▲ 1016 ▼ 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 carlytm@lemm.ee to c/nottheonion@lemmy.world 280 comments fedilink hide all child comments
[–] Duamerthrax@lemmy.world 2 points 2 years ago (1 child) It does mean it's cheaper to put a wrap on the truck than pay taxes. That's all I was getting at. permalink fedilink source parent hideshow 2 child comments replies: [–] explore_broaden@midwest.social 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. permalink fedilink source parent hideshow 4 child comments replies: [–] wjrii@lemmy.world 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. permalink fedilink source parent [–] Ilovethebomb@lemm.ee 4 points 2 years ago They probably think "tax deductible" means you take the entire value off your taxes or something. permalink fedilink source parent
[–] explore_broaden@midwest.social 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. permalink fedilink source parent hideshow 4 child comments replies: [–] wjrii@lemmy.world 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. permalink fedilink source parent [–] Ilovethebomb@lemm.ee 4 points 2 years ago They probably think "tax deductible" means you take the entire value off your taxes or something. permalink fedilink source parent
[–] wjrii@lemmy.world 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. permalink fedilink source parent
[–] Ilovethebomb@lemm.ee 4 points 2 years ago They probably think "tax deductible" means you take the entire value off your taxes or something. permalink fedilink source parent