I live next to farmers. Everything they do and own is a business expense. The business owns everything. Home, cars, utv, electric, propane, internet, new land, gas, desiel, and red desiel. They go on multiple caribbean vacations, rent out the banquet room and claim it as a business expense. Is this really what business are able to do?
In: Economics
Many uneducated small business owners write a lot of things off that they are not supposed to.
The tax system is an honour system. You can claim anything. The problem is in 4-5 years when you get your first audit.. then they are in trouble.
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