How much is a tax deduction worth? - GoFuckYourself.com

UKtimes · 01-09-2004, 04:13 PM

For example.. say you could pay $10,000 with check or cashiers check, use it as a tax deduction, and get $9,000 back in cash. Worth it?

myjah · 01-09-2004, 04:20 PM

huh? i'm not clear on that

UKtimes · 01-09-2004, 04:22 PM

Quote:

Originally posted by myjah
huh? i'm not clear on that

Say you buy "webhosting" for $10k, but the "webhosting" company gives you $9k back in cash, you canuse the whole $10k as a business expense.

HeadPimp · 01-09-2004, 04:23 PM

Um.... unless the Feds find out then I think it is fraud... or at least tax evasion...

Project-Shadow · 01-09-2004, 04:24 PM

Quote:

Originally posted by UKtimes

Say you buy "webhosting" for $10k, but the "webhosting" company gives you $9k back in cash, you canuse the whole $10k as a business expense.

If you hide the 9k yes.. but then again that would be tax avoidence.. not saying we haven't all thought about it.. but doing that exact scenario would be a bad idea... unless of course you have 10 Pentium Xeon Dual whatsits with 50mbit connection stored somewhere ^_^

UKtimes · 01-09-2004, 04:25 PM

Quote:

Originally posted by Project-Shadow

If you hide the 9k yes.. but then again that would be tax avoidence.. not saying we haven't all thought about it.. but doing that exact scenario would be a bad idea... unless of course you have 10 Pentium Xeon Dual whatsits with 50mbit connection stored somewhere ^_^

Ok, say its advertising then. The company selling the ads can put up some shit website with a banner on it.

ravo · 01-09-2004, 04:39 PM

It's more than tax avoidance (which is legal), it's tax evasion, which is illegal. Of course, you have to get audited and caught first, or the receiving party might also get audited.

Scootermuze · 01-09-2004, 05:24 PM

Why would they do that when the $10k would be considered part of their income.. no matter that they gave you 9k back..

and if they did give you 9k back, they'd damned sure that the tax folk new about it, which would put you back to square 1.. plus prison time...

detoxed · 01-09-2004, 05:37 PM

Quote:

Originally posted by Scootermuze
Why would they do that when the $10k would be considered part of their income.. no matter that they gave you 9k back..

and if they did give you 9k back, they'd damned sure that the tax folk new about it, which would put you back to square 1.. plus prison time...

The guy obviously knows a way to get around the system and wouldnt report that he gave you $9k cash.

Shooter · 01-09-2004, 05:55 PM

Quote:

Originally posted by detoxed

The guy obviously knows a way to get around the system and wouldnt report that he gave you $9k cash.

Which would then mean they have 10k income on their side with nothing to offset it...

detoxed · 01-09-2004, 05:56 PM

Quote:

Originally posted by Shooter

Which would then mean they have 10k income on their side with nothing to offset it...

Which means he has a way around the system like I just said, maybe they have a way to turn a "business expense" into cash?

01-09-2004, 04:13 PM	#1
UKtimes Registered User Join Date: Dec 2003 Posts: 54	How much is a tax deduction worth? For example.. say you could pay $10,000 with check or cashiers check, use it as a tax deduction, and get $9,000 back in cash. Worth it?

01-09-2004, 04:20 PM	#2
myjah Back in the harbor Industry Role: Join Date: Sep 2003 Posts: 11,482	huh? i'm not clear on that __________________ VP of Marketing AVN Media Network Skype: AVNJill [email protected]

01-09-2004, 04:39 PM	#7
ravo Confirmed User Industry Role: Join Date: Jun 2001 Location: Skype: ravo.fpctraffic Posts: 5,444	It's more than tax avoidance (which is legal), it's tax evasion, which is illegal. Of course, you have to get audited and caught first, or the receiving party might also get audited. __________________ AdultAdBroker - Buy and Sell Your Flat Rate Banners, Links, Tabs, Pops, Email Clicks and Members' Area Traffic - updated Sept 2025

01-09-2004, 04:23 PM	#4
HeadPimp Bad Mo-Fo Industry Role: Join Date: Jul 2001 Location: Seattle, WA Posts: 2,772	Um.... unless the Feds find out then I think it is fraud... or at least tax evasion...

01-09-2004, 05:24 PM	#8
Scootermuze Confirmed User Join Date: Dec 2001 Posts: 4,513	Why would they do that when the $10k would be considered part of their income.. no matter that they gave you 9k back.. and if they did give you 9k back, they'd damned sure that the tax folk new about it, which would put you back to square 1.. plus prison time...