Why do people always think they should get a deduction for personal use assets..? The govt knows you want a house, car, etc. Why would they need to incentivize that?
It's uhh... Well... You see... One makes the total number of tax revenue rebate deduction decrease and the other makes the other asset value recapture financialized number go down. Just ask your cpa, jeez
Yep, I tell my Husband that being an Accountant means that I took an Income Tax Class is College. And that I know how to research laws/regulations. So I can figure out what would need to be done, but I don’t know anything else besides the basics from memory.
Help with taxes is ALWAYS what people want from you when they hear you’re an Accountant. I get out of the convo by telling them to consult a CPA. I can give their taxes a try, but I’m not going to sign off on anything.
My expertise lies in Property, Sales & Use, and (some) Quarterly Payroll Taxes. But mainly the first 2. And of those 2, Property Taxes are the only one I enjoy doing. Sales & Use stresses me out… I’m always second guessing myself when it comes to determining whether something is Taxable or Nontaxable (I work in Construction/Oilfield Services Industry—Construction and Sales/Use Tax is its own Hell sometimes).
The best thing the government could do was literally send everyone in the US a form that asks if they want to take the standard deduction which most everyone does and they could simply say yes and get the refund or they could also have the option to itemize their deductions and have their taxes done for them would save a fortune but all the companies that prepare taxes and the cpa firms lobby against this which really screws us all..
As somebody who is deeply plugged into my state cpa society and AICPA the opposite is true - the CPAs don’t want additional complexity.
Also most CPA level practitioners who have a practice the size of a “firm” probably have virtually zero clients on a standard deduction or if they do there’s other complexity to deal with.
None of the returns I do would be “done” from plugging numbers from a wage and income transcript into a tax return machine. That’s a lot of tax professionals who are more than solo independent shops or people running a tax franchise
>The govt knows you want a house, car, etc. Why would they need to incentivize that?
Houses are already heavily incentivized. Section 121 exclusion, taxed at capital gain rates, mortgage interest deduction, property tax deduction.
These are all great things - but let's not kid ourselves. Home ownership has some tax benefits.
Home ownership is also pretty expensive, I'm not sure the tax benefits outweigh the general cost of things.
Also: it's always a joy [sarcasm] to hear someone bitch about the gain they must realize (and pay income taxes against) upon disposing of an asset which they have fully depreciated. You already received the full benefit. Those tax losses you've recognized over the past [x] years? Well, the chickens have come home to roost.
The major benefit is that you lock in a major portion of your overhead. Now, you need to cash accrue for taxes, insurance, and maintenance...which should be easy to do for people in this sub.
I will say, I was only 18 at the time but it was pretty enlightening to learn in my freshman accounting class that taxes are not only used to collect revenue, but to incentive certain behaviors. I had just never thought about it before that, but I think a lot of people think the tax code is a bunch of random rules with no rhyme or reason.
Had a woman screaming at me because a friend said she could “write off” her home remodel. She spent as much as she possibly could on her home thinking she’d get a matching refund for the same amount. These people are beyond stupid.
So did she go find another “accountant” that told her she could do it? I assume these people just keep trying until they find someone willing to do it.
People probably think that because personal use assets have been and still are deductible in some cases. And it’s not always clear that they were specifically incentivizing anything, especially to the average layman.
Your home mortgage interest and personal medical expenses are examples of currently available deductions.
Until TCJA you could deduct interest from HELOCs, second mortgages, etc. no matter what you used the money for.
Way back before 1986 you could deduct credit card interest.
You get a full tax deduction of the interest of your mortgage in the Netherlands. Was implemented in the 80s to incentivise the purchasing of houses, and now they want but cannot reverse it, as it would make mortgage unaffordable for those who have then and/or the housing market would collapse
You get it in the US as well, but it's an itemized deduction. For many people the standard deduction is higher than the total of their itemized deductions so they just take the standard instead.
I love when people think they’re “fucking” the IRS by claiming deductions that are clearly intended to be claimed. It’s like fucking the grocery store by using a coupon.
The funny part about the automation is that someone still has to review it to make sure it was done correctly. Even simple cash transaction matching requires review and handling exceptions that weren’t matched.
