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Political So now what

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Mouse

Mouse

Trying to wheel
Supporting Member
Location
West Haven, UT
mbryson said:
Curious how my 1980 Jeep will roll through?
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For 1980, should be no change.

Utah State Tax Commission:

TC-745 (sums it up here):

Tax form.JPG

I got a quote for my 1982 Scrambler (CJ-8) today with an estimated value of $15K and it was $213 per year through a sub-contractor insurance company for USAA. Seems like this is the easiest route. We don't daily drive it and consider off-roading "club activities."
 
Houndoc

Houndoc

Registered User
Location
Grantsville
anderson750 said:
Lets push the envelope of what some people feel as the "moral compass" of tax deductions. In small communities, many businesses sponsor little league teams, booster clubs, travel sports teams etc. Many of these entities are not actually registered with the state. Those donations are listed on their taxes as either a sponsorship, donation, or however else they want to code them. I sponsor some of these types of things in my community as well as some of my kids motorcylce racing through my businesses.

These donations make very little impact in the tax liability of a business, but none the less, they are be listed as either an expense or a donation. I guess I have always subscribed to the philosophy that it is not always how much you make.......it is how much you keep.
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That is the exact reason for shirts etc with logos of sponsors on them. "Adversing" is an expense, and yes one I do from my business.
 
johngottfredson

johngottfredson

Threat Level Midnight
Location
Alpine
Houndoc said:
Justify it in your own mind however you want.
But would be hard in an audit.
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Will do. This isn’t my scenario, it was a nonsense application of the logic I was hearing, restated for philosophical banter. I guess when it comes to taxes, I have to agree with Cap’n Jack Sparrow - there’s only what a man CAN do, and what a man CAN’T do. If it can survive an audit, I’m doing it with a light heart and clean conscience. If the government ever emerges from its socialist binging, I might feel a different moral duty toward my views on taxes, but the outlook ain’t lookin so good.
 
Houndoc

Houndoc

Registered User
Location
Grantsville
anderson750 said:
If the wife has ownership in the business it would not be hard to defend in an audit.
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Not trying to restart a debate, but ran this discussion passed my CPA son-in-law. His take is that any personal use of a vehicle that is used as a business expense/deduction will not get past an audit.
So a spouse whose vehicle use is not directly related to core business functions will for sure be a violation.
 
Jesser04

Jesser04

Well-Known Member
Location
Kaysville Utah
Houndoc said:
Not trying to restart a debate, but ran this discussion passed my CPA son-in-law. His take is that any personal use of a vehicle that is used as a business expense/deduction will not get past an audit.
So a spouse whose vehicle use is not directly related to core business functions will for sure be a violation.
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How does your son in law feel about the church leaving the D.I. Slips blank so you can fill in whatever you want?
 
UNSTUCK

UNSTUCK

But stuck more often.
Well, that's probably more because you know the (correct) value of the items inside the garbage bag better than the guy accepting the garbage bag, who has no time to open it and make a judgment call. Not so that you can write down your warn out junk shoes are worth $10k.
 
Jesser04

Jesser04

Well-Known Member
Location
Kaysville Utah
UNSTUCK said:
Well, that's probably more because you know the (correct) value of the items inside the garbage bag better than the guy accepting the garbage bag, who has no time to open it and make a judgment call. Not so that you can write down your warn out junk shoes are worth $10k.
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I thought it was for you to fill out the max amount.😉
 
anderson750

anderson750

I'm working on it Rose
Location
Price, Utah
Houndoc said:
Not trying to restart a debate, but ran this discussion passed my CPA son-in-law. His take is that any personal use of a vehicle that is used as a business expense/deduction will not get past an audit.
So a spouse whose vehicle use is not directly related to core business functions will
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It is all in how you document it. I have spent many business lunches with my CPA discussing many things in regards to business and deductions. Some are more aggressive than others. An aggressive CPA with balls and an understanding of the tax code s not a bad thing to have. Then there are CPA's that are good for keeping your books in order......those are important to have also.


I am sure you are on your way to the highest level of the after life since you feel morally higher giving your hard earned money away to a government that just wastes it, instead of doing what you can with the money to put it towards your family or other charitable causes that can do better with it.

My personal integrity puts my family before the government overlords.
 
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