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
To a degree, yes, absolutely. Especially with a very good accountant.
Typically it should be a percentage of those assets and expenses that was relative to how much they were used for the business.
Getting too smart or “creative” can cause issues with the IRS…but most people I guess just wing it and hope they never get audited at a time when they are being especially creative.
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