If you’re rich, this is good and noble accounting. If you’re poor, this is tax evasion.
You have to have enough income and deductible expenditures to where your itemized deductions would be greater than the standard deduction of $24K, which will not be the case for the overwhelming majority of people
Since the business finances are separate from the individuals/family they would have to pay the business with their personal funds, basically just paying taxes on all of their income twice.
If I were an IRS agent, I’d just hang out on these forums and start sending people catfishing messages.
The problem is that these people have no way to pay their back taxes except rusted out old trucks and dilapidated huts. Then our billionaire overlords get away with murder even more despite actually having the resources to pay for their shit since it’s another is agent not working the big, difficult case.
That’s simply not true. Most SovCits are not impoverished like that. If they were, they wouldn’t spend thousands of dollars to find the cheat code out of paying child support.
Getting people to pay the taxes they owe as members of society is so tyrannical, isn’t it? Clearly the non-tyrannical thing would be to let people just get away with being leeches.
Yeah sure, work worry about your feelings rather then do their actual job. Seems petty and tyrannical to me. Maybe, I dunno collect taxes instead of trolling assholes or something you know… Worthwhile.
Still waiting on that ban explanation btw bud.
You see US tax law is so complicated and I know so little about it that I don’t know if this would work or not. I’m guessing somehow not unless you’re rich.
Many business owners that I know do a lite version of this. Going out to eat? Discuss work for 5 minutes, then you can call it a business meeting and avoid paying taxes on the meal. Driving to and from work? Gas is a write off. Buying supplies for the office? Tax free, and maybe some of the supplies make it home with you.
That’s fraud. The 5 minute business discussion can be written off, the remaining (let’s say) 55 minutes cannot. Maybe it differs where you live, but where I do only travel between work destinations can be written off, so home to work doesn’t count. Buying supplies for the office is a normal and valid expense, taking them home is theft and/or taxable
Yeah if you own a small business, learning what you can write off is crucial. It takes a lot of the pain out.
But you’ve still gotta have an actual business XD
This is like that Seinfeld segment about “writing it off”.
For those not aware, you can typically only write off the taxes you owe to the government, and only in certain situations where that’s allowed.
Step 1: Use credit card.
Step 2: Get a loan to pay the credit card off.
Step 3: Get another loan to pay that one off.
Step 4: Get another credit card.
Hilariously, that does work for a while. The more unused credit you have, the better your credit. You would think having a half dozen credit cards hurts your credit, but nope. It’s the opposite.
Opening them will hurt your credit for a short while, but moving debt from 0% interest card to 0% interest card occasionally will increase your credit. Leaving the old cards open and empty will only make youre credit rating go up. You do not, at all, have to use them to maintain them or increase your credit score.
Eventually you will have to pay, and it’s entirely likely to be the worst time for you as passing the buck with debt tends to lead to building more debt, but it’s possible. Credit is addictive, so they want you to have more of it.
