Write-Offs, are they really worth it?
I ain’t gonna lie – the mentality by so many business owners on what they try/do write off is definitely an irritant and makes me wanna shake ‘em silly. ;)
The new changes for write-offs, for the most part, are a long time coming. I know by saying this I probably have some daggerd-eyes shining my way for this viewpoint. But, there comes a point where we really need to ask ourselves – aren’t we just trying to cheat?
Look, let’s face it, no one likes paying taxes BUT, it’s a necessary cost to business. When we fudge and push the envelope – it will only aid in a full business audit. What will all those bogus write-offs get you? Not only the audit but you’ll lose any possible savings you fudged to pay back the IRS, penalties, administration, accountant and lawyer fees.
Writing off that movie you saw with a co-worker – wasn’t that supposed to be a nice gesture? How did that turn into a “write off” attempt? What about that family gym membership you have – how on Earth does one justify this as a business expense? Do you honestly think you should be able to write off a $300 meal with a client and their family? How is it any different than treating your friend and his wife to a meal? So because it’s a client, it’s a write off? It’s these things that make you an IRS target.
Now ask yourself….is that $65 meal you had with your best friend; where you talked about your work day, really worth the red flag?
Angi Ingalls of Lost In Office Space