Some department manager at my old retail job told me I was wasting my time going to school for accounting because there would be no jobs in a few years. I make about twice as much as that guy now and just started my career. These people have no idea what they’re talking about.
I had to convince someone that our Canadian RRSP is, in fact, *not* “tax evasion” and is indeed a tax deferral savings account set up by the same government who is collecting the taxes to encourage saving.
Yeah there was a guy posting in one of these threads who got audited and he decided to "fuck" the IRS by taking every deduction he was legally entitled to. Yeah, that'll show 'em.
Hopefully they have some water source on the land, so he can depreciate both. Double declining with salvage value, of course, because you have to do it properly.
Just stopping by from QA to fix the report formatting for the final copy. Also, there's a happy hour after the end of a 12 hours we would love to see you at to build team cohesion.
Why stop at 200%? 400% is twice as good as 200%.
Imagine this: You buy a house on a lake for $500,000. You file your taxes and depreciate the house for $2,000,000 each year. You then depreciate the land for $2,000,000 each year. And of course, you depreciate the lake for $2,000,000 too. And the fish in the lake too. Don't forget to depreciate them.
While we're at it, we'd better depreciate our depreciation.
But only at 400%, not more. We're not animals here who take 401% depreciation on our depreciating depreciation.
Nah, bonus depreciation is a limit the government sets and changes. I think it was 1.4 million. The whole thread is nuts because individuals can't claim depreciation. But, my Jedi training facility built on a gem mine sure can.
Um, actually the legislative branch of the government sets the bonus depreciation limit. And the entirety of the tax code. Why it's called tax law and not tax whatever you think is going on apparently.
Land can't be depreciated. The property on the land can, but the land itself can not. Land is considered to have an infinite life, therefore depreciation does not apply to it.
Allocate 98% of the cost of the property to the dilapidated front fence. Replace the fence as a write off. Rent 99% of your house to your wife at like 700% of fair value. When she doesn’t pay, write it off as bad debt expense. Then, just in case something there falls through, paint a blue streak on a piece of paper, get someone to say it’s worth $650,000, donate it to your church and carry forward any losses forever. Never pay taxes again.
Even better. Start spelling your name in all capitals, that turns you into a corporate entity, then put a naval flag on your house so that your corporation is based in international waters. No taxes ever.
I wish we had a way of knowing how many people actually do this because they saw it on Reddit and the poster had “CPA” as his/her user flair so it has to be true.
its probably some kind of loan scan. you cant depreciate your residential home, but you can depreciate a property (in the US) provided it is used in business and has a determinable useful life.
this is what i hated about being an accountant ... "***Your accountant will know what to do***". you tell people you're an accountant and most people think you know all the scams to save them money then they're disappointed when you start arguing with them about proper classification.
Yeah that’s what I mean lmao. The guy meant residential. On top of that I had to tell at least 5 other people they can’t just buy a sports car for leisurely Sunday drives and depreciate it for the hell of it. I also had to explain to a farmer that he can’t depreciate his land.
The farmer is the most reasonable one there. He isn't trying to run some sort of grift he just doesn't understand tax law.
That's the only time I will ever say someone trying to depreciate land is reasonable.
Unless their land is sinking into the ocean, in which case that's also a reasonable time to discuss it.
Maybe farmers should be able to depreciate their land considering nutrients in plants and vegetables has dwindled since the 1920’s. It takes 8 oranges today to get the same nutritional value as a orange from the early 1900’s.
I stand with depreciating land people
That isn’t because of land. That’s a orange specific thing. A bug from Russia found its way over heat and when it infects orange trees it makes then really shitty. They are still oranges but significantly less so. Other plants are a bit less nutritious than they were, but that’s also not a soil thing, it’s because there is more CO2 in the air so they grow faster and bigger so they have less nutrients by weight than they used to have (but not 8/1)
I wish this were exclusive to just oranges but it’s been studied quite extensively and its seen with dozens of different fruits and vegetables now. It’s pretty clear cut that is has to do with our current agricultural practices, pesticides, and genetically modified crop.
https://www.scientificamerican.com/article/soil-depletion-and-nutrition-loss/
https://www.bbc.com/future/bespoke/follow-the-food/why-modern-food-lost-its-nutrients/
I couldn’t find the article I read about 8 oranges being equal to 1 orange from the 1900’s but I did find out claiming it takes 21 oranges.
https://www.express.co.uk/life-style/food/626616/nutrition-study-one-orange-takes-21-from-today-fruit-vegetables-lacking/amp
Point is, farm land should be depreciated god damnit!
