Author Topic: Tax Writeoffs?  (Read 1775 times)

Cavalier22

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Tax Writeoffs?
« on: January 27, 2006, 09:34:49 PM »
Can pro BB"s write off steroids, GH, and other drugs they need to stay in top shape come tax season?  What about excessive amounts of food taht needs to be eaten, or gym memberships, or for that matter tanning bills?

It seems like some of them def could be written off.
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SiteJaws

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Re: Tax Writeoffs?
« Reply #1 on: January 27, 2006, 10:01:17 PM »
Jay Cutler incorporated himself.  All the food, gas $ to the gym, toilet paper, etc, is written off as a business expense.
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24KT

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Re: Tax Writeoffs?
« Reply #2 on: January 27, 2006, 11:15:00 PM »
Incorporated entities have much more dignity and choice when it comes to taxes, how much they pay and when they pay it, ...especially in this neck of the woods. If YOU are your product, your options are vast. When I was active in front of the camera, I structured my business as well as the categories of engagement I accepted in order to write off everything. Clothes, hairdressers, manicures, facials, transportation, computer, internet access, trade industry publications, movies, theatre tickets, video rentals etc., right down to pantyhose & lingerie... you name it. I made sure every purchase I made in my entire daily life was a tax-deductible expense. It was all valid and legal. You do however, have to have a business that requires the very things you are endeavoring to write off.

Even if you are an employee, you can also incorporate as a business, and still take advantage of tax laws for various business expenses. Not sure how it works in the US, but in Canada, you can inform your employers of your new status, and will see less taxes deducted at source. The average American can see an immediate $5K in savings immediately, simply by having a home business. The tax savings for Canadians is significantly higher.   Check into it, because I guarantee you it is to your advantage.

Hope That Helps,


PS - I doubt you could write off steroids unless you were a vet or worked in the equestrian industry. Last I checked steroids were still illegal. That would be like Timothy Leary trying to write off LSD, or Stephen King trying to write off peyote as a necessary business expense to facilitate his creativity. ...and you gotta know Stephen King is on peyote or something to come up with what he does. <shudder>
w

bigdumbbell

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Re: Tax Writeoffs?
« Reply #3 on: January 28, 2006, 04:46:53 AM »
Can pro BB"s write off steroids, GH, and other drugs they need to stay in top shape come tax season?  What about excessive amounts of food taht needs to be eaten, or gym memberships, or for that matter tanning bills?

It seems like some of them def could be written off.

of course they can

gibberj2

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Re: Tax Writeoffs?
« Reply #4 on: January 28, 2006, 06:21:59 AM »
Wow Jay deserves credit for that. Smart guy.

PANDAEMONIUM

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Re: Tax Writeoffs?
« Reply #5 on: February 29, 2008, 10:45:58 PM »
Quote
Jay Cutler incorporated himself.  All the food, gas $ to the gym, toilet paper, etc, is written off as a business expense.

Jay is very business savvy

webcake

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Re: Tax Writeoffs?
« Reply #6 on: February 29, 2008, 10:48:00 PM »
Jay is very business savvy

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No doubt about it...

bigdumbbell

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Re: Tax Writeoffs?
« Reply #7 on: March 01, 2008, 02:58:30 AM »

Mobil

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Re: Tax Writeoffs?
« Reply #8 on: March 01, 2008, 03:15:37 AM »
Incorporated entities have much more dignity and choice when it comes to taxes, how much they pay and when they pay it, ...especially in this neck of the woods. If YOU are your product, your options are vast. When I was active in front of the camera, I structured my business as well as the categories of engagement I accepted in order to write off everything. Clothes, hairdressers, manicures, facials, transportation, computer, internet access, trade industry publications, movies, theatre tickets, video rentals etc., right down to pantyhose & lingerie... you name it. I made sure every purchase I made in my entire daily life was a tax-deductible expense. It was all valid and legal. You do however, have to have a business that requires the very things you are endeavoring to write off.

Even if you are an employee, you can also incorporate as a business, and still take advantage of tax laws for various business expenses. Not sure how it works in the US, but in Canada, you can inform your employers of your new status, and will see less taxes deducted at source. The average American can see an immediate $5K in savings immediately, simply by having a home business. The tax savings for Canadians is significantly higher.   Check into it, because I guarantee you it is to your advantage.

Hope That Helps,


PS - I doubt you could write off steroids unless you were a vet or worked in the equestrian industry. Last I checked steroids were still illegal. That would be like Timothy Leary trying to write off LSD, or Stephen King trying to write off peyote as a necessary business expense to facilitate his creativity. ...and you gotta know Stephen King is on peyote or something to come up with what he does. <shudder>

dont you live in canada??? what do you know about income tax......
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Tapeworm

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Re: Tax Writeoffs?
« Reply #9 on: March 01, 2008, 04:37:48 AM »
Incorporated entities have much more dignity and choice when it comes to taxes, how much they pay and when they pay it, ...especially in this neck of the woods. If YOU are your product, your options are vast. When I was active in front of the camera, I structured my business as well as the categories of engagement I accepted in order to write off everything. Clothes, hairdressers, manicures, facials, transportation, computer, internet access, trade industry publications, movies, theatre tickets, video rentals etc., right down to pantyhose & lingerie... you name it. I made sure every purchase I made in my entire daily life was a tax-deductible expense. It was all valid and legal. You do however, have to have a business that requires the very things you are endeavoring to write off.

Even if you are an employee, you can also incorporate as a business, and still take advantage of tax laws for various business expenses. Not sure how it works in the US, but in Canada, you can inform your employers of your new status, and will see less taxes deducted at source. The average American can see an immediate $5K in savings immediately, simply by having a home business. The tax savings for Canadians is significantly higher.   Check into it, because I guarantee you it is to your advantage.

Hope That Helps,


PS - I doubt you could write off steroids unless you were a vet or worked in the equestrian industry. Last I checked steroids were still illegal. That would be like Timothy Leary trying to write off LSD, or Stephen King trying to write off peyote as a necessary business expense to facilitate his creativity. ...and you gotta know Stephen King is on peyote or something to come up with what he does. <shudder>

What a moron.  This is awful advice for the average employee, as much today as in '06. 

The upside of being an employee is you don't have to have a bookeeper and an accountant and you don't spend your time at home doing paperwork.  You don't have to carry insurance such as public liability and workers compensation.  You enjoy a far greater indemnity from lawsuit as an employee.  You are protected by labor laws from such things as summary dismissal. You get perks like medical, dental, paid holiday and sick leave, etc.  These magical writeoffs would be a drop in the ocean and most people would need to take in about 30% more $ just to break even with what they make now, to say nothing of the fact that most businesses fail for a reason... namely, the person running it.  Say, whatever happened to "Jaguar Enterprises" anyway?