Boat Loans

[zaldog]

Well I now have a lot to think about, plus I am hungry with all this talk about deli sandwich's :-) Thanks all for your input, I think this thread will become useful for others down the road.

[xort]

Dovetailing on HS's post.
I am in the film/video industry. I knew a fellow freelancer who was tagged by the IRS to document everything for a year. Every single dime he spent in the business he had to document to the IRS in detail. They paid him a nominal fee for his time. They used it to add to their database. I'm sure they've done this with every sort of business in operation in the US.
I talked to my accountant about livaboard chartering. He had my head spinning with all the complexity of living in your business.

[hellosailor]

Labatt-
If you are in the food business, you've got receipts for everything. Whatever they are...they get compared if your taxes get pulled for human attention. And if you buy food items from, say, four wholesalers and just list "Jones Wholesale, $15,307" that may be all they look for. Just hope that you've got the itemized receipts and orders if they ask for anything more.
The IRS won't common on whether they actually examine numbers to see if they look real or false--apparently some digits turn up more frequently in the numbes people just "create" than they do in real life, it is incredible what statistics can turn up. And point the auditors toward.
It just doesn't pay to cheat Caesar, unless you're going to make a really really big score, and make it worth the risk. With absolutely no paper trail to give you away. Al Capone almost got that one right--except, he couldn't explain where all the money came from. < G >


xort-
"He had my head spinning with all the complexity of living in your business."
I've GOT IT! The big boat is just for business, 100%, and I live in the little rubber one that floats out back. I hope the commuting expenses don't give me away. < G >