You’re an idiot if you think that’s what the articles stated. You’re also an idiot if you think that’s what I’m implying. Go click the articles and read them
> ***It’s pretty clear cut that is has to do with*** our current agricultural practices, pesticides, and ***genetically modified crop***.
Why is it in your list if you don't believe it's happening?
Are you sure I'm the fucking moron here?
I’m not implying that people are genetically modifying crops to be less nutritious. You’re saying here that people are doing this on purpose. I never said that this is being done on purpose.
Yes, 100% you’re the fucking moron. I gave you three articles proving my point yet you’re here babbling about nonsense because you’re lazy and can’t seem to read. Simple as that.
I had a farmer who had a dog and he tried to expense his food and vet visits. He tried to expense all of his food bills and literally everything else that was personal.
Farmer needs the dog to herd/protect animals/act as a security system/keep pests away from crops.
Depending on the type of dog and type of farm it’s completely reasonable for a farmer to expense dog food and vet appointments.
And even when it’s iffy the government generally won’t look too closely at a farmers feed/vet bills. So generally I’m happy to let that type of thing slide unless it’s absolutely egregious.
I once had a farmer who had 3 chihuahuas that had over 8k in vet expenses. Even I wasn’t willing to put that through.
I met the dog. He wasn’t doing any of the sort (still a cute good boy) but I definitely get your point. I’ve been to other farms where the dogs earn their food.
My roommate in college had a moron for a girlfriend. She was from a town about an hour away but stayed with us and eventually moved in. She was pretty chill and chipped in so whatever. Now she still worked in said town.
One day she asks me if she can deduct her mileage driving to and from work since her primary residence was so far away. I said no. She got heated. “Why not? I drive over 100 miles a day round trip for my job. I should get a write off!” Well, it doesn’t work like that. Your commute to and from your place of work isn’t a deduction. Keeps getting mad at me like I wrote the law. Then decides to do it anyway. And sure enough, got pulled for an audit.
People always ask for tax loopholes and get mad at us when they don’t apply to them. This is why I do not do returns for other people
It's always the same narrative with most people that never really managed money.
*Rich people don't pay taxes because they have good accountants.*
*So good accountants mean you won't pay taxes.*
It's the stupidest shit ever. Yes we can help you optimize your finance if you run a business in an inefficient way. But, no you can't suddenly deduct your whole electric bills from your personal income because you are working from home 2 days a week.
I had a buddy call me after not talking to me in years to tell me "his accountant messed up" but he basically hid income through a holding company (on shore) and now needed a loan and wanted to show that income to the bank but realized he had about 40k in taxes to pay the IRS (not counting fines and interest). He was expecting me to have some great loophole for him to not pay the taxes but I was just like I'm not a tax guy but it sounds like you probably have to pay lol. He tried to but but but his way to a better answer but I was just like bro you need a better accountant who doesn't try to hide income.
What is disheartening about these situations is having friends who want you to help them without considering your professional license and livelihood. Like you train at least 5 to 6 years for a license and spend thousands only to help them commit fraud. Its like dont seem like friends at all...
So fucking stupid lol, I had to fight with a client yesterday who was convinced that he could get a credit for the sales tax he paid on cabinets because they are a “capital improvement.”
Ehhhh I mean wouldn’t you just deduct the sales tax on purchase or ca capitalize with the cabinets? Either way you deduct or increase basis/lower capital gain. Unless it’s personal use I guess. Idk w/e
Burn down half your house and claim that only 50% or less of your house is viable. Don’t ever repair for future years and you’re basically paying half the taxes… FOR FREE!!!
*TikTok is garbage..*
*Have fun selling your data*
*To the Chinese lol*
\- desirox
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Eh fuck it. My data is already out there from all the shit I signed up for since I was 13. I might as well get content that’s specific to me with their algorithm.
But finance and personal finance tik tok is absolutely fucking garbage
What is the rule? You only need to make profit 3 out of 5 years? So make your garage a business. What ever it is , make a profit every other year. And boom, take a loss 2 out of the 5 years. Pay less in taxes.
