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Title: Tax Advice Post by: mrbones on March 28, 2008, 05:22:58 PM Hey,
Is there anybody out there that would know if I can deduct the dual-sport motorcycle I bought last September on my taxes as an expense? I use it to ride up to Croom every month. The whole idea is to get gain knowledge on what's going on there and report it on the site here. While I'm doing that I try and meet people and promote the site. A lot of people I talk to up there have never heard of it. So, is this a legitimate business expense? The bike I got gets 50mpg so it's more economical than using my van & trailer and haul my ATV up there for a quick visit. Plus I can make it to the back on the main road without trouble because it's tagged. Title: Re: Tax Advice Post by: Mudneck on March 28, 2008, 05:47:44 PM If you run the site as a business & it was work related you should be able to justify the expense.Either by paying yourself mileage or reimbursement.Just like your Bike week trip ,lodging,food,entertainment etc.If you are INC. and you register the bike it in the business name you should be able to deduct all the costs ie. insurance fuel repairs etc.
Title: Re: Tax Advice Post by: big-daddy on March 28, 2008, 06:11:05 PM If you run the site as a business & it was work related you should be able to justify the expense.Either by paying yourself mileage or reimbursement.Just like your Bike week trip ,lodging,food,entertainment etc.If you are INC. and you register the bike it in the business name you should be able to deduct all the costs ie. insurance fuel repairs etc. Good advice...... right on the money there wracker. ;) Title: Re: Tax Advice Post by: SWAMP_DONKEY on March 28, 2008, 08:31:26 PM Get in the car business... you can write it all off....everyone drives ;) and they are all potential customers.
Title: Re: Tax Advice Post by: Sleazy_Rider78 on March 28, 2008, 11:26:14 PM Make sure that the motorcycle is recorded in the company's balance sheet. It should be recorded in the equipment line item of the balance sheet. If the motorcycle is not on the company's books then you personally would be reimbursed for the mileage through the company. Don't go crazy with "creative" expenses for your taxes, it will raise red flags to the IRS. The last thing you want to do is have the IRS audit you. They are ruthless with their penalties, and interest charges. My neighbor got nailed by the IRS and they completely cleaned him out because he was dumb and got too creative with his business expenses.
On a lighter note, I heard of a female "dancer" who expensed certain augmentations she made to her chest and actually won a court case with the IRS. Title: Re: Tax Advice Post by: Da_Mtg_Man on March 28, 2008, 11:43:32 PM Make sure that the motorcycle is recorded in the company's balance sheet. It should be recorded in the equipment line item of the balance sheet. If the motorcycle is not on the company's books then you personally would be reimbursed for the mileage through the company. Don't go crazy with "creative" expenses for your taxes, it will raise red flags to the IRS. The last thing you want to do is have the IRS audit you. They are ruthless with their penalties, and interest charges. My neighbor got nailed by the IRS and they completely cleaned him out because he was dumb and got too creative with his business expenses. On a lighter note, I heard of a female "dancer" who expensed certain augmentations she made to her chest and actually won a court case with the IRS. Got any pics? Title: Re: Tax Advice Post by: Sleazy_Rider78 on March 28, 2008, 11:57:14 PM Make sure that the motorcycle is recorded in the company's balance sheet. It should be recorded in the equipment line item of the balance sheet. If the motorcycle is not on the company's books then you personally would be reimbursed for the mileage through the company. Don't go crazy with "creative" expenses for your taxes, it will raise red flags to the IRS. The last thing you want to do is have the IRS audit you. They are ruthless with their penalties, and interest charges. My neighbor got nailed by the IRS and they completely cleaned him out because he was dumb and got too creative with his business expenses. On a lighter note, I heard of a female "dancer" who expensed certain augmentations she made to her chest and actually won a court case with the IRS. Got any pics? Yeah, it was QT314 while she was working her way through college. :P Title: Re: Tax Advice Post by: kawGIRL on March 29, 2008, 06:01:18 PM I know you can at least deduct the tax because it was a major purchase in 2007, any type of vehicle, motorcycle, or RV ;)
Title: Re: Tax Advice Post by: NYRAPTOR on March 30, 2008, 10:50:19 PM i get 44 (i think) cents a mile towards my write off on taxes for the business. works out pretty good.
Title: Re: Tax Advice Post by: logandzwon on March 31, 2008, 08:04:43 PM On a lighter note, I heard of a female "dancer" who expensed certain augmentations she made to her chest and actually won a court case with the IRS. If your profession is some type of modeling or acting most cosmetic surgery is a valid business expense. To answer the OP, if you are legitimately using the vechile excessively for business then it is decidable. If you only use sometimes for business and sometimes for pleasure you should take it as a personal item and then expense the milage you use it for business purposes. |