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Posted: Mon Dec 02, 2013 5:56 pm
by dusty
Big Brother has caught onto this tax evasion process and is quietly closing in.
When you do your taxes this year, read the instructions related to local taxes (state, county and city) real closely and you will see what I mean. If you purchase something that is taxable and don't pay the taxes, you are responsible for reporting them in your return.
If you don't report them as part of your tax return......well.....
Posted: Mon Dec 02, 2013 6:25 pm
by dgale
dusty wrote:Big Brother has caught onto this tax evasion process and is quietly closing in.
When you do your taxes this year, read the instructions related to local taxes (state, county and city) real closely and you will see what I mean. If you purchase something that is taxable and don't pay the taxes, you are responsible for reporting them in your return.
If you don't report them as part of your tax return......well.....
The scary thing is how soon before they start matching online purchase records with tax returns.
Posted: Mon Dec 02, 2013 7:51 pm
by dusty
dgale wrote:The scary thing is how soon before they start matching online purchase records with tax returns.
It will get worse before it gets better. I even hear discussions about "income" coming from garage sales being taxable.
Posted: Mon Dec 02, 2013 8:53 pm
by JPG
Here in the hinterlands yard/garage sales(used stuff) are not taxable(unless you have too many in a short period of time-that would indicate a defacto business). The state income tax forms do indeed include a line to declare out of state purchases.
Posted: Tue Dec 03, 2013 9:33 pm
by sapperpete
Thanks to everyone for the advise. I am still trying to decide on new or used. ...the great debate...
Posted: Wed Dec 04, 2013 12:09 pm
by terrydowning
Where you located? There may be a forum member nearby that can show what they have.
Posted: Wed Dec 04, 2013 12:33 pm
by dusty
sapperpete wrote:I have been interested in woodworking since I was a kid. I have worked with several family members in various woodworking projects growing up and have used borrowed equipment to complete my own projects. I have moved away from family and my dad wants his stuff back... so I need equipment of my own.
I have limited space, and like most, have limited funds. I have never used a Shopsmith before, but am now very interested and have started to do some research. I am interested in the new Mark 7 and the PowerPro, but not sure I want to drop the cash for one. I have learned that they conduct demos at different Lowe's locations. The closest one to me is 4 hours away later this week. What kind of deals are typical at the demos?
I am trying to decide whether to go new or used. Used would be a lot easier on the bank account. I have a coworker who recently received a Mark V and doesn't want it. I let him know I am interested. He wants me to take a look at it and make him an offer. By looking up the serial #, I found it was built in 1984. He indicated that there is no rust on it, but it is missing a few items: Tail live center, #2 morse taper drive spur, a plastic part that holds the upper tablesaw blade guard, and a threaded rod on the fence. It comes with 10 lathe tools. That is all I know about it. I plan on taking a look at it in the next few days. What should I look for?
Based on the limited information, what would a fair offer be? Should I go used Mark 5, or new Mark 7? Thanks in advance for the shared expertise and advise.
Since you are just starting to build your shop and if you do not suffer from sticker shock, I would suggest that you go for a new Mark 7.
The other two machines will follow along in due time. Until then, the Mark 7 will do everything that you are likely to need.
Posted: Wed Dec 04, 2013 5:39 pm
by sapperpete
I would like a new one, but am trying to justify spending the money. I am located near Huntsville, AL. I am still looking through all the information suggested as there is a lot to read and to watch. Great job by everyone in the SS community by providing great information and experience. I have seen a Mark 5 500 in person and was impressed with the quality and condition of a 30 year old machine. The problem is, I know they have only improved from there.
Shopsmith In Alabama
Posted: Thu Jan 02, 2014 11:30 pm
by renault
I see on Shopsmith's site that they are doing demos at lowes in Homewood Al and Dothan in January and February. If your close check it out.
Yours in woodworking
renault:)
Posted: Fri Jan 03, 2014 1:12 am
by joshh
Since this will be your only tool I will say the following:
The tables on the 500 are small, limiting the table saw function...that's the chief complaint you hear from detractors of shopsmith.
If you go with a used 500, I think you will want to upgrade to a 510 or 520 very quickly. The upgrades new are very expensive but used are not as bad, especially the 510 upgrade.
That being said, there are still tens of thousands of 500 models being used as a table saw.
Once you start with a shopsmith you will find it very addicting.
I do think if you are seriously considering a new machine, go see a demo if you can. I have yet to see a powerpro in person and I have a feeling when I do I'll buy it that day!
Lastly, another option is why limit yourself to only one? You can always get the used 500 at a good price then buy a new mark 7 later. Then you can cut the 500's tubes short, make the motor reversible, and have a wonderful power station for some of the heavy SPT's.