[HUG ] SV: Re: SV: Re: On the subject of equipement cost

Frank,

A similar 'trick' would work here in Norway (and most of Europe, I think).  

Over here 'sales tax' is considerable.  Like 19 to 20%.  That's why so many 
Europeans flock to B&H in NY to buy their 5D II 'tax free'.

Taxes are hefty over here.  Typical will be between 30 and 40% of you income, 
20% sales tax, special 'car tax' doubling the price of cars, sigarette tax, 
alcohol tax etc.  (But then health care, education through university and solid 
pensions are included).

Tom of Oslo 

> From: Frank Filippone [red735i@xxxxxxxxxxxxx]
> Sent: 2008-10-15 23:48:37 CEST
> To: hasselblad@xxxxxxxxxxxxx
> Subject: [HUG ] Re: SV: Re: On the subject of equipement  cost
> 
> In the USA, You must be trying to run a business.... with verifiable
> "things" that you do to maintain a business....  Then and only then can you
> deduct your costs.... and yes, from your other income if it is a loss.
> 
> Buying a $75K Hasselblad or Leica S2 system, taking it off the taxes and
> then doing absolutely nothing to actually run a business  ( real
> advertising, some jobs, maybe a few customer meetings) will get your
> deduction dumped if you get audited.
> 
> The trick it to run the business at a zero, or, better yet, $1 profit a
> year.... and then run it forever......  Then you can buy a $75 Blad system
> and they can not complain...... as long as you can show you used the
> equipment in earning the revenue.......
> 
> I think our Tax guys are more intolerant.........than the Canadians......
> 
> 
> Frank Filippone
> red735i@xxxxxxxxxxxxx
> 
> I wouldn't call it tax paradise but Revenue Canada calls them part time 
> businesses (not hobbies) and any expenses that are incured business 
> activities are tax deductible.  Losses are tax deductible from other income.
> 
> In Canada a person must declare income (and losses) from all sources on 
> his/her personal tax form.
> 
> Franc
> 
> 
> 
> 
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