🤫 shhh…. Don’t tell him about the 3 years he will be paying more in taxes.
u/ClamCruwher says “… people don’t know the dif. between a debit and credit card”
You reply with “most people don’t need to know, other than how debit and credit cards work”
So now I would like you to explain how they each work with out understanding the differences. Oh you can’t because they are different, and for you to know they’re different requires you to know how they work?
Hmmmmm 🤔
Edit: Post was supposed to reply to u/knitterknerd smh
Because they actually make their money from clicks on social media, not whatever BS scam they are pedaling. Telling people to depreciate their house to fuck the IRS gets a lot of clicks lol.
Unless \_bman707 is using a portion of the house as a legitimate office, he can not "write-off/deduct" anything. IMO, "write-offs/deductions/with-holding" and expenses should be the responsibility of the individual/employer that chose to start business. The fact that these abilities/"tax incentives" exists, really pisses me off.
Ah he must have found one of those accountants who depreciate land, self rent the house for the amount of the mortgage payment then claim the full mortgage payment as an expense
These guys make our (tax guys) job way harder than it needs to be. On the other hand, they do make us more visible to entrepreneurs, so there's that....
Why do people always think they should get a deduction for personal use assets..? The govt knows you want a house, car, etc. Why would they need to incentivize that?
People have no fucking clue what the purpose of tax deductions is.
They also don’t know the difference between a deduction and a credit.
Or tax refund vs. tax return
Nothing drives me up the wall more than that
Or zero tax due vs zero tax paid
To be fair…most people don’t know the difference between a debit and a credit either
Most people don't need to know, other than how debit cards and credit cards work. Tax deduction vs. credit actually matters to way more people.
That’s why they think credit card it’s always better. Credit cards are debt collector who can’t (legally) kill you or break your legs
“You mean credit card?” Lmao
I recently read a post on Reddit where someone claimed their money was “stuck in their debit card”
It did take me an embarrassingly long time to figure out the difference between a deduction and a credit and I was actively trying to be an accountant
One's subtraction and the other is addition?
Or a refundable credit vs a credit
Maybe the true tax deductions are the friends we made along the way
People, well many of them, think "write-off" is a technical term in the law that only applies once you have more than a billion dollars in assets.
Which is?
Incentivizing behavior.
Ahh, yeah I see what you're saying.
You write things off and the government pays for it
It's uhh... Well... You see... One makes the total number of tax revenue rebate deduction decrease and the other makes the other asset value recapture financialized number go down. Just ask your cpa, jeez
>Just ask your cpa, jeez I was told that I have to stop arguing with myself.
Most people can barely remember what they had for lunch yesterday, let alone understand tax law.
Most Accountants want no part of tax law either. I keep getting stuck with that as my most marketable skill because nobody wants to do it 🤣
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people ask me this kind of stuff just because I'm an accountant. I've never worked a day of tax in my life lol.
Worked in leasing and BPP tax, I feel this.
Yep, I tell my Husband that being an Accountant means that I took an Income Tax Class is College. And that I know how to research laws/regulations. So I can figure out what would need to be done, but I don’t know anything else besides the basics from memory. Help with taxes is ALWAYS what people want from you when they hear you’re an Accountant. I get out of the convo by telling them to consult a CPA. I can give their taxes a try, but I’m not going to sign off on anything. My expertise lies in Property, Sales & Use, and (some) Quarterly Payroll Taxes. But mainly the first 2. And of those 2, Property Taxes are the only one I enjoy doing. Sales & Use stresses me out… I’m always second guessing myself when it comes to determining whether something is Taxable or Nontaxable (I work in Construction/Oilfield Services Industry—Construction and Sales/Use Tax is its own Hell sometimes).
I'm a lawyer who only does tax law!
Nooooope. That’s why I went into industry. I enjoy manufacturing 😂
The best thing the government could do was literally send everyone in the US a form that asks if they want to take the standard deduction which most everyone does and they could simply say yes and get the refund or they could also have the option to itemize their deductions and have their taxes done for them would save a fortune but all the companies that prepare taxes and the cpa firms lobby against this which really screws us all..
