Replies to post #22287 on Mohacsy's Safe Portfolio Member Forum

[dsrtrace]

Every year taxes get worse for my wife and I. We work and own a small (internet) business. Our (conservative) CPA told us to buy equipment for improving our business. That is the corporate way to receive good (legal) tax credits. He told us not to buy luxury items (i.e. Lexus "business vehicle", etc.) for the sake of a tax write off. We would only get 20 - 25 percent back on our tax return. If one has the wrong accountant I can see how it can be tempting to evade some taxes. I have friends and family that meet us at a vacation spot(s) and they mention their business in a conversation. Then, they call it a business meeting and write off the whole trip. I don't think a IRS agent is going to interpret that as a business meeting. They're rolling the dice. I'm curious to know what the fines are for playing the naive card.

The small businesses that the IRS keeps (most) tabs on are construction, auto repair and auto body repair.

PS: My wife and I live in a "republican controlled" country, republican controlled county (most conservative in the state), and republican controlled city (most conservative in the county). Our taxes haven't been cut yet. What a joke. All politicians are a jokers and spenders.

[n4807g]

Richard....move to Cow Hampshire. My Fed tax rate was 26.2%. My total personal tax in NH was $6,500 property tax (really!). That on a house on 42 acres with mountain views and over 4500 square feet. Had I lived in Massachusetts my state income tax would have been in excess of $20,000 and my property tax if I lived in Stow or Harvard would have exceeded $10,000. New Hampshire has it's +'s!! Live Free and Die...wealthy!!!!