Log In

Your email is not your username

Register

If you were a member of the old Bodybuilding.com forums and would like to reuse your previous username, you can request it below. We use your email only for registration and do not store it. For more information, please see our Privacy Policy.

Confirm your email

A registration code was sent to your email. Enter it here.

Welcome

You have successfully setup your account.

Sign in

Quick Navigation Bottom Misc
Forum » Miscers who have incorporated a company....
  1. Results 1 to 14 of 14
  2. Page 1 of 1

Thread: Miscers who have incorporated a company....

post 1636942643 04-23-2021, 05:35 PM
-
#1
  1. r32gojirra
  2. Registered NEET
  1. r32gojirra
  2. Registered NEET
  3. Join Date: Feb 2013
  4. Location: East Coast, Australia
  5. Posts: 39,501
  6. Subscribers: 6
  7. Rep Power: 593683

Miscers who have incorporated a company....

...what are some cool tax deductions you’ve claimed?

So far I’m aware of:
-phone
-(internet I already deduct)
-work vehicle

Any other cool ones?

I feel I should be able to deduct corporate meetings including food and drinks if my partner (wife) and I discuss work

Anything else?
post 1636943153 04-23-2021, 05:44 PM
-
#2
  1. Destor
  2. Registered User
  1. Destor
  2. Registered User
  3. Join Date: Apr 2012
  4. Location: Alberta, Canada
  5. Age: 41
  6. Posts: 43,481
  7. Rep Power: 254906
Fuel for work driving, I do a lot of remote work so that adds up

Electronics you can buy for work stuff. I bought an expensive monitor last year and ended up using it quite a bit for work, so I’m gonna write off a piece of that

Food for work functions/meetings for sure

Insurances, getting CGL insurance right now and will be writing that off

Phone costs if you use it for work

You can also do chit like health insurance, association membership fees, and interest on loans taken out for business purposes (at least in Canada)
post 1636943303 04-23-2021, 05:46 PM
-
#3
  1. r32gojirra
  2. Registered NEET
  1. r32gojirra
  2. Registered NEET
  3. Join Date: Feb 2013
  4. Location: East Coast, Australia
  5. Posts: 39,501
  6. Subscribers: 6
  7. Rep Power: 593683
Has anyone done anything creative like had employer-provided childcare to their employees and then deducted that
post 1636958223 04-23-2021, 09:46 PM
-
#4
  1. r32gojirra
  2. Registered NEET
  1. r32gojirra
  2. Registered NEET
  3. Join Date: Feb 2013
  4. Location: East Coast, Australia
  5. Posts: 39,501
  6. Subscribers: 6
  7. Rep Power: 593683
Bump for HVM answers
post 1636960553 04-23-2021, 10:24 PM
-
#5
  1. Briangumble
  2. I run the Misc
  1. Briangumble
  2. I run the Misc
  3. Join Date: Oct 2005
  4. Posts: 10,812
  5. Rep Power: 13997
You should get a CPA or tax attorney and deduct that expense
post 1636960863 04-23-2021, 10:34 PM
-
#6
  1. jn677
  2. Registered User
  1. jn677
  2. Registered User
  3. Join Date: May 2014
  4. Age: 39
  5. Posts: 897
  6. Rep Power: 2525
Originally Posted By r32gojirra⏩
Has anyone done anything creative like had employer-provided childcare to their employees and then deducted that
Rules are different in different countries but I have corporations in 2 countries and as far as I know generally speaking something like that would count as a taxable benefit to the employee so it's not worth putting it through the company but it could be different in Australia.

I haven't expensed anything crazy, just standard stuff like IT equipment, travel expenses, various services I pay for. All are legit though with the odd exception of purchasing a personal laptop or 2 through company.
post 1636970853 04-24-2021, 04:53 AM
-
#7
  1. r32gojirra
  2. Registered NEET
  1. r32gojirra
  2. Registered NEET
  3. Join Date: Feb 2013
  4. Location: East Coast, Australia
  5. Posts: 39,501
  6. Subscribers: 6
  7. Rep Power: 593683
Originally Posted By Anachron⏩
None of the items in OP require incorporation.