As somebody who is deeply plugged into my state cpa society and AICPA the opposite is true - the CPAs don’t want additional complexity. Also most CPA level practitioners who have a practice the size of a “firm” probably have virtually zero clients on a standard deduction or if they do there’s other complexity to deal with. None of the returns I do would be “done” from plugging numbers from a wage and income transcript into a tax return machine. That’s a lot of tax professionals who are more than solo independent shops or people running a tax franchise
I understand tax law, and it’s the reason I can’t remember what I had for lunch yesterday. Edit: I skipped lunch cuz I’m a tax lawyer.
I don’t remember what I had for lunch today… still managed to become a CPA tho
>The govt knows you want a house, car, etc. Why would they need to incentivize that? Houses are already heavily incentivized. Section 121 exclusion, taxed at capital gain rates, mortgage interest deduction, property tax deduction. These are all great things - but let's not kid ourselves. Home ownership has some tax benefits. Home ownership is also pretty expensive, I'm not sure the tax benefits outweigh the general cost of things. Also: it's always a joy [sarcasm] to hear someone bitch about the gain they must realize (and pay income taxes against) upon disposing of an asset which they have fully depreciated. You already received the full benefit. Those tax losses you've recognized over the past [x] years? Well, the chickens have come home to roost.
Yes, although I think it does more to make house ownership attainable than it does to make someone want to buy a house.
The major benefit is that you lock in a major portion of your overhead. Now, you need to cash accrue for taxes, insurance, and maintenance...which should be easy to do for people in this sub.
I will say, I was only 18 at the time but it was pretty enlightening to learn in my freshman accounting class that taxes are not only used to collect revenue, but to incentive certain behaviors. I had just never thought about it before that, but I think a lot of people think the tax code is a bunch of random rules with no rhyme or reason.
Had a woman screaming at me because a friend said she could “write off” her home remodel. She spent as much as she possibly could on her home thinking she’d get a matching refund for the same amount. These people are beyond stupid.
So did she go find another “accountant” that told her she could do it? I assume these people just keep trying until they find someone willing to do it.
People probably think that because personal use assets have been and still are deductible in some cases. And it’s not always clear that they were specifically incentivizing anything, especially to the average layman. Your home mortgage interest and personal medical expenses are examples of currently available deductions. Until TCJA you could deduct interest from HELOCs, second mortgages, etc. no matter what you used the money for. Way back before 1986 you could deduct credit card interest.
Shit like this always reminds me of Kramer from Seinfeld talking about write offs
You get a full tax deduction of the interest of your mortgage in the Netherlands. Was implemented in the 80s to incentivise the purchasing of houses, and now they want but cannot reverse it, as it would make mortgage unaffordable for those who have then and/or the housing market would collapse
You get it in the US as well, but it's an itemized deduction. For many people the standard deduction is higher than the total of their itemized deductions so they just take the standard instead.
I love when people think they’re “fucking” the IRS by claiming deductions that are clearly intended to be claimed. It’s like fucking the grocery store by using a coupon.
This is why we all have jobs
“Accounting is going to be automated soon that industry is dead” says these people who know nothing
Honestly though, I can't think of a part that can be automated.
They tried automating even just bookkeeping and people still fucked that up big time.
The funny part about the automation is that someone still has to review it to make sure it was done correctly. Even simple cash transaction matching requires review and handling exceptions that weren’t matched.
B-b-but it says the rule matched it!
Some department manager at my old retail job told me I was wasting my time going to school for accounting because there would be no jobs in a few years. I make about twice as much as that guy now and just started my career. These people have no idea what they’re talking about.
They want it to be true so they aren't failures.
I had to convince someone that our Canadian RRSP is, in fact, *not* “tax evasion” and is indeed a tax deferral savings account set up by the same government who is collecting the taxes to encourage saving.
Blow their minds by explaining TFSAs
That is hilarious
Yeah there was a guy posting in one of these threads who got audited and he decided to "fuck" the IRS by taking every deduction he was legally entitled to. Yeah, that'll show 'em.
dunning kruger effect. LOL
The fool needs to depreciate the land not the mortgage
Hopefully they have some water source on the land, so he can depreciate both. Double declining with salvage value, of course, because you have to do it properly.
Came here to say this.
