Taking an employee or a client out would not make those tax deductible

Jan 10, 2018
8:16:06pm

RexIdaCoug All-American

If you think it does then you don't understand the tax lock. And the IRS likes to make examples out of cases like that when they catch people.

Report problem with this ad

RexIdaCoug

Bio page: RexIdaCoug
Joined: Nov 17, 2006
Last login: Jun 4, 2024
Total posts: 17,459 (2,331 FO)

Report problem with this ad

Messages

Author

Time

My neighbor has a business that own a boat, trucks, snowmobiles, 4 wheelers, etc

mudpupper

1/10/18 3:53pm

I have a friend that does this too. Wrote off a Razor

P-townCoug

1/10/18 3:56pm

Or God.

Baron

1/10/18 3:58pm

He won’t get caught

Jericho

1/10/18 3:59pm

He probably has a really good accountant.

Romex

1/10/18 4:12pm

Main reason I have for a consumption tax instead of an income tax

LaserCoug

1/10/18 4:19pm

Income tax is a huge invasion of privacy IMO

Jericho

1/10/18 4:28pm

and the least regressive of all taxes

Nat Gas Man

1/10/18 4:40pm

There are ways to deal with the regressive nature of a consumption tax

LaserCoug

1/10/18 4:46pm

Good for them. Stick it to the feds.

Mathew

1/10/18 3:59pm

When I was young, just starting out I was a loan officer at a local credit union

Tokolosh

1/10/18 4:00pm

Know a guy who did that. The business went belly up and he lost everything

darkcoug

1/10/18 4:13pm

Had fun while doing it though I bet. I have seen that scenario with other people (non business owners) as well.

Romex

1/10/18 4:14pm

"Advertising expense"

ByuMba90

1/10/18 4:15pm

That would be equal to the cost of the stickers you put on them

cheezedawg

1/10/18 4:30pm

Not if their collecting dust

Q-grr

1/10/18 4:37pm

Are you sure he writes it off?

RexIdaCoug

1/10/18 4:23pm

He claims that he does publicly

mudpupper

1/10/18 6:19pm

Lots of people claim this kind of stuff

RexIdaCoug

1/10/18 8:14pm

All he has to do is take an employee or customer on them once...

VirginiaYewt

1/10/18 5:21pm

Taking an employee or a client out would not make those tax deductible

RexIdaCoug

1/10/18 8:16pm

you need to show they are used for a business purpose. Just like cars that are used for business purposes. I know

ChinaFan

1/10/18 8:58pm

I didn't say it can't be done

RexIdaCoug

1/10/18 9:31pm

100% agree, but I'd guess the OP's description is similar. Most people who take this track understand that they have to

ChinaFan

1/10/18 10:01pm

Excuse me - Should have said once annually

VirginiaYewt

1/11/18 9:10am

Lol. You still don't get it.

RexIdaCoug

1/11/18 9:20am

Yup

VirginiaYewt

1/11/18 9:38am

That doesn't mean they wouldn't get screwed in an audit.

cheezedawg

1/11/18 9:50am

nope, each can be claimed for use as 'business entertainment', the IRS might give him crap about the cost versus his

Posting on CougarBoard