The main benefit of incorporating is to stop getting the profit taxed as income, and to start paying the much lower rate of corporate taxes instead.
You can’t deduct these as a wagie here

Also the corporation can hold profits at a lower tax rate but then the tax is topped up to the marginal rate of the individual when the profit is distributed
post 1636971333 04-24-2021, 05:12 AM
-
#8
  1. DavidEaslea
  2. Registered
  1. DavidEaslea
  2. Registered
  3. Join Date: Apr 2020
  4. Posts: 8,849
  5. Rep Power: 6645
I buy expensive fun stuff that I only use for the business a couple times but most of time I use it for myself.
A mans penis is worth two in the bush.
post 1636971423 04-24-2021, 05:15 AM
-
#9
  1. GooBaaa
  1. GooBaaa
  3. Join Date: Sep 2011
  4. Location: Buffalo NY
  5. Posts: 58,822
  6. Subscribers: 5
  7. Rep Power: 435522
Go on vacation and take your business client (wife)
post 1636971693 04-24-2021, 05:25 AM
-
#10
  1. Miscbob
  2. Abortion survivor
  1. Miscbob
  2. Abortion survivor
  3. Join Date: Jul 2018
  4. Posts: 3,386
  5. Rep Power: 21619
- Create company and depreciate cost of GTR and parts
- Expense consumables - tyres, E85, T88 turbo etc
- Enter the R32 into amateur circuit racing to sell the lie
- Pay 'advertising expense' from Gojirra cawksucking property development company to R32 racing company
- Reduce tax and fund your toys
- Gang gang

Apart from that anything remotely related to phones, computers, GeForce RTX 3080, stationary etc It's not much but it'shonest deductions brah.
post 1636998253 04-24-2021, 02:46 PM
-
#11
  1. jn677
  2. Registered User
  1. jn677
  2. Registered User
  3. Join Date: May 2014
  4. Age: 39
  5. Posts: 897
  6. Rep Power: 2525
Originally Posted By r32gojirra⏩
You can’t deduct these as a wagie here

Also the corporation can hold profits at a lower tax rate but then the tax is topped up to the marginal rate of the individual when the profit is distributed
Depends where you live. It's different everywhere.

Quite often corporate tax + dividend tax is lower than the comparable employment income tax.

Sometimes it's most beneficial to hold as much money in company as you can, then shut the company down and take money as a final distribution and pay capital gains tax on it which might be lower. In UK you would only pay 10% (plus initial 19% Corporate Tax rate) 29% is much lower than the employment income taxes you would pay.
post 1637000123 04-24-2021, 03:18 PM
-
#12
  1. Pumpinmirin
  2. NZ Brah
  1. Pumpinmirin
  2. NZ Brah
  3. Join Date: Oct 2014
  4. Posts: 4,907
  5. Rep Power: 14385
Can generally deduct a percentage of entertainment/food if it relates to clients etc. (unlikely to audit you and prove its just you and the wife).

Not sure about America but here if you have a home office, you can work out the % of Floor plan it occupies and put that % of all house hold goods as deductible.

As a guy said above, you can hire a tax specialist to get you the best rate and deduct that expense anyway.
post 1637000263 04-24-2021, 03:21 PM
-
#13
  1. DoYouEvenNEM
  2. Registered User
  1. DoYouEvenNEM
  2. Registered User
  3. Join Date: Apr 2015
  4. Age: 43
  5. Posts: 6,078
  6. Rep Power: 6728
Not sure if it's the same in USA but in my home country I was able to deduct electronics, fast food and restaurants.
post 1637000563 04-24-2021, 03:26 PM
-
#14
  1. japzz
  2. The CableFly Effect
  1. japzz
  2. The CableFly Effect
  3. Join Date: Dec 2011
  4. Posts: 2,203
  5. Rep Power: 9273
Write up creative transaction descriptions and dump all the stuff in the ledger under 'marketing' - and 'representation' costs

Or do fun **** then write it up under HR: training costs, or hiring activities. Accountant: hiring activities? - We had to impress potential employees. - But no one was hired? - nah they werent gud enough
More plates, more dates
soundcloud.com/hyperdry
Quick Navigation Top Misc
Bookmarks
Digg.com
Digg
del.icio.us
del.icio.us
Stumbleupon.com
StumbleUpon
Google.com
Google
Facebook.com
Facebook
Posting Permissions
  1. You may not post new threads
  2. You may not post replies
  3. You may not post attachments
  4. You may not edit your posts