, the IRS also gets a copy and it's something the computers will catch everytime, usually several years down the road after they get a bundle of interest and penalties added on top.

If you get the 1099 after you've filed your taxes, you need to file an amended return right away. This happened to me ~25 years ago when a fellow hired me on a "cash basis" to do some work on the side for him. It was $1500 and the taxes at the time would probably have been no more than $150-$200; however come tax time I filed my return as I usually did at the time right away so I could get my refund.
I wasn't expecting a 1099 and at the time didn't even know what one was and like I said the fellow said it would be under the table so to speak. Well come the end on March I get this 1099 in the mail from him. I was like, what the hell am I supposed to do with this??? I had already filed my taxes, got my refund and spent it. So I just stuck the thing in a drawer and forgot about it.
3 years later, I'm married and we are expecting about an $800 tax refund and after it arrived my wife said "I know you've been wanting a nice saltwater aquarium, we should take the refund and get one" Now how cool is that. Well the very next day I get a letter in the mail from the IRS, It's about this 1099 from 3 years back and telling me that I now owe not only the taxes on this $1500, but a penalty as well plus 3 years interest on the taxes I owed and 3 years interest on the penalty. It ended up being almost $800 and I didn't get the aquarium for several more years.
I learned my lesson that for sure...don't blow off a 1099 form and if you get a tax related item, do the amended return before the interest and penalties end up being more than double what it would have cost to just pay it ASAP.

Speaking of taxes, I have to get my 2010 Q4 estimated federal tax payment in the mail, the deadline for mailing is January 18th this year... Then 2010 Q4 Social security & medicare taxes are due at the end of this month....It never ends, but I'll never be late again with a tax payment.

Good luck Len, maybe you won't get a 1099, but do keep all your records of JL or other purchases and of all income related purchases and pay the taxes on the profit and claim the deduction on the losses if there are any, becuase if you ever have an audit, they will get copies of every financial statement from banks, paypal, stocks and anything else and if you can't provide the proof of the expenses, then they figure it's all profit.



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Old 01-15-2011, 02:15 PM #114
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Smile Re: Jetlasers GB #3 is CLOSED -

Quote:
Originally Posted by bootleg2go View Post
Hi Len,
if you can't provide the proof of the expenses, then they figure it's all profit.
Thanks for this detailed info, Bootleg2go! It seems we all learn something.
BTW, in China, this rule "
Quote:
Originally Posted by bootleg2go View Post
Hi Len,
if you can't provide the proof of the expenses, then they figure it's all profit.
only applies to transferring from a company's bank account into another corporate bank account.
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Old 01-15-2011, 03:19 PM #115
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Default Re: Jetlasers GB #3 is CLOSED -

Quote:
Originally Posted by JETLASERS View Post
Thanks for this detailed info, Bootleg2go! It seems we all learn something.
BTW, in China, this rule " only applies to transferring from a company's bank account into another corporate bank account.
You're lucky,
That China has not yet become as greedy for everyone's hard earned money as the they are here in the USA.
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Old 01-16-2011, 07:05 PM #116
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Default Re: Jetlasers GB #3 is CLOSED -

Thanks Bootleg2go-- I will keep all that in mind.

I did check out JETL and Gray before doing these GBs and felt it was a good idea-turns out it was a great idea- made new friends and trust- two things of great value.

I always let those doing my GBs know that there is a shared risk when it comes to Customs/VAT/ shipping SNAFUs/ HLS/ etc. I re-ship with insurance/signed delivery/tracking and do my best to pack well.

Gray has been a pleasure to work with and IMHO is an asset to LPF.
Together we have done 26 lasers counting the ones that are coming soon.
Gray is a man of his word and JETLASERS makes top of the line lasers.

and yes I am very lucky


Len
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Old 01-16-2011, 09:36 PM #117
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Default Re: Jetlasers GB #3 is CLOSED -

Speaking of tex returns, I sure hope that thre is another JL GB sometime in the middle or later of next month!
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Old 01-16-2011, 11:39 PM #118
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Default Re: Jetlasers GB #3 is CLOSED -

tex returns???

lol..........

J/K .....I know what you mean-- so far I cannot answer that question--Gray has to get the OK from his bosses at JETLASERS. I hope there will be many more and that I get to host them. If and when they do happen a thread will be put up in the GB section.

But know this........... all good things usually come to an end -sadly.... and if not, then there would be nothing special about a GB --true??

so stay tuned.



btw GO BULLDOGS!!!
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Old 01-17-2011, 05:45 AM #119
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Default Re: Jetlasers GB #3 is CLOSED -

Quote:
Originally Posted by hakzaw1 View Post
tex returns???

lol..........

J/K .....I know what you mean-- so far I cannot answer that question--Gray has to get the OK from his bosses at JETLASERS. I hope there will be many more and that I get to host them. If and when they do happen a thread will be put up in the GB section.

But know this........... all good things usually come to an end -sadly.... and if not, then there would be nothing special about a GB --true??

so stay tuned.



btw GO BULLDOGS!!!
HA! Two digs in one post! You've outdone yourself Hak! Lol.
T I G... E R S!!!!!!
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Old 01-20-2011, 10:51 PM #120
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Default Re: Jetlasers GB #3 is CLOSED -

Jan 20 update!!!!!!!!!!!!!!!!


BOX ONE (of two) IS ON THE WAY!! It contains our tailcps,keys and extra goodies. BOX#2 should be in the wings soon.


***************yahoo!!!!!!***************
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Old 01-20-2011, 11:49 PM #121
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Default Re: Jetlasers GB #3 is CLOSED -

Great news! Thanks for the update hakzaw1.

