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I Don’t Know Why Women Keep Laughing at Me When I’m Out Driving my Tesla Cybertruck (www.torquenews.com)
submitted 2 years ago by to c/nottheonion@lemmy.world
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[–] 8 points 2 years ago (4 children)

That's not really how that works, just because it's a business expense doesn't mean it's free money.

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  • [–] 2 points 2 years ago (3 children)

    It does mean it's cheaper to put a wrap on the truck than pay taxes. That's all I was getting at.

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  • [–] 8 points 2 years ago (2 children)

    That doesn’t really make sense, even if they’re in the 37% tax bracket if the wrap costs $100 they only save $37 on taxes.

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  • [–] 5 points 2 years ago

    They're probably claiming the entire truck as a business expense because of the wrap. Therefore, they're able to basically buy it with untaxed money, saving whatever their effective business tax rate is on the $100k or whatever. Of course, stuff like that is usually a bit of light tax fraud, because many small business owners just want a big expensive truck, but putting advertising on the car you drive for personal use doesn't make every mile a business mile. You can deduct the wrap itself, and if you are diligent you can deduct a reasonable and justifiable amount based on the advertising value and actual business use, but especially for shop owners, this is just tacky business owners hoping they don't get audited.

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