View Full Version : creative write-offs
02-16-2002, 12:20 AM
I'd love to hear some of your creative write-off ideas.
I'm not so sure my accountant is all that aggressive.
I built a shed for the business this year...think I can write that off?
02-16-2002, 12:45 AM
You might have a bit of a problem getting many to admit to some of that on this open forum.......
Most of the time it's not the accountant that gets creative.... it's the savy business owner that has been 'educated' as to what can, and can not be done.
It's a good arguement for belonging to an Association.... networking at Association functions, meetings, and seminars is where one can learn such things without fear of retribution from "the man".....
Not that I do such things, you see... this is just what I have heard through the grapevine......
02-16-2002, 12:56 AM
Your lunch? could get into trouble, but always take one of my lunches as a business expense. (meeting a client or partner)
Just got to keep receipt. Gotta love A.E. for this.
02-16-2002, 03:09 AM
If I put a sign on the back of a $500,000 42' Fountain Lightning
Can I write that off as advertizing?
Get the point?
02-17-2002, 04:01 PM
On writting off the shed, if it's business use it's deducable. Form 4562 and decide sec.179 or GDS.
On the $500,000 fountain, if I was advertising & selling them and needed a display, I'd claim it. It shouldn't matter if its at your home, if thats your only available display area.( I was assuming you meant putting it up at home) Naturaly if I was planning to spend 500,000, I'd spend a little more and get some pro advice 1st. My point is what seems like a laughable suggestion on the surface, could have good case made for a legitimate write off.
Anyway, in comarison my suggestions are small, boring and probably obvious.
1. Car wash expense - for truck and equipment
2. Cleaning uniforms
3. mileage for business errands in personal car
4. gifts to customers
And how about we get some trade shows in the winter months that are in Hawaii, Mexico, Tahiti, Florida, somewhere so us mountain boys can get a tax break when we go somewhere warm.
02-17-2002, 06:50 PM
No just an example, but remember what corporate america does you can also do.
I have said it before and I will say it always. Every thing you buy, use or think you may need is tax deductable.
You have to get a little creative.
EG: Big screen TV = Training with video tapes
Paying for the guys to eat = LCO meeting
Partying with a customer = Business meeting
Visiting Florida for GIE show vacation = Training expence
Visiting KY EXPO = Training expence
Home garage storage = Shop
Home = Office
Sign on the back of your boat = Advertizing
02-17-2002, 07:26 PM
Yamaha Banshee = plowing
Going to expos in nice places like Florida = training
Getting a big ol' cool barn built = shop
Gas for lotsa stuff = business expenses
Now if you get audited, don't go blaming me.
02-17-2002, 07:31 PM
ATV with plow yes
The IRS aint that stupid.
02-17-2002, 07:46 PM
Dang, I always wanted one too! LOL
02-18-2002, 02:02 AM
I would love to see the "advertising" on the boat this summer. I'm in the Gravois arm. Stop By!!
02-18-2002, 02:34 AM
I love how people read and comprehend.:rolleyes:
Reread 4 posts up from you.
02-19-2002, 01:33 AM
One thing that's not that big, but it's there for you and you won't get in trouble is off road gas credit. I don't remember the pub # off-hand, but with every gallon of gas you buy you're paying road maintenance tax.
If the fuel you buy is used off road (i.e. mowers, 2 cycle, loaders, etc) you can get an 18.7 cent refund on this. So keep a tally of your gallons bought for equipment versus truck gas.
Jet-ski to haul the little pushmower to the little island in the middle of the river.
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