Yeah, I have to agree with you here. I really doubt anyone runs their business (any business) strictly by the book. Just my opinion though.
Is that the excuse you’re going to give the IRS if you fail an audit?
Unfortunately this is reality. a good example are all of the future doctors lawyers irs agents and anyone going to college waiting tables. i assure you and can almost guarantee none of them report more than 10% of their tips. The govt already knows cash businesses under report 60% of their income. Not an excuse reality.
Okay you’re right. It’s in the best interest of everyone that we condone the activities of tax cheats and encourage new business owners to dispel all measures of integrity for the benefit of their own pocketbook. Shame on me for doing what I’m supposed to be doing.
Ask Wesley Snipes how he feels about your reality.
Before you do anything make sure you check the tax laws. For some reason I have a nagging feeling that the US '03 dividend tax rates sunset at the end of 2008.
As for capital gains treatment, you could always go the hedge fund route and call your profits carried interest.
Unless you’re making a great deal it’s probably easier and cheaper to go with the standard 60/40 election though.
Being that the computers are located at an actual office, were purchased for business use, and are primarily used for business. Yes, it is legal.
Lost productivity is another matter…
I can assure you I am not perfect, and the only perfect one that walked on the face of this earth is now in heaven.
So with that being said, No my business is not perfect. I’m sure some things slip through the cracks. I fail to account for all business related things. So yes I deduct things such as gas reciepts, lunches with clients, etc, and even 18 holes of golf w/ clients gets deducted. If it has anything to do with my business, it gets deducted/wrote off.
You can tell someone they are running their business wrong, but me and my accountant doesn’t think mine is. He even told me to find more to write off to save me more.
tradeit has it right. this is business and if you are a profitable business you have to write off as much as possible to take any of it home (back to my original post) My CPA approves and endorses all of my deductions and as tradeit says my CPA wants me to find more or you will lose more. It doesnt matter how much you make it is how much you keep.
Okay when are investing or trading on the forex market its consider to be a bussiness?
Yes, one could consider it a business. It’s really up to how one goes about their accounting and tax preparation.