Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (18) | Ignore Thread Prev | Next
Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121095  
Subject: Re: Weird tax conversation. Date: 10/21/2003 11:14 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
mikelly39: "I did find out a few things:

1) He is extremely naive regarding finances/taxes. He looks at his taxes as a bonus, rather than his money the gov't is holding.

2) He opened up a Home Based "business"(wink wink), and incorporated it in Delaware. All per the advice of the Accountant.

I guess that affords him all sorts of tax benefits.
* Write off home office, & office equipment at home
* Mileage & leases on car
* "Losses"(wink wink) from said business

The more I talk to him, the less I want to know about what he's up to."


You could drop a dime on him (or would that now be a quarter or two bits - just what has inflation done to cliches?).

Home office write-off needs to be recaptured on sale. Home office equipment should be prorated between business and personal use. Losses will eventually run afoul of the hobbly law.

Regards, JAFO


Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (18) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Value Hounds

Not Cheering the Shire Deal
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement