Writing off your luxury watches! (tax)!!!

[THC]

Write off a Timex this year, then see what that brings.

[BNA/LION]

Careful... The Tax Man is Monitoring TRF!

Just Pay your Taxes and Enjoy your watches on the outside of a Prison Cell!

[Chester01]

thought of that years ago, but my accountant said no, despite my making a strong case and I do use them for work especially the chrono to time various tests as part of my job.

[edisonstar23]

Originally Posted by Chester01

thought of that years ago, but my accountant said no, despite my making a strong case and I do use them for work especially the chrono to time various tests as part of my job.

thank you for your honesty. What was your accountants reaction when you brought it up lol


Sent from my iPhone using Tapatalk

[47Fountain]

Originally Posted by edisonstar23

I recently came across on a YouTube video. This guy Alpha Slice writes off all his watches which includes Richard Milles as a business expense. Can you actually get away with and save yourself a huge tax bill at the end of the year?

Anyone has done this? I actually think I can make an argument since I am in a client facing relationship building industry.


Sent from my iPhone using Tapatalk

Yeah,,,,,,,NO.

[Chester01]

Originally Posted by edisonstar23

thank you for your honesty. What was your accountants reaction when you brought it up lol


Sent from my iPhone using Tapatalk

You know, he was professional about it-but it was a hard no lol!


Sent from my iPhone using Tapatalk

[BLACKHORSE 6]

I would’ve thought that this would be an insane question, but at one time I worked in the oil field with a bunch of guys that were contractors. I don’t know where some of them were getting their tax advice, but the stuff they were writing off was crazy. Half of them should have been in jail. I imagine it’s the same in every industry.

[Rock]

No, it's a reasonable question because people claim all sorts of deductions for Tax purposes. They are mostly disallowed and may get you audited, of course, but some folks like to live dangerously.
A mate of mine was very impressed by a guy he knew who claimed that his extensive wine cellar was a legitimate part of his "superannuation". At least this was what he told my mate (big-noting himself I imagine).

[Mendota]

My first CPA laughed when I told him about a financial planner guy I networked with who was super flamboyant and wanted to write off his Daytona and bespoke suits.

When something has already been repeatedly tested in court and shot down every time, you know it's not something to mess around with.

Regarding Section 179, a guy I used to work for, before I started my own company, came into the office all excited one day. This was right after Bush changed the tax rules and for a couple of years you could expense the entire vehicle purchase in the first year. He bought a new Hummer H1 from somewhere out on the east coast. It was $100k on the nose.

About a week later, the monster truck arrived at the office one morning on a flat bed. He was so proud of himself. That afternoon, he took it out and drove around a construction site by the office. He drove up to the top of this massive dirt mountain, where all of the excavation dirt was being piled up, and he literally got stuck on top of a section of the mound with all 4 wheels spinning freely. He had to call a tow truck to get his brand new Hummer H1 unstuck.

Whenever I think of section 179 and expensing 6,000lb gross vehicle weight trucks, I always think of this story and how this guy was able to get a best of a 4WD truck stuck in such a hilariously stupid way!

Sent from my SM-G986U using Tapatalk

[Stud Screw]

You can always go the Therapy Watch route...

[edisonstar23]

Originally Posted by Mendota

My first CPA laughed when I told him about a financial planner guy I networked with who was super flamboyant and wanted to write off his Daytona and bespoke suits.

When something has already been repeatedly tested in court and shot down every time, you know it's not something to mess around with.

Regarding Section 179, a guy I used to work for, before I started my own company, came into the office all excited one day. This was right after Bush changed the tax rules and for a couple of years you could expense the entire vehicle purchase in the first year. He bought a new Hummer H1 from somewhere out on the east coast. It was $100k on the nose.

About a week later, the monster truck arrived at the office one morning on a flat bed. He was so proud of himself. That afternoon, he took it out and drove around a construction site by the office. He drove up to the top of this massive dirt mountain, where all of the excavation dirt was being piled up, and he literally got stuck on top of a section of the mound with all 4 wheels spinning freely. He had to call a tow truck to get his brand new Hummer H1 unstuck.

Whenever I think of section 179 and expensing 6,000lb gross vehicle weight trucks, I always think of this story and how this guy was able to get a best of a 4WD truck stuck in such a hilariously stupid way!

Sent from my SM-G986U using Tapatalk

You can still expense the entire amount of a vehicle the first year. It’s a huge tax advantage in my opinion- let’s say you have a tax bill of 50-70k at the end of year. You buy yourself a Heavy SUV (6000 pounds) for the same amount or greater you pretty much get the car for free or very cheap. It’s insanity!!! Ever since my CPA told me about it- I could never see a G Wagon the same.

If I’m not mistaken, you only have to prove to the IRS that you use it over 50% for business. If you have a second car available for use- you can easily say that the other car it’s 100% personal use and your nice G wagon it’s for business hahaha.


