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| It's TAX TIME! http://www.hobie.com/au/en/forums/viewtopic.php?f=9&t=22651 |
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| Author: | JJ [ Mon Mar 29, 2010 1:25 pm ] |
| Post subject: | It's TAX TIME! |
My doctor is going to write a prescription, covering the whole year of 2009, so that my "Sailing on the Healing Waters" treatment I took last year is completely covered. All my 2009 sailing expenses will then be tax free!! If I can get the doctor to write it... |
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| Author: | scuzzlebutt [ Mon Mar 29, 2010 1:47 pm ] |
| Post subject: | Re: It's TAX TIME! |
I AM DOCTOR CHRIS P. BACON (MD/PHD/Mc.D'S/LMNOP) AND I WILL WRITE THAT PRESCRIPTION FOR YOU!!!11 |
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| Author: | Nevek [ Mon Mar 29, 2010 2:28 pm ] |
| Post subject: | Re: It's TAX TIME! |
Im an accountant and that sounds reasonable to me! |
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| Author: | nicolas92 [ Tue Mar 30, 2010 5:16 am ] |
| Post subject: | Re: It's TAX TIME! |
My hobie cat is registered to my company name and is classified as an "advertising expense" by the accountant (company name stickers on hull and maybe later on the main sail). This is possible over there in Europe and it's very interesting regarding the income taxes, I don't know if you can set up this over there in the US if you own your company. Nicolas |
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| Author: | hobie18rich [ Tue Mar 30, 2010 11:01 am ] |
| Post subject: | Re: It's TAX TIME! |
Best chance of pulling that off is having a "Therapy" prescrip filled out. Then write it off a a therapy "CAT". Bacause my boat is cheaper than your theripist. |
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| Author: | Tallguy1 [ Tue Mar 30, 2010 8:26 pm ] |
| Post subject: | Re: It's TAX TIME! |
Of course a boat can be written off as advertising, given the proper display of corporate logos and the appropriate percentage of corporate spending, according to my accountant and lawyer. Why else would BMW/Oracle, Louis Vitton, Acura, Virgin and all those other companies get involved in sponsoring sailboats and racing series if they were not able to deduct the costs. Sure, they get into sailing cause they love it, but saving a few tax dollars only sweetens the deal! Look for the Tall Guy Woodworking F18 on the water!!! |
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| Author: | nicolas92 [ Wed Mar 31, 2010 5:34 am ] |
| Post subject: | Re: It's TAX TIME! |
Good to know it's possible in the US, I was pretty sure you could do it but even for small companies. As a small company owner, the cost has nothing to see over there in Europe and it's good to have some good advices from an accountant & lawyer in order to maximize any dime. For example, here (France) a 1500$ employee salary on my company account equals 750$ on the employee paycheck and after the tax income at the end of the year there is again a 5% to 50% loss (depending on the total household income)....on this amount so you finally have like 500$ really available if you make an average living. So if you make the maths, in order to spend 3000$ on a Hobie Cat and making it a personnal/family/private thing, I would need to write paychecks from the company account for a total amount of 9000$ ! You can easily understand why my Hobie Cat will wear my company logo on the hulls.... Nicolas |
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| Author: | xanderwess [ Wed Mar 31, 2010 8:35 am ] |
| Post subject: | Re: It's TAX TIME! |
It is my understanding of the tax code, if you turtle your boat, and your mast actually goes into the mud: You can deduct the entire depreciable value of your boat (on a 7 year scale) as an IDC 'Intangilbe Drilling Cost'. Obama is planning on trying to repeal the IDC deduction so Oil and Gas producers are scurring, but you have this calander year to turtle your boat and enjoy the write off. |
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