Reply to The BIG ONE: 20 years of Trump taxes obtained by NYTs

Forum Index » Political Discussion

Reply to "The BIG ONE: 20 years of Trump taxes obtained by NYTs"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]Not an accountant here, but how does a person pay for the regular stuff of life - food, clothing, heat, shelter, transportation - with so little income as to generate virtually no income tax?  How can a person - not a business but a person - have big enough losses to erase ALL their taxable income?  I mean the business can't pay for ALL your personal expenses.[/quote]

The idea is that they write all personal costs of living as business expenses if they are self-employed.

I dated someone and slowly realized he was cheating on his taxes.  Because of that and other issues, I said bye.

Here are some examples of how you can cheat.

One time he bought a piece of clothing for me as a gift and then said he was keeping the receipt so that he could write it off as a business expense.

He was subletting an apt and deducted the rent as a salary expense  - the person subletting did not live in the USA but claimed it as personal US income so that they could become eligible for benefits like a pension plan in the US. Win win for all (except the American taxpayers).

His other scam was to have an ex-wife wire him money every month. Then he would send her a cheque for that amount (minus the costs of receiving wired funds), and then deduct this amount as salary expenses. Another win-win for these two.

He wrote off all meals and travel, clothing, phone, internet -- all personal expenses were considered business.

After deducting all of these expenses, he owed a few hundred dollars in taxes.  One year, he actually had a "loss" in his business and didn't owe anything.

Still, this low-life was paying more taxes than Donald.

[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics