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Buying A BBQ Trailer For The Company

 
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Old 04-10-2015, 11:04 PM   #21
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Re: Buying A BBQ Trailer For The Company


Quote:
Originally Posted by JBM View Post
Im trying to work in a hot tub as a physical therapy expense.
Yes, you legally can with the proper paperwork.

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Originally Posted by cedarboarder View Post
If you do a job on a island can you write off a jet boat ?
You don't even need a job on an island....

Wrote mine off from day 1....

cedarboarder, what kind of jet you got?

bdog1234- buy the bbq, you will have a blast with it....

let your accountant figure out how to write it off....
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Old 04-11-2015, 02:03 AM   #22
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Re: Buying A BBQ Trailer For The Company


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cedarboarder, what kind of jet you got?
something like this...
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Old 04-11-2015, 06:18 AM   #23
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Re: Buying A BBQ Trailer For The Company


I see 4 wheelers pulling carts on the roofs of large commercial projects.

I'm still going with a trailer is a trailer. Described as generic. Also advertising can come in many forms.

The reality is, you need to ask you accountant.
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Old 04-11-2015, 08:30 AM   #24
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Re: Buying A BBQ Trailer For The Company


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something like this...
Looks like an Aqua Marine parts runner to me. Saving time in traffic and all...
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Old 04-14-2015, 07:27 AM   #25
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Re: Buying A BBQ Trailer For The Company


You'd be very surprised what you can expense, sounds like a legitimate business expense so I wouldn't think twice.
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Old 04-15-2015, 10:07 AM   #26
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Re: Buying A BBQ Trailer For The Company


I've never bought a BBQ trailer, However I have bought many Grills. I have never had an issue. I see it no different than the microwave or refrigerator in the office.
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Old 04-15-2015, 12:16 PM   #27
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Re: Buying A BBQ Trailer For The Company


I just have to chime in because one of my best friends was recently audited by the IRS. She is a very successful real estate agent and used a reputable accountant for her bookkeeping and taxes every year. This girl makes a lot of money, pays a ton of taxes and was expensing things like client dinners, tickets to sporting events (with clients) and the cost of her cell phone. Her accountant told her this was all appropriate and even encouraged her to claim these expenses to offset her income.

Well, she was audited and it was a disaster. The IRS agent determined that her business expenses were "extravagant" even though she reported and paid taxes on over 1M of income annually. (In her mind, if you make a lot of money, you will probably have more expenses than less successful business owners.) Once the IRS was done, she owed an additional $120K for the 3 years she was audited. The agent picked apart every single business expense - including every single phone call she made on her cell phone - to make sure it was all business related.

And where was her accountant? Oh, he retired. In fact, she learned from this experience that if you do get audited, your accountant is no longer on your team. No matter how good your relationship before the audit, they will only cover their own butt. She was advised by her attorney (yeah, she had to get an attorney) to hire a new account for the IRS audit.

So, I don't want to rain on the parade and I actually think every construction company should have a BBQ trailer, but I just wanted to share this cautionary tale. Just because your accountant says it's okay, doesn't mean it is!
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Old 04-16-2015, 08:37 AM   #28
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That's a good point Chopsaw. The flip side of the coin is that 10 different IRS agents will come up with 11 different numbers. She probably had the right to some kind of appeal.

One of my first accountant was an ex IRS agent. She sold that as a big plus because if it passed her scrutiny then you were plenty safe. Yeah but I got hammered and couldn't stay in business that way. I dumped her like an electric eel and found someone else and managed thus far (28 years). I noticed she wasn't around in the phone book the next year so I don't think I was alone.

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