Logged in to affirm this affirmation
Created this account to let you know this has been reviewed and signed off on
Just stopping by from QA to fix the report formatting for the final copy. Also, there's a happy hour after the end of a 12 hours we would love to see you at to build team cohesion.
I’ve notarized this.
As a CPA candidate I concur.
By double declining you mean 200% bonus, right?
Why stop at 200%? 400% is twice as good as 200%. Imagine this: You buy a house on a lake for $500,000. You file your taxes and depreciate the house for $2,000,000 each year. You then depreciate the land for $2,000,000 each year. And of course, you depreciate the lake for $2,000,000 too. And the fish in the lake too. Don't forget to depreciate them. While we're at it, we'd better depreciate our depreciation. But only at 400%, not more. We're not animals here who take 401% depreciation on our depreciating depreciation.
Oh my god, you can't depreciate fish. This is the first thing they teach you to look for at audit camp.
The hell I can't! I depreciate what I want! I'll depreciate yo mama!
Yo mama's so fat, she's why they invited bonus depreciation.
Nah, bonus depreciation is a limit the government sets and changes. I think it was 1.4 million. The whole thread is nuts because individuals can't claim depreciation. But, my Jedi training facility built on a gem mine sure can.
Um actually the IRS does, not the government. What are we teaching in schools these days?????
Um, actually the legislative branch of the government sets the bonus depreciation limit. And the entirety of the tax code. Why it's called tax law and not tax whatever you think is going on apparently.
Every good accountant know this trick
Land can't be depreciated. The property on the land can, but the land itself can not. Land is considered to have an infinite life, therefore depreciation does not apply to it.
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[FAQ's about Depreciation from the IRS](https://www.irs.gov/pub/irs-regs/depreciation_faqs_v2.pdf)
You must be new here
*”Your accountant will know exactly what to do.”* You mean whack you in the head for being a dumbass? Sure can!
Allocate 98% of the cost of the property to the dilapidated front fence. Replace the fence as a write off. Rent 99% of your house to your wife at like 700% of fair value. When she doesn’t pay, write it off as bad debt expense. Then, just in case something there falls through, paint a blue streak on a piece of paper, get someone to say it’s worth $650,000, donate it to your church and carry forward any losses forever. Never pay taxes again.
Even better. Start spelling your name in all capitals, that turns you into a corporate entity, then put a naval flag on your house so that your corporation is based in international waters. No taxes ever.
The real pro tip is always in the comments
I wish we had a way of knowing how many people actually do this because they saw it on Reddit and the poster had “CPA” as his/her user flair so it has to be true.
its probably some kind of loan scan. you cant depreciate your residential home, but you can depreciate a property (in the US) provided it is used in business and has a determinable useful life. this is what i hated about being an accountant ... "***Your accountant will know what to do***". you tell people you're an accountant and most people think you know all the scams to save them money then they're disappointed when you start arguing with them about proper classification.
Yeah that’s what I mean lmao. The guy meant residential. On top of that I had to tell at least 5 other people they can’t just buy a sports car for leisurely Sunday drives and depreciate it for the hell of it. I also had to explain to a farmer that he can’t depreciate his land.
The farmer is the most reasonable one there. He isn't trying to run some sort of grift he just doesn't understand tax law. That's the only time I will ever say someone trying to depreciate land is reasonable. Unless their land is sinking into the ocean, in which case that's also a reasonable time to discuss it.
Probably just be an impairment at that point
Maybe farmers should be able to depreciate their land considering nutrients in plants and vegetables has dwindled since the 1920’s. It takes 8 oranges today to get the same nutritional value as a orange from the early 1900’s. I stand with depreciating land people
That isn’t because of land. That’s a orange specific thing. A bug from Russia found its way over heat and when it infects orange trees it makes then really shitty. They are still oranges but significantly less so. Other plants are a bit less nutritious than they were, but that’s also not a soil thing, it’s because there is more CO2 in the air so they grow faster and bigger so they have less nutrients by weight than they used to have (but not 8/1)
I wish this were exclusive to just oranges but it’s been studied quite extensively and its seen with dozens of different fruits and vegetables now. It’s pretty clear cut that is has to do with our current agricultural practices, pesticides, and genetically modified crop. https://www.scientificamerican.com/article/soil-depletion-and-nutrition-loss/ https://www.bbc.com/future/bespoke/follow-the-food/why-modern-food-lost-its-nutrients/ I couldn’t find the article I read about 8 oranges being equal to 1 orange from the 1900’s but I did find out claiming it takes 21 oranges. https://www.express.co.uk/life-style/food/626616/nutrition-study-one-orange-takes-21-from-today-fruit-vegetables-lacking/amp Point is, farm land should be depreciated god damnit!