Sent from my iPhone using Tapatalk

[DLRIDES]

Originally Posted by edisonstar23

I recently came across on a YouTube video. This guy Alpha Slice writes off all his watches which includes Richard Milles as a business expense. Can you actually get away with and save yourself a huge tax bill at the end of the year?

Anyone has done this? I actually think I can make an argument since I am in a client facing relationship building industry.


Sent from my iPhone using Tapatalk

In my opinion, “Alpha Slice” and any other that practice such are no more than thieves. Whether one can “get away with it” or the legality has no bearing …………………. morally, he or anyone else, are thieves !

) Somewhere there is a tax paying dad, who works harder than most can imagine, on a roofing crew trying to supply his family with what they need ……………………

) Somewhere there is a tax paying single mother who works in a furniture factory six days a week trying to give her children the life she never had …………………

ANYONE who steals from the hard working, should be forced to assume room temperature.

[edisonstar23]

Originally Posted by DLRIDES

In my opinion, “Alpha Slice” and any other that practice such are no more than thieves. Whether one can “get away with it” or the legality has no bearing …………………. morally, he or anyone else, are thieves !

) Somewhere there is a tax paying dad, who works harder than most can imagine, on a roofing crew trying to supply his family with what they need ……………………

) Somewhere there is a tax paying single mother who works in a furniture factory six days a week trying to give her children the life she never had …………………

ANYONE who steals from the hard working, should be forced to assume room temperature.

So sad… how unfair life can be!!!! Some of us here can afford 20k+ on a mechanical watch Meanwhile, many Americans barely survive on that amount yearly.


Sent from my iPhone using Tapatalk

[DLRIDES]

Originally Posted by edisonstar23

So sad… how unfair life can be!!!! Some of us here can afford 20k+ on a mechanical watch Meanwhile, many Americans barely survive on that amount yearly.


Sent from my iPhone using Tapatalk

Nothing “unfair” about the ability to buy a $20k watch or a $200k watch, as most worked hard and took risks to achieve that ability.






Stealing from others for the “ability” strikes a nerve with me and I have no sympathy for their punishment regardless of severity !

BTW, I have been on both sides of the financial spectrum.




IBTL, because I won’t “play well with others” on this subject !

[DonRickles]

Originally Posted by DLRIDES

Nothing “unfair” about the ability to buy a $20k watch or a $200k watch, as most worked hard and took risks to achieve that ability.






Stealing from others for the “ability” strikes a nerve with me and I have no sympathy for their punishment regardless of severity !

BTW, I have been on both sides of the financial spectrum.




IBTL, because I won’t “play well with others” on this subject !

Me too Don. I'm right next to you on this one!

[edisonstar23]

Originally Posted by DLRIDES

Nothing “unfair” about the ability to buy a $20k watch or a $200k watch, as most worked hard and took risks to achieve that ability.






Stealing from others for the “ability” strikes a nerve with me and I have no sympathy for their punishment regardless of severity !

BTW, I have been on both sides of the financial spectrum.




IBTL, because I won’t “play well with others” on this subject !

I agree to an extent! You don’t think that the roof worker you mentioned isn’t working hard and risking his life everyday? It strikes a nerve when wealthy people say “ I worked hard, I took huge financials risks” and don’t attribute their success to life circumstances being provided to them like going to good schools, having educated parents, having access to funds, having a network of successful people who can guide/help them.

Life isn’t about only working hard - Most Americans work much harder than most 1% ers and you know that. Every roof worker/ and Full time working mOm in my opinion should be able to afford at least a submariner or a date just.


When it comes to avoiding taxes that’s a very sensitive subject that most Americans agree/disagree to what’s fair. I’m pretty sure there is a 1%er writing off their yacht as a business expense because they invite their clients over…..


Sent from my iPhone using Tapatalk

[Mendota]

Originally Posted by edisonstar23

You can still expense the entire amount of a vehicle the first year. It’s a huge tax advantage in my opinion- let’s say you have a tax bill of 50-70k at the end of year. You buy yourself a Heavy SUV (6000 pounds) for the same amount or greater you pretty much get the car for free or very cheap. It’s insanity!!! Ever since my CPA told me about it- I could never see a G Wagon the same.

If I’m not mistaken, you only have to prove to the IRS that you use it over 50% for business. If you have a second car available for use- you can easily say that the other car it’s 100% personal use and your nice G wagon it’s for business hahaha.


Sent from my iPhone using Tapatalk

You know, I've owned my business since 2004 and I've never once bought a vehicle that way. For starters, nothing that large had ever interested me when the rule was generous, and second that was rolled back years ago. It hasn't been that generous in quite a while.

True, you only have to show 51% business but then you are capped at $25,500 for any SUV and the remainder isn't eligible for anything at all. You also still have to show mileage no matter how you expense a vehicle. That's how you prove business use. So this really only applies to actual work trucks and delivery vans now.

For me, it's a no brainer to just do the standard mileage deduction. That way I can drive anything I want, whenever I want.



Sent from my SM-G986U using Tapatalk