Have a question for Gray re the Ti pens that are on the way. Although if you know anything hak please let us know.

I read on the jet lasers blog that the pens really should run on 1x10440s and not non rechargeable AAAs
JetLasers Blog Ti Laser Pointer Pens Finally come.

I am wondering if the Ti pens will come with a 10440 charger? I am ordering some stuff from battery junction soon anyway and it would be good to know. I assume no batteries will be shipped for the usual reasons.

Also it seems like there are some problems with the 250mW pens as Gray points out in a later blog post
JetLasers Blog Apology to Jaxz and Michael

If I understand correctly those of us who ordered 250mW will get the 200mW versions as apparently they are more stable. Gray says he will refund the difference. Can anyone confirm the above or add more information?

Thanks
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Old 01-21-2011, 02:56 AM #122
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Default Re: Jetlasers GB #3 is CLOSED -

Gray already PM'd me, and we've worked it out. I will be getting the 200mW version instead, and Gray's already refunded the extra money to me. As for reasons why, I've been trying to find out. It seems to be a combination of heat and current issues, although I'm still waiting to find out their results with Ni-MH AAA batteries, as it seems they only tried 10440s and primaries before. By my calculations, 2x Ni-MH AAAs should be able to push about 5A compared to 700mA for a 10440, although it'll have some really crappy runtimes at that power level.

Good to hear the first shipment is on its way, and the second should be close behind. This thing may just finish up sooner than the CNI GB! :P

EDIT: Sorry Bobby, didn't quite catch on at first that you had also ordered a 250mW Ti pen. I'd say give Gray a PM call.
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Old 01-21-2011, 02:15 PM #123
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Default Re: Jetlasers GB #3 is CLOSED -

Thanks Jedirock I will pm Gray. I think there is one more guy that ordered the 250 mW Ti pen too.
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Old 01-21-2011, 09:44 PM #124
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Default Re: Jetlasers GB #3 is CLOSED -

according to usps,

"Inbound Into Customs"

good luck, box o' lasers!
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Old 01-22-2011, 06:47 AM #125
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Default Re: Jetlasers GB #3 is CLOSED -

Tracking Statis will prolly stay the same til Monday. Everthing gets 'Handed over to Customs' AFAIK that does not mean anything we should be worrying about. (Plus what good would worrying do?) Once it clears and heads to Houston we are pretty much home free for Box#1. Risk is always a factor to consider whenever doing a purchase from China-

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Old 01-22-2011, 07:41 PM #126
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Default Re: Jetlasers GB #3 is CLOSED -

hak, I think you forgot to PM me the tracking number of this package. Had to get it from someone else in LaserChat.

Some good news though: the package cleared customs about 3 hours ago. Now we have to hope that box 2 does the same. Will there be a box 3, or is it just 2?
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Old 01-22-2011, 10:26 PM #127
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Default Re: Jetlasers GB #3 is CLOSED -

well that was fast! customs didn't even bother taking a second glance at the package it seems
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Old 01-22-2011, 10:35 PM #128
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Default Re: Jetlasers GB #3 is CLOSED -

Being the most important of the three boxes I felt the tracking number on the next(and final) box- the one with our most important parts would be enough- the box that just cleared contains mainly the rest of the parts-tail-caps- glasses- gratings etc.

The box that came a few weeks ago had just parts and some of the free goodies.

AFAIK the final box will come via DHL- so I will tell you know that DHL tracking has lag time- the tracking goes from 'processing in HongKong' to 'out for local delivery' overnight.

If you are not sure that I have your mailing addy plz send it in a PM. Once your shipping pymt CLEARS my PP acct. ( if you dont have a PP acct arrange for friend to send the ship costs to me) I may also need the Email addy that you want to get your metering photos sent. I cannot add attachments to LPF PMs. I perfer your PP addy.

I will send you your tracking #.

Plz also remember when you PP me for your shipping cost to do it as a 'personal' payment for money owed. I cannot give a total as I do not know yet what our share of the express China shipping will be.

In GB#1 it was $7 and $14 in GB#2. This time the cost will be split 10 ways and added to the flat rate box-sig. required del. and insurance.

If for some reason there will be no one home to sign IIRC you can visit your local PO and make arrangements to sign in advance and have your box left at the place of your choosing.( I would not however ask them to leave it on your doorstep!!!) Also IF ANY damage to your box is noticed I highly recommend that you only open your box in the presence of USPS employee!!! Expect your box 2/3 biz from getting your USPS tracking number.

updates as they happen



today___

2011-01-21 11:35:00 UNITED STATES OF AMERICA USSFOA Arrival at Sorting Center
  2011-01-21 11:36:00 UNITED STATES OF AMERICA USSFOA Handed over to Customs
  2011-01-22 09:16:00 UNITED STATES OF AMERICA USSFOA Released from Customs



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KGB- 532 1.1W 445 2.2W 655 1.3W DT Pro 40 still needs more red.
KGB1W+ 532 DT Pro 40 soon to be GB.
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REKE RGB 500- G 300
HeNes-(12)R(3)G-COH-594/5 mW-thnx DrSam
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Spacelas 1178mW 655nm/AixiZ 300mW532&
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JETLRS1.3W&1.2W-MGL-H
638 180mW ttl mimi lab (av. 230mW)
405 100mW ttl mini lab
445 300 mW ttl mni lab ^AixiZ^ all for a lumia PJ
*MightyMite 2000* RGB all diode 2.2W 30K- 637/520./450...NEW!!
Guide DIY Pjs by Dan-
http://nqlasers.com/scannerreference/index.php?title=Main_Page

Last edited by hakzaw1; 01-22-2011 at 10:50 PM.
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