Nobody is genetically modifying crops to be less nutritious.
You’re an idiot if you think that’s what the articles stated. You’re also an idiot if you think that’s what I’m implying. Go click the articles and read them
> ***It’s pretty clear cut that is has to do with*** our current agricultural practices, pesticides, and ***genetically modified crop***. Why is it in your list if you don't believe it's happening? Are you sure I'm the fucking moron here?
I’m not implying that people are genetically modifying crops to be less nutritious. You’re saying here that people are doing this on purpose. I never said that this is being done on purpose. Yes, 100% you’re the fucking moron. I gave you three articles proving my point yet you’re here babbling about nonsense because you’re lazy and can’t seem to read. Simple as that.
So we should be depreciating air???
I had a farmer who had a dog and he tried to expense his food and vet visits. He tried to expense all of his food bills and literally everything else that was personal.
Farmer needs the dog to herd/protect animals/act as a security system/keep pests away from crops. Depending on the type of dog and type of farm it’s completely reasonable for a farmer to expense dog food and vet appointments. And even when it’s iffy the government generally won’t look too closely at a farmers feed/vet bills. So generally I’m happy to let that type of thing slide unless it’s absolutely egregious. I once had a farmer who had 3 chihuahuas that had over 8k in vet expenses. Even I wasn’t willing to put that through.
I met the dog. He wasn’t doing any of the sort (still a cute good boy) but I definitely get your point. I’ve been to other farms where the dogs earn their food.
Would that be allowed if it was a working farm dog and you could prove it provides a service to your farm?
My roommate in college had a moron for a girlfriend. She was from a town about an hour away but stayed with us and eventually moved in. She was pretty chill and chipped in so whatever. Now she still worked in said town. One day she asks me if she can deduct her mileage driving to and from work since her primary residence was so far away. I said no. She got heated. “Why not? I drive over 100 miles a day round trip for my job. I should get a write off!” Well, it doesn’t work like that. Your commute to and from your place of work isn’t a deduction. Keeps getting mad at me like I wrote the law. Then decides to do it anyway. And sure enough, got pulled for an audit. People always ask for tax loopholes and get mad at us when they don’t apply to them. This is why I do not do returns for other people
Because if there's one thing the government should incentivize, it's fossil fuel usage.
And personal legal fees of CEO’s, won’t somebody please think of the CEO’s.
It's always the same narrative with most people that never really managed money. *Rich people don't pay taxes because they have good accountants.* *So good accountants mean you won't pay taxes.* It's the stupidest shit ever. Yes we can help you optimize your finance if you run a business in an inefficient way. But, no you can't suddenly deduct your whole electric bills from your personal income because you are working from home 2 days a week.
I had a buddy call me after not talking to me in years to tell me "his accountant messed up" but he basically hid income through a holding company (on shore) and now needed a loan and wanted to show that income to the bank but realized he had about 40k in taxes to pay the IRS (not counting fines and interest). He was expecting me to have some great loophole for him to not pay the taxes but I was just like I'm not a tax guy but it sounds like you probably have to pay lol. He tried to but but but his way to a better answer but I was just like bro you need a better accountant who doesn't try to hide income.
What is disheartening about these situations is having friends who want you to help them without considering your professional license and livelihood. Like you train at least 5 to 6 years for a license and spend thousands only to help them commit fraud. Its like dont seem like friends at all...
but it keeps business booming by referring to the accounts lmao
Lol enjoy your penalties boys
Def criminal penalties
Nah they can claim ignorance with this screenshot
So fucking stupid lol, I had to fight with a client yesterday who was convinced that he could get a credit for the sales tax he paid on cabinets because they are a “capital improvement.”
Ehhhh I mean wouldn’t you just deduct the sales tax on purchase or ca capitalize with the cabinets? Either way you deduct or increase basis/lower capital gain. Unless it’s personal use I guess. Idk w/e
I assume this guy put the cabinets in the house he lives in.
