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| Can you expense a varmint gun for the farm? |
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| Everything is deductible, until you go through an audit. Seriously I wouldn't have a clue. |
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Kingston, Ohio | my accountant said yes |
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SW North Dakota | I once deducted dog food, and a flew thru an audit... watch dog |
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north-central kansas | I like the way you think! |
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| Sure, as long as you don't enjoy shooting it.LOL |
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NW Ohio | this is why we need to do away with all deductions and have a striaght 15 percent tax across the board |
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Jackson County, AL | My dad has deducted ammo used for summer hunting deer. Rifle is used for pleasure hunting as well so no dice on the gun. He's thinking about a suppressor and night scope to maybe those can be deducted. |
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West Tennessee | dirtfarmer3 - 12/4/2012 08:00
this is why we need to do away with all deductions and have a striaght 15 percent tax across the board
You can't be serious. 15% on Gross income before any business expenses? Please. Yes I know everyone will whine that I'm only saying that because I'm an accountant and "supposedly" I would be put out of business. If I have to pay my taxes based on gross income at a 15% rate the loss of the accounting income will be the least of my problems. I'd like to see a show of hands of the people who would be willing to pay 15% on gross income?
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Centralia, MO | You can put a lot of stuff in a "supplies" category and most of it will get through. A lot of things can be buried in the bill from your local coop also (dog food, for ex).
PS the tax on gross income idea is completely unworkable. Some businesses have a huge gross and a tiny profit margin (grocery stores) and some businesses have a smaller gross and a huge profit margin (law firms). Any tax that is close to fair must be based on net income only. |
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| Watch out. The US needs money. Some of the deductions that Exxon uses are normal deductions that all businesses use. Some people want to disallow these deductions. Go figure.
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| dirtfarmer3 - 12/4/2012 08:00 this is why we need to do away with all deductions and have a striaght 15 percent tax across the board Dumbest*Idea*Yet. You really want to pay taxes on gross earnings????? Holy cow. As the original question, I don't know why it couldn't be deducted. We deduct our dog food (Great Pyrennes for sheep protection) and we deduct our cat food. (Mouse enforcement). |
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NW Ohio | 15 percent and do away with all other taxes.it would be shared between state and fed.that would be alot less than im paying now |
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Southern MN | If your shooting varmits to protect your business assets and the gun is a reasonable gun to execute said varmits, then I would say its tax deductible. If your shooting it for pleasure, then not tax deductible. If you find pleasure in shooting varmits to protect your business assets, then I'm not sure how to comment. |
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Oskaloosa, Iowa 52577 | A portion of a personal auto.........or an auto that can be used personally as compared to "obviously business only"...........is deductible for business..........but...........
you have to prove the business portion.
Code Section 280F defines listed property.......which includes property used for entertainment........and Section 274(d) provides rules for substantiation of the business use thereof.
So.........read Code section 274 especially, and decide whether or not you want to do the documentation necessary to avoid an "accuracy-related penalty"..........which most likely would be assessed in addition to the additional income taxes when/if it gets thrown out.
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West Tennessee | dirtfarmer3 - 12/4/2012 09:42
15 percent and do away with all other taxes.it would be shared between state and fed.that would be alot less than im paying now
So if I gross $1M and have expenses of $900k then I would have a net profit of $100,000 but on that $100,000 I would owe $150,000 in taxes. Sure that sounds fair enough. How are you seeing your numbers coming out so much different than what I just gave as an example? I'm honestly quite curious.
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NW Ohio | I said no other taxes whatsoever and if thats the case you need to get your spending in line |
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NW Ohio | Hey thanks for my "dumb idea".tell me...... our govt keeps spending trillions of dollars and isnt going to stop....no one wants to pay income tax.... so how are we going to fix it??? what a great legacy for our children to deal with down the road |
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| Some here take pleasure in running a new tractor, lathe, whatever, maybe more than shooting varmints. |
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Whiskey, Tango, Foxtrot | Sounds like a great way to attract unwanted attention in my mind. Just because you can, doesn't mean you should. |
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| Yeah .gov needs to be cut by 90 percent.
And dedect the gun/ammo/acc. Pleasure shooting is practice so you don't hit house or other things. Any professional/varmint exterminter practices shooting. |
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North Central OH | Quit spending. More taxes is never the answer! |
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Boone, Iowa | I know I don't want you figuring my taxes. 100,000net profit x 15% = $15,000. |
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Oskaloosa, Iowa 52577 | So...........BHTN is correct in his statement.
From that net profit of 100,000..............ie cash left over............. under the flat tax guy's desire........the taxpayer would have to pay 150,000.
Seems fair..........right? |
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| How about ending welfare? Why should I pay more so some deadbeat can live for free and have a dozen kids? |
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West Tennessee | jedeka - 12/4/2012 11:47
I know I don't want you figuring my taxes. 100,000net profit x 15% = $15,000.
This whole thing is headed to the boiler room because some people make statements like that.
Edit to add: I stand by my calculations as "dirtfarmer3" presented them and he seems to be satisfied with paying 15% of his gross (not net). Thanks Jake for sticking up for me. :-)
Edited by BHTN 12/4/2012 14:12
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West Tennessee | dirtfarmer3 - 12/4/2012 10:23
I said no other taxes whatsoever and if thats the case you need to get your spending in line
Do you have ANY concept of business at all? Do you realize that even big company's like Walmart only average a fairly small net profit percentage. How would they be able to pay 15% on their gross income? I thought they were supposed to be fairly efficient already? Don't like Wal-Mart and don't care if they go broke? Ok pick another company that has 15% of their gross income to spare? Deere has about 13% net income before income taxes. The list goes on and on. I will certainly say this. If are operating where you can afford to pay 15% of your gross income and be happy that doesn't mean that every business in the world is the same as yours.
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| The proponents of a flat tax on the gross income do seem to ignore the varying profit margins of different business activities. Even more they ignore the social guidelines the present convoluted tax code gives to producers, wage earners, and investors. Virtually ALL of the tax deductions are viewed as perks. And some really are, and were intended to encourage social responsibility. Like deductions for charitable contributions to encourage support of charities. Deductions for cost of employees and employee benefits to encourage hiring. Deductions for the cost of raw materials to encourage production of useful products. Deductions for the cost of raising children to encourage causing and raising children instead of causing and abandoning kids. Reduced rates for dividends to encourage investment in companies. Reduced or zero rates for interest from municipal bonds so investors will loan money. So much of the tax code is designed to encourage beneficial social behavior. A flat tax removes ALL those incentives making some rather useful operations like the low margins of most years of farming as well as the grocery stores too costly to continue to operate leading to hungry folks. Historically a hungry citizenship has changed the central government, and rarely peacefully.
Gerald J. |
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| SO-o-o-o Roadrunner, did you get your question answered?????? |
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NE Iowa | I deduct food for dog and cat... pest control expense, same as rat bait.
I deduct vet bills for both also. (even the spading... secondary pest control)
I will deduct my gun that I got this year. Which will only be used to shoot pests, so it seems like a "better" deduction than the gator.
taxing on gross income, stupid. BHTN explained why
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| Ya, I think I will pass on the gun, for now, but some other good reading and idea's. Thanks to all. |
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Is a varmint gun tax deductible?
