Nothing Is Ever Easy With Truck

Just for information purposes only for your reading pleasure ! After a recent settlement of an IRS audit for similar scinario to this post . This man owned a successful business. He purchased old cars to restore as his hobby. Money pit with no end in sight. So, he started a car restoration business so that he could then use the restored vehicles to advertise his primary business and write off all restoration and maintenance costs to advertising. Long story short... he closed the car restoration business, paid mucho dinero $$$$ in back taxes, penalties + interest.
 
bobm said:
Just for information purposes only for your reading pleasure ! After a recent settlement of an IRS audit for similar scinario to this post . This man owned a successful business. He purchased old cars to restore as his hobby. Money pit with no end in sight. So, he started a car restoration business so that he could then use the restored vehicles to advertise his primary business and write off all restoration and maintenance costs to advertising. Long story short... he closed the car restoration business, paid mucho dinero $$$$ in back taxes, penalties + interest.
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At first I did not understand the write-off not being allowed. So he KEPT the cars-did not sell them?
 
At yesterday's audit ... a professional claimed $2,500 continuing education costs as a business deduction . He had a cancelled check to prove it ... Googling the name on the check of the " school" at the audit ... seems the school is a --- MASSAGE PARLOR ... :th :lol: :caf
 
bobm said:
At yesterday's audit ... a professional claimed $2,500 continuing education costs as a business deduction . He had a cancelled check to prove it ... Googling the name on the check of the " school" at the audit ... seems the school is a --- MASSAGE PARLOR ... :th :lol: :caf
Click to expand...
Don't these dummies know.....

YOU DONT MESS
WITH THE IRS!
 
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