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

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Jan 10, 2018
4:13:16pm

darkcoug Underperforming

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

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darkcoug

Bio page: darkcoug
Joined: Jan 31, 2005
Last login: May 14, 2024
Total posts: 49,236 (297 FO)

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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

ChinaFan

1/10/18 8:50pm

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