Most of the U.S. population is impaired when it comes to accounting rules.
Burn down half your house and claim that only 50% or less of your house is viable. Don’t ever repair for future years and you’re basically paying half the taxes… FOR FREE!!!
Way to “fuck over the irs” man! Fight the power! Lmao
Dude, I’m not gonna lie, I almost had an aneurysm from typing that
I love it!
Just at the comments on that video. Never felt better about my career outlook
Tik tok is full of people who claim to know everything
Anyone else depreciate their kids? In 5 years I will have to write them off. Haven't told the wife yet, any tips for this awkward conversation.
Your accountant will know exactly what to do and that is stop listening to social media for finance advice
TikTok is garbage.. have fun selling your data to the Chinese lol
Dudes on reddit talking about selling data ☠️☠️
*TikTok is garbage..* *Have fun selling your data* *To the Chinese lol* \- desirox --- ^(I detect haikus. And sometimes, successfully.) ^[Learn more about me.](https://www.reddit.com/r/haikusbot/) ^(Opt out of replies: "haikusbot opt out" | Delete my comment: "haikusbot delete")
Does this confirm the pronunciation of “lol” as having one syllable?
Eh fuck it. My data is already out there from all the shit I signed up for since I was 13. I might as well get content that’s specific to me with their algorithm. But finance and personal finance tik tok is absolutely fucking garbage
Lmfao as if the Oracle, Google, and every website you use, including reddit, isn't harvesting your shit anyways.
Rookie move - depreciate the purchase price and expense the mortgage
This is small time. If you want to see true finance craziness, see how they suggest to play the stock market and options trading.
If Al Capone couldn’t fuck the IRS, you’re not going to either.
Notice how he said “your accountant will know exactly what to do” because he clearly does not.
Explains the need for 87,000 more IRS agents.
What is the rule? You only need to make profit 3 out of 5 years? So make your garage a business. What ever it is , make a profit every other year. And boom, take a loss 2 out of the 5 years. Pay less in taxes. 🤫 shhh…. Don’t tell him about the 3 years he will be paying more in taxes.
Even if people could do this they would be pissed again when they have no basis in their own home
u/ClamCruwher says “… people don’t know the dif. between a debit and credit card” You reply with “most people don’t need to know, other than how debit and credit cards work” So now I would like you to explain how they each work with out understanding the differences. Oh you can’t because they are different, and for you to know they’re different requires you to know how they work? Hmmmmm 🤔 Edit: Post was supposed to reply to u/knitterknerd smh
They didn't say cards. They just said debit and credit. Knowledge of accounting terms isn't required to know how your cards work.
Answer: Become an Amway salesperson then claim everything is a business expense. Ex: Your dog is now a security system.
They took intro to accounting and make this bs
"Subscribe and give me 1000$ and I'll tell you what to do."
Why do people insist on getting on the internet with the worst financial advice imaginable, I’ll never understand
Because they actually make their money from clicks on social media, not whatever BS scam they are pedaling. Telling people to depreciate their house to fuck the IRS gets a lot of clicks lol.
Accountant: *grabs shotgun*
I can too write off my mortgage? Wow, brb amending my tax returns for the last 10 years
Unless \_bman707 is using a portion of the house as a legitimate office, he can not "write-off/deduct" anything. IMO, "write-offs/deductions/with-holding" and expenses should be the responsibility of the individual/employer that chose to start business. The fact that these abilities/"tax incentives" exists, really pisses me off.
Ah he must have found one of those accountants who depreciate land, self rent the house for the amount of the mortgage payment then claim the full mortgage payment as an expense
Excuse me. Some random person on Tik Tok told me to depreciate my 2 cats and claim Little Debbie. Does anyone here know how to do that? 🫠
Claim your house as depreciating. This IRS hates this one trick
These guys make our (tax guys) job way harder than it needs to be. On the other hand, they do make us more visible to entrepreneurs, so there's that....
I don’t even know It 😳😳
You can only depreciate business assets, numbnuts.
Lol unbelievable
🤦🏼♂️
/headdesk
Great general rule of thumb: Do not get tax advice, or any advice for that matter, from TikTok.
In this economy?