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

Tom,
 
If you own a forest... who cares about deductions!



> Date: Thu, 16 Oct 2008 20:42:30 +0200> From: tjols@xxxxxxxxx> To: 
> hasselblad@xxxxxxxxxxxxx> Subject: [HUG ] SV: Re: SV: Re: On the subject of 
> equipement cost> > Sure, this is very similar as over here. But here in 
> Norway I am only an ordinary employee with no possibility to deduct any 
> 'hobby expenses' from my income. > > But my wife and I own a forest estate in 
> Sweden. This is reckoned as a 'business' according to Swedish tax rules. We 
> have to make a tax declaration every year, declare income, deduct expenses, 
> VAT paid and VAT charged. We have a depreciation plan where we depreciate any 
> large investments done during the year, like machinery, tools, protective 
> clothes, roads or plantings - and pay 32% tax on any profit. Running a forest 
> estate like this is indeed a tax planning exercise. But sorry, no photo 
> equipment can be deducted. And there is no discussion! Swedish tax 
> authorities are very strict and the rules are very specific; it got to be 
> very 'forest industry related'. > > Tom of Oslo> > > From: Gary Todoroff 
> [datamaster@xxxxxxxxxxxxxxxxxxxx]> > Sent: 2008-10-16 04:55:19 CEST> > To: 
> hasselblad@xxxxxxxxxxxxx> > Subject: [HUG ] Re: SV: Re: On the subject of 
> equipement cost> > > > You are in business in the US if you engage in 
> financial activity > > with the intent to make a profit. The same rules apply 
> whether you > > are a multi-million dollar company or an individual who loses 
> money > > most of the time. The IRS "guidelines" stipulate that you should 
> show > > a profit for some years, but I don't know what is the exact number 
> of > > years. Tax LAW, last I heard, did not specify that you had to always > 
> > make a profit, although numerous years of losses could trigger an IRS > > 
> audit. In any case, the tax laws were made for the big guys, but the > > 
> little guys get to play by the same rules. There is absolutely > > nothing 
> shady about taking whatever deductions you are entitled to by > > the rules, 
> as long as you are not fraudulent in your declaration of > > income and 
> expense. That is the difference between tax AVOIDANCE and > > tax EVASION.> > 
> > > What I really hate is the smug attitude of someone who has always > > 
> collected a paycheck who says to the businessman, "Can't you just > > write 
> it off?" That is money out of your pocket, no matter what the > > expense. A 
> write-off is money spent, plain and simple. If you can > > justify it as a 
> business expense, however, some or all of it can be > > deducted from the 
> profit of your business on which taxes are paid. An > > expense as large as 
> the stratospheric cost of a Hassleblad these days > > would probably need to 
> be put on a deduction schedule, in which you > > can only show a portion of 
> the overall expense over a few years. In > > these digital days, you may not 
> be able to actually deduct all the > > equipment expense from your profit 
> until long after the equipment is obsolete.> > > > In any case, I'm neither a 
> lawyer nor an accountant. All the money I > > give those gusy to keep up with 
> the insane rules, however, is a > > business tax "write-off", and an absurd 
> waste of money that I would > > much rather keep in my pocket!! If you are 
> not filing an IRS Schedule > > C these days showing profit and loss for some 
> kind of business, then > > just kiss your paycheck money goodbye as it takes 
> wings toward the > > bottomless pit called Washington, D.C.> > > > Gary 
> Todoroff> > > > > > > > >>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> > > > > > 
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