Will This Fly?
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You should be able to write a significant portion of it off. I have a close relative who is a CPA so if I get a chance I will run the scenario by them and see what they say.
I am most curious about the Airfare and what you could write off, if you used FF miles.
I am most curious about the Airfare and what you could write off, if you used FF miles.
You don't even need to make a site about it. Just find someone online who lives in Hawaii take them to dinner and if you get audited and asked about that specific trip/deduction you can say you were meeting a potetial client about a new site/merger/etc.
I believe there's a % of deductions you don't even need receipts for so if you are making good money and have receipts and justification for all/most of your other deductions this could be one w/no receipt.
Just my opinion not legal advice
I believe there's a % of deductions you don't even need receipts for so if you are making good money and have receipts and justification for all/most of your other deductions this could be one w/no receipt.
Just my opinion not legal advice
By the way I got an answer on this... the short of it is, you can write off everything up to the point where you are profitable on the venture. In other words if the website / whatever makes money, you can write off up to as much money as it makes to cover your expenses. If it does not make any money, you can't write anything off, and you can't write off beyond the money brought in by the project.
As for the frequent flier deal, if the IRS audits you and you wrote those off, they will kick your behind. You will likely have to pay penalties, and they will likely flag you for audits in the future. If they don't audit you, c'est la vie.
To sum it i up, if your review site makes $10,000 in profit, you could write off up to $10,000 in expenses against it. Airfaire, hotel, food, transportation, pretty much every thing.
As for the frequent flier deal, if the IRS audits you and you wrote those off, they will kick your behind. You will likely have to pay penalties, and they will likely flag you for audits in the future. If they don't audit you, c'est la vie.
To sum it i up, if your review site makes $10,000 in profit, you could write off up to $10,000 in expenses against it. Airfaire, hotel, food, transportation, pretty much every thing.
Doesn't sound right to me.
Your saying if I invest $10,000 on my site (client meeting/research/whatever) and it fails(doesnt turn any profit) I can't write it all off as expenses when in reality it was expenses at an attempt to get my business (or another PART) off the ground.
If it's part of his 'web publishing business' and the idea fails it's still PART of his overall business so I don't see why you can't write it ALL off. Unless you are claiming a LOSS you should be able to write OFF ALL business expenses that relate to your business. Even then I think you can claim a loss for what 5 years?
(And it's not like he's claiming a loss since it would be part of his other businesses and not under a special business or new one.)
So do you NOT write-off those domains of failed sites because the sites made you no money? ha
Can anyone verify this?
I've never had my accountant tell me "oh no you can't write that site off or x off because it didn't make as much as this other site".
I just erased my big response, as I had a chance to clarify the information I got, and I mis-represented it a bit. You can write it off against your company earnings as a whole, it does not have to be on that particular project. So if it is part of your core company, and you are making enough, then you should be able to write everything off.
No you are right. I am on about 2 hours of sleep today, so I did not fully follow-up on the response as I should have, and went off a bit half-cocked.
You can write off the expenses against other earnings in the business, it does not have to tie to that specific site.
Money Source?
So basically Engaged,
You don't make enough on your "pimp ass fucking arbi pages" to pay for a simple trip to Hawaii for a week or two?
The last one I took didn't really cost that much, and I never even thought of writing it off because it was so menial.
From what I get from your posts you are much better than 95% of the member base here and money shouldn't really be an issue. Why the need to write it off?
Or is it really your money you are playing with? I could swear I saw a few posts where you were allowed to play with "family money" and not your own.
So basically Engaged,
You don't make enough on your "pimp ass fucking arbi pages" to pay for a simple trip to Hawaii for a week or two?
The last one I took didn't really cost that much, and I never even thought of writing it off because it was so menial.
From what I get from your posts you are much better than 95% of the member base here and money shouldn't really be an issue. Why the need to write it off?
Or is it really your money you are playing with? I could swear I saw a few posts where you were allowed to play with "family money" and not your own.
Who cares how much money he makes... the more properly you do your taxes the less you end up paying to the GOV.
That $5 a month advertising you do may seem tiny and pointless but multiply it by the # of sites you advertise and 12 months each adn bam you are in the thousands. No matter hte size of the deduction IT IS worth it.
That $5 a month advertising you do may seem tiny and pointless but multiply it by the # of sites you advertise and 12 months each adn bam you are in the thousands. No matter hte size of the deduction IT IS worth it.
Well this whole post basically proves why I most likely make more than you. I'm conservative with spending and even then try to save as much as possible. Why not try and save $1,000 or so?
Also, I don't know what's menial for you, but at $400/night, that's $2800, my airfare will be free, but would have cost about $3k, then food, probably another $800 and any trips, massages, etc., probably another $600. So, it would cost about $7200. Even if I was making $2mm+ a year, I'd look at ways to save when spending that much in a week.
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