Quote:
Originally Posted by mikeyis4dcats.
I think your definition of "legitimate" and the IRS's are probably different. I had a buddy who's family biz found out the hard way that a drywall contractor claiming a boat, some sports cars, motorcycles and lot's of other "legitimate" expenses is frowned upon.
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Ha, that is not at all the type of examples I've been giving. My definition of it has been approved by CPAs, EAs, and Tax attorneys...and the IRS. I am not saying to buy boats, sports cars, and motorcyles. Yes, that would raise flags if you are a drywall contractor. Also, sounds like that person has bigger problems than tax write-offs. Buying that many liabilities is asking for financial disaster. Instead, you should create or buy assets that can then buy your toys...or even better buy other assets.