Joe the Boater

If it's a corporate asset don't you get to deduct all of the depreciation and running costs from corporate taxes?

I've never owned my own business (though I'm seriously considering it) but it seems to me that one benefit is the ability to essentially get uncle sam to pay a big chunk of your boating costs every year vs not being able to do so as an employee with no say in how the corporate assets are directed. Do you agree or am I mistaken?

If I'm right, how long does the boat depreciate over for tax purposes? 20yrs?
 
I'll talk to the bean counter and see what's what, but convincing the Admiral to strike out alone will go easier if I throw in free boating too I suspect...
 
I'm a very small company, me and 1 loser. I buy very expensive equipment (for a small company), the kind that lasts for 10 + years. most of my equipment depreciates over a 10 year period, depending on how much I spend per year. According to my accountant, that's $10k/year. If I could get a tax break, I would hire 2 losers and buy some more gear. But the way it's looking, I fire my 1 loser and buy no new equipment. There are thousands of guys like me in the industry. We make or break certain equipment manufacturers. If we don't buy their newest toy, they go under and the cycle begins.

I don't have a team of people calculating my bottom line as times change. All I know is that at the end of the year, I decide if I invest or cut back.
 
I invoke my 5th amendment right not to answer that question.
 
Ok, I Invoke my second amendment right.
 
Ok. Sure. You can't give tax advice. Afterall, you are just a 13 year old in a basement in Idaho.

But. . . If we say, for the sake of argument, that you are a middle aged gentleman in Virginia with four kids and a 48' Sea Ray; how would putting a boat in a corperate name help you?

I suppose it is an X-box vs playstation thing.
 
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And yeah. . .I don't know any of this small buisness stuff. I am a corperate drone. I'm the sucker that works 50 hours a week, pays my taxes and mortgage, and ain't gonna get a dime from any relief package that shows up. Just the bill.

_________

(also glad I don't own any WaMu stock)
 
Thanks Gary. I really learned something here.

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And Wes. . .See how we turned topic back to boating?

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So Gary: Random political / Buisness type question: If your small buisness never has profit (because your salary or expenses will go up to adsorb all corperate profit), how sensitive are you really to corperate tax rates?

How is Joe the Plumber affected? If his only "expenses" are his tools and his salary, then isn't his corperate profit, and hence his taxes, zero?

From your earlier posts, it sounds like the real issue is the depreciation rules? Because if you can't depreciate assets quickly then they show up as "profit" which you can't actually pay out as salary, as you don't have the actual cash to pay out?
 
comsnark said:
Ok. Sure. You can't give tax advice. Afterall, you are just a 13 year old in a basement in Idaho.

But. . . If we say, for the sake of argument, that you are a middle aged gentleman in Virginia with four kids and a 48' Sea Ray; how would putting a boat in a corperate name help you?
Click to expand...

Gary as a 13 year old in a basement you sure do go to alot of trouble to make your stories add up

http://www.boatinfoworld.com/registration.asp?vn=106936

although you may want to have a talk with these guys, http://www.foursunsinc.com/Welcome.html

Wesley
 
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The post is clearly not edited. . .after all, the "edited by first born" part is part of the sig.

(very sneaky) (very very sneaky indeed)
 
comsnark said:
The post is clearly not edited. . .after all, the "edited by first born" part is part of the sig.

(very sneaky) (very very sneaky indeed)
Click to expand...

:smt009 You really thought I would write something like the reason I deleted this post is because I think I'm God around here :huh: Also notice it it not underlined in blue...it is pretty sneaky but not very very sneaky. :smt043
 
quality time said:
I thought "Joe the plumber" doesn't actually have a plumber's license and owes $1200 in back taxes?
Click to expand...

Reading the rest of the article, one would learn that he is not required to have a plumbers license as he is an employee of a licensed contractor. If he works on certain city projects, he must be a union member who is forced to give the union bosses 3-10% of his earnings, a large portion of which is then devoted to campaigning for Obama who Joe would rather not support. Union shop versus right to work.

As for the taxes, I understand it came from one of the disputes in his dissolution. If BHO were President with Pelosi and that light-loaf from CT running Congress, that $1,200 would have been at least 20% higher...
 
First Born said:
:smt009 You really thought I would write something like the reason I deleted this post is because I think I'm God around here :huh: Also notice it it not underlined in blue...it is pretty sneaky but not very very sneaky. :smt043
Click to expand...

The original post did not have an X-box reference any more than my original post did. :grin:

Gary's response was entered. . .and changed :smt024. . a short time after my original post for what I suspect are very appropriate reasons.
 
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