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Tim Allen

Member Since 04 Dec 2014
Offline Last Active Today, 05:14 AM
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Posts I've Made

In Topic: Does This Make Sense? (Purchasing Equipment On Credit)

18 May 2017 - 07:31 AM

Ron, 8% apr on $5K over 24 months would result in a total payment of $5427.27 (or only $427.27 in interest, vs. the $2400 mentioned above).


In Topic: Does This Make Sense? (Purchasing Equipment On Credit)

18 May 2017 - 07:25 AM

Are you in business? A corporation or sole proprietor? Does your business take Section 179 deductions on your taxes when you purchase equipment, or do you take a depreciation expense deduction instead?

 

The financing that Peter Pugger is offering is a leasing arrangement that allows you to take annual expense deductions on your business tax return, rather than having to depreciate the purchase over time according the depreciation rules. For some businesses this can result in lower taxes that can make the lease option more favorable.

 

This would be something to evaluate with the help of your accountant.

 

If none of the above makes any sense to you, then you are probably going to be better off buying the pugger with your credit card, and being disciplined in making the maximum payment that you can to pay off the purchase as quickly as possible (ETA: or talking to your bank as Ron suggests).

 

Just to note that the 24 month plan resulting in a total payment of $7400 on a $5000 purchase, works out to over 40% interest rate!

 

In terms of the building of credit rating thing -- if you have a business, and are trying to build it's credit rating, then the lease option might be valuable; but then I would ask is the credit card in your name personally or is it a business credit card?


In Topic: Old Kiln Id Help

10 May 2017 - 06:35 AM

One thing I notice about this kiln is that it does not appear to have any safety shut-off mechanism -- no timer or kiln-sitter -- It is full manual without a lot of control, two switches that are either on or off...


In Topic: How Many Cubic Feet Of Kiln Space Do You Use In One Month?

01 May 2017 - 02:48 PM

Two bisque loads in our ~4.5 cubic foot electric kiln roughly equals one glaze load in our ~12 cubic foot gas downdraft kiln.


In Topic: Community Studio - Classes Vs Membership Structures/business Models

20 April 2017 - 06:28 PM

John, It is apparently organized as a corporation: http://www.fireartsa...m/about-us.html