Can TF's be a business expense?

Discussion in 'Transformers General Discussion' started by jourdo, Dec 10, 2006.

  1. jourdo

    jourdo TFW2005 Supporter

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    Don't know if this belongs here or another forum.... but that is why we have mods.

    Anyhoo... Any accounting-types out there know if there is a semi-legit way to make your Transformers a business expense? Seems I could save a little (on the income tax side anyway) by not buying these with "after" tax personal dollars.

    Just something I was pondering. Any thoughts?
     
  2. DJ Soundwave

    DJ Soundwave Action Figure Master

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    Only if you are selling them..
     
  3. Shipley

    Shipley No Topic Required

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    Start a TF fan site, and review them as you get them. Claiming them as an expense on your taxes is EASY, but when you get audited, you better have reciepts for everything and PROVE they are vital to your business.

    That said, no one who does reviews of products on my website claim them as business expenses, and unless some of the staff here do, it might not be a good idea.
     
  4. Spekkio

    Spekkio Master of War

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    "Hello, my name is Joe, and I want the IRS to throw me into federal prison."

    No offense, but seriously, if you're looking for deductions, there are better and more legit ways to get 'em. Talk to a tax professional.
     
  5. KidDynamite

    KidDynamite don't know nothing Veteran

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    Yeah, uh, bad idea. You might could pull it off with the aforementioned starting some sort of for-profit (probably through advertising) Transformers website and writing them off that way. But if you were audited it would likely be a point of contention even then and you'd probably have to fight pretty hard. This would be especially difficult if you're buying vintage toys, as the IRS would be unlikely to calculate value based on ebay prices. With all the hard work inherent in maintaining the necessary website, retaining receipts and records, and the risk involved in a potential audit, I don't think it's worth it just to save a few bucks on income taxes. These are toys, not real estate or stocks.
     
  6. jourdo

    jourdo TFW2005 Supporter

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    I'm not retarded enough to raise the audit flags and I know there are better write offs out there. The concept just crossed my mind.

    I know as a corporation, I am allowed to buy board members a yearly "gift". I also know a guy in the city who has basically decorated his office with comic book collectables. Just got me thinking.
     
  7. Backscatter

    Backscatter Autobot Brainmaster TFW2005 Supporter

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    Hmm, let's see. . . The Transformers are dependent on me. Hmm. :lol 
     
  8. Omegatron

    Omegatron Mandatory Fun. Buy it now TFW2005 Supporter

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    I work at a movie theatre. So, I can't deduct anything this year, but if I'm buying them up to display at the theatre next year as part of our movie promotion...

    -Tony!
     
  9. Robogeek28

    Robogeek28 Who're you calling a geek?

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    Cha-Ching!:rock 
     
  10. ckhtiger

    ckhtiger old skool fool

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    yup, I've done it. each season I get $25 per staff member for gifts. well, I'm a staff member, too, so I get a $20 or so figure for myself as well.
     
  11. unicron's blues

    unicron's blues I need to get rich!

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    I must say even though I have no clue when it comes to this stuff, this is certainly one of the more interesting and original posts I've seen in some time.
     
  12. Robogeek28

    Robogeek28 Who're you calling a geek?

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    Indeed.:lol 
     
  13. jourdo

    jourdo TFW2005 Supporter

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    I need to double check, but I believe I am allowed up to $500 for the gift. Unfortunately this a one time/year shot... and I do not have the patience to wait all year to drop it in one shot and grab a bunch of things.
     
  14. jourdo

    jourdo TFW2005 Supporter

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    Like I said, the thought just crossed my mind and was curious if anyone else has been able to do this on the up and up.
     
  15. fschuler

    fschuler Member TFW2005 Supporter

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    Buy them for a school sales tax exempt and write 'em off...wait till the end of the year and have the teacher give you the busted-ass remants back. (not sure how much/if the Dept. of Taxation considers toys a necessary expense)
     
  16. MattMoylan

    MattMoylan Well-Known Member

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    I know a lot fo artists who write off EVERYthing (toys, comics, dvds...). They're all 'reference', heh. Always meaning to keep track of that stuff myself but I can never stick to keeping my receipts.
     
  17. Feralstorm

    Feralstorm I ship Nick & Judy TFW2005 Supporter

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    Lessee ... hundreds of dependents ... deductions for each ... filling out the forms... and the refund is ...

    What's the proper way to spell "eleventy-jillion"? ;) 
     

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