Business owners: How far do you push the limits with "business" expenses?

[LeeH]

I do bookkeeping/accounting work for quite a few small business using Quickbooks. I'm always amazed at what I see people trying to run through their companies. I usually tell them the rules, but in the end if they tell me something is a business expense it's between them and the IRS. How much do you push it?

[trekkor]

I'm a straight shooter.

The only advertising I do ( and it works ) is the signs on my truck and the window banner on the track car.

There are likely more write-offs I'm missing associated with running the car, but I don't care.


KT

[billyboy]

Trekkor, all your tools, any area at your house that you use for office or storage of work equipment. That use of home for office/storage is a biggie that is fully allowed. I don't guess on the area, I take accurate measurements and make sure any error is on their side.The IRS is a group you don't want to mess with!

[trekkor]

I've got all of the 'work' related stuff in full control.
No problem there.

Trying to include the track car in business expenses has been a little trickier.
It does generate business ( as good advertising should ).

You'd be surprised how much work I've done for car club friends.




KT

[artplumber]

Is the poll implying that parts for Porsche's aren't possibly a business expense? You have gotta have wheels. Why isn't the P-car the business' wheels?

[trekkor]

I've driven the track car to estimates


KT

[MT930]

Porsche Parts are not a business expense? WTF? I have been lied to.

[artplumber]

Originally Posted by trekkor

I've driven the track car to estimates


KT

Sounds like an expense to me Either take the mileage or depreciation expense, and don't forget fuel/maintenance....

[Racerbvd]

Originally Posted by trekkor

I've got all of the 'work' related stuff in full control.
No problem there.

Trying to include the track car in business expenses has been a little trickier.
It does generate business ( as good advertising should ).

You'd be surprised how much work I've done for car club friends.




KT

Same hear, but since my line of work is partly PR & promotions, some can & does get written off, but it truly is part of my business (the track stuff) and I too have given much away over the years to the car club, and they have no appreciation at all, as a matter opf fact, masny of the people on the BOD have used the club to build their business & get better jobs, while I used my business to help the club get better deals.

[Dantilla]

I sleep very well at night knowing we run the business squeeky clean.

Not worth loosing my integrity over a few illegitimate items in the check register.

[Sapporo Guy]

Fuel, oil (depending on if I drive it to go to a clients) and some tools.
I pay everything else out of my pocket.

However, I get all kinds of receipts and try to write off as much as possible. Why not push it for all you can get?

[Racerbvd]

Originally Posted by Sapporo Guy

Fuel, oil (depending on if I drive it to go to a clients) and some tools.
I pay everything else out of my pocket.

However, I get all kinds of receipts and try to write off as much as possible. Why not push it for all you can get?

I use my AMX for all business purchases, keeps track of everything & my CPA and the IRS are happy. Life is too short to try & cheat & get burned, plus, I too sleep well at night knowing I'm doing the right thing, as I can always trade for parts

[Jims5543]

MY CPA decides what is what, so far so good, I had my taxes "reviewed" by the IRS a few years ago and got a nice chunk of change back that I overpaid. I would say my CPA is very conservative.

He tells me about write offs we could take but not worth it and he calls them IRS savings accounts in case we ever get audited. Like my review when tey do look they end up giving me money back.

[LeeH]

Originally Posted by Racerbvd

I use my AMX for all business purchases, keeps track of everything & my CPA and the IRS are happy. Life is too short to try & cheat & get burned, plus, I too sleep well at night knowing I'm doing the right thing, as I can always trade for parts

I wonder how some of my clients do sleep at night. They nod when I tell them stuff, but can't seem to stop their bad habits.

[Dantilla]

Originally Posted by LeeH

I wonder how some of my clients do sleep at night.

They will just tell the IRS: "My accountant told me to do it that way".

[craigster59]

I have a credit card for my LLC that I charge all gas, auto maintenance, cellphone bill, meals and lodging on. All else gets paid thru personal checking and credit card.

[ZOA NOM]

Trek, you should reverse the window sticker, I can't read it in my mirrors!

[onewhippedpuppy]

Isn't that why you own your own business? Call me immoral, but I see no issue with pushing it as much as is sorta-legally possible. The way those SOBs in Washington irresponsibly spend our money, I see no reason to give them more.

[svandamme]

Originally Posted by onewhippedpuppy

Isn't that why you own your own business? Call me immoral, but I see no issue with pushing it as much as is sorta-legally possible. The way those SOBs in Washington irresponsibly spend our money, I see no reason to give them more.

thinking like that, you should check your family tree for Belgian ancestors/blood
might be a bit diluted, since our statement would be, push it as much as you can get away with it... which makes sense in a country with the highest income taxation worldwide

[CurtEgerer]

Back when I had a Cayenne as my business vehicle, it was fairly easy to buy various Porsche parts ..... That thing was always breaking down on me and I'd have to order parts from Pelican and Stoddard to fix it!