this post was submitted on 29 Apr 2024
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I had a boss once who avoided paying taxes on his 49' sailing yacht by "donating" it to his church. It was then technically owned by the church (so no taxes, either transfer or property) but he still used it exclusively.
Religious country
You can probably report that to the IRS right now.
Teachers shouldn't be paying for teaching supplies in the first place.
Well, have a party or three with businesses clients on the yacht and you can write that off. However, I think the vast majority of people have their yachts registered under shell corporations, and that opens up a lot of opportunities for writeoffs.
This is just plain incorrect.
The law doesn't allow CEOs to write off yachts.
Whether or not regulators investigate them is another matter.
That's why they don't own the yachts, but they own the charter companies that run the yachts.
Can't they just buy in the name of a company, which would be a 'business expense', which is kind of a write off?
It doesn't work like that. Expenses need to be "necessarily incurred in the course of producing income". Just be cause a company pays for something doesn't make it tax deductible.
I can't have a yacht business meeting without a yacht now can I?
They would have to justify how it is a part of the companies operations. In theory at least.
So a private jet to fly your execs to business meets? Ok.
A yacht? Maybe for entertaining customers? I don't know about the US, but here in Australia entertainment expenses are written off at a lower rate than other business expenses.
here in Australia entertainment expenses are written off at a lower rate than other business expenses.
Sorry mate. Not really correct.
If an Australian company pays for entertainment expenses for staff, it's considered a fringe benefit and fringe benefits tax is payable. It equates to almost the cost of the actual expense. So if a company pays $10k for an employee to take a holiday, they'll have to pay almost $10k in fringe benefits tax, but they do get a deduction for the whole $20k, which will save them $5k in income tax.
Yeah, so to simplify, written off at a different rate.
Not really, at all.
It's written off at the same rate, while being subject to a whole other type of tax, which means the company pays more tax, rather than less.
Ok, so the point I was originally trying to make was that claiming a yacht as an entertainment expense was less attractive. Would you agree?
If sticking a fork in your eye is "less attractive" than eating icecream then sure.
... but let's be honest, that's not what you were trying to say. You were just plain wrong. Get over it. No one cares.
The only one who can't admit they were wrong here is you.
A yacht can have meeting rooms, you can receive clients in these meeting rooms for business purposes, making it therefore a business expense.
If I were a teacher, I would not buy school supplies with my own money.
The unfortunate part is that then kids in your class would be missing out on school supplies. It's not right for teachers to use their own money for school supplies though.
That would be the schools and the parents problem. It would present a challenge to my job to find a way to teach without supplies, but I’d rather do that then spend my own money on my job.
Edit: whoever is downvoting, I hope you spend your paycheck on your job
super yachts need a hole drilled
Scuba gear and a drill
Scuba diver and sailor here. Above a certain size, boats have watertight bulkheads and pumps to remove water, like fire hose levels of water. May I suggest a thermal lance? Works great underwater, cuts through metal better than a drill, and can cut a slice long enough to cut past multiple bulkheads.
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