Camping with the 1%...
After pulling into and getting setup at our favorite CG here at the Silver Lake Sand Dunes in Michigan in comes this rig! I felt very inadequate at this point: 1 2013 Newmar King Aire. 1 Custom b...
Forum Discussion
JimM68 wrote:msmith1199 wrote:rockhillmanor wrote:
I think everyone tends to forget that when you make X amount of money if you don't buy the toys you pay the tax to uncle sam. Been there done that and found out it IS a far better investment to BUY STUFF with the money you make instead of paying taxes on it. :C
BTW: If it were me I would have ordered that toy hauler to be made the 'same' height of the MH, for less drag. :B
You have to teach me this trick. I like buying toys but other than the mortgage interest deduction for the RV-second home deal, the government still makes me pay my taxes. I want to know how I can buy all these toys and get out of paying taxes on my money?
depending on how you can structure it, most anything a business buys can be either deducted or depreciated as part of the "cost of doing business"
This past spring, we met "the sausage king" at a campground in gatlinburg, and we saw him again in "our" campground in millbrook, IL. The sausage king has been full timing for 3 years, with his wife and 2 daughters, in this giant 3 axle fifth wheel pulled by this equally giant 4 door F350. He and his wife work and run their business on the road, they travel to see customers and prospective customers, and hell yes, they right off every penny. The cost of the fiver and TV, campgrounds, fuel, food, meals, everything.
Myself, I write off the interest on my motorhome as a second mortgage, as allowed by law. My company writes off all our other vehicles as business expenses, as well as many other things.
This is all completely legal. If you do not obey the law and take advantage of the deductions you are entitled to, well that is up to you.
If, for example, you were to start a business, say an LLC registered in Montana, and the purpose of that business was to do a blog about rving...
Then you could write off the cost of the tools you needed to do that job.
It's the law....
You can deduct any vehicle as long as to you having a sign on the side of the auto or coach advertising your business. If you do not have that magnetic sign or painted, you can not deduct it for your income taxes as a write off.
