17/ When dealing w the IRS there is a WORLD of difference between "reasonable disagreements over interpretation" and FRAUD.
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Replying to @MorlockP
18/ ...so I don't invent employees, expenses, or anything else. KEEP ALL RECEIPTS. EXAGGERATE NOTHING.
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Replying to @MorlockP
19/ Now, talk about depreciation IRL, things wear out. IRS has charts for this. Cars = 10 yrs (or whatever), PCs = 3 yrs (or whatever), etc
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Replying to @MorlockP
20/ In general, if you buy a $20M asphalt plant, you get to write it down on your taxes on a straight line depreciation over X years.
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Replying to @MorlockP
21/ ...but that's a huge hassle when you buy a $12 shovel and write it off 90 cents per year. So there are exceptions for rapid / lump sum
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Replying to @MorlockP
22/ You want to do this for two reasons: (a) much less hassle (b) time value of money: better to save on taxes today than in 12 yrs
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Replying to @MorlockP
23/ There are two exceptions the IRS lets you use to accelerate depreciation: (a) farm startup costs (b) small amounts
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Replying to @MorlockP
24/ farm startup costs include: * research a priori * buying farm * buying equipment (e.g. tractor, greenhouse, etc.)
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Replying to @MorlockP
25/ small amounts is exactly that: under some cutoff ($10k ? Not sure.) IRS is all "f it, dude, let's go bowling."
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Replying to @MorlockP
26/ The good news is that TurboTax actually has support for form F, and it's reasonably good. Not perfect, but good enough, mostly.
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27/ It's a bit laborious to put in EACH AND EVERY RECEIPT (I want to tab through spreadsheet cells, not click through 5 step UI for each)
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