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Old 11-16-2014 | 04:59 PM
  #172475  
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RockyBoy
Doesn't Get Weekends Off
 
Joined: Jun 2007
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Originally Posted by scambo1
Accountants aren't aggressive because they have to represent you in an audit. Intent to show a profit is the operative term. I read that as make a sale. Ymmv.
I agree 100%.

An airline pilot who is making more than 250K who starts a small farm and writes off everything so his tax burden is $0, will not win in an audit where they attempting to deny your deductions. Now, if you have a legit business or farm with employees, that is a different story. But then if you are ethical and responsible, you will want to run a for profit business anyways.

You can write off a ton of stuff with a side business or a farm don't get me wrong. They are great tax havens. I don't own any cars, my business' do. I always go on "business" trips and take the entire family. I have a "business" meal at least once a week. I have a ton of business office expenses at Best Buy. You get the picture. However, that business has to make a profit eventually or you lose all those benefits. So, you cannot really offset your airline income with a business for much more than a few years.....legally.