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submitted 1 month ago by carlytm@lemm.ee to c/nottheonion@lemmy.world
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[-] Duamerthrax@lemmy.world 2 points 1 month ago

It does mean it's cheaper to put a wrap on the truck than pay taxes. That's all I was getting at.

[-] explore_broaden@midwest.social 8 points 1 month ago

That doesn’t really make sense, even if they’re in the 37% tax bracket if the wrap costs $100 they only save $37 on taxes.

[-] wjrii@lemmy.world 5 points 1 month ago

They're probably claiming the entire truck as a business expense because of the wrap. Therefore, they're able to basically buy it with untaxed money, saving whatever their effective business tax rate is on the $100k or whatever. Of course, stuff like that is usually a bit of light tax fraud, because many small business owners just want a big expensive truck, but putting advertising on the car you drive for personal use doesn't make every mile a business mile. You can deduct the wrap itself, and if you are diligent you can deduct a reasonable and justifiable amount based on the advertising value and actual business use, but especially for shop owners, this is just tacky business owners hoping they don't get audited.

[-] Ilovethebomb@lemm.ee 4 points 1 month ago

They probably think "tax deductible" means you take the entire value off your taxes or something.

this post was submitted on 28 Oct 2024
1013 points (97.8% liked)

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